%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 403.30 741.00 Td (ANNUAL REPORT) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 518.95 720.00 Td (2016) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 486.80 704.09 Td (March 2, 2017) 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 45.5 671.6 m 237.5 671.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 45.5 655.6 m 237.5 655.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 237.5 671.6 m 291.5 671.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 237.5 655.6 m 291.5 655.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 671.6 m 345.5 671.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 655.6 m 345.5 655.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 671.6 m 399.5 671.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 655.6 m 399.5 655.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 399.5 671.6 m 405.5 671.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 399.5 655.6 m 405.5 655.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 405.5 671.6 m 459.5 671.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 405.5 655.6 m 459.5 655.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 459.5 671.6 m 513.5 671.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 459.5 655.6 m 513.5 655.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 671.6 m 567.5 671.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 655.6 m 567.5 655.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 237.5 655.6 m 291.5 655.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 655.6 m 345.5 655.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 655.6 m 399.5 655.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 405.5 655.6 m 459.5 655.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 45.5 626.6 m 237.5 626.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 237.5 626.6 m 291.5 626.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 626.6 m 345.5 626.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 626.6 m 399.5 626.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 399.5 626.6 m 405.5 626.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 405.5 626.6 m 459.5 626.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 459.5 626.6 m 513.5 626.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 626.6 m 567.5 626.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 353.6 m 237.5 353.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 353.6 m 291.5 353.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 353.6 m 345.5 353.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 353.6 m 399.5 353.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 353.6 m 405.5 353.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 353.6 m 459.5 353.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 353.6 m 513.5 353.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 353.6 m 567.5 353.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 145.60000000000002 m 237.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 145.60000000000002 m 291.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 145.60000000000002 m 345.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 145.60000000000002 m 399.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 145.60000000000002 m 405.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 145.60000000000002 m 459.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 145.60000000000002 m 513.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 145.60000000000002 m 567.5 145.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 48.00 660.22 Td (Highlights) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 246.45 646.00 Td (Three months ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.90 646.00 Td (Years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.95 631.00 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.95 631.00 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 631.00 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.95 631.00 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.95 631.00 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.95 631.00 Td (% Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 48.00 616.22 Td (Financial) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 604.00 Td (\($ thousands, except per share\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 591.55 Td (Production revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.10 591.55 Td (141,842) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.10 591.55 Td (137,260) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.95 591.55 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 591.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.10 591.55 Td (445,434) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.10 591.55 Td (599,999) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 591.55 Td (\(26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 591.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 578.55 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 138.04 582.84 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.10 578.55 Td (78,742) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.10 578.55 Td (95,792) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 578.55 Td (\(18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 578.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.10 578.55 Td (264,391) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.10 578.55 Td (385,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 578.55 Td (\(31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 578.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 565.55 Td ( Per share) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 94.52 569.84 Td (\(1\) \(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 565.55 Td (0.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.10 565.55 Td (0.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 565.55 Td (\(30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 565.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.10 565.55 Td (1.11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.10 565.55 Td (1.77) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 565.55 Td (\(37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 565.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 552.55 Td (Dividends declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.10 552.55 Td (2,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.10 552.55 Td (11,664) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 552.55 Td (\(79) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 552.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.10 552.55 Td (13,891) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.10 552.55 Td (76,762) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 552.55 Td (\(82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 552.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 539.55 Td ( Per share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 539.55 Td (0.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.10 539.55 Td (0.055) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 539.55 Td (\(82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 539.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.10 539.55 Td (0.06) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.10 539.55 Td (0.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 539.55 Td (\(84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 539.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 526.55 Td (Net loss) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.10 526.55 Td (\(12,021) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.65 526.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.10 526.55 Td (\(454,616) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.65 526.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 526.55 Td (97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 526.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.10 526.55 Td (\(95,998) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.65 526.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.10 526.55 Td (\(751,545) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.65 526.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 526.55 Td (87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 526.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 513.55 Td ( Per share) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 94.52 517.84 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.10 513.55 Td (\(0.05) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.65 513.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.10 513.55 Td (\(2.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.65 513.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 513.55 Td (98) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 513.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.10 513.55 Td (\(0.40) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.65 513.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.10 513.55 Td (\(3.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.65 513.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 513.55 Td (88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 513.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 500.55 Td (Adjusted net income \(loss\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 154.05 504.84 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.10 500.55 Td (60,855) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.10 500.55 Td (\(443,793) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.65 500.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.95 500.55 Td (114) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 500.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.10 500.55 Td (22,259) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.10 500.55 Td (\(696,634) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.65 500.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 500.55 Td (103) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 500.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 487.55 Td ( Per share) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 94.52 491.84 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 487.55 Td (0.24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.10 487.55 Td (\(2.04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.65 487.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.95 487.55 Td (112) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 487.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.10 487.55 Td (0.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.10 487.55 Td (\(3.20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.65 487.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 487.55 Td (103) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 487.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 474.55 Td (Total assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.60 474.55 Td (3,172,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.60 474.55 Td (3,523,716) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 474.55 Td (\(10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 474.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 461.55 Td (Long-term debt, net of ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 139.05 468.10 59.53 -8.45 re f /GS0 gs q 0 0 0 rg BT 139.05 461.55 Td (working capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.10 461.55 Td (946,935) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.60 461.55 Td (1,265,820) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 461.55 Td (\(25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 461.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 448.55 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 235.11 452.84 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.10 448.55 Td (877,523) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.60 448.55 Td (1,310,663) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 448.55 Td (\(33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 448.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 435.55 Td (Shareholders equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.60 435.55 Td (1,560,244) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.60 435.55 Td (1,548,266) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 435.55 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 435.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 422.55 Td (Capital expenditures:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 409.55 Td ( Exploration and development) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.10 409.55 Td (58,574) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.10 409.55 Td (56,084) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.95 409.55 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 409.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.10 409.55 Td (153,871) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.10 409.55 Td (313,905) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 409.55 Td (\(51) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 409.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 396.55 Td ( Dispositions, net of acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.10 396.55 Td (\(117,666) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.65 396.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.10 396.55 Td (\(5,540) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.65 396.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.45 396.55 Td (2,024) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 396.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.10 396.55 Td (\(167,905) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.65 396.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.10 396.55 Td (\(30,552) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.65 396.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 396.55 Td (450) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 396.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 383.55 Td (W) Tj ET Q q 0 0 0 rg BT 56.33 383.55 Td (eighted average outstanding equivalent shares: ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.97 383.55 Td (\(thousands\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 290.21 387.84 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 370.55 Td ( Basic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.45 370.55 Td (253,906) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 370.55 Td (218,010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 370.55 Td (16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 370.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.10 370.55 Td (237,806) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.10 370.55 Td (217,660) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 370.55 Td (9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 370.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 357.55 Td ( Diluted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.45 357.55 Td (258,729) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 357.55 Td (220,924) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 357.55 Td (17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 357.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.10 357.55 Td (242,106) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.10 357.55 Td (220,117) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 357.55 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 357.55 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 48.00 343.22 Td (Operating) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 331.00 Td (\(boe conversion 6:1 basis\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 318.55 Td (Production:) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 93.53 322.84 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 305.55 Td ( Natural gas \(mmcf/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.60 305.55 Td (278) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.60 305.55 Td (325) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 305.55 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 305.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.60 305.55 Td (280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.60 305.55 Td (337) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 305.55 Td (\(17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 305.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 292.55 Td ( Natural gas liquids \(bbls/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.10 292.55 Td (19,941) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.10 292.55 Td (20,804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 292.55 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 292.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.10 292.55 Td (18,247) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.10 292.55 Td (17,666) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 292.55 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 292.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 279.55 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 108.52 283.84 Td (\(6\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.10 279.55 Td (3,069) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.10 279.55 Td (4,934) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 279.55 Td (\(38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 279.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.10 279.55 Td (3,708) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.10 279.55 Td (5,445) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 279.55 Td (\(32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 279.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 266.55 Td ( Total oil equivalent \(boe/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.10 266.55 Td (69,339) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.10 266.55 Td (79,862) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 266.55 Td (\(13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 266.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.10 266.55 Td (68,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.10 266.55 Td (79,288) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 266.55 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 266.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 253.55 Td (Product prices:) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 108.02 257.84 Td (\(7\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 240.55 Td ( Natural gas \($/mcf\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 240.55 Td (3.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.10 240.55 Td (3.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 240.55 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 240.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.10 240.55 Td (3.13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.10 240.55 Td (3.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 240.55 Td (\(12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 240.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 227.55 Td ( Natural gas liquids \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.10 227.55 Td (25.83) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.10 227.55 Td (19.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 227.55 Td (33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 227.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.10 227.55 Td (19.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.10 227.55 Td (23.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 227.55 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 227.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 214.55 Td ( Oil \($/bbl\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 94.51 218.84 Td (\(6\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.10 214.55 Td (68.80) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.10 214.55 Td (86.61) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 214.55 Td (\(21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 214.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.10 214.55 Td (61.89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.10 214.55 Td (81.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 214.55 Td (\(24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 214.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 201.55 Td ( Total oil equivalent \($/boe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.10 201.55 Td (23.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.10 201.55 Td (24.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 201.55 Td (\(3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 201.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.10 201.55 Td (21.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.10 201.55 Td (25.88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 201.55 Td (\(17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 201.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 188.55 Td (Operating expenses \($/boe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 188.55 Td (5.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.10 188.55 Td (5.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 188.55 Td (\(2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 188.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.10 188.55 Td (5.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.10 188.55 Td (6.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 188.55 Td (\(15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 188.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 175.55 Td (General and administrative expenses \($/boe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 175.55 Td (1.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.10 175.55 Td (0.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 175.55 Td (12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 175.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.10 175.55 Td (1.08) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.10 175.55 Td (1.12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 547.95 175.55 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 175.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 162.55 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 123.53 166.84 Td (\(8\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 162.55 Td (9.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.10 162.55 Td (9.80) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 162.55 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 162.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.10 162.55 Td (9.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.10 162.55 Td (10.70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 162.55 Td (\(12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 162.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 149.55 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 152.56 153.84 Td (\(9\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.10 149.55 Td (15.14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.10 149.55 Td (15.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 149.55 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 149.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.10 149.55 Td (13.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.10 149.55 Td (16.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 149.55 Td (\(17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 149.55 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 135.90 Td (NOTES:) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 128.70 Td (\(1\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 128.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 100.15 128.70 Td (uses ) Tj ET Q q 0 0 0 rg BT 114.96 128.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 131.77 128.70 Td (from ) Tj ET Q q 0 0 0 rg BT 145.90 128.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 176.06 128.70 Td (to ) Tj ET Q q 0 0 0 rg BT 183.19 128.70 Td (analyze ) Tj ET Q q 0 0 0 rg BT 206.01 128.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 233.16 128.70 Td (performance, ) Tj ET Q q 0 0 0 rg BT 270.64 128.70 Td (dividend ) Tj ET Q q 0 0 0 rg BT 295.13 128.70 Td (coverage ) Tj ET Q q 0 0 0 rg BT 321.94 128.70 Td (and ) Tj ET Q q 0 0 0 rg BT 334.08 128.70 Td (leverage. ) Tj ET Q q 0 0 0 rg BT 360.90 128.70 Td (Funds ) Tj ET Q q 0 0 0 rg BT 379.71 128.70 Td (from ) Tj ET Q q 0 0 0 rg BT 393.84 128.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 423.99 128.70 Td (as ) Tj ET Q q 0 0 0 rg BT 432.46 128.70 Td (presented ) Tj ET Q q 0 0 0 rg BT 461.28 128.70 Td (do ) Tj ET Q q 0 0 0 rg BT 470.09 128.70 Td (not ) Tj ET Q q 0 0 0 rg BT 480.56 128.70 Td (have ) Tj ET Q q 0 0 0 rg BT 495.71 128.70 Td (any ) Tj ET Q q 0 0 0 rg BT 507.51 128.70 Td (standardized ) Tj ET Q q 0 0 0 rg BT 544.00 128.70 Td (meaning ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 121.50 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 92.40 121.50 Td (by ) Tj ET Q q 0 0 0 rg BT 100.12 121.50 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 115.16 121.50 Td (and ) Tj ET Q q 0 0 0 rg BT 126.56 121.50 Td (therefore ) Tj ET Q q 0 0 0 rg BT 151.95 121.50 Td (it ) Tj ET Q q 0 0 0 rg BT 156.34 121.50 Td (may ) Tj ET Q q 0 0 0 rg BT 169.05 121.50 Td (not ) Tj ET Q q 0 0 0 rg BT 178.78 121.50 Td (be ) Tj ET Q q 0 0 0 rg BT 186.83 121.50 Td (comparable ) Tj ET Q q 0 0 0 rg BT 219.57 121.50 Td (with ) Tj ET Q q 0 0 0 rg BT 231.62 121.50 Td (the ) Tj ET Q q 0 0 0 rg BT 241.34 121.50 Td (calculations ) Tj ET Q q 0 0 0 rg BT 274.07 121.50 Td (of ) Tj ET Q q 0 0 0 rg BT 280.46 121.50 Td (similar ) Tj ET Q q 0 0 0 rg BT 299.18 121.50 Td (measures ) Tj ET Q q 0 0 0 rg BT 326.90 121.50 Td (for ) Tj ET Q q 0 0 0 rg BT 335.29 121.50 Td (other ) Tj ET Q q 0 0 0 rg BT 350.34 121.50 Td (entities. ) Tj ET Q q 0 0 0 rg BT 372.40 121.50 Td (Funds ) Tj ET Q q 0 0 0 rg BT 390.46 121.50 Td (from ) Tj ET Q q 0 0 0 rg BT 403.84 121.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 433.25 121.50 Td (as ) Tj ET Q q 0 0 0 rg BT 440.97 121.50 Td (presented ) Tj ET Q q 0 0 0 rg BT 469.03 121.50 Td (is ) Tj ET Q q 0 0 0 rg BT 474.75 121.50 Td (not ) Tj ET Q q 0 0 0 rg BT 484.47 121.50 Td (intended ) Tj ET Q q 0 0 0 rg BT 508.88 121.50 Td (to ) Tj ET Q q 0 0 0 rg BT 515.26 121.50 Td (represent ) Tj ET Q q 0 0 0 rg BT 541.99 121.50 Td (operating ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 114.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 77.32 114.30 Td (flow ) Tj ET Q q 0 0 0 rg BT 89.64 114.30 Td (or ) Tj ET Q q 0 0 0 rg BT 96.62 114.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 123.29 114.30 Td (profits ) Tj ET Q q 0 0 0 rg BT 141.28 114.30 Td (for ) Tj ET Q q 0 0 0 rg BT 149.93 114.30 Td (the ) Tj ET Q q 0 0 0 rg BT 159.92 114.30 Td (period ) Tj ET Q q 0 0 0 rg BT 178.25 114.30 Td (nor ) Tj ET Q q 0 0 0 rg BT 188.57 114.30 Td (should ) Tj ET Q q 0 0 0 rg BT 207.90 114.30 Td (it ) Tj ET Q q 0 0 0 rg BT 212.54 114.30 Td (be ) Tj ET Q q 0 0 0 rg BT 220.87 114.30 Td (viewed ) Tj ET Q q 0 0 0 rg BT 241.19 114.30 Td (as ) Tj ET Q q 0 0 0 rg BT 249.18 114.30 Td (an ) Tj ET Q q 0 0 0 rg BT 257.50 114.30 Td (alternative ) Tj ET Q q 0 0 0 rg BT 286.83 114.30 Td (to ) Tj ET Q q 0 0 0 rg BT 293.48 114.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 307.80 114.30 Td (flow ) Tj ET Q q 0 0 0 rg BT 320.12 114.30 Td (from ) Tj ET Q q 0 0 0 rg BT 333.77 114.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 360.44 114.30 Td (activities, ) Tj ET Q q 0 0 0 rg BT 386.76 114.30 Td (net ) Tj ET Q q 0 0 0 rg BT 396.75 114.30 Td (income ) Tj ET Q q 0 0 0 rg BT 417.74 114.30 Td (or ) Tj ET Q q 0 0 0 rg BT 424.72 114.30 Td (other ) Tj ET Q q 0 0 0 rg BT 440.05 114.30 Td (measures ) Tj ET Q q 0 0 0 rg BT 468.04 114.30 Td (of ) Tj ET Q q 0 0 0 rg BT 474.69 114.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 498.36 114.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 533.69 114.30 Td (calculated ) Tj ET Q q 0 0 0 rg BT 562.35 114.30 Td (in ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 107.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 95.12 107.10 Td (with ) Tj ET Q q 0 0 0 rg BT 106.89 107.10 Td (IFRS. ) Tj ET Q q 0 0 0 rg BT 123.11 107.10 Td (All ) Tj ET Q q 0 0 0 rg BT 130.88 107.10 Td (references ) Tj ET Q q 0 0 0 rg BT 160.33 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.43 107.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 182.21 107.10 Td (from ) Tj ET Q q 0 0 0 rg BT 195.31 107.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 224.43 107.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 254.22 107.10 Td (this ) Tj ET Q q 0 0 0 rg BT 264.66 107.10 Td (report ) Tj ET Q q 0 0 0 rg BT 281.44 107.10 Td (are ) Tj ET Q q 0 0 0 rg BT 291.21 107.10 Td (based ) Tj ET Q q 0 0 0 rg BT 308.66 107.10 Td (on ) Tj ET Q q 0 0 0 rg BT 316.43 107.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 330.21 107.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 341.98 107.10 Td (from ) Tj ET Q q 0 0 0 rg BT 355.08 107.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 381.20 107.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 405.31 107.10 Td (before ) Tj ET Q q 0 0 0 rg BT 423.42 107.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 447.21 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.98 107.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 478.76 107.10 Td (working ) Tj ET Q q 0 0 0 rg BT 500.54 107.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 520.65 107.10 Td (decommissioning ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 99.90 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 99.10 99.90 Td (and ) Tj ET Q q 0 0 0 rg BT 110.86 99.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 132.28 99.90 Td (expense. ) Tj ET Q q 0 0 0 rg BT 158.38 99.90 Td (Funds ) Tj ET Q q 0 0 0 rg BT 176.80 99.90 Td (from ) Tj ET Q q 0 0 0 rg BT 190.54 99.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 220.31 99.90 Td (per ) Tj ET Q q 0 0 0 rg BT 230.72 99.90 Td (share ) Tj ET Q q 0 0 0 rg BT 247.48 99.90 Td (is ) Tj ET Q q 0 0 0 rg BT 253.55 99.90 Td (calculated ) Tj ET Q q 0 0 0 rg BT 282.32 99.90 Td (based ) Tj ET Q q 0 0 0 rg BT 300.41 99.90 Td (on ) Tj ET Q q 0 0 0 rg BT 308.83 99.90 Td (the ) Tj ET Q q 0 0 0 rg BT 318.92 99.90 Td (weighted ) Tj ET Q q 0 0 0 rg BT 344.68 99.90 Td (average ) Tj ET Q q 0 0 0 rg BT 368.11 99.90 Td (number ) Tj ET Q q 0 0 0 rg BT 390.19 99.90 Td (of ) Tj ET Q q 0 0 0 rg BT 396.94 99.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 416.70 99.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 449.47 99.90 Td (consistent ) Tj ET Q q 0 0 0 rg BT 478.23 99.90 Td (with ) Tj ET Q q 0 0 0 rg BT 490.64 99.90 Td (the ) Tj ET Q q 0 0 0 rg BT 500.73 99.90 Td (calculation ) Tj ET Q q 0 0 0 rg BT 530.82 99.90 Td (of ) Tj ET Q q 0 0 0 rg BT 537.57 99.90 Td (net ) Tj ET Q q 0 0 0 rg BT 547.66 99.90 Td (income ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 92.70 Td (per ) Tj ET Q q 0 0 0 rg BT 73.34 92.70 Td (share.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 84.50 Td (\(2\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 84.50 Td (Basic ) Tj ET Q q 0 0 0 rg BT 79.34 84.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 95.68 84.50 Td (from ) Tj ET Q q 0 0 0 rg BT 109.35 84.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 139.04 84.50 Td (per ) Tj ET Q q 0 0 0 rg BT 149.38 84.50 Td (share ) Tj ET Q q 0 0 0 rg BT 166.05 84.50 Td (calculations ) Tj ET Q q 0 0 0 rg BT 199.07 84.50 Td (include ) Tj ET Q q 0 0 0 rg BT 219.75 84.50 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 258.78 84.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 278.46 84.50 Td (which ) Tj ET Q q 0 0 0 rg BT 295.46 84.50 Td (are ) Tj ET Q q 0 0 0 rg BT 305.80 84.50 Td (convertible ) Tj ET Q q 0 0 0 rg BT 336.49 84.50 Td (into ) Tj ET Q q 0 0 0 rg BT 347.83 84.50 Td (common ) Tj ET Q q 0 0 0 rg BT 372.50 84.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 392.18 84.50 Td (on ) Tj ET Q q 0 0 0 rg BT 400.52 84.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.19 84.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 436.86 84.50 Td (and ) Tj ET Q q 0 0 0 rg BT 448.54 84.50 Td (conditions.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 77.30 Td (\(3\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 77.30 Td (Per ) Tj ET Q q 0 0 0 rg BT 74.00 77.30 Td (share ) Tj ET Q q 0 0 0 rg BT 90.68 77.30 Td (calculations ) Tj ET Q q 0 0 0 rg BT 123.70 77.30 Td (include ) Tj ET Q q 0 0 0 rg BT 144.38 77.30 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 183.41 77.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 203.09 77.30 Td (which ) Tj ET Q q 0 0 0 rg BT 220.09 77.30 Td (are ) Tj ET Q q 0 0 0 rg BT 230.43 77.30 Td (convertible ) Tj ET Q q 0 0 0 rg BT 261.11 77.30 Td (into ) Tj ET Q q 0 0 0 rg BT 272.46 77.30 Td (common ) Tj ET Q q 0 0 0 rg BT 297.13 77.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 316.80 77.30 Td (on ) Tj ET Q q 0 0 0 rg BT 325.15 77.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 344.82 77.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 361.49 77.30 Td (and ) Tj ET Q q 0 0 0 rg BT 373.17 77.30 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 403.52 77.30 Td ( ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 70.10 Td (\(4\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 70.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 88.34 70.10 Td (have ) Tj ET Q q 0 0 0 rg BT 103.02 70.10 Td (been ) Tj ET Q q 0 0 0 rg BT 118.04 70.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 142.39 70.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.06 70.10 Td (exclude ) Tj ET Q q 0 0 0 rg BT 171.41 70.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 200.76 70.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 216.77 70.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.45 70.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 247.12 70.10 Td (on ) Tj ET Q q 0 0 0 rg BT 255.46 70.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 279.14 70.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 308.82 70.10 Td (commodity ) Tj ET Q q 0 0 0 rg BT 339.50 70.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 367.17 70.10 Td (net ) Tj ET Q q 0 0 0 rg BT 377.18 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.85 70.10 Td (tax.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 62.90 Td (\(5\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 62.90 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 88.34 62.90 Td (have ) Tj ET Q q 0 0 0 rg BT 103.02 62.90 Td (been ) Tj ET Q q 0 0 0 rg BT 118.04 62.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 142.39 62.90 Td (to ) Tj ET Q q 0 0 0 rg BT 149.06 62.90 Td (exclude ) Tj ET Q q 0 0 0 rg BT 171.41 62.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 201.76 62.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 220.77 62.90 Td (or ) Tj ET Q q 0 0 0 rg BT 227.77 62.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 252.11 62.90 Td (from ) Tj ET Q q 0 0 0 rg BT 265.78 62.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 289.46 62.90 Td (instrument ) Tj ET Q q 0 0 0 rg BT 319.14 62.90 Td (commodity ) Tj ET Q q 0 0 0 rg BT 349.81 62.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 375.82 62.90 Td (and ) Tj ET Q q 0 0 0 rg BT 387.50 62.90 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 435.52 62.90 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 461.20 62.90 Td (Also ) Tj ET Q q 0 0 0 rg BT 474.54 62.90 Td (referenced ) Tj ET Q q 0 0 0 rg BT 504.89 62.90 Td (as ) Tj ET Q q 0 0 0 rg BT 512.78 62.90 Td (T) Tj ET Q q 0 0 0 rg BT 515.78 62.90 Td (otal ) Tj ET Q q 0 0 0 rg BT 527.12 62.90 Td (net ) Tj ET Q q 0 0 0 rg BT 537.13 62.90 Td (debt.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 55.70 Td (\(6\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 55.70 Td (Oil ) Tj ET Q q 0 0 0 rg BT 72.00 55.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 95.68 55.70 Td (light, ) Tj ET Q q 0 0 0 rg BT 110.02 55.70 Td (medium ) Tj ET Q q 0 0 0 rg BT 133.03 55.70 Td (and ) Tj ET Q q 0 0 0 rg BT 144.71 55.70 Td (heavy ) Tj ET Q q 0 0 0 rg BT 162.38 55.70 Td (oil.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 48.50 Td (\(7\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 48.50 Td (Product ) Tj ET Q q 0 0 0 rg BT 85.34 48.50 Td (prices ) Tj ET Q q 0 0 0 rg BT 103.02 48.50 Td (include ) Tj ET Q q 0 0 0 rg BT 123.70 48.50 Td (realized ) Tj ET Q q 0 0 0 rg BT 146.38 48.50 Td (gains ) Tj ET Q q 0 0 0 rg BT 162.39 48.50 Td (and ) Tj ET Q q 0 0 0 rg BT 174.06 48.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 192.74 48.50 Td (on ) Tj ET Q q 0 0 0 rg BT 201.08 48.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.76 48.50 Td (instrument ) Tj ET Q q 0 0 0 rg BT 254.44 48.50 Td (commodity ) Tj ET Q q 0 0 0 rg BT 285.11 48.50 Td (contracts.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 41.30 Td (\(8\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 41.30 Td (Cash ) Tj ET Q q 0 0 0 rg BT 78.67 41.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 94.34 41.30 Td (equal ) Tj ET Q q 0 0 0 rg BT 110.69 41.30 Td (the ) Tj ET Q q 0 0 0 rg BT 120.70 41.30 Td (total ) Tj ET Q q 0 0 0 rg BT 133.71 41.30 Td (of ) Tj ET Q q 0 0 0 rg BT 140.38 41.30 Td (operating, ) Tj ET Q q 0 0 0 rg BT 168.73 41.30 Td (transportation, ) Tj ET Q q 0 0 0 rg BT 208.75 41.30 Td (general ) Tj ET Q q 0 0 0 rg BT 230.44 41.30 Td (and ) Tj ET Q q 0 0 0 rg BT 242.12 41.30 Td (administrative, ) Tj ET Q q 0 0 0 rg BT 282.46 41.30 Td (and ) Tj ET Q q 0 0 0 rg BT 294.14 41.30 Td (financing ) Tj ET Q q 0 0 0 rg BT 319.83 41.30 Td (expenses.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 34.10 Td (\(9\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 34.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 90.74 34.10 Td (netback ) Tj ET Q q 0 0 0 rg BT 113.15 34.10 Td (as ) Tj ET Q q 0 0 0 rg BT 120.89 34.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 148.97 34.10 Td (does ) Tj ET Q q 0 0 0 rg BT 163.37 34.10 Td (not ) Tj ET Q q 0 0 0 rg BT 173.11 34.10 Td (have ) Tj ET Q q 0 0 0 rg BT 187.52 34.10 Td (any ) Tj ET Q q 0 0 0 rg BT 198.58 34.10 Td (standardized ) Tj ET Q q 0 0 0 rg BT 234.34 34.10 Td (meaning ) Tj ET Q q 0 0 0 rg BT 258.75 34.10 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 288.15 34.10 Td (by ) Tj ET Q q 0 0 0 rg BT 295.89 34.10 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 310.95 34.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.35 34.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 347.76 34.10 Td (it ) Tj ET Q q 0 0 0 rg BT 352.16 34.10 Td (may ) Tj ET Q q 0 0 0 rg BT 364.89 34.10 Td (not ) Tj ET Q q 0 0 0 rg BT 374.63 34.10 Td (be ) Tj ET Q q 0 0 0 rg BT 382.69 34.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 415.44 34.10 Td (with ) Tj ET Q q 0 0 0 rg BT 427.50 34.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.24 34.10 Td (calculations ) Tj ET Q q 0 0 0 rg BT 469.99 34.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.38 34.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 495.11 34.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 522.85 34.10 Td (for ) Tj ET Q q 0 0 0 rg BT 531.25 34.10 Td (other ) Tj ET Q q 0 0 0 rg BT 546.32 34.10 Td (entities. ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 26.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 90.72 26.90 Td (netback ) Tj ET Q q 0 0 0 rg BT 113.10 26.90 Td (is ) Tj ET Q q 0 0 0 rg BT 118.80 26.90 Td (calculated ) Tj ET Q q 0 0 0 rg BT 147.18 26.90 Td (using ) Tj ET Q q 0 0 0 rg BT 162.89 26.90 Td (production ) Tj ET Q q 0 0 0 rg BT 192.28 26.90 Td (revenues ) Tj ET Q q 0 0 0 rg BT 218.33 26.90 Td (including ) Tj ET Q q 0 0 0 rg BT 243.38 26.90 Td (realized ) Tj ET Q q 0 0 0 rg BT 265.76 26.90 Td (gains ) Tj ET Q q 0 0 0 rg BT 281.47 26.90 Td (and ) Tj ET Q q 0 0 0 rg BT 292.84 26.90 Td (losses ) Tj ET Q q 0 0 0 rg BT 311.22 26.90 Td (on ) Tj ET Q q 0 0 0 rg BT 319.26 26.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.64 26.90 Td (instrument ) Tj ET Q q 0 0 0 rg BT 372.02 26.90 Td (commodity ) Tj ET Q q 0 0 0 rg BT 402.39 26.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 428.10 26.90 Td (less ) Tj ET Q q 0 0 0 rg BT 440.14 26.90 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 465.51 26.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 491.90 26.90 Td (and ) Tj ET Q q 0 0 0 rg BT 503.27 26.90 Td (transportation ) Tj ET Q q 0 0 0 rg BT 541.33 26.90 Td (expenses ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 19.70 Td (calculated ) Tj ET Q q 0 0 0 rg BT 91.68 19.70 Td (on ) Tj ET Q q 0 0 0 rg BT 100.03 19.70 Td (a ) Tj ET Q q 0 0 0 rg BT 105.03 19.70 Td (per ) Tj ET Q q 0 0 0 rg BT 115.37 19.70 Td (boe ) Tj ET Q q 0 0 0 rg BT 127.05 19.70 Td (basis.) Tj ET Q /GS0 gs q 136.61 0 0 51.00 48.00 703.12 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 44.75 748.5 m 357.75 748.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 44.75 733.5 m 357.75 733.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 357.75 748.5 m 425.75 748.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 357.75 733.5 m 425.75 733.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 425.75 748.5 m 493.75 748.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 425.75 733.5 m 493.75 733.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 493.75 748.5 m 561.75 748.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 493.75 733.5 m 561.75 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.75 718.5 m 357.75 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.75 733.5 m 425.75 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 357.75 718.5 m 425.75 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.75 733.5 m 493.75 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.75 718.5 m 493.75 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 718.5 m 561.75 718.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.75 676.5 m 357.75 676.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 357.75 676.5 m 425.75 676.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 425.75 676.5 m 493.75 676.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 493.75 676.5 m 561.75 676.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.75 634.5 m 357.75 634.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 357.75 634.5 m 425.75 634.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 425.75 634.5 m 493.75 634.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 493.75 634.5 m 561.75 634.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.75 410.5 m 357.75 410.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 357.75 410.5 m 425.75 410.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 425.75 410.5 m 493.75 410.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 493.75 410.5 m 561.75 410.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.75 340.5 m 357.75 340.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 357.75 340.5 m 425.75 340.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 425.75 340.5 m 493.75 340.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 493.75 340.5 m 561.75 340.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.75 298.5 m 357.75 298.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 357.75 298.5 m 425.75 298.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 425.75 298.5 m 493.75 298.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 493.75 298.5 m 561.75 298.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.75 256.5 m 357.75 256.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 357.75 256.5 m 425.75 256.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 425.75 256.5 m 493.75 256.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 493.75 256.5 m 561.75 256.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.75 256.5 m 357.75 256.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.75 200.5 m 357.75 200.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 357.75 200.5 m 425.75 200.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.75 200.5 m 493.75 200.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 200.5 m 561.75 200.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.25 738.12 Td (Highlights \(cont'd\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.25 722.90 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.20 722.90 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.20 722.90 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.20 722.90 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.25 708.90 Td (Drilling:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 694.90 Td (Gross) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.20 694.90 Td (46) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.20 694.90 Td (78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.20 694.90 Td (\(41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 694.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 680.90 Td (Net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.70 680.90 Td (43.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.70 680.90 Td (70.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.20 680.90 Td (\(39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 680.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.25 666.90 Td (Land \(net acres\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 652.90 Td (Undeveloped) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.70 652.90 Td (568,051) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.70 652.90 Td (705,610) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.20 652.90 Td (\(19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 652.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 638.90 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.20 638.90 Td (1,754,634) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.20 638.90 Td (1,929,041) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.20 638.90 Td (\(9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 638.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.25 624.90 Td (Reserves:) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 87.76 629.19 Td (\(10\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 610.90 Td (Proved producing:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.25 596.90 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 131.77 601.19 Td (\(1) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 136.54 601.19 Td (1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.70 596.90 Td (632.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.70 596.90 Td (614.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.20 596.90 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.20 596.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.25 582.90 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 201.31 587.19 Td (\(12\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.70 582.90 Td (50,517) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.70 582.90 Td (59,592) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.20 582.90 Td (\(15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 582.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.25 568.90 Td (Total oil equivalent \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.70 568.90 Td (155,907) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.70 568.90 Td (162,072) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.20 568.90 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 568.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 554.90 Td (Total proved:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.25 540.90 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 131.77 545.19 Td (\(1) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 136.54 545.19 Td (1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.20 540.90 Td (1,128.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.20 540.90 Td (1,026.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.20 540.90 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.20 540.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.25 526.90 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 201.31 531.19 Td (\(12\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.70 526.90 Td (85,159) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.70 526.90 Td (91,230) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.20 526.90 Td (\(7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 526.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.25 512.90 Td (Total oil equivalent \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.70 512.90 Td (273,183) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.70 512.90 Td (262,224) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.20 512.90 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.20 512.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 498.90 Td (Proved plus probable:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.25 484.90 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 131.77 489.19 Td (\(1) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 136.54 489.19 Td (1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.20 484.90 Td (1,721.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.20 484.90 Td (1,601.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.20 484.90 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.20 484.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.25 470.90 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 201.31 475.19 Td (\(12\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.70 470.90 Td (127,366) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.70 470.90 Td (139,543) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.20 470.90 Td (\(9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 470.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.25 456.90 Td (Total oil equivalent \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.70 456.90 Td (414,205) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.70 456.90 Td (406,494) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.20 456.90 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.20 456.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.25 442.90 Td (% Proved producing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.15 442.90 Td (38) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.20 442.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.15 442.90 Td (40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.20 442.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.20 442.90 Td (\(2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 442.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.25 428.90 Td (% Proved) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.15 428.90 Td (66) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.20 428.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.15 428.90 Td (65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.20 428.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.20 428.90 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.20 428.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.25 414.90 Td (% Probable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.15 414.90 Td (34) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.20 414.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.15 414.90 Td (35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.20 414.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.20 414.90 Td (\(1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 414.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.25 400.90 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 56.25 386.90 Td (0% discount rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.70 386.90 Td (6,050) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.70 386.90 Td (5,568) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.20 386.90 Td (9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.20 386.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 372.90 Td (5% discount rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.70 372.90 Td (3,876) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.70 372.90 Td (3,492) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.20 372.90 Td (11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.20 372.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 358.90 Td (10% discount rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.70 358.90 Td (2,748) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.70 358.90 Td (2,412) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.20 358.90 Td (14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.20 358.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 344.90 Td (15% discount rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.70 344.90 Td (2,092) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.70 344.90 Td (1,788) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.20 344.90 Td (17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.20 344.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.25 330.90 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 151.79 335.19 Td (\(13\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 316.90 Td (Total proved) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.70 316.90 Td (10.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.70 316.90 Td (9.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.20 316.90 Td (8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.20 316.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 302.90 Td (Proved plus probable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.70 302.90 Td (14.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.70 302.90 Td (14.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.20 302.90 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.20 302.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.25 288.90 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 222.34 293.19 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.49 288.90 Td (:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 274.90 Td (Total proved) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.70 274.90 Td (1,149) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.70 274.90 Td (1,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.20 274.90 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 274.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.25 260.90 Td (Proved plus probable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.70 260.90 Td (1,742) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.70 260.90 Td (1,860) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.20 260.90 Td (\(6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 260.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.25 246.90 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 294.90 251.19 Td (\(14\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.70 246.90 Td (6.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.70 246.90 Td (7.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.20 246.90 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 246.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.25 232.90 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 191.32 237.19 Td (\(15\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.70 232.90 Td (1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.70 232.90 Td (2.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.20 232.90 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 232.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.25 218.90 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 342.43 223.19 Td (\(14\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.70 218.90 Td (\(0.55\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.70 218.90 Td (9.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.20 218.90 Td (\(106) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 218.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.25 204.90 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 191.32 209.19 Td (\(15\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.70 204.90 Td (\(24.4\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.70 204.90 Td (1.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.70 204.90 Td (\(1,625) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.25 204.90 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 190.80 Td (NOTES:) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 183.60 Td (\(10\) ) Tj ET Q q 0 0 0 rg BT 63.00 183.60 Td (W) Tj ET Q q 0 0 0 rg BT 68.55 183.60 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 45.00 175.40 Td (\(1) Tj ET Q q 0 0 0 rg BT 49.89 175.40 Td (1\) ) Tj ET Q q 0 0 0 rg BT 63.00 175.40 Td (Includes Conventional Natural Gas and Coal Bed Methane.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 167.20 Td (\(12\) ) Tj ET Q q 0 0 0 rg BT 63.00 167.20 Td (Includes Natural Gas Liquids; and Light, Medium and Heavy Oil.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 159.00 Td (\(13\) ) Tj ET Q q 0 0 0 rg BT 63.00 159.00 Td (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 45.00 150.80 Td (\(14\) ) Tj ET Q q 0 0 0 rg BT 63.00 150.80 Td (Includes changes in future development costs.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 142.60 Td (\(15\) ) Tj ET Q q 0 0 0 rg BT 63.00 142.60 Td (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 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, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.45 713.90 Td (September 30, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.95 713.90 Td (June 30, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.45 713.90 Td (March 31, 2016) 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 (5.58) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 688.90 Td (4.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.95 688.90 Td (3.77) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 688.90 Td (3.28) 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 (3.95) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 674.90 Td (3.15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.95 674.90 Td (2.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 674.90 Td (0.94) 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 (4.81) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 660.90 Td (4.22) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.95 660.90 Td (3.30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 660.90 Td (2.62) 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 242.95 646.90 Td (877,141) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.45 646.90 Td (1,135,181) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.45 646.90 Td (1,492,555) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.45 646.90 Td (1,317,618) 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 (Bonavista ) Tj ET Q q 0 0 0 rg BT 90.89 598.60 Td (entered ) Tj ET Q q 0 0 0 rg BT 126.78 598.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 151.00 598.60 Td (in ) Tj ET Q q 0 0 0 rg BT 160.75 598.60 Td (a ) Tj ET Q q 0 0 0 rg BT 168.29 598.60 Td (remarkably ) Tj ET Q q 0 0 0 rg BT 219.72 598.60 Td (stronger ) Tj ET Q q 0 0 0 rg BT 258.37 598.60 Td (position ) Tj ET Q q 0 0 0 rg BT 294.81 598.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 329.02 598.60 Td (to ) Tj ET Q q 0 0 0 rg BT 339.34 598.60 Td (a ) Tj ET Q q 0 0 0 rg BT 346.87 598.60 Td (year ) Tj ET Q q 0 0 0 rg BT 368.30 598.60 Td (ago. ) Tj ET Q q 0 0 0 rg BT 389.60 598.60 Td (The ) Tj ET Q q 0 0 0 rg BT 408.81 598.60 Td (fragile ) Tj ET Q q 0 0 0 rg BT 438.02 598.60 Td (commodity ) Tj ET Q q 0 0 0 rg BT 488.33 598.60 Td (price ) Tj ET Q q 0 0 0 rg BT 511.98 598.60 Td (environment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 586.60 Td (in ) Tj ET Q q 0 0 0 rg BT 55.38 586.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 80.22 586.60 Td (challenged ) Tj ET Q q 0 0 0 rg BT 131.19 586.60 Td (the ) Tj ET Q q 0 0 0 rg BT 147.69 586.60 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 207.53 586.60 Td (economics ) Tj ET Q q 0 0 0 rg BT 257.92 586.60 Td (of ) Tj ET Q q 0 0 0 rg BT 268.85 586.60 Td (most ) Tj ET Q q 0 0 0 rg BT 293.12 586.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 305.72 586.60 Td (and ) Tj ET Q q 0 0 0 rg BT 325.00 586.60 Td (natural ) Tj ET Q q 0 0 0 rg BT 358.17 586.60 Td (gas ) Tj ET Q q 0 0 0 rg BT 376.89 586.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 408.39 586.60 Td (in ) Tj ET Q q 0 0 0 rg BT 418.76 586.60 Td (North ) Tj ET Q q 0 0 0 rg BT 445.30 586.60 Td (America. ) Tj ET Q q 0 0 0 rg BT 487.35 586.60 Td (For ) Tj ET Q q 0 0 0 rg BT 504.94 586.60 Td (Bonavista, ) Tj ET Q q 0 0 0 rg BT 554.23 586.60 Td (we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 574.60 Td (took ) Tj ET Q q 0 0 0 rg BT 67.48 574.60 Td (the ) Tj ET Q q 0 0 0 rg BT 84.96 574.60 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 138.02 574.60 Td (in ) Tj ET Q q 0 0 0 rg BT 149.38 574.60 Td (this ) Tj ET Q q 0 0 0 rg BT 168.52 574.60 Td (environment ) Tj ET Q q 0 0 0 rg BT 227.13 574.60 Td (to ) Tj ET Q q 0 0 0 rg BT 239.04 574.60 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 289.88 574.60 Td (our ) Tj ET Q q 0 0 0 rg BT 307.91 574.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 348.18 574.60 Td (position, ) Tj ET Q q 0 0 0 rg BT 389.00 574.60 Td (further ) Tj ET Q q 0 0 0 rg BT 421.48 574.60 Td (concentrate ) Tj ET Q q 0 0 0 rg BT 477.32 574.60 Td (the ) Tj ET Q q 0 0 0 rg BT 494.80 574.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 522.28 574.60 Td (base, ) Tj ET Q q 0 0 0 rg BT 550.32 574.60 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 562.60 Td (reveal ) Tj ET Q q 0 0 0 rg BT 75.24 562.60 Td (the ) Tj ET Q q 0 0 0 rg BT 92.14 562.60 Td (exceptional ) Tj ET Q q 0 0 0 rg BT 145.73 562.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 177.63 562.60 Td (and ) Tj ET Q q 0 0 0 rg BT 197.32 562.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 242.02 562.60 Td (ef) Tj ET Q q 0 0 0 rg BT 250.17 562.60 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 294.30 562.60 Td (of ) Tj ET Q q 0 0 0 rg BT 305.64 562.60 Td (our ) Tj ET Q q 0 0 0 rg BT 323.09 562.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 361.67 562.60 Td (that ) Tj ET Q q 0 0 0 rg BT 381.35 562.60 Td (validate ) Tj ET Q q 0 0 0 rg BT 418.82 562.60 Td (the ) Tj ET Q q 0 0 0 rg BT 435.72 562.60 Td (sustainability ) Tj ET Q q 0 0 0 rg BT 495.97 562.60 Td (of ) Tj ET Q q 0 0 0 rg BT 507.31 562.60 Td (our ) Tj ET Q q 0 0 0 rg BT 524.76 562.60 Td (business. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 550.60 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 550.60 Td (e ) Tj ET Q q 0 0 0 rg BT 62.75 550.60 Td (have ) Tj ET Q q 0 0 0 rg BT 87.36 550.60 Td (reduced ) Tj ET Q q 0 0 0 rg BT 126.42 550.60 Td (our ) Tj ET Q q 0 0 0 rg BT 143.81 550.60 Td (total ) Tj ET Q q 0 0 0 rg BT 165.63 550.60 Td (net ) Tj ET Q q 0 0 0 rg BT 182.46 550.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 204.85 550.60 Td (by ) Tj ET Q q 0 0 0 rg BT 218.34 550.60 Td ($433 ) Tj ET Q q 0 0 0 rg BT 243.52 550.60 Td (million ) Tj ET Q q 0 0 0 rg BT 274.79 550.60 Td (while ) Tj ET Q q 0 0 0 rg BT 300.50 550.60 Td (we ) Tj ET Q q 0 0 0 rg BT 316.21 550.60 Td (upgraded ) Tj ET Q q 0 0 0 rg BT 361.40 550.60 Td (the ) Tj ET Q q 0 0 0 rg BT 378.23 550.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 437.29 550.60 Td (and ) Tj ET Q q 0 0 0 rg BT 456.91 550.60 Td (the ) Tj ET Q q 0 0 0 rg BT 473.74 550.60 Td (potential ) Tj ET Q q 0 0 0 rg BT 514.47 550.60 Td (of ) Tj ET Q q 0 0 0 rg BT 525.74 550.60 Td (our ) Tj ET Q q 0 0 0 rg BT 543.12 550.60 Td (asset ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 538.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 83.35 538.60 Td (to ) Tj ET Q q 0 0 0 rg BT 94.47 538.60 Td (purposefully ) Tj ET Q q 0 0 0 rg BT 151.17 538.60 Td (transition ) Tj ET Q q 0 0 0 rg BT 194.53 538.60 Td (from ) Tj ET Q q 0 0 0 rg BT 217.30 538.60 Td (defense ) Tj ET Q q 0 0 0 rg BT 255.67 538.60 Td (to ) Tj ET Q q 0 0 0 rg BT 266.79 538.60 Td (of) Tj ET Q q 0 0 0 rg BT 274.95 538.60 Td (fense ) Tj ET Q q 0 0 0 rg BT 302.19 538.60 Td (in ) Tj ET Q q 0 0 0 rg BT 312.75 538.60 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 520.60 Td (T) Tj ET Q q 0 0 0 rg BT 50.00 520.60 Td (oday) Tj ET Q q 0 0 0 rg BT 70.94 520.60 Td (, ) Tj ET Q q 0 0 0 rg BT 77.08 520.60 Td (we ) Tj ET Q q 0 0 0 rg BT 93.22 520.60 Td (are ) Tj ET Q q 0 0 0 rg BT 111.03 520.60 Td (positioned ) Tj ET Q q 0 0 0 rg BT 159.98 520.60 Td (with ) Tj ET Q q 0 0 0 rg BT 181.12 520.60 Td (two ) Tj ET Q q 0 0 0 rg BT 200.04 520.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 241.19 520.60 Td (core ) Tj ET Q q 0 0 0 rg BT 264.00 520.60 Td (areas, ) Tj ET Q q 0 0 0 rg BT 295.15 520.60 Td (each ) Tj ET Q q 0 0 0 rg BT 320.19 520.60 Td (serving ) Tj ET Q q 0 0 0 rg BT 355.78 520.60 Td (a ) Tj ET Q q 0 0 0 rg BT 364.70 520.60 Td (dif) Tj ET Q q 0 0 0 rg BT 375.08 520.60 Td (ferent ) Tj ET Q q 0 0 0 rg BT 404.01 520.60 Td (but ) Tj ET Q q 0 0 0 rg BT 421.27 520.60 Td (invaluable ) Tj ET Q q 0 0 0 rg BT 469.66 520.60 Td (purpose ) Tj ET Q q 0 0 0 rg BT 509.16 520.60 Td (as ) Tj ET Q q 0 0 0 rg BT 523.08 520.60 Td (we ) Tj ET Q q 0 0 0 rg BT 539.22 520.60 Td (create ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 508.60 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 100.56 508.60 Td (value. ) Tj ET Q q 0 0 0 rg BT 129.99 508.60 Td (First, ) Tj ET Q q 0 0 0 rg BT 154.96 508.60 Td (our ) Tj ET Q q 0 0 0 rg BT 172.16 508.60 Td (Deep ) Tj ET Q q 0 0 0 rg BT 198.82 508.60 Td (Basin ) Tj ET Q q 0 0 0 rg BT 226.58 508.60 Td (core ) Tj ET Q q 0 0 0 rg BT 248.78 508.60 Td (area, ) Tj ET Q q 0 0 0 rg BT 274.32 508.60 Td (characterized ) Tj ET Q q 0 0 0 rg BT 337.10 508.60 Td (by ) Tj ET Q q 0 0 0 rg BT 350.41 508.60 Td (stacked, ) Tj ET Q q 0 0 0 rg BT 390.40 508.60 Td (resource-rich ) Tj ET Q q 0 0 0 rg BT 451.50 508.60 Td (natural ) Tj ET Q q 0 0 0 rg BT 484.82 508.60 Td (gas ) Tj ET Q q 0 0 0 rg BT 503.69 508.60 Td (reservoirs, ) Tj ET Q q 0 0 0 rg BT 553.12 508.60 Td (will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 496.60 Td (experience ) Tj ET Q q 0 0 0 rg BT 96.85 496.60 Td (40% ) Tj ET Q q 0 0 0 rg BT 119.79 496.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 152.74 496.60 Td (in ) Tj ET Q q 0 0 0 rg BT 163.45 496.60 Td (production ) Tj ET Q q 0 0 0 rg BT 213.08 496.60 Td (in ) Tj ET Q q 0 0 0 rg BT 223.79 496.60 Td (2017 ) Tj ET Q q 0 0 0 rg BT 248.96 496.60 Td (while ) Tj ET Q q 0 0 0 rg BT 274.68 496.60 Td (delivering ) Tj ET Q q 0 0 0 rg BT 320.41 496.60 Td (top-decile ) Tj ET Q q 0 0 0 rg BT 366.70 496.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 411.33 496.60 Td (margins ) Tj ET Q q 0 0 0 rg BT 449.82 496.60 Td (with ) Tj ET Q q 0 0 0 rg BT 470.53 496.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 535.71 496.60 Td (90% ) Tj ET Q q 0 0 0 rg BT 558.66 496.60 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 484.60 Td (our ) Tj ET Q q 0 0 0 rg BT 61.29 484.60 Td (production ) Tj ET Q q 0 0 0 rg BT 109.82 484.60 Td (being ) Tj ET Q q 0 0 0 rg BT 136.13 484.60 Td (processed ) Tj ET Q q 0 0 0 rg BT 184.10 484.60 Td (at ) Tj ET Q q 0 0 0 rg BT 194.27 484.60 Td (our ) Tj ET Q q 0 0 0 rg BT 210.56 484.60 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 250.74 484.60 Td (Second, ) Tj ET Q q 0 0 0 rg BT 289.27 484.60 Td (our ) Tj ET Q q 0 0 0 rg BT 305.56 484.60 Td (W) Tj ET Q q 0 0 0 rg BT 314.82 484.60 Td (est ) Tj ET Q q 0 0 0 rg BT 330.00 484.60 Td (Central ) Tj ET Q q 0 0 0 rg BT 364.07 484.60 Td (core ) Tj ET Q q 0 0 0 rg BT 385.36 484.60 Td (area, ) Tj ET Q q 0 0 0 rg BT 409.98 484.60 Td (with ) Tj ET Q q 0 0 0 rg BT 429.60 484.60 Td (over ) Tj ET Q q 0 0 0 rg BT 450.89 484.60 Td (twenty ) Tj ET Q q 0 0 0 rg BT 481.63 484.60 Td (years ) Tj ET Q q 0 0 0 rg BT 507.92 484.60 Td (of ) Tj ET Q q 0 0 0 rg BT 518.09 484.60 Td (predictable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 472.60 Td (and ) Tj ET Q q 0 0 0 rg BT 63.95 472.60 Td (reliable ) Tj ET Q q 0 0 0 rg BT 98.46 472.60 Td (development ) Tj ET Q q 0 0 0 rg BT 157.99 472.60 Td (inventory) Tj ET Q q 0 0 0 rg BT 197.82 472.60 Td (, ) Tj ET Q q 0 0 0 rg BT 202.87 472.60 Td (will ) Tj ET Q q 0 0 0 rg BT 219.03 472.60 Td (generate ) Tj ET Q q 0 0 0 rg BT 260.77 472.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 307.51 472.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 340.90 472.60 Td (net ) Tj ET Q q 0 0 0 rg BT 357.07 472.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 401.04 472.60 Td (income ) Tj ET Q q 0 0 0 rg BT 435.54 472.60 Td (to ) Tj ET Q q 0 0 0 rg BT 446.15 472.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 467.88 472.60 Td (our ) Tj ET Q q 0 0 0 rg BT 484.60 472.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 516.88 472.60 Td (in ) Tj ET Q q 0 0 0 rg BT 526.93 472.60 Td (the ) Tj ET Q q 0 0 0 rg BT 543.10 472.60 Td (Deep ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 460.60 Td (Basin ) Tj ET Q q 0 0 0 rg BT 72.79 460.60 Td (and ) Tj ET Q q 0 0 0 rg BT 92.26 460.60 Td (to ) Tj ET Q q 0 0 0 rg BT 103.37 460.60 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 153.41 460.60 Td (our ) Tj ET Q q 0 0 0 rg BT 170.64 460.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 210.11 460.60 Td (position. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 442.60 Td (Overall, ) Tj ET Q q 0 0 0 rg BT 83.66 442.60 Td (the ) Tj ET Q q 0 0 0 rg BT 101.77 442.60 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 143.76 442.60 Td (created ) Tj ET Q q 0 0 0 rg BT 181.33 442.60 Td (by ) Tj ET Q q 0 0 0 rg BT 196.09 442.60 Td (generating ) Tj ET Q q 0 0 0 rg BT 247.56 442.60 Td (surplus ) Tj ET Q q 0 0 0 rg BT 284.00 442.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 312.67 442.60 Td (from ) Tj ET Q q 0 0 0 rg BT 336.88 442.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 387.79 442.60 Td (provides ) Tj ET Q q 0 0 0 rg BT 429.79 442.60 Td (us ) Tj ET Q q 0 0 0 rg BT 444.56 442.60 Td (with ) Tj ET Q q 0 0 0 rg BT 466.55 442.60 Td (several ) Tj ET Q q 0 0 0 rg BT 503.00 442.60 Td (options ) Tj ET Q q 0 0 0 rg BT 539.45 442.60 Td (in ) Tj ET Q q 0 0 0 rg BT 551.44 442.60 Td (this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 430.60 Td (environment. ) Tj ET Q q 0 0 0 rg BT 105.20 430.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 156.14 430.60 Td (, ) Tj ET Q q 0 0 0 rg BT 161.90 430.60 Td (we ) Tj ET Q q 0 0 0 rg BT 177.66 430.60 Td (intend ) Tj ET Q q 0 0 0 rg BT 207.89 430.60 Td (to ) Tj ET Q q 0 0 0 rg BT 219.21 430.60 Td (grow ) Tj ET Q q 0 0 0 rg BT 243.86 430.60 Td (production ) Tj ET Q q 0 0 0 rg BT 293.54 430.60 Td (between ) Tj ET Q q 0 0 0 rg BT 334.32 430.60 Td (seven ) Tj ET Q q 0 0 0 rg BT 363.99 430.60 Td (and ) Tj ET Q q 0 0 0 rg BT 383.65 430.60 Td (10%, ) Tj ET Q q 0 0 0 rg BT 409.42 430.60 Td (and ) Tj ET Q q 0 0 0 rg BT 429.09 430.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 456.53 430.60 Td (from ) Tj ET Q q 0 0 0 rg BT 479.51 430.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 529.19 430.60 Td (between ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 418.60 Td (10% ) Tj ET Q q 0 0 0 rg BT 67.75 418.60 Td (to ) Tj ET Q q 0 0 0 rg BT 78.83 418.60 Td (20%, ) Tj ET Q q 0 0 0 rg BT 104.36 418.60 Td (all ) Tj ET Q q 0 0 0 rg BT 117.10 418.60 Td (while ) Tj ET Q q 0 0 0 rg BT 142.62 418.60 Td (spending ) Tj ET Q q 0 0 0 rg BT 185.95 418.60 Td (90% ) Tj ET Q q 0 0 0 rg BT 208.70 418.60 Td (to ) Tj ET Q q 0 0 0 rg BT 219.78 418.60 Td (100% ) Tj ET Q q 0 0 0 rg BT 248.09 418.60 Td (of ) Tj ET Q q 0 0 0 rg BT 259.17 418.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 286.36 418.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 306.88 418.60 Td (this ) Tj ET Q q 0 0 0 rg BT 325.18 418.60 Td (year) Tj ET Q q 0 0 0 rg BT 344.08 418.60 Td (. ) Tj ET Q q 0 0 0 rg BT 349.42 418.60 Td (This ) Tj ET Q q 0 0 0 rg BT 371.05 418.60 Td (internally ) Tj ET Q q 0 0 0 rg BT 413.80 418.60 Td (funded ) Tj ET Q q 0 0 0 rg BT 447.13 418.60 Td (organic ) Tj ET Q q 0 0 0 rg BT 482.66 418.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 515.41 418.60 Td (will ) Tj ET Q q 0 0 0 rg BT 532.03 418.60 Td (result ) Tj ET Q q 0 0 0 rg BT 559.22 418.60 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 406.60 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 94.47 406.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 116.71 406.60 Td (to ) Tj ET Q q 0 0 0 rg BT 127.83 406.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 155.07 406.60 Td (from ) Tj ET Q q 0 0 0 rg BT 177.85 406.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 227.33 406.60 Td (of ) Tj ET Q q 0 0 0 rg BT 238.45 406.60 Td (2.5 ) Tj ET Q q 0 0 0 rg BT 255.13 406.60 Td (times ) Tj ET Q q 0 0 0 rg BT 281.80 406.60 Td (at ) Tj ET Q q 0 0 0 rg BT 292.92 406.60 Td (year-end ) Tj ET Q q 0 0 0 rg BT 335.16 406.60 Td (2017.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 45.00 387.45 Td (Operational ) Tj ET Q q 0 0 0 rg BT 109.18 387.45 Td (and ) Tj ET Q q 0 0 0 rg BT 131.79 387.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 179.47 387.45 Td (accomplishments ) Tj ET Q q 0 0 0 rg BT 275.45 387.45 Td (for ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 293.17 387.45 Td (2016) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 317.64 387.45 Td ( ) Tj ET Q q 0 0 0 rg BT 320.69 387.45 Td (include:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 369.40 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 369.40 Td (Reduced ) Tj ET Q q 0 0 0 rg BT 105.81 369.40 Td (our ) Tj ET Q q 0 0 0 rg BT 123.04 369.40 Td (corporate ) Tj ET Q q 0 0 0 rg BT 168.06 369.40 Td (total ) Tj ET Q q 0 0 0 rg BT 189.74 369.40 Td (net ) Tj ET Q q 0 0 0 rg BT 206.42 369.40 Td (debt ) Tj ET Q q 0 0 0 rg BT 228.66 369.40 Td (by ) Tj ET Q q 0 0 0 rg BT 242.00 369.40 Td ($433 ) Tj ET Q q 0 0 0 rg BT 267.03 369.40 Td (million ) Tj ET Q q 0 0 0 rg BT 298.15 369.40 Td (or ) Tj ET Q q 0 0 0 rg BT 309.82 369.40 Td (33%;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 351.40 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 351.40 Td (Production ) Tj ET Q q 0 0 0 rg BT 112.87 351.40 Td (for ) Tj ET Q q 0 0 0 rg BT 126.60 351.40 Td (the ) Tj ET Q q 0 0 0 rg BT 142.56 351.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 170.19 351.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 203.93 351.40 Td (averaged ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.69 351.40 Td (69,339) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 278.27 351.40 Td ( ) Tj ET Q q 0 0 0 rg BT 280.33 351.40 Td (boe ) Tj ET Q q 0 0 0 rg BT 299.08 351.40 Td (per ) Tj ET Q q 0 0 0 rg BT 315.59 351.40 Td (day) Tj ET Q q 0 0 0 rg BT 330.97 351.40 Td (, ) Tj ET Q q 0 0 0 rg BT 335.81 351.40 Td (an ) Tj ET Q q 0 0 0 rg BT 348.99 351.40 Td (8% ) Tj ET Q q 0 0 0 rg BT 365.50 351.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 405.36 351.40 Td (over ) Tj ET Q q 0 0 0 rg BT 426.87 351.40 Td (third ) Tj ET Q q 0 0 0 rg BT 448.38 351.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 482.13 351.40 Td (production. ) Tj ET Q q 0 0 0 rg BT 533.66 351.40 Td (Current ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 339.40 Td (production ) Tj ET Q q 0 0 0 rg BT 112.51 339.40 Td (is ) Tj ET Q q 0 0 0 rg BT 122.54 339.40 Td (71,000 ) Tj ET Q q 0 0 0 rg BT 155.94 339.40 Td (boe ) Tj ET Q q 0 0 0 rg BT 175.44 339.40 Td (per ) Tj ET Q q 0 0 0 rg BT 192.70 339.40 Td (day) Tj ET Q q 0 0 0 rg BT 208.08 339.40 Td (, ) Tj ET Q q 0 0 0 rg BT 213.67 339.40 Td (notwithstanding ) Tj ET Q q 0 0 0 rg BT 285.97 339.40 Td (the ) Tj ET Q q 0 0 0 rg BT 302.69 339.40 Td (delay ) Tj ET Q q 0 0 0 rg BT 329.40 339.40 Td (of ) Tj ET Q q 0 0 0 rg BT 340.55 339.40 Td (completion ) Tj ET Q q 0 0 0 rg BT 391.72 339.40 Td (operations ) Tj ET Q q 0 0 0 rg BT 441.23 339.40 Td (on ) Tj ET Q q 0 0 0 rg BT 455.17 339.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 487.99 339.40 Td (wells ) Tj ET Q q 0 0 0 rg BT 513.03 339.40 Td (drilled ) Tj ET Q q 0 0 0 rg BT 542.52 339.40 Td (in ) Tj ET Q q 0 0 0 rg BT 553.12 339.40 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 327.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 91.35 327.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 125.81 327.40 Td (of ) Tj ET Q q 0 0 0 rg BT 136.93 327.40 Td (2016 ) Tj ET Q q 0 0 0 rg BT 161.96 327.40 Td (and ) Tj ET Q q 0 0 0 rg BT 181.42 327.40 Td (first ) Tj ET Q q 0 0 0 rg BT 200.30 327.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 234.77 327.40 Td (of ) Tj ET Q q 0 0 0 rg BT 245.89 327.40 Td (2017;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 309.40 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 309.40 Td (Underspent ) Tj ET Q q 0 0 0 rg BT 117.96 309.40 Td (our ) Tj ET Q q 0 0 0 rg BT 135.67 309.40 Td (exploration ) Tj ET Q q 0 0 0 rg BT 187.86 309.40 Td (and ) Tj ET Q q 0 0 0 rg BT 207.80 309.40 Td (development ) Tj ET Q q 0 0 0 rg BT 268.32 309.40 Td (\("E&D"\) ) Tj ET Q q 0 0 0 rg BT 305.91 309.40 Td (budget ) Tj ET Q q 0 0 0 rg BT 339.75 309.40 Td (resulting ) Tj ET Q q 0 0 0 rg BT 380.81 309.40 Td (in ) Tj ET Q q 0 0 0 rg BT 391.86 309.40 Td (a ) Tj ET Q q 0 0 0 rg BT 400.68 309.40 Td (net ) Tj ET Q q 0 0 0 rg BT 417.84 309.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 450.01 309.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 477.73 309.40 Td (of ) Tj ET Q q 0 0 0 rg BT 489.33 309.40 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 494.89 309.40 Td (14.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 514.35 309.40 Td ( ) Tj ET Q q 0 0 0 rg BT 517.61 309.40 Td (million ) Tj ET Q q 0 0 0 rg BT 549.21 309.40 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 297.40 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 108.03 297.40 Td (from ) Tj ET Q q 0 0 0 rg BT 131.92 297.40 Td (our ) Tj ET Q q 0 0 0 rg BT 150.26 297.40 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 206.40 297.40 Td (and ) Tj ET Q q 0 0 0 rg BT 226.98 297.40 Td (divestitures ) Tj ET Q q 0 0 0 rg BT 281.45 297.40 Td (\("A&D"\) ) Tj ET Q q 0 0 0 rg BT 319.66 297.40 Td (program ) Tj ET Q q 0 0 0 rg BT 360.79 297.40 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 410.27 297.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 443.06 297.40 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 504.21 297.40 Td (from ) Tj ET Q q 0 0 0 rg BT 528.11 297.40 Td (our ) Tj ET Q q 0 0 0 rg BT 546.45 297.40 Td (E&D ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 285.40 Td (program ) Tj ET Q q 0 0 0 rg BT 103.01 285.40 Td (for ) Tj ET Q q 0 0 0 rg BT 117.46 285.40 Td (2016;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 267.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 267.45 Td (Reduced ) Tj ET Q q 0 0 0 rg BT 106.38 267.45 Td (2016 ) Tj ET Q q 0 0 0 rg BT 131.99 267.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 177.04 267.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 203.73 267.45 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.43 267.45 Td ($5.60) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.45 267.45 Td ( ) Tj ET Q q 0 0 0 rg BT 243.81 267.45 Td (per ) Tj ET Q q 0 0 0 rg BT 261.62 267.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 281.66 267.45 Td (and ) Tj ET Q q 0 0 0 rg BT 301.70 267.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 326.17 267.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 352.87 267.45 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 364.56 267.45 Td ($9.40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 389.59 267.45 Td ( ) Tj ET Q q 0 0 0 rg BT 392.94 267.45 Td (per ) Tj ET Q q 0 0 0 rg BT 410.75 267.45 Td (boe, ) Tj ET Q q 0 0 0 rg BT 433.57 267.45 Td (representing ) Tj ET Q q 0 0 0 rg BT 492.51 267.45 Td (improvements ) Tj ET Q q 0 0 0 rg BT 558.67 267.45 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 255.45 Td (15%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.01 255.45 Td ( ) Tj ET Q q 0 0 0 rg BT 85.79 255.45 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 105.26 255.45 Td (12%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.27 255.45 Td ( ) Tj ET Q q 0 0 0 rg BT 128.05 255.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 180.10 255.45 Td (, ) Tj ET Q q 0 0 0 rg BT 185.66 255.45 Td (when ) Tj ET Q q 0 0 0 rg BT 212.35 255.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 259.59 255.45 Td (to ) Tj ET Q q 0 0 0 rg BT 270.71 255.45 Td (2015;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 237.45 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 48.50 237.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 237.45 Td (Replaced ) Tj ET Q q 0 0 0 rg BT 107.46 237.45 Td (131% ) Tj ET Q q 0 0 0 rg BT 135.25 237.45 Td (of ) Tj ET Q q 0 0 0 rg BT 145.80 237.45 Td (2016 ) Tj ET Q q 0 0 0 rg BT 170.26 237.45 Td (production ) Tj ET Q q 0 0 0 rg BT 219.17 237.45 Td (with ) Tj ET Q q 0 0 0 rg BT 239.16 237.45 Td (the ) Tj ET Q q 0 0 0 rg BT 255.28 237.45 Td (addition ) Tj ET Q q 0 0 0 rg BT 292.52 237.45 Td (of ) Tj ET Q q 0 0 0 rg BT 303.07 237.45 Td (32.8 ) Tj ET Q q 0 0 0 rg BT 324.74 237.45 Td (MMboe ) Tj ET Q q 0 0 0 rg BT 360.30 237.45 Td (of ) Tj ET Q q 0 0 0 rg BT 370.85 237.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 403.64 237.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 424.19 237.45 Td (probable ) Tj ET Q q 0 0 0 rg BT 465.33 237.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 505.88 237.45 Td (at ) Tj ET Q q 0 0 0 rg BT 516.43 237.45 Td (no ) Tj ET Q q 0 0 0 rg BT 529.77 237.45 Td (net ) Tj ET Q q 0 0 0 rg BT 545.88 237.45 Td (cost;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 219.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 219.45 Td (Added ) Tj ET Q q 0 0 0 rg BT 93.41 219.45 Td (30.8 ) Tj ET Q q 0 0 0 rg BT 114.36 219.45 Td (MMboe ) Tj ET Q q 0 0 0 rg BT 149.20 219.45 Td (of ) Tj ET Q q 0 0 0 rg BT 159.03 219.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 191.09 219.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 210.93 219.45 Td (probable ) Tj ET Q q 0 0 0 rg BT 251.34 219.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 291.18 219.45 Td (replacing ) Tj ET Q q 0 0 0 rg BT 333.25 219.45 Td (123% ) Tj ET Q q 0 0 0 rg BT 360.31 219.45 Td (of ) Tj ET Q q 0 0 0 rg BT 370.15 219.45 Td (2016 ) Tj ET Q q 0 0 0 rg BT 393.88 219.45 Td (production ) Tj ET Q q 0 0 0 rg BT 442.07 219.45 Td (with ) Tj ET Q q 0 0 0 rg BT 461.35 219.45 Td (an ) Tj ET Q q 0 0 0 rg BT 473.96 219.45 Td (E&D ) Tj ET Q q 0 0 0 rg BT 496.01 219.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 526.41 219.45 Td (spending ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 207.45 Td (program ) Tj ET Q q 0 0 0 rg BT 103.01 207.45 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.13 207.45 Td ($153.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.72 207.45 Td ( ) Tj ET Q q 0 0 0 rg BT 147.50 207.45 Td (million, ) Tj ET Q q 0 0 0 rg BT 181.39 207.45 Td (being ) Tj ET Q q 0 0 0 rg BT 208.64 207.45 Td (58% ) Tj ET Q q 0 0 0 rg BT 231.43 207.45 Td (of ) Tj ET Q q 0 0 0 rg BT 242.55 207.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 269.79 207.45 Td (from ) Tj ET Q q 0 0 0 rg BT 292.57 207.45 Td (operations ) Tj ET Q q 0 0 0 rg BT 342.05 207.45 Td (generated ) Tj ET Q q 0 0 0 rg BT 389.87 207.45 Td (in ) Tj ET Q q 0 0 0 rg BT 400.43 207.45 Td (the ) Tj ET Q q 0 0 0 rg BT 417.11 207.45 Td (year;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 189.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 189.45 Td (Divested ) Tj ET Q q 0 0 0 rg BT 104.64 189.45 Td (of ) Tj ET Q q 0 0 0 rg BT 115.72 189.45 Td (approximately ) Tj ET Q q 0 0 0 rg BT 180.71 189.45 Td (5,000 ) Tj ET Q q 0 0 0 rg BT 208.47 189.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 227.90 189.45 Td (per ) Tj ET Q q 0 0 0 rg BT 245.09 189.45 Td (day ) Tj ET Q q 0 0 0 rg BT 263.95 189.45 Td (of ) Tj ET Q q 0 0 0 rg BT 275.02 189.45 Td (non-core ) Tj ET Q q 0 0 0 rg BT 317.23 189.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 348.87 189.45 Td (resulting ) Tj ET Q q 0 0 0 rg BT 389.40 189.45 Td (in ) Tj ET Q q 0 0 0 rg BT 399.93 189.45 Td (a ) Tj ET Q q 0 0 0 rg BT 408.23 189.45 Td (14% ) Tj ET Q q 0 0 0 rg BT 430.98 189.45 Td (reduction ) Tj ET Q q 0 0 0 rg BT 474.85 189.45 Td (of ) Tj ET Q q 0 0 0 rg BT 485.93 189.45 Td (inactive ) Tj ET Q q 0 0 0 rg BT 522.57 189.45 Td (well ) Tj ET Q q 0 0 0 rg BT 542.54 189.45 Td (count ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 177.45 Td (and ) Tj ET Q q 0 0 0 rg BT 82.46 177.45 Td ($75 ) Tj ET Q q 0 0 0 rg BT 101.93 177.45 Td (million ) Tj ET Q q 0 0 0 rg BT 133.04 177.45 Td (of ) Tj ET Q q 0 0 0 rg BT 144.16 177.45 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 224.20 177.45 Td (liability;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 159.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 159.45 Td (Maintained ) Tj ET Q q 0 0 0 rg BT 115.33 159.45 Td (entrance ) Tj ET Q q 0 0 0 rg BT 157.65 159.45 Td (to ) Tj ET Q q 0 0 0 rg BT 169.40 159.45 Td (exit ) Tj ET Q q 0 0 0 rg BT 188.36 159.45 Td (production ) Tj ET Q q 0 0 0 rg BT 238.47 159.45 Td (at ) Tj ET Q q 0 0 0 rg BT 250.21 159.45 Td (approximately ) Tj ET Q q 0 0 0 rg BT 315.87 159.45 Td (70,000 ) Tj ET Q q 0 0 0 rg BT 349.86 159.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 369.96 159.45 Td (per ) Tj ET Q q 0 0 0 rg BT 387.81 159.45 Td (day) Tj ET Q q 0 0 0 rg BT 403.20 159.45 Td (, ) Tj ET Q q 0 0 0 rg BT 409.38 159.45 Td (notwithstanding ) Tj ET Q q 0 0 0 rg BT 482.28 159.45 Td (a ) Tj ET Q q 0 0 0 rg BT 491.25 159.45 Td (51% ) Tj ET Q q 0 0 0 rg BT 514.67 159.45 Td (reduction ) Tj ET Q q 0 0 0 rg BT 559.21 159.45 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 147.45 Td (E&D ) Tj ET Q q 0 0 0 rg BT 86.34 147.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 118.02 147.45 Td (spending;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 129.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 129.45 Td (Secured ) Tj ET Q q 0 0 0 rg BT 103.17 129.45 Td (firm ) Tj ET Q q 0 0 0 rg BT 122.75 129.45 Td (transportation ) Tj ET Q q 0 0 0 rg BT 186.82 129.45 Td (on ) Tj ET Q q 0 0 0 rg BT 200.86 129.45 Td (the ) Tj ET Q q 0 0 0 rg BT 217.68 129.45 Td (Nova ) Tj ET Q q 0 0 0 rg BT 243.95 129.45 Td (Gas ) Tj ET Q q 0 0 0 rg BT 265.02 129.45 Td (T) Tj ET Q q 0 0 0 rg BT 270.76 129.45 Td (ransmission ) Tj ET Q q 0 0 0 rg BT 327.03 129.45 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 346.63 129.45 Td (\("NGTL"\) ) Tj ET Q q 0 0 0 rg BT 389.98 129.45 Td (system ) Tj ET Q q 0 0 0 rg BT 424.57 129.45 Td (north ) Tj ET Q q 0 0 0 rg BT 450.28 129.45 Td (of ) Tj ET Q q 0 0 0 rg BT 461.54 129.45 Td (the ) Tj ET Q q 0 0 0 rg BT 478.37 129.45 Td (James ) Tj ET Q q 0 0 0 rg BT 510.74 129.45 Td (River ) Tj ET Q q 0 0 0 rg BT 537.00 129.45 Td (receipt ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 117.45 Td (point ) Tj ET Q q 0 0 0 rg BT 87.46 117.45 Td (\("restricted ) Tj ET Q q 0 0 0 rg BT 138.24 117.45 Td (area"\) ) Tj ET Q q 0 0 0 rg BT 167.92 117.45 Td (equal ) Tj ET Q q 0 0 0 rg BT 195.16 117.45 Td (to ) Tj ET Q q 0 0 0 rg BT 206.28 117.45 Td (1) Tj ET Q q 0 0 0 rg BT 211.10 117.45 Td (16% ) Tj ET Q q 0 0 0 rg BT 233.89 117.45 Td (of ) Tj ET Q q 0 0 0 rg BT 245.01 117.45 Td (our ) Tj ET Q q 0 0 0 rg BT 262.24 117.45 Td (2017 ) Tj ET Q q 0 0 0 rg BT 287.27 117.45 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 336.74 117.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 370.09 117.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 389.00 117.45 Td (sales ) Tj ET Q q 0 0 0 rg BT 415.12 117.45 Td (in ) Tj ET Q q 0 0 0 rg BT 425.68 117.45 Td (this ) Tj ET Q q 0 0 0 rg BT 444.02 117.45 Td (area; ) Tj ET Q q 0 0 0 rg BT 469.59 117.45 Td (and) 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 54.00 730.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 730.75 Td (Prudently ) Tj ET Q q 0 0 0 rg BT 117.02 730.75 Td (protected ) Tj ET Q q 0 0 0 rg BT 161.50 730.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 186.52 730.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 213.76 730.75 Td (from ) Tj ET Q q 0 0 0 rg BT 236.54 730.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 286.02 730.75 Td (with ) Tj ET Q q 0 0 0 rg BT 306.58 730.75 Td (a ) Tj ET Q q 0 0 0 rg BT 314.92 730.75 Td (commodity ) Tj ET Q q 0 0 0 rg BT 366.04 730.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 396.63 730.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 434.98 730.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 475.56 730.75 Td (in:) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 90.00 713.59 cm /I2 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 715.75 Td (70% ) Tj ET Q q 0 0 0 rg BT 130.79 715.75 Td (of ) Tj ET Q q 0 0 0 rg BT 141.91 715.75 Td (our ) Tj ET Q q 0 0 0 rg BT 159.14 715.75 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 208.62 715.75 Td (2017 ) Tj ET Q q 0 0 0 rg BT 233.64 715.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 266.99 715.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 285.90 715.75 Td (production ) Tj ET Q q 0 0 0 rg BT 335.37 715.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 371.52 715.75 Td (at ) Tj ET Q q 0 0 0 rg BT 382.64 715.75 Td (an ) Tj ET Q q 0 0 0 rg BT 395.99 715.75 Td (AECO ) Tj ET Q q 0 0 0 rg BT 427.11 715.75 Td (price ) Tj ET Q q 0 0 0 rg BT 451.56 715.75 Td (of ) Tj ET Q q 0 0 0 rg BT 462.68 715.75 Td ($3.32 ) Tj ET Q q 0 0 0 rg BT 490.48 715.75 Td (per ) Tj ET Q q 0 0 0 rg BT 507.71 715.75 Td (mcf;) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 90.00 698.59 cm /I3 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 700.75 Td (75% ) Tj ET Q q 0 0 0 rg BT 130.79 700.75 Td (of ) Tj ET Q q 0 0 0 rg BT 141.91 700.75 Td (oil ) Tj ET Q q 0 0 0 rg BT 154.69 700.75 Td (and ) Tj ET Q q 0 0 0 rg BT 174.16 700.75 Td (condensate ) Tj ET Q q 0 0 0 rg BT 228.64 700.75 Td (volumes ) Tj ET Q q 0 0 0 rg BT 268.66 700.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 304.81 700.75 Td (at ) Tj ET Q q 0 0 0 rg BT 315.92 700.75 Td (CDN$67.17 ) Tj ET Q q 0 0 0 rg BT 370.95 700.75 Td (per ) Tj ET Q q 0 0 0 rg BT 388.19 700.75 Td (bbl ) Tj ET Q q 0 0 0 rg BT 404.31 700.75 Td (WTI; ) Tj ET Q q 0 0 0 rg BT 428.19 700.75 Td (and) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 90.00 683.59 cm /I4 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.00 685.75 Td (49% ) Tj ET Q q 0 0 0 rg BT 130.79 685.75 Td (of ) Tj ET Q q 0 0 0 rg BT 141.91 685.75 Td (our ) Tj ET Q q 0 0 0 rg BT 159.14 685.75 Td (propane ) Tj ET Q q 0 0 0 rg BT 198.62 685.75 Td (volumes ) Tj ET Q q 0 0 0 rg BT 238.63 685.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 274.78 685.75 Td (at ) Tj ET Q q 0 0 0 rg BT 285.90 685.75 Td (CDN$28.37 ) Tj ET Q q 0 0 0 rg BT 340.93 685.75 Td (per ) Tj ET Q q 0 0 0 rg BT 358.16 685.75 Td (bbl.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 45.00 662.35 Td (2016) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 71.70 662.35 Td ( ) Tj ET Q q 0 0 0 rg BT 74.81 662.35 Td (YEAR-T) Tj ET Q q 0 0 0 rg BT 119.26 662.35 Td (O-DA) Tj ET Q q 0 0 0 rg BT 149.03 662.35 Td (TE ) Tj ET Q q 0 0 0 rg BT 167.70 662.35 Td (CORE ) Tj ET Q q 0 0 0 rg BT 205.26 662.35 Td (AREA) Tj ET Q q 0 0 0 rg BT 238.82 662.35 Td ( ) Tj ET Q q 0 0 0 rg BT 242.15 662.35 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 45 638.407080078125 m 180.48583984375 638.407080078125 l s q 0 0 0 rg BT 45.00 640.15 Td (DEEP) Tj ET Q q 0 0 0 rg BT 74.76 640.15 Td ( ) Tj ET Q q 0 0 0 rg BT 77.81 640.15 Td (BASIN ) Tj ET Q q 0 0 0 rg BT 115.09 640.15 Td (CORE ) Tj ET Q q 0 0 0 rg BT 149.52 640.15 Td (AREA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 622.15 Td (The ) Tj ET Q q 0 0 0 rg BT 64.56 622.15 Td (Deep ) Tj ET Q q 0 0 0 rg BT 90.80 622.15 Td (Basin ) Tj ET Q q 0 0 0 rg BT 118.14 622.15 Td (is ) Tj ET Q q 0 0 0 rg BT 127.70 622.15 Td (clearly ) Tj ET Q q 0 0 0 rg BT 158.92 622.15 Td (our ) Tj ET Q q 0 0 0 rg BT 175.71 622.15 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 209.17 622.15 Td (for ) Tj ET Q q 0 0 0 rg BT 223.17 622.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 255.51 622.15 Td (as ) Tj ET Q q 0 0 0 rg BT 268.40 622.15 Td (we ) Tj ET Q q 0 0 0 rg BT 283.52 622.15 Td (create ) Tj ET Q q 0 0 0 rg BT 313.64 622.15 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 368.78 622.15 Td (value ) Tj ET Q q 0 0 0 rg BT 395.02 622.15 Td (in ) Tj ET Q q 0 0 0 rg BT 405.13 622.15 Td (2017. ) Tj ET Q q 0 0 0 rg BT 432.49 622.15 Td (In ) Tj ET Q q 0 0 0 rg BT 443.16 622.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 470.51 622.15 Td (we ) Tj ET Q q 0 0 0 rg BT 485.63 622.15 Td (increased ) Tj ET Q q 0 0 0 rg BT 531.32 622.15 Td (our ) Tj ET Q q 0 0 0 rg BT 548.10 622.15 Td (land ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 610.15 Td (position ) Tj ET Q q 0 0 0 rg BT 81.75 610.15 Td (by ) Tj ET Q q 0 0 0 rg BT 94.60 610.15 Td (24% ) Tj ET Q q 0 0 0 rg BT 116.90 610.15 Td (to ) Tj ET Q q 0 0 0 rg BT 127.53 610.15 Td (365,000 ) Tj ET Q q 0 0 0 rg BT 165.96 610.15 Td (net ) Tj ET Q q 0 0 0 rg BT 182.15 610.15 Td (acres ) Tj ET Q q 0 0 0 rg BT 208.89 610.15 Td (and ) Tj ET Q q 0 0 0 rg BT 227.86 610.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 268.49 610.15 Td (have ) Tj ET Q q 0 0 0 rg BT 292.46 610.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 356.99 610.15 Td (550 ) Tj ET Q q 0 0 0 rg BT 375.96 610.15 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 421.61 610.15 Td (drilling ) Tj ET Q q 0 0 0 rg BT 452.79 610.15 Td (locations ) Tj ET Q q 0 0 0 rg BT 494.55 610.15 Td (in ) Tj ET Q q 0 0 0 rg BT 504.62 610.15 Td (this ) Tj ET Q q 0 0 0 rg BT 522.46 610.15 Td (core ) Tj ET Q q 0 0 0 rg BT 544.20 610.15 Td (area. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 598.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 64.14 598.15 Td (Deep ) Tj ET Q q 0 0 0 rg BT 90.52 598.15 Td (Basin ) Tj ET Q q 0 0 0 rg BT 118.01 598.15 Td (is ) Tj ET Q q 0 0 0 rg BT 127.71 598.15 Td (characterized ) Tj ET Q q 0 0 0 rg BT 190.21 598.15 Td (by ) Tj ET Q q 0 0 0 rg BT 203.24 598.15 Td (stacked, ) Tj ET Q q 0 0 0 rg BT 242.96 598.15 Td (resource-rich ) Tj ET Q q 0 0 0 rg BT 303.78 598.15 Td (natural ) Tj ET Q q 0 0 0 rg BT 336.83 598.15 Td (gas ) Tj ET Q q 0 0 0 rg BT 355.42 598.15 Td (reservoirs ) Tj ET Q q 0 0 0 rg BT 401.79 598.15 Td (with ) Tj ET Q q 0 0 0 rg BT 422.05 598.15 Td (low ) Tj ET Q q 0 0 0 rg BT 439.53 598.15 Td (cost, ) Tj ET Q q 0 0 0 rg BT 463.12 598.15 Td (high ) Tj ET Q q 0 0 0 rg BT 484.50 598.15 Td (margin ) Tj ET Q q 0 0 0 rg BT 517.54 598.15 Td (operations. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 586.15 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 586.15 Td (e ) Tj ET Q q 0 0 0 rg BT 62.94 586.15 Td (support ) Tj ET Q q 0 0 0 rg BT 99.41 586.15 Td (our ) Tj ET Q q 0 0 0 rg BT 116.98 586.15 Td (production ) Tj ET Q q 0 0 0 rg BT 166.80 586.15 Td (base ) Tj ET Q q 0 0 0 rg BT 191.60 586.15 Td (and ) Tj ET Q q 0 0 0 rg BT 211.41 586.15 Td (development ) Tj ET Q q 0 0 0 rg BT 271.79 586.15 Td (plans ) Tj ET Q q 0 0 0 rg BT 298.81 586.15 Td (with ) Tj ET Q q 0 0 0 rg BT 319.71 586.15 Td (225 ) Tj ET Q q 0 0 0 rg BT 339.52 586.15 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 367.07 586.15 Td (per ) Tj ET Q q 0 0 0 rg BT 384.65 586.15 Td (day ) Tj ET Q q 0 0 0 rg BT 403.89 586.15 Td (of ) Tj ET Q q 0 0 0 rg BT 415.35 586.15 Td (operated ) Tj ET Q q 0 0 0 rg BT 457.94 586.15 Td (processing ) Tj ET Q q 0 0 0 rg BT 509.42 586.15 Td (capacity ) Tj ET Q q 0 0 0 rg BT 549.22 586.15 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 574.15 Td (plans ) Tj ET Q q 0 0 0 rg BT 71.45 574.15 Td (to ) Tj ET Q q 0 0 0 rg BT 82.33 574.15 Td (expand ) Tj ET Q q 0 0 0 rg BT 117.68 574.15 Td (this ) Tj ET Q q 0 0 0 rg BT 135.79 574.15 Td (capacity ) Tj ET Q q 0 0 0 rg BT 175.01 574.15 Td (to ) Tj ET Q q 0 0 0 rg BT 185.89 574.15 Td (265 ) Tj ET Q q 0 0 0 rg BT 205.12 574.15 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 232.10 574.15 Td (per ) Tj ET Q q 0 0 0 rg BT 249.10 574.15 Td (day ) Tj ET Q q 0 0 0 rg BT 267.76 574.15 Td (by ) Tj ET Q q 0 0 0 rg BT 280.87 574.15 Td (the ) Tj ET Q q 0 0 0 rg BT 297.31 574.15 Td (end ) Tj ET Q q 0 0 0 rg BT 316.54 574.15 Td (of ) Tj ET Q q 0 0 0 rg BT 327.42 574.15 Td (the ) Tj ET Q q 0 0 0 rg BT 343.86 574.15 Td (first ) Tj ET Q q 0 0 0 rg BT 362.52 574.15 Td (quarter) Tj ET Q q 0 0 0 rg BT 393.65 574.15 Td (. ) Tj ET Q q 0 0 0 rg BT 398.97 574.15 Td (Egress ) Tj ET Q q 0 0 0 rg BT 432.63 574.15 Td (certainty ) Tj ET Q q 0 0 0 rg BT 472.97 574.15 Td (has ) Tj ET Q q 0 0 0 rg BT 491.64 574.15 Td (been ) Tj ET Q q 0 0 0 rg BT 516.42 574.15 Td (established ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 562.15 Td (with ) Tj ET Q q 0 0 0 rg BT 65.54 562.15 Td (firm ) Tj ET Q q 0 0 0 rg BT 84.95 562.15 Td (transportation ) Tj ET Q q 0 0 0 rg BT 148.85 562.15 Td (secured ) Tj ET Q q 0 0 0 rg BT 187.18 562.15 Td (on ) Tj ET Q q 0 0 0 rg BT 201.06 562.15 Td (the ) Tj ET Q q 0 0 0 rg BT 217.71 562.15 Td (NGTL) Tj ET Q q 0 0 0 rg BT 244.01 562.15 Td ( ) Tj ET Q q 0 0 0 rg BT 246.77 562.15 Td (system ) Tj ET Q q 0 0 0 rg BT 281.19 562.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 308.41 562.15 Td (to ) Tj ET Q q 0 0 0 rg BT 319.51 562.15 Td (1) Tj ET Q q 0 0 0 rg BT 324.33 562.15 Td (16% ) Tj ET Q q 0 0 0 rg BT 347.09 562.15 Td (of ) Tj ET Q q 0 0 0 rg BT 358.19 562.15 Td (our ) Tj ET Q q 0 0 0 rg BT 375.40 562.15 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 424.84 562.15 Td (natural ) Tj ET Q q 0 0 0 rg BT 458.17 562.15 Td (gas ) Tj ET Q q 0 0 0 rg BT 477.05 562.15 Td (sales ) Tj ET Q q 0 0 0 rg BT 503.15 562.15 Td (for ) Tj ET Q q 0 0 0 rg BT 517.57 562.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 542.57 562.15 Td (in ) Tj ET Q q 0 0 0 rg BT 553.11 562.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 550.15 Td (area.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 532.15 Td (In ) Tj ET Q q 0 0 0 rg BT 55.07 532.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 81.83 532.15 Td (we ) Tj ET Q q 0 0 0 rg BT 96.34 532.15 Td (spent ) Tj ET Q q 0 0 0 rg BT 122.53 532.15 Td ($75 ) Tj ET Q q 0 0 0 rg BT 140.95 532.15 Td (million ) Tj ET Q q 0 0 0 rg BT 171.02 532.15 Td (on ) Tj ET Q q 0 0 0 rg BT 183.87 532.15 Td (E&D ) Tj ET Q q 0 0 0 rg BT 206.17 532.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 246.24 532.15 Td (drilling ) Tj ET Q q 0 0 0 rg BT 276.88 532.15 Td (18 ) Tj ET Q q 0 0 0 rg BT 289.73 532.15 Td (\(17.4 ) Tj ET Q q 0 0 0 rg BT 314.25 532.15 Td (net\) ) Tj ET Q q 0 0 0 rg BT 333.22 532.15 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 378.31 532.15 Td (wells ) Tj ET Q q 0 0 0 rg BT 402.26 532.15 Td (supporting ) Tj ET Q q 0 0 0 rg BT 450.69 532.15 Td (production ) Tj ET Q q 0 0 0 rg BT 499.12 532.15 Td (rates ) Tj ET Q q 0 0 0 rg BT 523.09 532.15 Td (averaging ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 520.15 Td (19,273 ) Tj ET Q q 0 0 0 rg BT 78.36 520.15 Td (boe ) Tj ET Q q 0 0 0 rg BT 97.83 520.15 Td (per ) Tj ET Q q 0 0 0 rg BT 115.06 520.15 Td (day ) Tj ET Q q 0 0 0 rg BT 133.96 520.15 Td (or ) Tj ET Q q 0 0 0 rg BT 145.63 520.15 Td (28% ) Tj ET Q q 0 0 0 rg BT 168.42 520.15 Td (of ) Tj ET Q q 0 0 0 rg BT 179.54 520.15 Td (corporate ) Tj ET Q q 0 0 0 rg BT 224.57 520.15 Td (production.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 502.15 Td (In ) Tj ET Q q 0 0 0 rg BT 56.29 502.15 Td (2017, ) Tj ET Q q 0 0 0 rg BT 84.26 502.15 Td (we ) Tj ET Q q 0 0 0 rg BT 99.99 502.15 Td (will ) Tj ET Q q 0 0 0 rg BT 116.82 502.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 157.57 502.15 Td (drilling ) Tj ET Q q 0 0 0 rg BT 189.41 502.15 Td (activity ) Tj ET Q q 0 0 0 rg BT 222.92 502.15 Td (by ) Tj ET Q q 0 0 0 rg BT 236.43 502.15 Td (67% ) Tj ET Q q 0 0 0 rg BT 259.39 502.15 Td (to ) Tj ET Q q 0 0 0 rg BT 270.68 502.15 Td (30 ) Tj ET Q q 0 0 0 rg BT 284.75 502.15 Td (\(26.4 ) Tj ET Q q 0 0 0 rg BT 310.49 502.15 Td (net\) ) Tj ET Q q 0 0 0 rg BT 330.67 502.15 Td (wells ) Tj ET Q q 0 0 0 rg BT 355.84 502.15 Td (growing ) Tj ET Q q 0 0 0 rg BT 393.81 502.15 Td (production ) Tj ET Q q 0 0 0 rg BT 443.45 502.15 Td (40% ) Tj ET Q q 0 0 0 rg BT 466.41 502.15 Td (to ) Tj ET Q q 0 0 0 rg BT 477.70 502.15 Td (average ) Tj ET Q q 0 0 0 rg BT 516.78 502.15 Td (27,000 ) Tj ET Q q 0 0 0 rg BT 550.32 502.15 Td (boe ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 490.15 Td (per ) Tj ET Q q 0 0 0 rg BT 62.23 490.15 Td (day) Tj ET Q q 0 0 0 rg BT 77.61 490.15 Td (. ) Tj ET Q q 0 0 0 rg BT 83.17 490.15 Td (W) Tj ET Q q 0 0 0 rg BT 92.43 490.15 Td (e ) Tj ET Q q 0 0 0 rg BT 100.77 490.15 Td (are ) Tj ET Q q 0 0 0 rg BT 118.00 490.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 159.12 490.15 Td (producing ) Tj ET Q q 0 0 0 rg BT 205.82 490.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 270.85 490.15 Td (25,000 ) Tj ET Q q 0 0 0 rg BT 304.21 490.15 Td (boe ) Tj ET Q q 0 0 0 rg BT 323.68 490.15 Td (per ) Tj ET Q q 0 0 0 rg BT 340.91 490.15 Td (day ) Tj ET Q q 0 0 0 rg BT 359.81 490.15 Td (in ) Tj ET Q q 0 0 0 rg BT 370.37 490.15 Td (the ) Tj ET Q q 0 0 0 rg BT 387.05 490.15 Td (Deep ) Tj ET Q q 0 0 0 rg BT 413.74 490.15 Td (Basin.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 472.15 Td (Spirit ) Tj ET Q q 0 0 0 rg BT 73.33 472.15 Td (River ) Tj ET Q q 0 0 0 rg BT 101.13 472.15 Td (\(W) Tj ET Q q 0 0 0 rg BT 113.81 472.15 Td (ilrich, ) Tj ET Q q 0 0 0 rg BT 143.26 472.15 Td (Falher) Tj ET Q q 0 0 0 rg BT 172.72 472.15 Td (, ) Tj ET Q q 0 0 0 rg BT 178.28 472.15 Td (Notikewin\) ) Tj ET Q q 0 0 0 rg BT 231.61 472.15 Td (Natural ) Tj ET Q q 0 0 0 rg BT 268.84 472.15 Td (Gas) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 454.15 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 454.15 Td (e ) Tj ET Q q 0 0 0 rg BT 62.98 454.15 Td (drilled ) Tj ET Q q 0 0 0 rg BT 92.82 454.15 Td (13 ) Tj ET Q q 0 0 0 rg BT 107.10 454.15 Td (\(13.0 ) Tj ET Q q 0 0 0 rg BT 133.05 454.15 Td (net\) ) Tj ET Q q 0 0 0 rg BT 153.44 454.15 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 199.96 454.15 Td (wells ) Tj ET Q q 0 0 0 rg BT 225.35 454.15 Td (in ) Tj ET Q q 0 0 0 rg BT 236.29 454.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 261.70 454.15 Td (including ) Tj ET Q q 0 0 0 rg BT 304.33 454.15 Td (eight ) Tj ET Q q 0 0 0 rg BT 329.18 454.15 Td (\(8.0 ) Tj ET Q q 0 0 0 rg BT 349.57 454.15 Td (net\) ) Tj ET Q q 0 0 0 rg BT 369.96 454.15 Td (wells ) Tj ET Q q 0 0 0 rg BT 395.34 454.15 Td (in ) Tj ET Q q 0 0 0 rg BT 406.29 454.15 Td (the ) Tj ET Q q 0 0 0 rg BT 423.35 454.15 Td (fourth ) Tj ET Q q 0 0 0 rg BT 452.08 454.15 Td (quarter) Tj ET Q q 0 0 0 rg BT 483.21 454.15 Td (, ) Tj ET Q q 0 0 0 rg BT 489.15 454.15 Td (one ) Tj ET Q q 0 0 0 rg BT 508.99 454.15 Td (of ) Tj ET Q q 0 0 0 rg BT 520.49 454.15 Td (which ) Tj ET Q q 0 0 0 rg BT 549.22 454.15 Td (was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 442.15 Td (drilled ) Tj ET Q q 0 0 0 rg BT 75.62 442.15 Td (to ) Tj ET Q q 0 0 0 rg BT 87.89 442.15 Td (delineate ) Tj ET Q q 0 0 0 rg BT 132.42 442.15 Td (the ) Tj ET Q q 0 0 0 rg BT 150.26 442.15 Td (southern ) Tj ET Q q 0 0 0 rg BT 193.11 442.15 Td (boundaries ) Tj ET Q q 0 0 0 rg BT 246.53 442.15 Td (of ) Tj ET Q q 0 0 0 rg BT 258.81 442.15 Td (our ) Tj ET Q q 0 0 0 rg BT 276.42 442.15 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 307.59 442.15 Td (block. ) Tj ET Q q 0 0 0 rg BT 337.65 442.15 Td (Six ) Tj ET Q q 0 0 0 rg BT 355.48 442.15 Td (of ) Tj ET Q q 0 0 0 rg BT 367.76 442.15 Td (these ) Tj ET Q q 0 0 0 rg BT 396.16 442.15 Td (wells ) Tj ET Q q 0 0 0 rg BT 422.32 442.15 Td (are ) Tj ET Q q 0 0 0 rg BT 440.71 442.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 482.99 442.15 Td (on-stream ) Tj ET Q q 0 0 0 rg BT 531.94 442.15 Td (and ) Tj ET Q q 0 0 0 rg BT 552.56 442.15 Td (are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 430.15 Td (performing ) Tj ET Q q 0 0 0 rg BT 94.75 430.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 125.59 430.15 Td (to ) Tj ET Q q 0 0 0 rg BT 135.88 430.15 Td (our ) Tj ET Q q 0 0 0 rg BT 152.28 430.15 Td (first ) Tj ET Q q 0 0 0 rg BT 170.34 430.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 203.97 430.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 228.17 430.15 Td (program. ) Tj ET Q q 0 0 0 rg BT 270.14 430.15 Td (Pressure ) Tj ET Q q 0 0 0 rg BT 312.10 430.15 Td (pumping ) Tj ET Q q 0 0 0 rg BT 352.41 430.15 Td (service ) Tj ET Q q 0 0 0 rg BT 386.04 430.15 Td (availability ) Tj ET Q q 0 0 0 rg BT 434.12 430.15 Td (delayed ) Tj ET Q q 0 0 0 rg BT 471.10 430.15 Td (the ) Tj ET Q q 0 0 0 rg BT 486.95 430.15 Td (start ) Tj ET Q q 0 0 0 rg BT 508.35 430.15 Td (of ) Tj ET Q q 0 0 0 rg BT 518.64 430.15 Td (completion ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 418.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.88 418.15 Td (for ) Tj ET Q q 0 0 0 rg BT 109.73 418.15 Td (the ) Tj ET Q q 0 0 0 rg BT 126.81 418.15 Td (last ) Tj ET Q q 0 0 0 rg BT 145.55 418.15 Td (two ) Tj ET Q q 0 0 0 rg BT 164.29 418.15 Td (wells ) Tj ET Q q 0 0 0 rg BT 189.69 418.15 Td (of ) Tj ET Q q 0 0 0 rg BT 201.21 418.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 226.64 418.15 Td (and ) Tj ET Q q 0 0 0 rg BT 246.50 418.15 Td (our ) Tj ET Q q 0 0 0 rg BT 264.13 418.15 Td (first ) Tj ET Q q 0 0 0 rg BT 283.42 418.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 318.28 418.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 343.71 418.15 Td (wells ) Tj ET Q q 0 0 0 rg BT 369.11 418.15 Td (until ) Tj ET Q q 0 0 0 rg BT 390.63 418.15 Td (the ) Tj ET Q q 0 0 0 rg BT 407.71 418.15 Td (end ) Tj ET Q q 0 0 0 rg BT 427.58 418.15 Td (of ) Tj ET Q q 0 0 0 rg BT 439.10 418.15 Td (February) Tj ET Q q 0 0 0 rg BT 478.37 418.15 Td (. ) Tj ET Q q 0 0 0 rg BT 484.12 418.15 Td (T) Tj ET Q q 0 0 0 rg BT 489.68 418.15 Td (wo ) Tj ET Q q 0 0 0 rg BT 505.64 418.15 Td (of ) Tj ET Q q 0 0 0 rg BT 517.16 418.15 Td (these ) Tj ET Q q 0 0 0 rg BT 544.80 418.15 Td (wells ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 406.15 Td (were ) Tj ET Q q 0 0 0 rg BT 69.83 406.15 Td (completed ) Tj ET Q q 0 0 0 rg BT 119.13 406.15 Td (recently ) Tj ET Q q 0 0 0 rg BT 157.30 406.15 Td (and ) Tj ET Q q 0 0 0 rg BT 177.14 406.15 Td (are ) Tj ET Q q 0 0 0 rg BT 194.76 406.15 Td (our ) Tj ET Q q 0 0 0 rg BT 212.37 406.15 Td (first ) Tj ET Q q 0 0 0 rg BT 231.63 406.15 Td (extended ) Tj ET Q q 0 0 0 rg BT 275.94 406.15 Td (reach ) Tj ET Q q 0 0 0 rg BT 304.11 406.15 Td (wells ) Tj ET Q q 0 0 0 rg BT 329.50 406.15 Td (drilled ) Tj ET Q q 0 0 0 rg BT 359.33 406.15 Td (at ) Tj ET Q q 0 0 0 rg BT 370.21 406.15 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 400.60 406.15 Td (in ) Tj ET Q q 0 0 0 rg BT 411.54 406.15 Td (a ) Tj ET Q q 0 0 0 rg BT 420.26 406.15 Td (NW) Tj ET Q q 0 0 0 rg BT 436.74 406.15 Td (-SE ) Tj ET Q q 0 0 0 rg BT 456.57 406.15 Td (orientation. ) Tj ET Q q 0 0 0 rg BT 509.00 406.15 Td (This ) Tj ET Q q 0 0 0 rg BT 531.05 406.15 Td (two ) Tj ET Q q 0 0 0 rg BT 549.77 406.15 Td (well ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 394.15 Td (pad ) Tj ET Q q 0 0 0 rg BT 65.76 394.15 Td (has ) Tj ET Q q 0 0 0 rg BT 85.96 394.15 Td (been ) Tj ET Q q 0 0 0 rg BT 112.29 394.15 Td (on ) Tj ET Q q 0 0 0 rg BT 127.49 394.15 Td (test ) Tj ET Q q 0 0 0 rg BT 147.69 394.15 Td (for ) Tj ET Q q 0 0 0 rg BT 163.43 394.15 Td (three ) Tj ET Q q 0 0 0 rg BT 190.30 394.15 Td (days, ) Tj ET Q q 0 0 0 rg BT 218.28 394.15 Td (and ) Tj ET Q q 0 0 0 rg BT 239.05 394.15 Td (is ) Tj ET Q q 0 0 0 rg BT 250.35 394.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 292.77 394.15 Td (being ) Tj ET Q q 0 0 0 rg BT 321.32 394.15 Td (tested ) Tj ET Q q 0 0 0 rg BT 352.63 394.15 Td (in-line ) Tj ET Q q 0 0 0 rg BT 383.39 394.15 Td (at ) Tj ET Q q 0 0 0 rg BT 395.81 394.15 Td (a ) Tj ET Q q 0 0 0 rg BT 405.45 394.15 Td (combined ) Tj ET Q q 0 0 0 rg BT 452.89 394.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 474.20 394.15 Td (of ) Tj ET Q q 0 0 0 rg BT 486.62 394.15 Td (35 ) Tj ET Q q 0 0 0 rg BT 501.82 394.15 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 530.33 394.15 Td (per ) Tj ET Q q 0 0 0 rg BT 548.86 394.15 Td (day) Tj ET Q q 0 0 0 rg BT 564.25 394.15 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 382.15 Td (meaningfully ) Tj ET Q q 0 0 0 rg BT 103.80 382.15 Td (outperforming ) Tj ET Q q 0 0 0 rg BT 168.17 382.15 Td (our ) Tj ET Q q 0 0 0 rg BT 185.28 382.15 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 246.87 382.15 Td (W) Tj ET Q q 0 0 0 rg BT 256.13 382.15 Td (e ) Tj ET Q q 0 0 0 rg BT 264.35 382.15 Td (have ) Tj ET Q q 0 0 0 rg BT 288.69 382.15 Td (six ) Tj ET Q q 0 0 0 rg BT 303.58 382.15 Td (wells ) Tj ET Q q 0 0 0 rg BT 328.47 382.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 369.47 382.15 Td (drilled ) Tj ET Q q 0 0 0 rg BT 398.81 382.15 Td (at ) Tj ET Q q 0 0 0 rg BT 409.29 382.15 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 439.18 382.15 Td (and ) Tj ET Q q 0 0 0 rg BT 458.53 382.15 Td (in ) Tj ET Q q 0 0 0 rg BT 468.98 382.15 Td (the ) Tj ET Q q 0 0 0 rg BT 485.54 382.15 Td (cue ) Tj ET Q q 0 0 0 rg BT 504.32 382.15 Td (for ) Tj ET Q q 0 0 0 rg BT 518.65 382.15 Td (completion ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 370.15 Td (before ) Tj ET Q q 0 0 0 rg BT 76.13 370.15 Td (spring ) Tj ET Q q 0 0 0 rg BT 106.15 370.15 Td (break-up.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 352.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 63.94 352.15 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 94.01 352.15 Td (facility ) Tj ET Q q 0 0 0 rg BT 124.62 352.15 Td (will ) Tj ET Q q 0 0 0 rg BT 141.34 352.15 Td (be ) Tj ET Q q 0 0 0 rg BT 155.29 352.15 Td (expanded ) Tj ET Q q 0 0 0 rg BT 202.05 352.15 Td (from ) Tj ET Q q 0 0 0 rg BT 224.89 352.15 Td (60 ) Tj ET Q q 0 0 0 rg BT 238.84 352.15 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 266.11 352.15 Td (per ) Tj ET Q q 0 0 0 rg BT 283.39 352.15 Td (day ) Tj ET Q q 0 0 0 rg BT 302.35 352.15 Td (to ) Tj ET Q q 0 0 0 rg BT 313.52 352.15 Td (100 ) Tj ET Q q 0 0 0 rg BT 333.03 352.15 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 360.30 352.15 Td (per ) Tj ET Q q 0 0 0 rg BT 377.59 352.15 Td (day ) Tj ET Q q 0 0 0 rg BT 396.54 352.15 Td (within ) Tj ET Q q 0 0 0 rg BT 424.94 352.15 Td (the ) Tj ET Q q 0 0 0 rg BT 441.67 352.15 Td (next ) Tj ET Q q 0 0 0 rg BT 463.40 352.15 Td (month ) Tj ET Q q 0 0 0 rg BT 494.03 352.15 Td (for ) Tj ET Q q 0 0 0 rg BT 508.53 352.15 Td (a ) Tj ET Q q 0 0 0 rg BT 516.92 352.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 548.66 352.15 Td (cost ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 340.15 Td (of ) Tj ET Q q 0 0 0 rg BT 56.25 340.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 121.41 340.15 Td ($8 ) Tj ET Q q 0 0 0 rg BT 135.45 340.15 Td (million. ) Tj ET Q q 0 0 0 rg BT 168.90 340.15 Td (Additionally) Tj ET Q q 0 0 0 rg BT 219.30 340.15 Td (, ) Tj ET Q q 0 0 0 rg BT 224.99 340.15 Td (we ) Tj ET Q q 0 0 0 rg BT 240.68 340.15 Td (have ) Tj ET Q q 0 0 0 rg BT 265.28 340.15 Td (egress ) Tj ET Q q 0 0 0 rg BT 298.20 340.15 Td (certainty ) Tj ET Q q 0 0 0 rg BT 338.91 340.15 Td (with ) Tj ET Q q 0 0 0 rg BT 359.60 340.15 Td (firm ) Tj ET Q q 0 0 0 rg BT 379.17 340.15 Td (service ) Tj ET Q q 0 0 0 rg BT 413.76 340.15 Td (commitments ) Tj ET Q q 0 0 0 rg BT 476.12 340.15 Td (on ) Tj ET Q q 0 0 0 rg BT 490.16 340.15 Td (the ) Tj ET Q q 0 0 0 rg BT 506.78 340.15 Td (T) Tj ET Q q 0 0 0 rg BT 512.52 340.15 Td (ransCanada ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 328.15 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 82.38 328.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 109.75 328.15 Td (to ) Tj ET Q q 0 0 0 rg BT 121.00 328.15 Td (1) Tj ET Q q 0 0 0 rg BT 125.82 328.15 Td (16% ) Tj ET Q q 0 0 0 rg BT 148.74 328.15 Td (of ) Tj ET Q q 0 0 0 rg BT 159.98 328.15 Td (our ) Tj ET Q q 0 0 0 rg BT 177.34 328.15 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 226.94 328.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 252.09 328.15 Td (production ) Tj ET Q q 0 0 0 rg BT 301.70 328.15 Td (in ) Tj ET Q q 0 0 0 rg BT 312.39 328.15 Td (this ) Tj ET Q q 0 0 0 rg BT 330.85 328.15 Td (area, ) Tj ET Q q 0 0 0 rg BT 356.55 328.15 Td (and ) Tj ET Q q 0 0 0 rg BT 376.14 328.15 Td (optionality ) Tj ET Q q 0 0 0 rg BT 424.08 328.15 Td (with ) Tj ET Q q 0 0 0 rg BT 444.77 328.15 Td (a ) Tj ET Q q 0 0 0 rg BT 453.24 328.15 Td (connection ) Tj ET Q q 0 0 0 rg BT 504.51 328.15 Td (to ) Tj ET Q q 0 0 0 rg BT 515.76 328.15 Td (the ) Tj ET Q q 0 0 0 rg BT 531.99 328.15 Td (Alliance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 316.15 Td (pipeline. ) Tj ET Q q 0 0 0 rg BT 84.66 316.15 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 144.86 316.15 Td (we ) Tj ET Q q 0 0 0 rg BT 160.05 316.15 Td (continue ) Tj ET Q q 0 0 0 rg BT 200.27 316.15 Td (to ) Tj ET Q q 0 0 0 rg BT 211.02 316.15 Td (expand ) Tj ET Q q 0 0 0 rg BT 246.23 316.15 Td (our ) Tj ET Q q 0 0 0 rg BT 263.09 316.15 Td (presence ) Tj ET Q q 0 0 0 rg BT 306.64 316.15 Td (in ) Tj ET Q q 0 0 0 rg BT 316.83 316.15 Td (the ) Tj ET Q q 0 0 0 rg BT 333.14 316.15 Td (area ) Tj ET Q q 0 0 0 rg BT 355.56 316.15 Td (and ) Tj ET Q q 0 0 0 rg BT 374.66 316.15 Td (have ) Tj ET Q q 0 0 0 rg BT 398.75 316.15 Td (acquired ) Tj ET Q q 0 0 0 rg BT 439.52 316.15 Td (land ) Tj ET Q q 0 0 0 rg BT 460.83 316.15 Td (to ) Tj ET Q q 0 0 0 rg BT 471.58 316.15 Td (accommodate ) Tj ET Q q 0 0 0 rg BT 536.79 316.15 Td (6.5 ) Tj ET Q q 0 0 0 rg BT 553.10 316.15 Td (net ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 304.15 Td (extended ) Tj ET Q q 0 0 0 rg BT 88.93 304.15 Td (reach ) Tj ET Q q 0 0 0 rg BT 116.72 304.15 Td (drilling ) Tj ET Q q 0 0 0 rg BT 148.40 304.15 Td (locations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 286.15 Td (Operating ) Tj ET Q q 0 0 0 rg BT 91.71 286.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 117.84 286.15 Td (were ) Tj ET Q q 0 0 0 rg BT 142.30 286.15 Td ($2.50 ) Tj ET Q q 0 0 0 rg BT 170.12 286.15 Td (per ) Tj ET Q q 0 0 0 rg BT 187.36 286.15 Td (boe ) Tj ET Q q 0 0 0 rg BT 206.84 286.15 Td (in ) Tj ET Q q 0 0 0 rg BT 217.41 286.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 245.22 286.15 Td (a ) Tj ET Q q 0 0 0 rg BT 253.58 286.15 Td (33% ) Tj ET Q q 0 0 0 rg BT 276.38 286.15 Td (reduction ) Tj ET Q q 0 0 0 rg BT 320.31 286.15 Td (relative ) Tj ET Q q 0 0 0 rg BT 355.34 286.15 Td (to ) Tj ET Q q 0 0 0 rg BT 366.47 286.15 Td (2015. ) Tj ET Q q 0 0 0 rg BT 394.28 286.15 Td (Capital ) Tj ET Q q 0 0 0 rg BT 428.20 286.15 Td (ef) Tj ET Q q 0 0 0 rg BT 436.36 286.15 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 480.28 286.15 Td (have ) Tj ET Q q 0 0 0 rg BT 504.75 286.15 Td (also ) Tj ET Q q 0 0 0 rg BT 525.89 286.15 Td (improved ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 274.15 Td (in ) Tj ET Q q 0 0 0 rg BT 55.56 274.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 80.58 274.15 Td (by ) Tj ET Q q 0 0 0 rg BT 93.92 274.15 Td (35% ) Tj ET Q q 0 0 0 rg BT 116.71 274.15 Td (to ) Tj ET Q q 0 0 0 rg BT 127.83 274.15 Td ($10,200 ) Tj ET Q q 0 0 0 rg BT 166.75 274.15 Td (per ) Tj ET Q q 0 0 0 rg BT 183.98 274.15 Td (boe ) Tj ET Q q 0 0 0 rg BT 203.45 274.15 Td (per ) Tj ET Q q 0 0 0 rg BT 220.68 274.15 Td (day ) Tj ET Q q 0 0 0 rg BT 239.58 274.15 Td (and ) Tj ET Q q 0 0 0 rg BT 259.04 274.15 Td (proved ) Tj ET Q q 0 0 0 rg BT 292.39 274.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 313.51 274.15 Td (probable ) Tj ET Q q 0 0 0 rg BT 355.21 274.15 Td (finding ) Tj ET Q q 0 0 0 rg BT 387.45 274.15 Td (and ) Tj ET Q q 0 0 0 rg BT 406.92 274.15 Td (development ) Tj ET Q q 0 0 0 rg BT 466.95 274.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 493.07 274.15 Td (were ) Tj ET Q q 0 0 0 rg BT 517.52 274.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 556.44 274.15 Td (by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 262.15 Td (five ) Tj ET Q q 0 0 0 rg BT 63.09 262.15 Td (percent ) Tj ET Q q 0 0 0 rg BT 98.98 262.15 Td (to ) Tj ET Q q 0 0 0 rg BT 109.85 262.15 Td ($6.55 ) Tj ET Q q 0 0 0 rg BT 137.41 262.15 Td (per ) Tj ET Q q 0 0 0 rg BT 154.39 262.15 Td (boe. ) Tj ET Q q 0 0 0 rg BT 176.38 262.15 Td (Economics ) Tj ET Q q 0 0 0 rg BT 227.82 262.15 Td (remain ) Tj ET Q q 0 0 0 rg BT 260.92 262.15 Td (strong ) Tj ET Q q 0 0 0 rg BT 291.24 262.15 Td (at ) Tj ET Q q 0 0 0 rg BT 301.61 262.15 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 331.38 262.15 Td (where ) Tj ET Q q 0 0 0 rg BT 361.15 262.15 Td (drilling ) Tj ET Q q 0 0 0 rg BT 392.58 262.15 Td (and ) Tj ET Q q 0 0 0 rg BT 411.80 262.15 Td (completion ) Tj ET Q q 0 0 0 rg BT 462.69 262.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 488.56 262.15 Td (have ) Tj ET Q q 0 0 0 rg BT 512.77 262.15 Td (continued ) Tj ET Q q 0 0 0 rg BT 558.67 262.15 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 250.15 Td (improve, ) Tj ET Q q 0 0 0 rg BT 86.62 250.15 Td (our ) Tj ET Q q 0 0 0 rg BT 104.35 250.15 Td (wells ) Tj ET Q q 0 0 0 rg BT 129.85 250.15 Td (drilled ) Tj ET Q q 0 0 0 rg BT 159.80 250.15 Td (year-to-date ) Tj ET Q q 0 0 0 rg BT 216.99 250.15 Td (in ) Tj ET Q q 0 0 0 rg BT 228.05 250.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 253.57 250.15 Td (have ) Tj ET Q q 0 0 0 rg BT 278.53 250.15 Td (an ) Tj ET Q q 0 0 0 rg BT 292.93 250.15 Td (average ) Tj ET Q q 0 0 0 rg BT 332.34 250.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 353.96 250.15 Td (of ) Tj ET Q q 0 0 0 rg BT 365.57 250.15 Td ($4.1 ) Tj ET Q q 0 0 0 rg BT 388.31 250.15 Td (million, ) Tj ET Q q 0 0 0 rg BT 422.70 250.15 Td (seven ) Tj ET Q q 0 0 0 rg BT 452.66 250.15 Td (percent ) Tj ET Q q 0 0 0 rg BT 489.29 250.15 Td (below ) Tj ET Q q 0 0 0 rg BT 518.70 250.15 Td (our ) Tj ET Q q 0 0 0 rg BT 536.42 250.15 Td (budget ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 238.15 Td (and ) Tj ET Q q 0 0 0 rg BT 64.46 238.15 Td (an ) Tj ET Q q 0 0 0 rg BT 78.36 238.15 Td (improvement ) Tj ET Q q 0 0 0 rg BT 138.94 238.15 Td (from ) Tj ET Q q 0 0 0 rg BT 161.72 238.15 Td (our ) Tj ET Q q 0 0 0 rg BT 178.95 238.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 203.97 238.15 Td (program. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 220.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 63.84 220.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 88.25 220.15 Td (Wilrich ) Tj ET Q q 0 0 0 rg BT 120.42 220.15 Td (program ) Tj ET Q q 0 0 0 rg BT 159.83 220.15 Td (of ) Tj ET Q q 0 0 0 rg BT 170.33 220.15 Td (21 ) Tj ET Q q 0 0 0 rg BT 183.63 220.15 Td (\(20.8 ) Tj ET Q q 0 0 0 rg BT 208.59 220.15 Td (net\) ) Tj ET Q q 0 0 0 rg BT 227.99 220.15 Td (wells, ) Tj ET Q q 0 0 0 rg BT 255.16 220.15 Td (the ) Tj ET Q q 0 0 0 rg BT 271.24 220.15 Td (majority ) Tj ET Q q 0 0 0 rg BT 308.41 220.15 Td (of ) Tj ET Q q 0 0 0 rg BT 318.92 220.15 Td (which ) Tj ET Q q 0 0 0 rg BT 346.65 220.15 Td (are ) Tj ET Q q 0 0 0 rg BT 363.28 220.15 Td (extended ) Tj ET Q q 0 0 0 rg BT 406.59 220.15 Td (reach, ) Tj ET Q q 0 0 0 rg BT 436.56 220.15 Td (will ) Tj ET Q q 0 0 0 rg BT 452.61 220.15 Td (support ) Tj ET Q q 0 0 0 rg BT 488.14 220.15 Td (production ) Tj ET Q q 0 0 0 rg BT 537.01 220.15 Td (growth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 208.15 Td (of ) Tj ET Q q 0 0 0 rg BT 56.12 208.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 121.15 208.15 Td (69% ) Tj ET Q q 0 0 0 rg BT 143.94 208.15 Td (to ) Tj ET Q q 0 0 0 rg BT 155.06 208.15 Td (16,300 ) Tj ET Q q 0 0 0 rg BT 188.42 208.15 Td (boe ) Tj ET Q q 0 0 0 rg BT 207.89 208.15 Td (per ) Tj ET Q q 0 0 0 rg BT 225.12 208.15 Td (day ) Tj ET Q q 0 0 0 rg BT 244.02 208.15 Td (from ) Tj ET Q q 0 0 0 rg BT 266.80 208.15 Td (the ) Tj ET Q q 0 0 0 rg BT 283.48 208.15 Td (fourth ) Tj ET Q q 0 0 0 rg BT 311.83 208.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 346.29 208.15 Td (of ) Tj ET Q q 0 0 0 rg BT 357.41 208.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 382.43 208.15 Td (as ) Tj ET Q q 0 0 0 rg BT 395.77 208.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 443.02 208.15 Td (to ) Tj ET Q q 0 0 0 rg BT 454.14 208.15 Td (the ) Tj ET Q q 0 0 0 rg BT 470.82 208.15 Td (same ) Tj ET Q q 0 0 0 rg BT 498.05 208.15 Td (period ) Tj ET Q q 0 0 0 rg BT 528.62 208.15 Td (in ) Tj ET Q q 0 0 0 rg BT 539.18 208.15 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 190.15 Td (In ) Tj ET Q q 0 0 0 rg BT 56.42 190.15 Td (addition ) Tj ET Q q 0 0 0 rg BT 94.53 190.15 Td (to ) Tj ET Q q 0 0 0 rg BT 105.94 190.15 Td (our ) Tj ET Q q 0 0 0 rg BT 122.86 190.15 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 153.18 190.15 Td (Wilrich ) Tj ET Q q 0 0 0 rg BT 186.25 190.15 Td (program, ) Tj ET Q q 0 0 0 rg BT 229.34 190.15 Td (we ) Tj ET Q q 0 0 0 rg BT 245.21 190.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 267.19 190.15 Td (to ) Tj ET Q q 0 0 0 rg BT 278.61 190.15 Td (drill ) Tj ET Q q 0 0 0 rg BT 297.24 190.15 Td (three ) Tj ET Q q 0 0 0 rg BT 323.11 190.15 Td (\(2.0 ) Tj ET Q q 0 0 0 rg BT 343.42 190.15 Td (net\) ) Tj ET Q q 0 0 0 rg BT 363.73 190.15 Td (Notikewin ) Tj ET Q q 0 0 0 rg BT 410.16 190.15 Td (and ) Tj ET Q q 0 0 0 rg BT 429.92 190.15 Td (Falher ) Tj ET Q q 0 0 0 rg BT 461.35 190.15 Td (channel ) Tj ET Q q 0 0 0 rg BT 499.45 190.15 Td (wells, ) Tj ET Q q 0 0 0 rg BT 527.54 190.15 Td (including ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 178.15 Td (two ) Tj ET Q q 0 0 0 rg BT 63.88 178.15 Td (extended ) Tj ET Q q 0 0 0 rg BT 108.34 178.15 Td (reach ) Tj ET Q q 0 0 0 rg BT 136.67 178.15 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 183.34 178.15 Td (wells. ) Tj ET Q q 0 0 0 rg BT 211.66 178.15 Td (Numerous ) Tj ET Q q 0 0 0 rg BT 261.10 178.15 Td (successful ) Tj ET Q q 0 0 0 rg BT 311.10 178.15 Td (wells ) Tj ET Q q 0 0 0 rg BT 336.64 178.15 Td (have ) Tj ET Q q 0 0 0 rg BT 361.64 178.15 Td (been ) Tj ET Q q 0 0 0 rg BT 387.20 178.15 Td (drilled ) Tj ET Q q 0 0 0 rg BT 417.19 178.15 Td (by ) Tj ET Q q 0 0 0 rg BT 431.07 178.15 Td (the ) Tj ET Q q 0 0 0 rg BT 448.28 178.15 Td (industry ) Tj ET Q q 0 0 0 rg BT 486.61 178.15 Td (of) Tj ET Q q 0 0 0 rg BT 494.77 178.15 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 530.32 178.15 Td (our ) Tj ET Q q 0 0 0 rg BT 548.09 178.15 Td (land ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 166.15 Td (base. ) Tj ET Q q 0 0 0 rg BT 71.22 166.15 Td (As ) Tj ET Q q 0 0 0 rg BT 85.07 166.15 Td (we ) Tj ET Q q 0 0 0 rg BT 100.04 166.15 Td (delineate ) Tj ET Q q 0 0 0 rg BT 142.82 166.15 Td (these ) Tj ET Q q 0 0 0 rg BT 169.47 166.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 214.47 166.15 Td (zones, ) Tj ET Q q 0 0 0 rg BT 246.12 166.15 Td (we ) Tj ET Q q 0 0 0 rg BT 261.09 166.15 Td (expect ) Tj ET Q q 0 0 0 rg BT 292.74 166.15 Td (to ) Tj ET Q q 0 0 0 rg BT 303.27 166.15 Td (add ) Tj ET Q q 0 0 0 rg BT 322.14 166.15 Td (future ) Tj ET Q q 0 0 0 rg BT 349.90 166.15 Td (value, ) Tj ET Q q 0 0 0 rg BT 378.77 166.15 Td (as ) Tj ET Q q 0 0 0 rg BT 391.52 166.15 Td (no ) Tj ET Q q 0 0 0 rg BT 404.83 166.15 Td (reserves ) Tj ET Q q 0 0 0 rg BT 445.36 166.15 Td (have ) Tj ET Q q 0 0 0 rg BT 469.23 166.15 Td (been ) Tj ET Q q 0 0 0 rg BT 493.66 166.15 Td (currently ) Tj ET Q q 0 0 0 rg BT 534.19 166.15 Td (booked ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 154.15 Td (on ) Tj ET Q q 0 0 0 rg BT 58.90 154.15 Td (these ) Tj ET Q q 0 0 0 rg BT 86.14 154.15 Td (locations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 136.15 Td (Bluesky ) Tj ET Q q 0 0 0 rg BT 86.13 136.15 Td (Natural ) Tj ET Q q 0 0 0 rg BT 123.36 136.15 Td (Gas) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 118.15 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 118.15 Td (e ) Tj ET Q q 0 0 0 rg BT 62.03 118.15 Td (drilled ) Tj ET Q q 0 0 0 rg BT 90.91 118.15 Td (three ) Tj ET Q q 0 0 0 rg BT 115.91 118.15 Td (\(2.9 ) Tj ET Q q 0 0 0 rg BT 135.35 118.15 Td (net\) ) Tj ET Q q 0 0 0 rg BT 154.79 118.15 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 200.36 118.15 Td (Bluesky ) Tj ET Q q 0 0 0 rg BT 237.58 118.15 Td (wells ) Tj ET Q q 0 0 0 rg BT 262.01 118.15 Td (on ) Tj ET Q q 0 0 0 rg BT 275.34 118.15 Td (our ) Tj ET Q q 0 0 0 rg BT 292.00 118.15 Td (Pine ) Tj ET Q q 0 0 0 rg BT 314.22 118.15 Td (Creek ) Tj ET Q q 0 0 0 rg BT 343.11 118.15 Td (acreage ) Tj ET Q q 0 0 0 rg BT 381.45 118.15 Td (in ) Tj ET Q q 0 0 0 rg BT 391.44 118.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 415.89 118.15 Td (including ) Tj ET Q q 0 0 0 rg BT 457.57 118.15 Td (one ) Tj ET Q q 0 0 0 rg BT 476.46 118.15 Td (\(1.0 ) Tj ET Q q 0 0 0 rg BT 495.90 118.15 Td (net\) ) Tj ET Q q 0 0 0 rg BT 515.34 118.15 Td (in ) Tj ET Q q 0 0 0 rg BT 525.33 118.15 Td (the ) Tj ET Q q 0 0 0 rg BT 541.44 118.15 Td (fourth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 106.15 Td (quarter) Tj ET Q q 0 0 0 rg BT 76.13 106.15 Td (. ) Tj ET Q q 0 0 0 rg BT 81.21 106.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 100.17 106.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 124.71 106.15 Td (Bluesky ) Tj ET Q q 0 0 0 rg BT 162.02 106.15 Td (program ) Tj ET Q q 0 0 0 rg BT 201.55 106.15 Td (is ) Tj ET Q q 0 0 0 rg BT 211.06 106.15 Td (performing ) Tj ET Q q 0 0 0 rg BT 261.16 106.15 Td (to ) Tj ET Q q 0 0 0 rg BT 271.79 106.15 Td (our ) Tj ET Q q 0 0 0 rg BT 288.54 106.15 Td (expectations ) Tj ET Q q 0 0 0 rg BT 346.98 106.15 Td (supporting ) Tj ET Q q 0 0 0 rg BT 395.97 106.15 Td (fourth ) Tj ET Q q 0 0 0 rg BT 423.84 106.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 457.81 106.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 482.35 106.15 Td (production ) Tj ET Q q 0 0 0 rg BT 531.35 106.15 Td (of ) Tj ET Q q 0 0 0 rg BT 541.98 106.15 Td (4,100 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 94.15 Td (boe ) Tj ET Q q 0 0 0 rg BT 64.46 94.15 Td (per ) Tj ET Q q 0 0 0 rg BT 81.69 94.15 Td (day) Tj ET Q q 0 0 0 rg BT 97.08 94.15 Td (, ) Tj ET Q q 0 0 0 rg BT 102.63 94.15 Td (34% ) Tj ET Q q 0 0 0 rg BT 125.42 94.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 158.22 94.15 Td (relative ) Tj ET Q q 0 0 0 rg BT 193.23 94.15 Td (to ) Tj ET Q q 0 0 0 rg BT 204.35 94.15 Td (the ) Tj ET Q q 0 0 0 rg BT 221.03 94.15 Td (same ) Tj ET Q q 0 0 0 rg BT 248.26 94.15 Td (period ) Tj ET Q q 0 0 0 rg BT 278.84 94.15 Td (last ) Tj ET Q q 0 0 0 rg BT 297.18 94.15 Td (year) Tj ET Q q 0 0 0 rg BT 316.08 94.15 Td (.) 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 (The ) Tj ET Q q 0 0 0 rg BT 65.69 730.75 Td (Bluesky ) Tj ET Q q 0 0 0 rg BT 104.16 730.75 Td (at ) Tj ET Q q 0 0 0 rg BT 115.95 730.75 Td (Pine ) Tj ET Q q 0 0 0 rg BT 139.42 730.75 Td (Creek ) Tj ET Q q 0 0 0 rg BT 169.55 730.75 Td (is ) Tj ET Q q 0 0 0 rg BT 180.23 730.75 Td (rich ) Tj ET Q q 0 0 0 rg BT 199.80 730.75 Td (in ) Tj ET Q q 0 0 0 rg BT 211.03 730.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 245.07 730.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 264.64 730.75 Td (liquids ) Tj ET Q q 0 0 0 rg BT 296.45 730.75 Td (with ) Tj ET Q q 0 0 0 rg BT 317.69 730.75 Td (50% ) Tj ET Q q 0 0 0 rg BT 341.16 730.75 Td (of ) Tj ET Q q 0 0 0 rg BT 352.95 730.75 Td (its ) Tj ET Q q 0 0 0 rg BT 366.41 730.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 400.44 730.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 420.02 730.75 Td (liquids ) Tj ET Q q 0 0 0 rg BT 451.82 730.75 Td (\("NGL"\) ) Tj ET Q q 0 0 0 rg BT 489.60 730.75 Td (component ) Tj ET Q q 0 0 0 rg BT 542.53 730.75 Td (being ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 718.75 Td (condensate. ) Tj ET Q q 0 0 0 rg BT 102.53 718.75 Td (W) Tj ET Q q 0 0 0 rg BT 111.78 718.75 Td (e ) Tj ET Q q 0 0 0 rg BT 120.38 718.75 Td (plan ) Tj ET Q q 0 0 0 rg BT 142.33 718.75 Td (to ) Tj ET Q q 0 0 0 rg BT 153.71 718.75 Td (drill ) Tj ET Q q 0 0 0 rg BT 172.30 718.75 Td (three ) Tj ET Q q 0 0 0 rg BT 198.13 718.75 Td (\(2.3 ) Tj ET Q q 0 0 0 rg BT 218.40 718.75 Td (net\) ) Tj ET Q q 0 0 0 rg BT 238.67 718.75 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 285.07 718.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 310.34 718.75 Td (in ) Tj ET Q q 0 0 0 rg BT 321.16 718.75 Td (2017, ) Tj ET Q q 0 0 0 rg BT 349.22 718.75 Td (including ) Tj ET Q q 0 0 0 rg BT 391.73 718.75 Td (our ) Tj ET Q q 0 0 0 rg BT 409.22 718.75 Td (first ) Tj ET Q q 0 0 0 rg BT 428.37 718.75 Td (extended ) Tj ET Q q 0 0 0 rg BT 472.56 718.75 Td (reach ) Tj ET Q q 0 0 0 rg BT 500.61 718.75 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 547.01 718.75 Td (well, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 706.75 Td (and ) Tj ET Q q 0 0 0 rg BT 64.46 706.75 Td (will ) Tj ET Q q 0 0 0 rg BT 81.13 706.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 107.81 706.75 Td (on ) Tj ET Q q 0 0 0 rg BT 121.71 706.75 Td (acreage ) Tj ET Q q 0 0 0 rg BT 160.63 706.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 201.76 706.75 Td (in ) Tj ET Q q 0 0 0 rg BT 212.32 706.75 Td (the ) Tj ET Q q 0 0 0 rg BT 229.00 706.75 Td (recent ) Tj ET Q q 0 0 0 rg BT 259.58 706.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 286.25 706.75 Td (exchange.) 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 45 685.807080078125 m 200.6328125 685.807080078125 l s q 0 0 0 rg BT 45.00 687.55 Td (WEST ) Tj ET Q q 0 0 0 rg BT 79.83 687.55 Td (CENTRAL) Tj ET Q q 0 0 0 rg BT 132.18 687.55 Td ( ) Tj ET Q q 0 0 0 rg BT 135.24 687.55 Td (CORE ) Tj ET Q q 0 0 0 rg BT 169.67 687.55 Td (AREA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 669.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 65.17 669.55 Td (W) Tj ET Q q 0 0 0 rg BT 74.43 669.55 Td (est ) Tj ET Q q 0 0 0 rg BT 91.27 669.55 Td (Central ) Tj ET Q q 0 0 0 rg BT 127.01 669.55 Td (core ) Tj ET Q q 0 0 0 rg BT 149.97 669.55 Td (area ) Tj ET Q q 0 0 0 rg BT 173.49 669.55 Td (is ) Tj ET Q q 0 0 0 rg BT 184.21 669.55 Td (a ) Tj ET Q q 0 0 0 rg BT 193.28 669.55 Td (reliable ) Tj ET Q q 0 0 0 rg BT 229.02 669.55 Td (production ) Tj ET Q q 0 0 0 rg BT 279.22 669.55 Td (base ) Tj ET Q q 0 0 0 rg BT 304.41 669.55 Td (that ) Tj ET Q q 0 0 0 rg BT 324.59 669.55 Td (is ) Tj ET Q q 0 0 0 rg BT 335.32 669.55 Td (capable ) Tj ET Q q 0 0 0 rg BT 373.85 669.55 Td (of ) Tj ET Q q 0 0 0 rg BT 385.69 669.55 Td (generating ) Tj ET Q q 0 0 0 rg BT 436.46 669.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 484.43 669.55 Td (excess ) Tj ET Q q 0 0 0 rg BT 519.05 669.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 547.02 669.55 Td (from ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 657.55 Td (operations ) Tj ET Q q 0 0 0 rg BT 93.96 657.55 Td (for ) Tj ET Q q 0 0 0 rg BT 107.90 657.55 Td (many ) Tj ET Q q 0 0 0 rg BT 134.62 657.55 Td (years ) Tj ET Q q 0 0 0 rg BT 161.34 657.55 Td (to ) Tj ET Q q 0 0 0 rg BT 171.94 657.55 Td (come. ) Tj ET Q q 0 0 0 rg BT 201.29 657.55 Td (The ) Tj ET Q q 0 0 0 rg BT 220.79 657.55 Td (area ) Tj ET Q q 0 0 0 rg BT 243.07 657.55 Td (draws ) Tj ET Q q 0 0 0 rg BT 272.01 657.55 Td (its ) Tj ET Q q 0 0 0 rg BT 284.28 657.55 Td (strength ) Tj ET Q q 0 0 0 rg BT 322.67 657.55 Td (from ) Tj ET Q q 0 0 0 rg BT 344.94 657.55 Td (a ) Tj ET Q q 0 0 0 rg BT 352.77 657.55 Td (low ) Tj ET Q q 0 0 0 rg BT 370.04 657.55 Td (decline, ) Tj ET Q q 0 0 0 rg BT 406.77 657.55 Td (optimized ) Tj ET Q q 0 0 0 rg BT 451.83 657.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 483.01 657.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 503.61 657.55 Td (structure, ) Tj ET Q q 0 0 0 rg BT 547.56 657.55 Td (year ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 645.55 Td (round ) Tj ET Q q 0 0 0 rg BT 74.40 645.55 Td (access, ) Tj ET Q q 0 0 0 rg BT 112.12 645.55 Td (resilient ) Tj ET Q q 0 0 0 rg BT 150.40 645.55 Td (economics ) Tj ET Q q 0 0 0 rg BT 202.01 645.55 Td (and ) Tj ET Q q 0 0 0 rg BT 222.52 645.55 Td (predictable ) Tj ET Q q 0 0 0 rg BT 275.26 645.55 Td (well ) Tj ET Q q 0 0 0 rg BT 296.31 645.55 Td (results. ) Tj ET Q q 0 0 0 rg BT 332.36 645.55 Td (With ) Tj ET Q q 0 0 0 rg BT 356.18 645.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 422.25 645.55 Td (740,000 ) Tj ET Q q 0 0 0 rg BT 462.22 645.55 Td (net ) Tj ET Q q 0 0 0 rg BT 479.94 645.55 Td (acres ) Tj ET Q q 0 0 0 rg BT 508.21 645.55 Td (and ) Tj ET Q q 0 0 0 rg BT 528.72 645.55 Td (a ) Tj ET Q q 0 0 0 rg BT 538.10 645.55 Td (drilling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 633.55 Td (inventory ) Tj ET Q q 0 0 0 rg BT 87.43 633.55 Td (of ) Tj ET Q q 0 0 0 rg BT 97.63 633.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 161.73 633.55 Td (730 ) Tj ET Q q 0 0 0 rg BT 180.28 633.55 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 225.49 633.55 Td (locations ) Tj ET Q q 0 0 0 rg BT 266.81 633.55 Td (\(more ) Tj ET Q q 0 0 0 rg BT 294.78 633.55 Td (than ) Tj ET Q q 0 0 0 rg BT 316.10 633.55 Td (20 ) Tj ET Q q 0 0 0 rg BT 329.08 633.55 Td (years ) Tj ET Q q 0 0 0 rg BT 355.39 633.55 Td (of ) Tj ET Q q 0 0 0 rg BT 365.59 633.55 Td (development\), ) Tj ET Q q 0 0 0 rg BT 430.81 633.55 Td (this ) Tj ET Q q 0 0 0 rg BT 448.23 633.55 Td (core ) Tj ET Q q 0 0 0 rg BT 469.54 633.55 Td (area ) Tj ET Q q 0 0 0 rg BT 491.41 633.55 Td (of) Tj ET Q q 0 0 0 rg BT 499.57 633.55 Td (fers ) Tj ET Q q 0 0 0 rg BT 518.09 633.55 Td (predictable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 621.55 Td (low ) Tj ET Q q 0 0 0 rg BT 62.58 621.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 80.71 621.55 Td (development ) Tj ET Q q 0 0 0 rg BT 140.55 621.55 Td (that ) Tj ET Q q 0 0 0 rg BT 159.80 621.55 Td (will ) Tj ET Q q 0 0 0 rg BT 176.26 621.55 Td (undeniably ) Tj ET Q q 0 0 0 rg BT 227.21 621.55 Td (maintain ) Tj ET Q q 0 0 0 rg BT 267.59 621.55 Td (production ) Tj ET Q q 0 0 0 rg BT 316.86 621.55 Td (for ) Tj ET Q q 0 0 0 rg BT 331.11 621.55 Td (many ) Tj ET Q q 0 0 0 rg BT 358.14 621.55 Td (years ) Tj ET Q q 0 0 0 rg BT 385.17 621.55 Td (as ) Tj ET Q q 0 0 0 rg BT 398.31 621.55 Td (the ) Tj ET Q q 0 0 0 rg BT 414.78 621.55 Td (area ) Tj ET Q q 0 0 0 rg BT 437.38 621.55 Td (serves ) Tj ET Q q 0 0 0 rg BT 469.40 621.55 Td (as ) Tj ET Q q 0 0 0 rg BT 482.54 621.55 Td (a ) Tj ET Q q 0 0 0 rg BT 490.68 621.55 Td (source ) Tj ET Q q 0 0 0 rg BT 523.27 621.55 Td (of ) Tj ET Q q 0 0 0 rg BT 534.19 621.55 Td (funding ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 609.55 Td (to ) Tj ET Q q 0 0 0 rg BT 56.81 609.55 Td (enhance ) Tj ET Q q 0 0 0 rg BT 98.65 609.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 132.13 609.55 Td (in ) Tj ET Q q 0 0 0 rg BT 143.39 609.55 Td (the ) Tj ET Q q 0 0 0 rg BT 160.76 609.55 Td (Deep ) Tj ET Q q 0 0 0 rg BT 188.14 609.55 Td (Basin. ) Tj ET Q q 0 0 0 rg BT 219.40 609.55 Td (W) Tj ET Q q 0 0 0 rg BT 228.66 609.55 Td (e ) Tj ET Q q 0 0 0 rg BT 237.69 609.55 Td (have ) Tj ET Q q 0 0 0 rg BT 262.84 609.55 Td (built ) Tj ET Q q 0 0 0 rg BT 284.66 609.55 Td (an ) Tj ET Q q 0 0 0 rg BT 299.25 609.55 Td (extensive ) Tj ET Q q 0 0 0 rg BT 344.97 609.55 Td (network ) Tj ET Q q 0 0 0 rg BT 383.45 609.55 Td (of ) Tj ET Q q 0 0 0 rg BT 395.26 609.55 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 457.09 609.55 Td (to ) Tj ET Q q 0 0 0 rg BT 468.90 609.55 Td (support ) Tj ET Q q 0 0 0 rg BT 505.72 609.55 Td (our ) Tj ET Q q 0 0 0 rg BT 523.65 609.55 Td (continued ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 597.55 Td (development ) Tj ET Q q 0 0 0 rg BT 105.51 597.55 Td (of ) Tj ET Q q 0 0 0 rg BT 117.09 597.55 Td (this ) Tj ET Q q 0 0 0 rg BT 135.90 597.55 Td (core ) Tj ET Q q 0 0 0 rg BT 158.60 597.55 Td (area, ) Tj ET Q q 0 0 0 rg BT 184.63 597.55 Td (including ) Tj ET Q q 0 0 0 rg BT 227.35 597.55 Td (over ) Tj ET Q q 0 0 0 rg BT 250.05 597.55 Td (2,200 ) Tj ET Q q 0 0 0 rg BT 278.32 597.55 Td (kilometers ) Tj ET Q q 0 0 0 rg BT 327.13 597.55 Td (of ) Tj ET Q q 0 0 0 rg BT 338.72 597.55 Td (pipelines ) Tj ET Q q 0 0 0 rg BT 381.43 597.55 Td (in ) Tj ET Q q 0 0 0 rg BT 392.46 597.55 Td (service ) Tj ET Q q 0 0 0 rg BT 427.38 597.55 Td (and ) Tj ET Q q 0 0 0 rg BT 447.31 597.55 Td (33 ) Tj ET Q q 0 0 0 rg BT 461.68 597.55 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 503.27 597.55 Td (the ) Tj ET Q q 0 0 0 rg BT 520.42 597.55 Td (majority ) Tj ET Q q 0 0 0 rg BT 558.67 597.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 585.55 Td (which ) Tj ET Q q 0 0 0 rg BT 73.34 585.55 Td (are ) Tj ET Q q 0 0 0 rg BT 90.58 585.55 Td (operated ) Tj ET Q q 0 0 0 rg BT 132.83 585.55 Td (by ) Tj ET Q q 0 0 0 rg BT 146.17 585.55 Td (Bonavista.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 567.55 Td (In ) Tj ET Q q 0 0 0 rg BT 57.30 567.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 86.28 567.55 Td (we ) Tj ET Q q 0 0 0 rg BT 103.02 567.55 Td (spent ) Tj ET Q q 0 0 0 rg BT 131.44 567.55 Td ($71.2 ) Tj ET Q q 0 0 0 rg BT 160.43 567.55 Td (million ) Tj ET Q q 0 0 0 rg BT 192.73 567.55 Td (on ) Tj ET Q q 0 0 0 rg BT 207.81 567.55 Td (E&D ) Tj ET Q q 0 0 0 rg BT 232.33 567.55 Td (activities, ) Tj ET Q q 0 0 0 rg BT 277.41 567.55 Td (which ) Tj ET Q q 0 0 0 rg BT 306.93 567.55 Td (included ) Tj ET Q q 0 0 0 rg BT 348.14 567.55 Td (drilling ) Tj ET Q q 0 0 0 rg BT 381.00 567.55 Td (28 ) Tj ET Q q 0 0 0 rg BT 396.08 567.55 Td (\(25.7 ) Tj ET Q q 0 0 0 rg BT 422.84 567.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 444.03 567.55 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 491.34 567.55 Td (wells, ) Tj ET Q q 0 0 0 rg BT 520.31 567.55 Td (supporting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 555.55 Td (production ) Tj ET Q q 0 0 0 rg BT 94.81 555.55 Td (rates ) Tj ET Q q 0 0 0 rg BT 120.15 555.55 Td (averaging ) Tj ET Q q 0 0 0 rg BT 167.19 555.55 Td (44,236 ) Tj ET Q q 0 0 0 rg BT 200.88 555.55 Td (boe ) Tj ET Q q 0 0 0 rg BT 220.68 555.55 Td (per ) Tj ET Q q 0 0 0 rg BT 238.25 555.55 Td (day ) Tj ET Q q 0 0 0 rg BT 257.48 555.55 Td (or ) Tj ET Q q 0 0 0 rg BT 269.48 555.55 Td (65% ) Tj ET Q q 0 0 0 rg BT 292.61 555.55 Td (of ) Tj ET Q q 0 0 0 rg BT 304.06 555.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 349.42 555.55 Td (production. ) Tj ET Q q 0 0 0 rg BT 402.01 555.55 Td (In ) Tj ET Q q 0 0 0 rg BT 413.46 555.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 441.60 555.55 Td (we ) Tj ET Q q 0 0 0 rg BT 457.49 555.55 Td (plan ) Tj ET Q q 0 0 0 rg BT 479.51 555.55 Td (to ) Tj ET Q q 0 0 0 rg BT 490.96 555.55 Td (drill ) Tj ET Q q 0 0 0 rg BT 509.63 555.55 Td (33 ) Tj ET Q q 0 0 0 rg BT 523.87 555.55 Td (\(31.7 ) Tj ET Q q 0 0 0 rg BT 549.77 555.55 Td (net\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 543.55 Td (wells, ) Tj ET Q q 0 0 0 rg BT 72.31 543.55 Td (with ) Tj ET Q q 0 0 0 rg BT 92.39 543.55 Td (E&D ) Tj ET Q q 0 0 0 rg BT 115.25 543.55 Td (spending ) Tj ET Q q 0 0 0 rg BT 158.14 543.55 Td (of ) Tj ET Q q 0 0 0 rg BT 168.78 543.55 Td ($133.9 ) Tj ET Q q 0 0 0 rg BT 201.67 543.55 Td (million ) Tj ET Q q 0 0 0 rg BT 232.31 543.55 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 272.96 543.55 Td (of ) Tj ET Q q 0 0 0 rg BT 283.60 543.55 Td (incremental ) Tj ET Q q 0 0 0 rg BT 337.59 543.55 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 398.25 543.55 Td (spending. ) Tj ET Q q 0 0 0 rg BT 443.92 543.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 462.89 543.55 Td (development ) Tj ET Q q 0 0 0 rg BT 522.45 543.55 Td (is ) Tj ET Q q 0 0 0 rg BT 531.97 543.55 Td (focused ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 531.55 Td (on ) Tj ET Q q 0 0 0 rg BT 59.72 531.55 Td (Willesden ) Tj ET Q q 0 0 0 rg BT 106.66 531.55 Td (Green, ) Tj ET Q q 0 0 0 rg BT 140.82 531.55 Td (Strachan ) Tj ET Q q 0 0 0 rg BT 184.44 531.55 Td (and ) Tj ET Q q 0 0 0 rg BT 204.71 531.55 Td (Morningside, ) Tj ET Q q 0 0 0 rg BT 265.56 531.55 Td (where ) Tj ET Q q 0 0 0 rg BT 296.39 531.55 Td (we ) Tj ET Q q 0 0 0 rg BT 312.76 531.55 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 359.16 531.55 Td (longer ) Tj ET Q q 0 0 0 rg BT 390.55 531.55 Td (average ) Tj ET Q q 0 0 0 rg BT 430.28 531.55 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 477.23 531.55 Td (lengths. ) Tj ET Q q 0 0 0 rg BT 515.62 531.55 Td (This ) Tj ET Q q 0 0 0 rg BT 538.10 531.55 Td (capital ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 519.55 Td (program ) Tj ET Q q 0 0 0 rg BT 85.92 519.55 Td (maintains ) Tj ET Q q 0 0 0 rg BT 132.40 519.55 Td (production ) Tj ET Q q 0 0 0 rg BT 182.78 519.55 Td (between ) Tj ET Q q 0 0 0 rg BT 224.27 519.55 Td (43,000 ) Tj ET Q q 0 0 0 rg BT 258.54 519.55 Td (and ) Tj ET Q q 0 0 0 rg BT 278.90 519.55 Td (44,000 ) Tj ET Q q 0 0 0 rg BT 313.17 519.55 Td (boe ) Tj ET Q q 0 0 0 rg BT 333.54 519.55 Td (per ) Tj ET Q q 0 0 0 rg BT 351.67 519.55 Td (day ) Tj ET Q q 0 0 0 rg BT 371.47 519.55 Td (while ) Tj ET Q q 0 0 0 rg BT 397.94 519.55 Td (consuming ) Tj ET Q q 0 0 0 rg BT 449.99 519.55 Td (only ) Tj ET Q q 0 0 0 rg BT 472.01 519.55 Td (56% ) Tj ET Q q 0 0 0 rg BT 495.71 519.55 Td (of ) Tj ET Q q 0 0 0 rg BT 507.73 519.55 Td (net ) Tj ET Q q 0 0 0 rg BT 525.31 519.55 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 507.55 Td (income ) Tj ET Q q 0 0 0 rg BT 79.73 507.55 Td (generated ) Tj ET Q q 0 0 0 rg BT 127.26 507.55 Td (in ) Tj ET Q q 0 0 0 rg BT 137.54 507.55 Td (this ) Tj ET Q q 0 0 0 rg BT 155.60 507.55 Td (core ) Tj ET Q q 0 0 0 rg BT 177.55 507.55 Td (area. ) Tj ET Q q 0 0 0 rg BT 202.83 507.55 Td (Fortunately) Tj ET Q q 0 0 0 rg BT 252.12 507.55 Td (, ) Tj ET Q q 0 0 0 rg BT 257.39 507.55 Td (with ) Tj ET Q q 0 0 0 rg BT 277.67 507.55 Td (robust ) Tj ET Q q 0 0 0 rg BT 307.95 507.55 Td (NGL) Tj ET Q q 0 0 0 rg BT 328.15 507.55 Td ( ) Tj ET Q q 0 0 0 rg BT 330.64 507.55 Td (production ) Tj ET Q q 0 0 0 rg BT 379.83 507.55 Td (and ) Tj ET Q q 0 0 0 rg BT 399.01 507.55 Td (the ) Tj ET Q q 0 0 0 rg BT 415.41 507.55 Td (recent ) Tj ET Q q 0 0 0 rg BT 445.70 507.55 Td (recovery ) Tj ET Q q 0 0 0 rg BT 486.54 507.55 Td (in ) Tj ET Q q 0 0 0 rg BT 496.81 507.55 Td (NGL) Tj ET Q q 0 0 0 rg BT 517.00 507.55 Td ( ) Tj ET Q q 0 0 0 rg BT 519.50 507.55 Td (prices, ) Tj ET Q q 0 0 0 rg BT 551.45 507.55 Td (this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 495.55 Td (core ) Tj ET Q q 0 0 0 rg BT 67.23 495.55 Td (area ) Tj ET Q q 0 0 0 rg BT 90.02 495.55 Td (will ) Tj ET Q q 0 0 0 rg BT 106.69 495.55 Td (produce ) Tj ET Q q 0 0 0 rg BT 145.61 495.55 Td (a ) Tj ET Q q 0 0 0 rg BT 153.95 495.55 Td (notable ) Tj ET Q q 0 0 0 rg BT 189.53 495.55 Td ($1) Tj ET Q q 0 0 0 rg BT 199.91 495.55 Td (10 ) Tj ET Q q 0 0 0 rg BT 213.81 495.55 Td (million ) Tj ET Q q 0 0 0 rg BT 244.93 495.55 Td (of ) Tj ET Q q 0 0 0 rg BT 256.05 495.55 Td (excess ) Tj ET Q q 0 0 0 rg BT 289.95 495.55 Td (net ) Tj ET Q q 0 0 0 rg BT 306.63 495.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 351.11 495.55 Td (income ) Tj ET Q q 0 0 0 rg BT 386.12 495.55 Td (in ) Tj ET Q q 0 0 0 rg BT 396.68 495.55 Td (2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 477.55 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 99.45 477.55 Td (Natural ) Tj ET Q q 0 0 0 rg BT 136.68 477.55 Td (Gas) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 459.55 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 459.55 Td (e ) Tj ET Q q 0 0 0 rg BT 62.89 459.55 Td (drilled ) Tj ET Q q 0 0 0 rg BT 92.63 459.55 Td (22 ) Tj ET Q q 0 0 0 rg BT 106.82 459.55 Td (\(19.7 ) Tj ET Q q 0 0 0 rg BT 132.68 459.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 152.98 459.55 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 199.41 459.55 Td (wells ) Tj ET Q q 0 0 0 rg BT 224.70 459.55 Td (in ) Tj ET Q q 0 0 0 rg BT 235.55 459.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 260.87 459.55 Td (including ) Tj ET Q q 0 0 0 rg BT 303.41 459.55 Td (five ) Tj ET Q q 0 0 0 rg BT 322.04 459.55 Td (\(4.3 ) Tj ET Q q 0 0 0 rg BT 342.34 459.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 362.63 459.55 Td (in ) Tj ET Q q 0 0 0 rg BT 373.49 459.55 Td (the ) Tj ET Q q 0 0 0 rg BT 390.45 459.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 419.09 459.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 453.84 459.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 494.71 459.55 Td (in ) Tj ET Q q 0 0 0 rg BT 505.56 459.55 Td (average ) Tj ET Q q 0 0 0 rg BT 544.77 459.55 Td (2016 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 447.55 Td (production ) Tj ET Q q 0 0 0 rg BT 94.48 447.55 Td (of ) Tj ET Q q 0 0 0 rg BT 105.60 447.55 Td (22,800 ) Tj ET Q q 0 0 0 rg BT 138.96 447.55 Td (boe ) Tj ET Q q 0 0 0 rg BT 158.42 447.55 Td (per ) Tj ET Q q 0 0 0 rg BT 175.65 447.55 Td (day) Tj ET Q q 0 0 0 rg BT 191.04 447.55 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 429.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 64.91 429.55 Td (ef) Tj ET Q q 0 0 0 rg BT 73.07 429.55 Td (ficient ) Tj ET Q q 0 0 0 rg BT 102.43 429.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 147.37 429.55 Td (structure ) Tj ET Q q 0 0 0 rg BT 189.51 429.55 Td (continued ) Tj ET Q q 0 0 0 rg BT 236.11 429.55 Td (to ) Tj ET Q q 0 0 0 rg BT 247.69 429.55 Td (improve ) Tj ET Q q 0 0 0 rg BT 286.50 429.55 Td (throughout ) Tj ET Q q 0 0 0 rg BT 337.55 429.55 Td (2016. ) Tj ET Q q 0 0 0 rg BT 365.81 429.55 Td (Drilling ) Tj ET Q q 0 0 0 rg BT 399.61 429.55 Td (and ) Tj ET Q q 0 0 0 rg BT 419.54 429.55 Td (completion ) Tj ET Q q 0 0 0 rg BT 471.13 429.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 497.71 429.55 Td (improved ) Tj ET Q q 0 0 0 rg BT 542.08 429.55 Td (in ) Tj ET Q q 0 0 0 rg BT 553.10 429.55 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 417.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 72.55 417.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 106.21 417.55 Td (averaging ) Tj ET Q q 0 0 0 rg BT 152.10 417.55 Td ($1.9 ) Tj ET Q q 0 0 0 rg BT 173.54 417.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 206.63 417.55 Td (a ) Tj ET Q q 0 0 0 rg BT 214.17 417.55 Td (27% ) Tj ET Q q 0 0 0 rg BT 236.16 417.55 Td (improvement ) Tj ET Q q 0 0 0 rg BT 295.93 417.55 Td (relative ) Tj ET Q q 0 0 0 rg BT 330.14 417.55 Td (to ) Tj ET Q q 0 0 0 rg BT 340.46 417.55 Td (the ) Tj ET Q q 0 0 0 rg BT 356.34 417.55 Td (same ) Tj ET Q q 0 0 0 rg BT 382.76 417.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 404.74 417.55 Td (year ) Tj ET Q q 0 0 0 rg BT 426.17 417.55 Td (period. ) Tj ET Q q 0 0 0 rg BT 458.72 417.55 Td (W) Tj ET Q q 0 0 0 rg BT 467.98 417.55 Td (e ) Tj ET Q q 0 0 0 rg BT 475.52 417.55 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 520.30 417.55 Td (production ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 405.55 Td (ef) Tj ET Q q 0 0 0 rg BT 53.16 405.55 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 97.07 405.55 Td (of ) Tj ET Q q 0 0 0 rg BT 108.18 405.55 Td (between ) Tj ET Q q 0 0 0 rg BT 148.77 405.55 Td ($8,000 ) Tj ET Q q 0 0 0 rg BT 182.13 405.55 Td (and ) Tj ET Q q 0 0 0 rg BT 201.60 405.55 Td ($10,000 ) Tj ET Q q 0 0 0 rg BT 240.52 405.55 Td (per ) Tj ET Q q 0 0 0 rg BT 257.75 405.55 Td (boepd ) Tj ET Q q 0 0 0 rg BT 288.34 405.55 Td (in ) Tj ET Q q 0 0 0 rg BT 298.90 405.55 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 387.55 Td (Development ) Tj ET Q q 0 0 0 rg BT 105.36 387.55 Td (economics ) Tj ET Q q 0 0 0 rg BT 154.59 387.55 Td (have ) Tj ET Q q 0 0 0 rg BT 177.71 387.55 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 237.52 387.55 Td (in ) Tj ET Q q 0 0 0 rg BT 246.74 387.55 Td (the ) Tj ET Q q 0 0 0 rg BT 262.08 387.55 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 311.32 387.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 350.55 387.55 Td (from ) Tj ET Q q 0 0 0 rg BT 371.99 387.55 Td (improved ) Tj ET Q q 0 0 0 rg BT 414.55 387.55 Td (NGL) Tj ET Q q 0 0 0 rg BT 434.74 387.55 Td ( ) Tj ET Q q 0 0 0 rg BT 436.18 387.55 Td (pricing. ) Tj ET Q q 0 0 0 rg BT 469.85 387.55 Td (In ) Tj ET Q q 0 0 0 rg BT 479.62 387.55 Td (2017, ) Tj ET Q q 0 0 0 rg BT 506.08 387.55 Td (the ) Tj ET Q q 0 0 0 rg BT 521.42 387.55 Td (composite ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 375.55 Td (NGL) Tj ET Q q 0 0 0 rg BT 65.19 375.55 Td ( ) Tj ET Q q 0 0 0 rg BT 67.97 375.55 Td (barrel ) Tj ET Q q 0 0 0 rg BT 96.31 375.55 Td (in ) Tj ET Q q 0 0 0 rg BT 106.88 375.55 Td (the ) Tj ET Q q 0 0 0 rg BT 123.55 375.55 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 174.14 375.55 Td (is ) Tj ET Q q 0 0 0 rg BT 184.14 375.55 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 233.61 375.55 Td (to ) Tj ET Q q 0 0 0 rg BT 244.73 375.55 Td (generate ) Tj ET Q q 0 0 0 rg BT 286.99 375.55 Td (revenue ) Tj ET Q q 0 0 0 rg BT 325.90 375.55 Td (of ) Tj ET Q q 0 0 0 rg BT 337.02 375.55 Td ($26.80 ) Tj ET Q q 0 0 0 rg BT 370.39 375.55 Td (per ) Tj ET Q q 0 0 0 rg BT 387.62 375.55 Td (barrel, ) Tj ET Q q 0 0 0 rg BT 418.74 375.55 Td (a ) Tj ET Q q 0 0 0 rg BT 427.08 375.55 Td (45% ) Tj ET Q q 0 0 0 rg BT 449.87 375.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 490.45 375.55 Td (over ) Tj ET Q q 0 0 0 rg BT 512.68 375.55 Td (2016. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 357.55 Td (Late ) Tj ET Q q 0 0 0 rg BT 67.50 357.55 Td (in ) Tj ET Q q 0 0 0 rg BT 78.33 357.55 Td (the ) Tj ET Q q 0 0 0 rg BT 95.27 357.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 123.88 357.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 158.61 357.55 Td (of ) Tj ET Q q 0 0 0 rg BT 169.99 357.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 198.06 357.55 Td (we ) Tj ET Q q 0 0 0 rg BT 213.88 357.55 Td (completed ) Tj ET Q q 0 0 0 rg BT 263.06 357.55 Td (the ) Tj ET Q q 0 0 0 rg BT 280.00 357.55 Td (production ) Tj ET Q q 0 0 0 rg BT 329.75 357.55 Td (redirects ) Tj ET Q q 0 0 0 rg BT 371.13 357.55 Td (associated ) Tj ET Q q 0 0 0 rg BT 421.98 357.55 Td (with ) Tj ET Q q 0 0 0 rg BT 442.81 357.55 Td (the ) Tj ET Q q 0 0 0 rg BT 459.75 357.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 491.69 357.55 Td (acquired ) Tj ET Q q 0 0 0 rg BT 533.09 357.55 Td (through ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 345.55 Td (the ) Tj ET Q q 0 0 0 rg BT 60.40 345.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 85.80 345.55 Td (exchange. ) Tj ET Q q 0 0 0 rg BT 133.35 345.55 Td (This ) Tj ET Q q 0 0 0 rg BT 153.75 345.55 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 213.62 345.55 Td (has ) Tj ET Q q 0 0 0 rg BT 231.24 345.55 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 276.68 345.55 Td (our ) Tj ET Q q 0 0 0 rg BT 292.63 345.55 Td (ef) Tj ET Q q 0 0 0 rg BT 300.79 345.55 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 343.42 345.55 Td (by ) Tj ET Q q 0 0 0 rg BT 355.48 345.55 Td (doubling ) Tj ET Q q 0 0 0 rg BT 394.79 345.55 Td (liquid ) Tj ET Q q 0 0 0 rg BT 419.64 345.55 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 467.27 345.55 Td (and ) Tj ET Q q 0 0 0 rg BT 485.46 345.55 Td (reducing ) Tj ET Q q 0 0 0 rg BT 525.31 345.55 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 333.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 71.12 333.55 Td (by ) Tj ET Q q 0 0 0 rg BT 84.46 333.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 149.49 333.55 Td (50%. ) Tj ET Q q 0 0 0 rg BT 174.88 333.55 Td (These ) Tj ET Q q 0 0 0 rg BT 205.45 333.55 Td (improvements ) Tj ET Q q 0 0 0 rg BT 271.03 333.55 Td (are ) Tj ET Q q 0 0 0 rg BT 288.26 333.55 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 339.40 333.55 Td (to ) Tj ET Q q 0 0 0 rg BT 350.52 333.55 Td (be ) Tj ET Q q 0 0 0 rg BT 364.42 333.55 Td (captured ) Tj ET Q q 0 0 0 rg BT 406.12 333.55 Td (in ) Tj ET Q q 0 0 0 rg BT 416.68 333.55 Td (the ) Tj ET Q q 0 0 0 rg BT 433.36 333.55 Td (first ) Tj ET Q q 0 0 0 rg BT 452.25 333.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 486.71 333.55 Td (of ) Tj ET Q q 0 0 0 rg BT 497.83 333.55 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 315.55 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 315.55 Td (e ) Tj ET Q q 0 0 0 rg BT 62.82 315.55 Td (will ) Tj ET Q q 0 0 0 rg BT 79.71 315.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 120.52 315.55 Td (to ) Tj ET Q q 0 0 0 rg BT 131.86 315.55 Td (develop ) Tj ET Q q 0 0 0 rg BT 169.89 315.55 Td (our ) Tj ET Q q 0 0 0 rg BT 187.34 315.55 Td (Strachan ) Tj ET Q q 0 0 0 rg BT 230.37 315.55 Td (area ) Tj ET Q q 0 0 0 rg BT 253.38 315.55 Td (in ) Tj ET Q q 0 0 0 rg BT 264.17 315.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 289.41 315.55 Td (by ) Tj ET Q q 0 0 0 rg BT 302.98 315.55 Td (drilling ) Tj ET Q q 0 0 0 rg BT 334.88 315.55 Td (four ) Tj ET Q q 0 0 0 rg BT 355.11 315.55 Td (\(3.95 ) Tj ET Q q 0 0 0 rg BT 380.91 315.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 401.14 315.55 Td (wells ) Tj ET Q q 0 0 0 rg BT 426.37 315.55 Td (out ) Tj ET Q q 0 0 0 rg BT 443.27 315.55 Td (of ) Tj ET Q q 0 0 0 rg BT 454.61 315.55 Td (our ) Tj ET Q q 0 0 0 rg BT 472.06 315.55 Td (total ) Tj ET Q q 0 0 0 rg BT 493.96 315.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 519.21 315.55 Td (Glauconite ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 303.55 Td (program. ) Tj ET Q q 0 0 0 rg BT 88.49 303.55 Td (Continued ) Tj ET Q q 0 0 0 rg BT 137.56 303.55 Td (success ) Tj ET Q q 0 0 0 rg BT 177.16 303.55 Td (will ) Tj ET Q q 0 0 0 rg BT 194.53 303.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 230.81 303.55 Td (an ) Tj ET Q q 0 0 0 rg BT 245.41 303.55 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 298.36 303.55 Td (to ) Tj ET Q q 0 0 0 rg BT 310.18 303.55 Td (create ) Tj ET Q q 0 0 0 rg BT 341.45 303.55 Td (a ) Tj ET Q q 0 0 0 rg BT 350.49 303.55 Td (long-term ) Tj ET Q q 0 0 0 rg BT 396.21 303.55 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 458.04 303.55 Td (solution ) Tj ET Q q 0 0 0 rg BT 495.99 303.55 Td (in ) Tj ET Q q 0 0 0 rg BT 507.25 303.55 Td (2018 ) Tj ET Q q 0 0 0 rg BT 532.97 303.55 Td (that ) Tj ET Q q 0 0 0 rg BT 553.13 303.55 Td (will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 291.55 Td (significantly ) Tj ET Q q 0 0 0 rg BT 99.47 291.55 Td (enhance ) Tj ET Q q 0 0 0 rg BT 140.62 291.55 Td (development ) Tj ET Q q 0 0 0 rg BT 200.65 291.55 Td (economics.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 273.55 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 273.55 Td (e ) Tj ET Q q 0 0 0 rg BT 63.31 273.55 Td (have ) Tj ET Q q 0 0 0 rg BT 88.49 273.55 Td (drilled ) Tj ET Q q 0 0 0 rg BT 118.66 273.55 Td (over ) Tj ET Q q 0 0 0 rg BT 141.61 273.55 Td (320 ) Tj ET Q q 0 0 0 rg BT 161.79 273.55 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 208.64 273.55 Td (wells ) Tj ET Q q 0 0 0 rg BT 234.36 273.55 Td (in ) Tj ET Q q 0 0 0 rg BT 245.64 273.55 Td (the ) Tj ET Q q 0 0 0 rg BT 263.03 273.55 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 314.33 273.55 Td (and ) Tj ET Q q 0 0 0 rg BT 334.51 273.55 Td (have ) Tj ET Q q 0 0 0 rg BT 359.69 273.55 Td (another ) Tj ET Q q 0 0 0 rg BT 397.10 273.55 Td (350 ) Tj ET Q q 0 0 0 rg BT 417.27 273.55 Td (drilling ) Tj ET Q q 0 0 0 rg BT 449.67 273.55 Td (locations ) Tj ET Q q 0 0 0 rg BT 492.63 273.55 Td (in ) Tj ET Q q 0 0 0 rg BT 503.91 273.55 Td (inventory) Tj ET Q q 0 0 0 rg BT 543.74 273.55 Td (. ) Tj ET Q q 0 0 0 rg BT 549.78 273.55 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 261.55 Td (predictable, ) Tj ET Q q 0 0 0 rg BT 99.29 261.55 Td (reliable ) Tj ET Q q 0 0 0 rg BT 134.13 261.55 Td (nature ) Tj ET Q q 0 0 0 rg BT 165.08 261.55 Td (of ) Tj ET Q q 0 0 0 rg BT 176.02 261.55 Td (this ) Tj ET Q q 0 0 0 rg BT 194.17 261.55 Td (development, ) Tj ET Q q 0 0 0 rg BT 256.81 261.55 Td (coupled ) Tj ET Q q 0 0 0 rg BT 294.43 261.55 Td (with ) Tj ET Q q 0 0 0 rg BT 314.81 261.55 Td (its ) Tj ET Q q 0 0 0 rg BT 327.40 261.55 Td (resilient ) Tj ET Q q 0 0 0 rg BT 364.46 261.55 Td (economics ) Tj ET Q q 0 0 0 rg BT 414.85 261.55 Td (continues ) Tj ET Q q 0 0 0 rg BT 460.25 261.55 Td (to ) Tj ET Q q 0 0 0 rg BT 471.19 261.55 Td (provide ) Tj ET Q q 0 0 0 rg BT 506.58 261.55 Td (a ) Tj ET Q q 0 0 0 rg BT 514.74 261.55 Td (dependable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 249.55 Td (source ) Tj ET Q q 0 0 0 rg BT 77.79 249.55 Td (of ) Tj ET Q q 0 0 0 rg BT 88.91 249.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 116.15 249.55 Td (flow ) Tj ET Q q 0 0 0 rg BT 136.71 249.55 Td (in ) Tj ET Q q 0 0 0 rg BT 147.28 249.55 Td (2017. ) Tj ET Q q 0 0 0 rg BT 175.08 249.55 Td (W) Tj ET Q q 0 0 0 rg BT 184.34 249.55 Td (e ) Tj ET Q q 0 0 0 rg BT 192.68 249.55 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 238.26 249.55 Td (drilling ) Tj ET Q q 0 0 0 rg BT 269.94 249.55 Td (16 ) Tj ET Q q 0 0 0 rg BT 283.84 249.55 Td (\(15.7 ) Tj ET Q q 0 0 0 rg BT 309.41 249.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 329.42 249.55 Td (wells ) Tj ET Q q 0 0 0 rg BT 354.43 249.55 Td (in ) Tj ET Q q 0 0 0 rg BT 364.99 249.55 Td (2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 231.55 Td (Spirit ) Tj ET Q q 0 0 0 rg BT 73.33 231.55 Td (River ) Tj ET Q q 0 0 0 rg BT 101.13 231.55 Td (Falher ) Tj ET Q q 0 0 0 rg BT 133.92 231.55 Td (Natural ) Tj ET Q q 0 0 0 rg BT 171.15 231.55 Td (Gas) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 213.55 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 213.55 Td (e ) Tj ET Q q 0 0 0 rg BT 63.05 213.55 Td (drilled ) Tj ET Q q 0 0 0 rg BT 92.97 213.55 Td (six ) Tj ET Q q 0 0 0 rg BT 108.42 213.55 Td (\(6.0 ) Tj ET Q q 0 0 0 rg BT 128.89 213.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 149.36 213.55 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 195.95 213.55 Td (wells ) Tj ET Q q 0 0 0 rg BT 221.41 213.55 Td (in ) Tj ET Q q 0 0 0 rg BT 232.43 213.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 257.91 213.55 Td (at ) Tj ET Q q 0 0 0 rg BT 269.48 213.55 Td (Morningside ) Tj ET Q q 0 0 0 rg BT 327.19 213.55 Td (including ) Tj ET Q q 0 0 0 rg BT 369.90 213.55 Td (one ) Tj ET Q q 0 0 0 rg BT 389.82 213.55 Td (\(1.0 ) Tj ET Q q 0 0 0 rg BT 410.28 213.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 430.75 213.55 Td (in ) Tj ET Q q 0 0 0 rg BT 441.76 213.55 Td (the ) Tj ET Q q 0 0 0 rg BT 458.90 213.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 487.71 213.55 Td (quarter) Tj ET Q q 0 0 0 rg BT 518.84 213.55 Td (. ) Tj ET Q q 0 0 0 rg BT 524.85 213.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 544.76 213.55 Td (2016 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 201.55 Td (program ) Tj ET Q q 0 0 0 rg BT 84.86 201.55 Td (successfully ) Tj ET Q q 0 0 0 rg BT 141.39 201.55 Td (extended ) Tj ET Q q 0 0 0 rg BT 185.16 201.55 Td (the ) Tj ET Q q 0 0 0 rg BT 201.69 201.55 Td (boundaries ) Tj ET Q q 0 0 0 rg BT 253.79 201.55 Td (of ) Tj ET Q q 0 0 0 rg BT 264.75 201.55 Td (the ) Tj ET Q q 0 0 0 rg BT 281.28 201.55 Td (play ) Tj ET Q q 0 0 0 rg BT 302.25 201.55 Td (and ) Tj ET Q q 0 0 0 rg BT 321.56 201.55 Td (we ) Tj ET Q q 0 0 0 rg BT 336.96 201.55 Td (intend ) Tj ET Q q 0 0 0 rg BT 366.83 201.55 Td (on ) Tj ET Q q 0 0 0 rg BT 380.58 201.55 Td (delineating ) Tj ET Q q 0 0 0 rg BT 431.58 201.55 Td (three ) Tj ET Q q 0 0 0 rg BT 456.99 201.55 Td (new ) Tj ET Q q 0 0 0 rg BT 477.96 201.55 Td (channels ) Tj ET Q q 0 0 0 rg BT 520.61 201.55 Td (in ) Tj ET Q q 0 0 0 rg BT 531.02 201.55 Td (2017. ) Tj ET Q q 0 0 0 rg BT 558.67 201.55 Td (In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 189.55 Td (the ) Tj ET Q q 0 0 0 rg BT 60.62 189.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 87.92 189.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 121.33 189.55 Td (of ) Tj ET Q q 0 0 0 rg BT 131.39 189.55 Td (2016, ) Tj ET Q q 0 0 0 rg BT 158.13 189.55 Td (we ) Tj ET Q q 0 0 0 rg BT 172.64 189.55 Td (closed ) Tj ET Q q 0 0 0 rg BT 203.27 189.55 Td (a ) Tj ET Q q 0 0 0 rg BT 210.55 189.55 Td (small ) Tj ET Q q 0 0 0 rg BT 235.61 189.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 284.58 189.55 Td (adding ) Tj ET Q q 0 0 0 rg BT 316.34 189.55 Td (50 ) Tj ET Q q 0 0 0 rg BT 329.18 189.55 Td (boe ) Tj ET Q q 0 0 0 rg BT 347.59 189.55 Td (per ) Tj ET Q q 0 0 0 rg BT 363.77 189.55 Td (day ) Tj ET Q q 0 0 0 rg BT 381.61 189.55 Td (of ) Tj ET Q q 0 0 0 rg BT 391.67 189.55 Td (production ) Tj ET Q q 0 0 0 rg BT 440.10 189.55 Td (and ) Tj ET Q q 0 0 0 rg BT 458.50 189.55 Td (four ) Tj ET Q q 0 0 0 rg BT 477.46 189.55 Td (sections ) Tj ET Q q 0 0 0 rg BT 515.86 189.55 Td (prospective ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 177.55 Td (for ) Tj ET Q q 0 0 0 rg BT 59.45 177.55 Td (Falher ) Tj ET Q q 0 0 0 rg BT 90.57 177.55 Td (development.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 159.55 Td (Capital ) Tj ET Q q 0 0 0 rg BT 78.78 159.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 99.78 159.55 Td (reductions ) Tj ET Q q 0 0 0 rg BT 148.57 159.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 189.03 159.55 Td (to ) Tj ET Q q 0 0 0 rg BT 200.03 159.55 Td (improve ) Tj ET Q q 0 0 0 rg BT 238.25 159.55 Td (our ) Tj ET Q q 0 0 0 rg BT 255.36 159.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 286.92 159.55 Td (ef) Tj ET Q q 0 0 0 rg BT 295.08 159.55 Td (ficiencies, ) Tj ET Q q 0 0 0 rg BT 341.64 159.55 Td (with ) Tj ET Q q 0 0 0 rg BT 362.08 159.55 Td (our ) Tj ET Q q 0 0 0 rg BT 379.18 159.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 407.41 159.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 441.75 159.55 Td (drilling ) Tj ET Q q 0 0 0 rg BT 473.30 159.55 Td (and ) Tj ET Q q 0 0 0 rg BT 492.64 159.55 Td (completion ) Tj ET Q q 0 0 0 rg BT 543.66 159.55 Td (costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 147.55 Td (improving ) Tj ET Q q 0 0 0 rg BT 91.13 147.55 Td (20% ) Tj ET Q q 0 0 0 rg BT 113.92 147.55 Td (to ) Tj ET Q q 0 0 0 rg BT 125.04 147.55 Td ($1.6 ) Tj ET Q q 0 0 0 rg BT 147.28 147.55 Td (million ) Tj ET Q q 0 0 0 rg BT 178.40 147.55 Td (as ) Tj ET Q q 0 0 0 rg BT 191.74 147.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 238.98 147.55 Td (to ) Tj ET Q q 0 0 0 rg BT 250.10 147.55 Td (the ) Tj ET Q q 0 0 0 rg BT 266.78 147.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 289.57 147.55 Td (year ) Tj ET Q q 0 0 0 rg BT 311.80 147.55 Td (quarter) Tj ET Q q 0 0 0 rg BT 342.93 147.55 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 129.55 Td (The ) Tj ET Q q 0 0 0 rg BT 65.12 129.55 Td (economics ) Tj ET Q q 0 0 0 rg BT 115.80 129.55 Td (of ) Tj ET Q q 0 0 0 rg BT 127.02 129.55 Td (our ) Tj ET Q q 0 0 0 rg BT 144.36 129.55 Td (Morningside ) Tj ET Q q 0 0 0 rg BT 201.72 129.55 Td (Falher ) Tj ET Q q 0 0 0 rg BT 232.95 129.55 Td (play ) Tj ET Q q 0 0 0 rg BT 254.17 129.55 Td (are ) Tj ET Q q 0 0 0 rg BT 271.51 129.55 Td (impressive, ) Tj ET Q q 0 0 0 rg BT 324.96 129.55 Td (with ) Tj ET Q q 0 0 0 rg BT 345.63 129.55 Td (a ) Tj ET Q q 0 0 0 rg BT 354.08 129.55 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 403.65 129.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 428.78 129.55 Td (internal ) Tj ET Q q 0 0 0 rg BT 464.47 129.55 Td (rate ) Tj ET Q q 0 0 0 rg BT 484.58 129.55 Td (of ) Tj ET Q q 0 0 0 rg BT 495.81 129.55 Td (return ) Tj ET Q q 0 0 0 rg BT 524.81 129.55 Td (\("IRR"\) ) Tj ET Q q 0 0 0 rg BT 558.68 129.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 117.55 Td (73% ) Tj ET Q q 0 0 0 rg BT 67.48 117.55 Td (and ) Tj ET Q q 0 0 0 rg BT 86.62 117.55 Td (a ) Tj ET Q q 0 0 0 rg BT 94.64 117.55 Td (payout ) Tj ET Q q 0 0 0 rg BT 127.13 117.55 Td (of ) Tj ET Q q 0 0 0 rg BT 137.93 117.55 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 154.29 117.55 Td (years, ) Tj ET Q q 0 0 0 rg BT 183.98 117.55 Td (it ) Tj ET Q q 0 0 0 rg BT 191.45 117.55 Td (remains ) Tj ET Q q 0 0 0 rg BT 229.47 117.55 Td (competitive ) Tj ET Q q 0 0 0 rg BT 282.51 117.55 Td (with ) Tj ET Q q 0 0 0 rg BT 302.75 117.55 Td (the ) Tj ET Q q 0 0 0 rg BT 319.12 117.55 Td (top ) Tj ET Q q 0 0 0 rg BT 335.48 117.55 Td (plays ) Tj ET Q q 0 0 0 rg BT 361.28 117.55 Td (in ) Tj ET Q q 0 0 0 rg BT 371.53 117.55 Td (western ) Tj ET Q q 0 0 0 rg BT 409.00 117.55 Td (Canada. ) Tj ET Q q 0 0 0 rg BT 448.78 117.55 Td (As ) Tj ET Q q 0 0 0 rg BT 462.91 117.55 Td (such, ) Tj ET Q q 0 0 0 rg BT 489.28 117.55 Td (we ) Tj ET Q q 0 0 0 rg BT 504.52 117.55 Td (are ) Tj ET Q q 0 0 0 rg BT 521.44 117.55 Td (increasing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 105.55 Td (our ) Tj ET Q q 0 0 0 rg BT 62.40 105.55 Td (drilling ) Tj ET Q q 0 0 0 rg BT 94.25 105.55 Td (activity ) Tj ET Q q 0 0 0 rg BT 127.76 105.55 Td (by ) Tj ET Q q 0 0 0 rg BT 141.27 105.55 Td (150% ) Tj ET Q q 0 0 0 rg BT 169.79 105.55 Td (in ) Tj ET Q q 0 0 0 rg BT 180.52 105.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 205.72 105.55 Td (to ) Tj ET Q q 0 0 0 rg BT 217.00 105.55 Td (15 ) Tj ET Q q 0 0 0 rg BT 231.08 105.55 Td (\(14.5 ) Tj ET Q q 0 0 0 rg BT 256.82 105.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 277.00 105.55 Td (wells ) Tj ET Q q 0 0 0 rg BT 302.17 105.55 Td (and ) Tj ET Q q 0 0 0 rg BT 321.80 105.55 Td (expect ) Tj ET Q q 0 0 0 rg BT 354.21 105.55 Td (this ) Tj ET Q q 0 0 0 rg BT 372.72 105.55 Td (development ) Tj ET Q q 0 0 0 rg BT 432.93 105.55 Td (to ) Tj ET Q q 0 0 0 rg BT 444.22 105.55 Td (deliver ) Tj ET Q q 0 0 0 rg BT 476.62 105.55 Td (production ) Tj ET Q q 0 0 0 rg BT 526.27 105.55 Td (growth ) Tj ET Q q 0 0 0 rg BT 559.23 105.55 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 93.55 Td (excess ) Tj ET Q q 0 0 0 rg BT 78.90 93.55 Td (of ) Tj ET Q q 0 0 0 rg BT 90.02 93.55 Td (100% ) Tj ET Q q 0 0 0 rg BT 118.37 93.55 Td (to ) Tj ET Q q 0 0 0 rg BT 129.49 93.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 194.52 93.55 Td (7,000 ) Tj ET Q q 0 0 0 rg BT 222.32 93.55 Td (boe ) Tj ET Q q 0 0 0 rg BT 241.79 93.55 Td (per ) Tj ET Q q 0 0 0 rg BT 259.02 93.55 Td (day ) Tj ET Q q 0 0 0 rg BT 277.92 93.55 Td (from ) Tj ET Q q 0 0 0 rg BT 300.70 93.55 Td (the ) Tj ET Q q 0 0 0 rg BT 317.38 93.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 345.73 93.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 380.19 93.55 Td (of ) Tj ET Q q 0 0 0 rg BT 391.31 93.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 416.33 93.55 Td (to ) Tj ET Q q 0 0 0 rg BT 427.45 93.55 Td (the ) Tj ET Q q 0 0 0 rg BT 444.13 93.55 Td (same ) Tj ET Q q 0 0 0 rg BT 471.36 93.55 Td (period ) Tj ET Q q 0 0 0 rg BT 501.94 93.55 Td (in ) Tj ET Q q 0 0 0 rg BT 512.50 93.55 Td (2017.) 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 /F2 12.00 Tf ET q 0 0 0 rg BT 45.00 729.30 Td (STRENGTHS ) Tj ET Q q 0 0 0 rg BT 122.34 729.30 Td (OF ) Tj ET Q q 0 0 0 rg BT 142.34 729.30 Td (BONA) Tj ET Q q 0 0 0 rg BT 176.78 729.30 Td (VIST) Tj ET Q q 0 0 0 rg BT 202.56 729.30 Td (A) Tj ET Q q 0 0 0 rg BT 210.78 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 214.11 729.30 Td (ENERGY) Tj ET Q q 0 0 0 rg BT 264.57 729.30 Td ( ) Tj ET Q q 0 0 0 rg BT 267.91 729.30 Td (CORPORA) Tj ET Q q 0 0 0 rg BT 328.35 729.30 Td (TION) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 711.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 70.62 711.30 Td (marks ) Tj ET Q q 0 0 0 rg BT 101.22 711.30 Td (our ) Tj ET Q q 0 0 0 rg BT 119.05 711.30 Td (20th ) Tj ET Q q 0 0 0 rg BT 141.90 711.30 Td (year ) Tj ET Q q 0 0 0 rg BT 164.73 711.30 Td (of ) Tj ET Q q 0 0 0 rg BT 176.44 711.30 Td (operations. ) Tj ET Q q 0 0 0 rg BT 229.08 711.30 Td (Throughout ) Tj ET Q q 0 0 0 rg BT 283.61 711.30 Td (this ) Tj ET Q q 0 0 0 rg BT 302.54 711.30 Td (period, ) Tj ET Q q 0 0 0 rg BT 336.50 711.30 Td (from ) Tj ET Q q 0 0 0 rg BT 359.88 711.30 Td (an ) Tj ET Q q 0 0 0 rg BT 374.38 711.30 Td (initial ) Tj ET Q q 0 0 0 rg BT 400.54 711.30 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 459.50 711.30 Td (in ) Tj ET Q q 0 0 0 rg BT 470.66 711.30 Td (1997 ) Tj ET Q q 0 0 0 rg BT 496.28 711.30 Td (to ) Tj ET Q q 0 0 0 rg BT 508.00 711.30 Td (create ) Tj ET Q q 0 0 0 rg BT 539.17 711.30 Td (a ) Tj ET Q q 0 0 0 rg BT 548.11 711.30 Td (high ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 699.30 Td (growth ) Tj ET Q q 0 0 0 rg BT 77.02 699.30 Td (junior ) Tj ET Q q 0 0 0 rg BT 103.48 699.30 Td (exploration ) Tj ET Q q 0 0 0 rg BT 154.41 699.30 Td (company) Tj ET Q q 0 0 0 rg BT 194.24 699.30 Td (, ) Tj ET Q q 0 0 0 rg BT 199.03 699.30 Td (through ) Tj ET Q q 0 0 0 rg BT 234.95 699.30 Td (the ) Tj ET Q q 0 0 0 rg BT 250.85 699.30 Td (energy ) Tj ET Q q 0 0 0 rg BT 283.43 699.30 Td (trust ) Tj ET Q q 0 0 0 rg BT 304.89 699.30 Td (phase ) Tj ET Q q 0 0 0 rg BT 334.14 699.30 Td (between ) Tj ET Q q 0 0 0 rg BT 373.95 699.30 Td (July ) Tj ET Q q 0 0 0 rg BT 393.74 699.30 Td (2003 ) Tj ET Q q 0 0 0 rg BT 417.99 699.30 Td (and ) Tj ET Q q 0 0 0 rg BT 436.68 699.30 Td (December ) Tj ET Q q 0 0 0 rg BT 484.81 699.30 Td (2010, ) Tj ET Q q 0 0 0 rg BT 511.84 699.30 Td (to ) Tj ET Q q 0 0 0 rg BT 522.19 699.30 Td (a ) Tj ET Q q 0 0 0 rg BT 529.75 699.30 Td (dividend ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 687.30 Td (paying ) Tj ET Q q 0 0 0 rg BT 79.64 687.30 Td (corporation, ) Tj ET Q q 0 0 0 rg BT 137.62 687.30 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 186.71 687.30 Td (has ) Tj ET Q q 0 0 0 rg BT 208.01 687.30 Td (remained ) Tj ET Q q 0 0 0 rg BT 254.88 687.30 Td (committed ) Tj ET Q q 0 0 0 rg BT 306.17 687.30 Td (to ) Tj ET Q q 0 0 0 rg BT 319.69 687.30 Td (the ) Tj ET Q q 0 0 0 rg BT 338.76 687.30 Td (same ) Tj ET Q q 0 0 0 rg BT 368.39 687.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 415.26 687.30 Td (philosophies ) Tj ET Q q 0 0 0 rg BT 476.03 687.30 Td (despite ) Tj ET Q q 0 0 0 rg BT 513.45 687.30 Td (the ) Tj ET Q q 0 0 0 rg BT 532.53 687.30 Td (endless ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 675.30 Td (commodity ) Tj ET Q q 0 0 0 rg BT 95.81 675.30 Td (price ) Tj ET Q q 0 0 0 rg BT 119.95 675.30 Td (volatility ) Tj ET Q q 0 0 0 rg BT 157.98 675.30 Td (and ) Tj ET Q q 0 0 0 rg BT 177.14 675.30 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 228.52 675.30 Td (inherent ) Tj ET Q q 0 0 0 rg BT 267.12 675.30 Td (in ) Tj ET Q q 0 0 0 rg BT 277.37 675.30 Td (the ) Tj ET Q q 0 0 0 rg BT 293.74 675.30 Td (energy ) Tj ET Q q 0 0 0 rg BT 326.78 675.30 Td (sector) Tj ET Q q 0 0 0 rg BT 353.46 675.30 Td (. ) Tj ET Q q 0 0 0 rg BT 358.71 675.30 Td (W) Tj ET Q q 0 0 0 rg BT 367.96 675.30 Td (e ) Tj ET Q q 0 0 0 rg BT 375.99 675.30 Td (have ) Tj ET Q q 0 0 0 rg BT 400.14 675.30 Td (consistently ) Tj ET Q q 0 0 0 rg BT 454.85 675.30 Td (maintained ) Tj ET Q q 0 0 0 rg BT 506.24 675.30 Td (a ) Tj ET Q q 0 0 0 rg BT 514.27 675.30 Td (high ) Tj ET Q q 0 0 0 rg BT 535.64 675.30 Td (level ) Tj ET Q q 0 0 0 rg BT 558.68 675.30 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 663.30 Td (profitable ) Tj ET Q q 0 0 0 rg BT 91.36 663.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.94 663.30 Td (activity ) Tj ET Q q 0 0 0 rg BT 180.72 663.30 Td (on ) Tj ET Q q 0 0 0 rg BT 197.07 663.30 Td (our ) Tj ET Q q 0 0 0 rg BT 216.74 663.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 245.87 663.30 Td (base. ) Tj ET Q q 0 0 0 rg BT 275.21 663.30 Td (This ) Tj ET Q q 0 0 0 rg BT 299.33 663.30 Td (activity ) Tj ET Q q 0 0 0 rg BT 335.11 663.30 Td (stems ) Tj ET Q q 0 0 0 rg BT 367.00 663.30 Td (from ) Tj ET Q q 0 0 0 rg BT 392.23 663.30 Td (the ) Tj ET Q q 0 0 0 rg BT 411.35 663.30 Td (expertise ) Tj ET Q q 0 0 0 rg BT 457.15 663.30 Td (of ) Tj ET Q q 0 0 0 rg BT 470.71 663.30 Td (our ) Tj ET Q q 0 0 0 rg BT 490.39 663.30 Td (people ) Tj ET Q q 0 0 0 rg BT 525.64 663.30 Td (and ) Tj ET Q q 0 0 0 rg BT 547.55 663.30 Td (their ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 651.30 Td (entrepreneurial ) Tj ET Q q 0 0 0 rg BT 114.75 651.30 Td (approach ) Tj ET Q q 0 0 0 rg BT 158.93 651.30 Td (to ) Tj ET Q q 0 0 0 rg BT 169.75 651.30 Td (design ) Tj ET Q q 0 0 0 rg BT 201.70 651.30 Td (profitable ) Tj ET Q q 0 0 0 rg BT 245.32 651.30 Td (development ) Tj ET Q q 0 0 0 rg BT 305.07 651.30 Td (projects ) Tj ET Q q 0 0 0 rg BT 342.56 651.30 Td (with ) Tj ET Q q 0 0 0 rg BT 362.83 651.30 Td (resilience ) Tj ET Q q 0 0 0 rg BT 407.55 651.30 Td (to ) Tj ET Q q 0 0 0 rg BT 418.37 651.30 Td (an ) Tj ET Q q 0 0 0 rg BT 431.98 651.30 Td (unpredictable ) Tj ET Q q 0 0 0 rg BT 494.51 651.30 Td (commodity ) Tj ET Q q 0 0 0 rg BT 545.33 651.30 Td (price ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 639.30 Td (environment. ) Tj ET Q q 0 0 0 rg BT 105.77 639.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 125.41 639.30 Td (experienced ) Tj ET Q q 0 0 0 rg BT 182.86 639.30 Td (technical ) Tj ET Q q 0 0 0 rg BT 225.29 639.30 Td (teams ) Tj ET Q q 0 0 0 rg BT 255.49 639.30 Td (have ) Tj ET Q q 0 0 0 rg BT 280.14 639.30 Td (a ) Tj ET Q q 0 0 0 rg BT 288.67 639.30 Td (thorough ) Tj ET Q q 0 0 0 rg BT 331.12 639.30 Td (understanding ) Tj ET Q q 0 0 0 rg BT 397.47 639.30 Td (of ) Tj ET Q q 0 0 0 rg BT 408.77 639.30 Td (our ) Tj ET Q q 0 0 0 rg BT 426.19 639.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 458.06 639.30 Td (and ) Tj ET Q q 0 0 0 rg BT 477.71 639.30 Td (the ) Tj ET Q q 0 0 0 rg BT 494.58 639.30 Td (reservoirs ) Tj ET Q q 0 0 0 rg BT 541.45 639.30 Td (within ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 627.30 Td (the ) Tj ET Q q 0 0 0 rg BT 61.40 627.30 Td (W) Tj ET Q q 0 0 0 rg BT 70.66 627.30 Td (estern ) Tj ET Q q 0 0 0 rg BT 100.95 627.30 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 146.26 627.30 Td (Sedimentary ) Tj ET Q q 0 0 0 rg BT 204.90 627.30 Td (Basin ) Tj ET Q q 0 0 0 rg BT 232.42 627.30 Td (as ) Tj ET Q q 0 0 0 rg BT 245.48 627.30 Td (they ) Tj ET Q q 0 0 0 rg BT 266.88 627.30 Td (exercise ) Tj ET Q q 0 0 0 rg BT 306.62 627.30 Td (the ) Tj ET Q q 0 0 0 rg BT 323.02 627.30 Td (discipline ) Tj ET Q q 0 0 0 rg BT 366.65 627.30 Td (and ) Tj ET Q q 0 0 0 rg BT 385.83 627.30 Td (commitment ) Tj ET Q q 0 0 0 rg BT 442.79 627.30 Td (required ) Tj ET Q q 0 0 0 rg BT 481.98 627.30 Td (to ) Tj ET Q q 0 0 0 rg BT 492.82 627.30 Td (deliver ) Tj ET Q q 0 0 0 rg BT 524.78 627.30 Td (long-term ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 615.30 Td (value ) Tj ET Q q 0 0 0 rg BT 73.57 615.30 Td (to ) Tj ET Q q 0 0 0 rg BT 86.57 615.30 Td (our ) Tj ET Q q 0 0 0 rg BT 105.68 615.30 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 170.63 615.30 Td (The ) Tj ET Q q 0 0 0 rg BT 192.52 615.30 Td (core ) Tj ET Q q 0 0 0 rg BT 216.63 615.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 262.99 615.30 Td (and ) Tj ET Q q 0 0 0 rg BT 284.33 615.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 325.68 615.30 Td (principles ) Tj ET Q q 0 0 0 rg BT 372.58 615.30 Td (that ) Tj ET Q q 0 0 0 rg BT 393.92 615.30 Td (guide ) Tj ET Q q 0 0 0 rg BT 423.05 615.30 Td (our ) Tj ET Q q 0 0 0 rg BT 442.16 615.30 Td (people ) Tj ET Q q 0 0 0 rg BT 476.85 615.30 Td (have ) Tj ET Q q 0 0 0 rg BT 503.20 615.30 Td (been ) Tj ET Q q 0 0 0 rg BT 530.10 615.30 Td (with ) Tj ET Q q 0 0 0 rg BT 552.54 615.30 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 603.30 Td (organization ) Tj ET Q q 0 0 0 rg BT 102.26 603.30 Td (from ) Tj ET Q q 0 0 0 rg BT 125.04 603.30 Td (the ) Tj ET Q q 0 0 0 rg BT 141.72 603.30 Td (beginning ) Tj ET Q q 0 0 0 rg BT 187.87 603.30 Td (and ) Tj ET Q q 0 0 0 rg BT 207.33 603.30 Td (remain ) Tj ET Q q 0 0 0 rg BT 240.68 603.30 Td (solidly ) Tj ET Q q 0 0 0 rg BT 271.25 603.30 Td (intact ) Tj ET Q q 0 0 0 rg BT 297.92 603.30 Td (today) Tj ET Q q 0 0 0 rg BT 321.65 603.30 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 585.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 64.52 585.30 Td (production ) Tj ET Q q 0 0 0 rg BT 114.07 585.30 Td (and ) Tj ET Q q 0 0 0 rg BT 133.61 585.30 Td (development ) Tj ET Q q 0 0 0 rg BT 193.72 585.30 Td (activity ) Tj ET Q q 0 0 0 rg BT 227.13 585.30 Td (is ) Tj ET Q q 0 0 0 rg BT 237.21 585.30 Td (largely ) Tj ET Q q 0 0 0 rg BT 269.52 585.30 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 330.19 585.30 Td (in ) Tj ET Q q 0 0 0 rg BT 340.82 585.30 Td (two ) Tj ET Q q 0 0 0 rg BT 359.23 585.30 Td (core ) Tj ET Q q 0 0 0 rg BT 381.54 585.30 Td (areas ) Tj ET Q q 0 0 0 rg BT 409.40 585.30 Td (in ) Tj ET Q q 0 0 0 rg BT 419.47 585.30 Td (Alberta, ) Tj ET Q q 0 0 0 rg BT 456.79 585.30 Td (which ) Tj ET Q q 0 0 0 rg BT 485.21 585.30 Td (together ) Tj ET Q q 0 0 0 rg BT 524.75 585.30 Td (represent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 573.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 110.09 573.30 Td (95% ) Tj ET Q q 0 0 0 rg BT 132.94 573.30 Td (of ) Tj ET Q q 0 0 0 rg BT 144.12 573.30 Td (current ) Tj ET Q q 0 0 0 rg BT 178.08 573.30 Td (production. ) Tj ET Q q 0 0 0 rg BT 230.40 573.30 Td (W) Tj ET Q q 0 0 0 rg BT 239.65 573.30 Td (e ) Tj ET Q q 0 0 0 rg BT 248.05 573.30 Td (create ) Tj ET Q q 0 0 0 rg BT 278.68 573.30 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 338.78 573.30 Td (through ) Tj ET Q q 0 0 0 rg BT 375.54 573.30 Td (undeveloped ) Tj ET Q q 0 0 0 rg BT 435.65 573.30 Td (land ) Tj ET Q q 0 0 0 rg BT 457.39 573.30 Td (purchases, ) Tj ET Q q 0 0 0 rg BT 509.15 573.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 535.89 573.30 Td (swaps, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 561.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 71.83 561.30 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 127.01 561.30 Td (and ) Tj ET Q q 0 0 0 rg BT 146.63 561.30 Td (farm-in ) Tj ET Q q 0 0 0 rg BT 180.67 561.30 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 240.86 561.30 Td (in ) Tj ET Q q 0 0 0 rg BT 251.58 561.30 Td (these ) Tj ET Q q 0 0 0 rg BT 278.97 561.30 Td (areas. ) Tj ET Q q 0 0 0 rg BT 309.69 561.30 Td (Specifically ) Tj ET Q q 0 0 0 rg BT 362.64 561.30 Td (over ) Tj ET Q q 0 0 0 rg BT 385.02 561.30 Td (the ) Tj ET Q q 0 0 0 rg BT 401.86 561.30 Td (past ) Tj ET Q q 0 0 0 rg BT 423.69 561.30 Td (five ) Tj ET Q q 0 0 0 rg BT 442.18 561.30 Td (years, ) Tj ET Q q 0 0 0 rg BT 472.34 561.30 Td (advanced ) Tj ET Q q 0 0 0 rg BT 518.64 561.30 Td (technology ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 549.30 Td (coupled ) Tj ET Q q 0 0 0 rg BT 82.69 549.30 Td (with ) Tj ET Q q 0 0 0 rg BT 103.13 549.30 Td (North ) Tj ET Q q 0 0 0 rg BT 129.72 549.30 Td (American ) Tj ET Q q 0 0 0 rg BT 174.61 549.30 Td (natural ) Tj ET Q q 0 0 0 rg BT 207.85 549.30 Td (gas ) Tj ET Q q 0 0 0 rg BT 226.63 549.30 Td (supply/demand ) Tj ET Q q 0 0 0 rg BT 297.12 549.30 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 359.82 549.30 Td (has ) Tj ET Q q 0 0 0 rg BT 378.60 549.30 Td (led ) Tj ET Q q 0 0 0 rg BT 394.60 549.30 Td (to ) Tj ET Q q 0 0 0 rg BT 405.60 549.30 Td (numerous ) Tj ET Q q 0 0 0 rg BT 452.73 549.30 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 512.65 549.30 Td (to ) Tj ET Q q 0 0 0 rg BT 523.65 549.30 Td (reposition ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 537.30 Td (the ) Tj ET Q q 0 0 0 rg BT 61.60 537.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 88.20 537.30 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 126.48 537.30 Td (and ) Tj ET Q q 0 0 0 rg BT 145.86 537.30 Td (drastically ) Tj ET Q q 0 0 0 rg BT 193.02 537.30 Td (improve ) Tj ET Q q 0 0 0 rg BT 231.29 537.30 Td (the ) Tj ET Q q 0 0 0 rg BT 247.89 537.30 Td (quality ) Tj ET Q q 0 0 0 rg BT 279.49 537.30 Td (of ) Tj ET Q q 0 0 0 rg BT 290.53 537.30 Td (our ) Tj ET Q q 0 0 0 rg BT 307.69 537.30 Td (development ) Tj ET Q q 0 0 0 rg BT 367.65 537.30 Td (projects. ) Tj ET Q q 0 0 0 rg BT 407.96 537.30 Td (These ) Tj ET Q q 0 0 0 rg BT 438.46 537.30 Td (activities ) Tj ET Q q 0 0 0 rg BT 479.50 537.30 Td (have ) Tj ET Q q 0 0 0 rg BT 503.88 537.30 Td (led ) Tj ET Q q 0 0 0 rg BT 519.93 537.30 Td (to ) Tj ET Q q 0 0 0 rg BT 530.97 537.30 Td (low ) Tj ET Q q 0 0 0 rg BT 548.67 537.30 Td (cost ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 525.30 Td (reserve ) Tj ET Q q 0 0 0 rg BT 81.99 525.30 Td (additions ) Tj ET Q q 0 0 0 rg BT 125.66 525.30 Td (and ) Tj ET Q q 0 0 0 rg BT 145.99 525.30 Td (a ) Tj ET Q q 0 0 0 rg BT 155.20 525.30 Td (reliable ) Tj ET Q q 0 0 0 rg BT 191.08 525.30 Td (production ) Tj ET Q q 0 0 0 rg BT 241.42 525.30 Td (base. ) Tj ET Q q 0 0 0 rg BT 269.29 525.30 Td (T) Tj ET Q q 0 0 0 rg BT 274.29 525.30 Td (oday) Tj ET Q q 0 0 0 rg BT 295.24 525.30 Td (, ) Tj ET Q q 0 0 0 rg BT 301.66 525.30 Td (the ) Tj ET Q q 0 0 0 rg BT 319.20 525.30 Td (predictable ) Tj ET Q q 0 0 0 rg BT 371.77 525.30 Td (production ) Tj ET Q q 0 0 0 rg BT 422.11 525.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 481.89 525.30 Td (and ) Tj ET Q q 0 0 0 rg BT 502.22 525.30 Td (optimized ) Tj ET Q q 0 0 0 rg BT 548.67 525.30 Td (cost ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 513.30 Td (structure ) Tj ET Q q 0 0 0 rg BT 89.07 513.30 Td (of ) Tj ET Q q 0 0 0 rg BT 102.57 513.30 Td (our ) Tj ET Q q 0 0 0 rg BT 122.19 513.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 151.26 513.30 Td (base ) Tj ET Q q 0 0 0 rg BT 178.11 513.30 Td (ensures ) Tj ET Q q 0 0 0 rg BT 218.85 513.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 265.71 513.30 Td (margins ) Tj ET Q q 0 0 0 rg BT 306.44 513.30 Td (that ) Tj ET Q q 0 0 0 rg BT 328.29 513.30 Td (compete ) Tj ET Q q 0 0 0 rg BT 371.81 513.30 Td (favorably ) Tj ET Q q 0 0 0 rg BT 417.55 513.30 Td (in ) Tj ET Q q 0 0 0 rg BT 430.50 513.30 Td (most ) Tj ET Q q 0 0 0 rg BT 457.33 513.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 504.20 513.30 Td (environments. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 501.30 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 106.69 501.30 Td (our ) Tj ET Q q 0 0 0 rg BT 125.03 501.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 157.82 501.30 Td (are ) Tj ET Q q 0 0 0 rg BT 176.17 501.30 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 242.87 501.30 Td (operated ) Tj ET Q q 0 0 0 rg BT 286.24 501.30 Td (by ) Tj ET Q q 0 0 0 rg BT 300.70 501.30 Td (us, ) Tj ET Q q 0 0 0 rg BT 317.93 501.30 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 360.18 501.30 Td (a ) Tj ET Q q 0 0 0 rg BT 369.63 501.30 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 424.12 501.30 Td (pace ) Tj ET Q q 0 0 0 rg BT 449.69 501.30 Td (of ) Tj ET Q q 0 0 0 rg BT 461.93 501.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 512.52 501.30 Td (and ) Tj ET Q q 0 0 0 rg BT 533.09 501.30 Td (a ) Tj ET Q q 0 0 0 rg BT 542.55 501.30 Td (direct ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 489.30 Td (influence ) Tj ET Q q 0 0 0 rg BT 87.97 489.30 Td (over ) Tj ET Q q 0 0 0 rg BT 110.37 489.30 Td (our ) Tj ET Q q 0 0 0 rg BT 127.77 489.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 172.42 489.30 Td (and ) Tj ET Q q 0 0 0 rg BT 192.05 489.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 223.90 489.30 Td (cost ) Tj ET Q q 0 0 0 rg BT 245.18 489.30 Td (ef) Tj ET Q q 0 0 0 rg BT 253.34 489.30 Td (ficiencies. ) Tj ET Q q 0 0 0 rg BT 300.19 489.30 Td (In ) Tj ET Q q 0 0 0 rg BT 311.48 489.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 339.45 489.30 Td (our ) Tj ET Q q 0 0 0 rg BT 356.85 489.30 Td (E&D ) Tj ET Q q 0 0 0 rg BT 380.35 489.30 Td (program ) Tj ET Q q 0 0 0 rg BT 420.54 489.30 Td (consumed ) Tj ET Q q 0 0 0 rg BT 469.62 489.30 Td (only ) Tj ET Q q 0 0 0 rg BT 490.91 489.30 Td (58% ) Tj ET Q q 0 0 0 rg BT 513.87 489.30 Td (of ) Tj ET Q q 0 0 0 rg BT 525.15 489.30 Td (our ) Tj ET Q q 0 0 0 rg BT 542.55 489.30 Td (funds ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 477.30 Td (from ) Tj ET Q q 0 0 0 rg BT 68.87 477.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 119.44 477.30 Td (to ) Tj ET Q q 0 0 0 rg BT 131.65 477.30 Td (replace ) Tj ET Q q 0 0 0 rg BT 168.32 477.30 Td (123% ) Tj ET Q q 0 0 0 rg BT 197.77 477.30 Td (of ) Tj ET Q q 0 0 0 rg BT 209.98 477.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 236.09 477.30 Td (production ) Tj ET Q q 0 0 0 rg BT 286.66 477.30 Td (with ) Tj ET Q q 0 0 0 rg BT 308.32 477.30 Td (proved ) Tj ET Q q 0 0 0 rg BT 342.76 477.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 364.98 477.30 Td (probable ) Tj ET Q q 0 0 0 rg BT 407.77 477.30 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 452.76 477.30 Td (W) Tj ET Q q 0 0 0 rg BT 462.02 477.30 Td (e ) Tj ET Q q 0 0 0 rg BT 471.45 477.30 Td (also ) Tj ET Q q 0 0 0 rg BT 493.67 477.30 Td (achieved ) Tj ET Q q 0 0 0 rg BT 537.57 477.30 Td (a ) Tj ET Q q 0 0 0 rg BT 547.00 477.30 Td (15% ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 465.30 Td (improvement ) Tj ET Q q 0 0 0 rg BT 105.58 465.30 Td (in ) Tj ET Q q 0 0 0 rg BT 116.14 465.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 160.62 465.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 186.73 465.30 Td (and ) Tj ET Q q 0 0 0 rg BT 206.20 465.30 Td (a ) Tj ET Q q 0 0 0 rg BT 214.54 465.30 Td (23% ) Tj ET Q q 0 0 0 rg BT 237.33 465.30 Td (improvement ) Tj ET Q q 0 0 0 rg BT 297.91 465.30 Td (in ) Tj ET Q q 0 0 0 rg BT 308.47 465.30 Td (our ) Tj ET Q q 0 0 0 rg BT 325.70 465.30 Td (cost ) Tj ET Q q 0 0 0 rg BT 346.82 465.30 Td (to ) Tj ET Q q 0 0 0 rg BT 357.93 465.30 Td (add ) Tj ET Q q 0 0 0 rg BT 377.40 465.30 Td (production ) Tj ET Q q 0 0 0 rg BT 426.88 465.30 Td (relative ) Tj ET Q q 0 0 0 rg BT 461.89 465.30 Td (to ) Tj ET Q q 0 0 0 rg BT 473.01 465.30 Td (2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 447.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 64.42 447.30 Td (team ) Tj ET Q q 0 0 0 rg BT 89.40 447.30 Td (brings ) Tj ET Q q 0 0 0 rg BT 119.38 447.30 Td (a ) Tj ET Q q 0 0 0 rg BT 127.69 447.30 Td (successful ) Tj ET Q q 0 0 0 rg BT 177.12 447.30 Td (track ) Tj ET Q q 0 0 0 rg BT 201.54 447.30 Td (record ) Tj ET Q q 0 0 0 rg BT 232.63 447.30 Td (of ) Tj ET Q q 0 0 0 rg BT 243.71 447.30 Td (executing ) Tj ET Q q 0 0 0 rg BT 289.27 447.30 Td (reliable ) Tj ET Q q 0 0 0 rg BT 324.26 447.30 Td (development ) Tj ET Q q 0 0 0 rg BT 384.27 447.30 Td (programs ) Tj ET Q q 0 0 0 rg BT 429.25 447.30 Td (with ) Tj ET Q q 0 0 0 rg BT 449.78 447.30 Td (consistency ) Tj ET Q q 0 0 0 rg BT 504.77 447.30 Td (and ) Tj ET Q q 0 0 0 rg BT 524.20 447.30 Td (precision. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 435.30 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 435.30 Td (e ) Tj ET Q q 0 0 0 rg BT 61.88 435.30 Td (continually ) Tj ET Q q 0 0 0 rg BT 111.20 435.30 Td (strive ) Tj ET Q q 0 0 0 rg BT 137.16 435.30 Td (for ) Tj ET Q q 0 0 0 rg BT 150.89 435.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 189.65 435.30 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 229.50 435.30 Td (and ) Tj ET Q q 0 0 0 rg BT 248.25 435.30 Td (remain ) Tj ET Q q 0 0 0 rg BT 280.88 435.30 Td (focused ) Tj ET Q q 0 0 0 rg BT 317.97 435.30 Td (on ) Tj ET Q q 0 0 0 rg BT 331.16 435.30 Td (prudent ) Tj ET Q q 0 0 0 rg BT 367.14 435.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.89 435.30 Td (management. ) Tj ET Q q 0 0 0 rg BT 469.10 435.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 487.84 435.30 Td (Board ) Tj ET Q q 0 0 0 rg BT 516.59 435.30 Td (of ) Tj ET Q q 0 0 0 rg BT 526.99 435.30 Td (Directors ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 423.30 Td (and ) Tj ET Q q 0 0 0 rg BT 63.67 423.30 Td (management ) Tj ET Q q 0 0 0 rg BT 124.03 423.30 Td (team ) Tj ET Q q 0 0 0 rg BT 148.25 423.30 Td (possess ) Tj ET Q q 0 0 0 rg BT 186.92 423.30 Td (extensive ) Tj ET Q q 0 0 0 rg BT 231.16 423.30 Td (experience ) Tj ET Q q 0 0 0 rg BT 282.07 423.30 Td (in ) Tj ET Q q 0 0 0 rg BT 291.84 423.30 Td (the ) Tj ET Q q 0 0 0 rg BT 307.73 423.30 Td (oil ) Tj ET Q q 0 0 0 rg BT 319.73 423.30 Td (and ) Tj ET Q q 0 0 0 rg BT 338.40 423.30 Td (natural ) Tj ET Q q 0 0 0 rg BT 370.96 423.30 Td (gas ) Tj ET Q q 0 0 0 rg BT 389.08 423.30 Td (business. ) Tj ET Q q 0 0 0 rg BT 433.18 423.30 Td (They ) Tj ET Q q 0 0 0 rg BT 457.40 423.30 Td (have ) Tj ET Q q 0 0 0 rg BT 481.07 423.30 Td (successfully ) Tj ET Q q 0 0 0 rg BT 536.97 423.30 Td (guided ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 411.30 Td (our ) Tj ET Q q 0 0 0 rg BT 61.79 411.30 Td (organization ) Tj ET Q q 0 0 0 rg BT 118.62 411.30 Td (through ) Tj ET Q q 0 0 0 rg BT 154.88 411.30 Td (many ) Tj ET Q q 0 0 0 rg BT 181.67 411.30 Td (dif) Tj ET Q q 0 0 0 rg BT 192.05 411.30 Td (ferent ) Tj ET Q q 0 0 0 rg BT 219.96 411.30 Td (economic ) Tj ET Q q 0 0 0 rg BT 265.10 411.30 Td (cycles ) Tj ET Q q 0 0 0 rg BT 295.23 411.30 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 330.92 411.30 Td (a ) Tj ET Q q 0 0 0 rg BT 338.82 411.30 Td (proven ) Tj ET Q q 0 0 0 rg BT 371.74 411.30 Td (strategy ) Tj ET Q q 0 0 0 rg BT 409.65 411.30 Td (underpinned ) Tj ET Q q 0 0 0 rg BT 467.60 411.30 Td (with ) Tj ET Q q 0 0 0 rg BT 487.72 411.30 Td (a ) Tj ET Q q 0 0 0 rg BT 495.63 411.30 Td (set ) Tj ET Q q 0 0 0 rg BT 511.31 411.30 Td (of ) Tj ET Q q 0 0 0 rg BT 521.99 411.30 Td (consistent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 399.30 Td (and ) Tj ET Q q 0 0 0 rg BT 65.45 399.30 Td (reliable ) Tj ET Q q 0 0 0 rg BT 101.46 399.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 146.92 399.30 Td (and ) Tj ET Q q 0 0 0 rg BT 167.37 399.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.82 399.30 Td (principles. ) Tj ET Q q 0 0 0 rg BT 256.61 399.30 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 303.15 399.30 Td (management ) Tj ET Q q 0 0 0 rg BT 365.29 399.30 Td (and ) Tj ET Q q 0 0 0 rg BT 385.74 399.30 Td (employees ) Tj ET Q q 0 0 0 rg BT 437.86 399.30 Td (also ) Tj ET Q q 0 0 0 rg BT 459.97 399.30 Td (own ) Tj ET Q q 0 0 0 rg BT 482.08 399.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 548.10 399.30 Td (nine ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 387.30 Td (percent ) Tj ET Q q 0 0 0 rg BT 81.13 387.30 Td (of ) Tj ET Q q 0 0 0 rg BT 92.25 387.30 Td (the ) Tj ET Q q 0 0 0 rg BT 108.93 387.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 138.39 387.30 Td (of ) Tj ET Q q 0 0 0 rg BT 149.51 387.30 Td (Bonavista, ) Tj ET Q q 0 0 0 rg BT 198.98 387.30 Td (aligning ) Tj ET Q q 0 0 0 rg BT 236.24 387.30 Td (our ) Tj ET Q q 0 0 0 rg BT 253.47 387.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 294.04 387.30 Td (with ) Tj ET Q q 0 0 0 rg BT 314.60 387.30 Td (those ) Tj ET Q q 0 0 0 rg BT 341.84 387.30 Td (of ) Tj ET Q q 0 0 0 rg BT 352.96 387.30 Td (our ) Tj ET Q q 0 0 0 rg BT 370.19 387.30 Td (external ) Tj ET Q q 0 0 0 rg BT 408.54 387.30 Td (shareholders.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 45.00 366.90 Td (OUTLOOK) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 348.90 Td (The ) Tj ET Q q 0 0 0 rg BT 64.00 348.90 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 125.80 348.90 Td (of ) Tj ET Q q 0 0 0 rg BT 135.91 348.90 Td (our ) Tj ET Q q 0 0 0 rg BT 152.13 348.90 Td (industry ) Tj ET Q q 0 0 0 rg BT 188.91 348.90 Td (have ) Tj ET Q q 0 0 0 rg BT 212.36 348.90 Td (improved ) Tj ET Q q 0 0 0 rg BT 255.25 348.90 Td (throughout ) Tj ET Q q 0 0 0 rg BT 304.84 348.90 Td (the ) Tj ET Q q 0 0 0 rg BT 320.50 348.90 Td (second ) Tj ET Q q 0 0 0 rg BT 354.52 348.90 Td (half ) Tj ET Q q 0 0 0 rg BT 372.41 348.90 Td (of ) Tj ET Q q 0 0 0 rg BT 382.51 348.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 406.52 348.90 Td (creating ) Tj ET Q q 0 0 0 rg BT 443.87 348.90 Td (a ) Tj ET Q q 0 0 0 rg BT 451.19 348.90 Td (more ) Tj ET Q q 0 0 0 rg BT 475.74 348.90 Td (favourable ) Tj ET Q q 0 0 0 rg BT 524.21 348.90 Td (economic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 336.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.13 336.90 Td (environment. ) Tj ET Q q 0 0 0 rg BT 156.17 336.90 Td (As ) Tj ET Q q 0 0 0 rg BT 170.62 336.90 Td (a ) Tj ET Q q 0 0 0 rg BT 178.96 336.90 Td (result, ) Tj ET Q q 0 0 0 rg BT 208.96 336.90 Td (the ) Tj ET Q q 0 0 0 rg BT 225.64 336.90 Td (industry ) Tj ET Q q 0 0 0 rg BT 263.44 336.90 Td (including ) Tj ET Q q 0 0 0 rg BT 305.69 336.90 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 352.38 336.90 Td (will ) Tj ET Q q 0 0 0 rg BT 369.05 336.90 Td (deploy ) Tj ET Q q 0 0 0 rg BT 401.29 336.90 Td (incremental ) Tj ET Q q 0 0 0 rg BT 455.76 336.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 487.45 336.90 Td (in ) Tj ET Q q 0 0 0 rg BT 498.01 336.90 Td (2017. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 318.90 Td (Undoubtedly) Tj ET Q q 0 0 0 rg BT 100.41 318.90 Td (, ) Tj ET Q q 0 0 0 rg BT 106.29 318.90 Td (as ) Tj ET Q q 0 0 0 rg BT 119.96 318.90 Td (commodity ) Tj ET Q q 0 0 0 rg BT 171.41 318.90 Td (supply ) Tj ET Q q 0 0 0 rg BT 203.42 318.90 Td (and ) Tj ET Q q 0 0 0 rg BT 223.21 318.90 Td (demand ) Tj ET Q q 0 0 0 rg BT 262.45 318.90 Td (seek ) Tj ET Q q 0 0 0 rg BT 286.67 318.90 Td (equilibrium, ) Tj ET Q q 0 0 0 rg BT 340.91 318.90 Td (pricing ) Tj ET Q q 0 0 0 rg BT 373.47 318.90 Td (will ) Tj ET Q q 0 0 0 rg BT 390.46 318.90 Td (remain ) Tj ET Q q 0 0 0 rg BT 424.13 318.90 Td (volatile ) Tj ET Q q 0 0 0 rg BT 458.37 318.90 Td (in ) Tj ET Q q 0 0 0 rg BT 469.25 318.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 494.60 318.90 Td (and ) Tj ET Q q 0 0 0 rg BT 514.39 318.90 Td (accordingly) Tj ET Q q 0 0 0 rg BT 564.23 318.90 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 306.90 Td (for ) Tj ET Q q 0 0 0 rg BT 59.26 306.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 86.88 306.90 Td (we ) Tj ET Q q 0 0 0 rg BT 102.25 306.90 Td (have ) Tj ET Q q 0 0 0 rg BT 126.53 306.90 Td (hedged ) Tj ET Q q 0 0 0 rg BT 162.49 306.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 227.34 306.90 Td (70% ) Tj ET Q q 0 0 0 rg BT 249.94 306.90 Td (of ) Tj ET Q q 0 0 0 rg BT 260.88 306.90 Td (our ) Tj ET Q q 0 0 0 rg BT 277.92 306.90 Td (natural ) Tj ET Q q 0 0 0 rg BT 311.09 306.90 Td (gas, ) Tj ET Q q 0 0 0 rg BT 332.58 306.90 Td (75% ) Tj ET Q q 0 0 0 rg BT 355.19 306.90 Td (of ) Tj ET Q q 0 0 0 rg BT 366.12 306.90 Td (our ) Tj ET Q q 0 0 0 rg BT 383.17 306.90 Td (crude ) Tj ET Q q 0 0 0 rg BT 410.77 306.90 Td (oil ) Tj ET Q q 0 0 0 rg BT 423.37 306.90 Td (and ) Tj ET Q q 0 0 0 rg BT 442.65 306.90 Td (condensate, ) Tj ET Q q 0 0 0 rg BT 499.73 306.90 Td (and ) Tj ET Q q 0 0 0 rg BT 519.00 306.90 Td (49% ) Tj ET Q q 0 0 0 rg BT 541.61 306.90 Td (of ) Tj ET Q q 0 0 0 rg BT 552.54 306.90 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 294.90 Td (propane ) Tj ET Q q 0 0 0 rg BT 84.28 294.90 Td (in ) Tj ET Q q 0 0 0 rg BT 94.65 294.90 Td (excess ) Tj ET Q q 0 0 0 rg BT 128.36 294.90 Td (of ) Tj ET Q q 0 0 0 rg BT 139.28 294.90 Td (current ) Tj ET Q q 0 0 0 rg BT 172.99 294.90 Td (forward ) Tj ET Q q 0 0 0 rg BT 208.92 294.90 Td (pricing ) Tj ET Q q 0 0 0 rg BT 240.96 294.90 Td (on ) Tj ET Q q 0 0 0 rg BT 254.67 294.90 Td (average. ) Tj ET Q q 0 0 0 rg BT 296.17 294.90 Td (Should ) Tj ET Q q 0 0 0 rg BT 329.89 294.90 Td (we ) Tj ET Q q 0 0 0 rg BT 345.26 294.90 Td (experience ) Tj ET Q q 0 0 0 rg BT 396.77 294.90 Td (another ) Tj ET Q q 0 0 0 rg BT 433.27 294.90 Td (tumultuous ) Tj ET Q q 0 0 0 rg BT 484.77 294.90 Td (year ) Tj ET Q q 0 0 0 rg BT 506.80 294.90 Td (of ) Tj ET Q q 0 0 0 rg BT 517.73 294.90 Td (natural ) Tj ET Q q 0 0 0 rg BT 550.89 294.90 Td (gas ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 282.90 Td (pricing ) Tj ET Q q 0 0 0 rg BT 78.51 282.90 Td (whereby ) Tj ET Q q 0 0 0 rg BT 120.36 282.90 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 181.66 282.90 Td (economics ) Tj ET Q q 0 0 0 rg BT 233.51 282.90 Td (become ) Tj ET Q q 0 0 0 rg BT 273.14 282.90 Td (challenged, ) Tj ET Q q 0 0 0 rg BT 328.34 282.90 Td (our ) Tj ET Q q 0 0 0 rg BT 346.85 282.90 Td (strong ) Tj ET Q q 0 0 0 rg BT 378.69 282.90 Td (hedge ) Tj ET Q q 0 0 0 rg BT 410.55 282.90 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 450.18 282.90 Td (will ) Tj ET Q q 0 0 0 rg BT 468.12 282.90 Td (enable ) Tj ET Q q 0 0 0 rg BT 502.20 282.90 Td (us ) Tj ET Q q 0 0 0 rg BT 516.81 282.90 Td (to ) Tj ET Q q 0 0 0 rg BT 529.21 282.90 Td (maintain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 270.90 Td (production ) Tj ET Q q 0 0 0 rg BT 95.31 270.90 Td (at ) Tj ET Q q 0 0 0 rg BT 107.26 270.90 Td (a ) Tj ET Q q 0 0 0 rg BT 116.43 270.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 160.59 270.90 Td (of ) Tj ET Q q 0 0 0 rg BT 172.54 270.90 Td (70,000 ) Tj ET Q q 0 0 0 rg BT 206.73 270.90 Td (boe ) Tj ET Q q 0 0 0 rg BT 227.03 270.90 Td (per ) Tj ET Q q 0 0 0 rg BT 245.09 270.90 Td (day ) Tj ET Q q 0 0 0 rg BT 264.82 270.90 Td (for ) Tj ET Q q 0 0 0 rg BT 280.10 270.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 305.95 270.90 Td (at ) Tj ET Q q 0 0 0 rg BT 317.90 270.90 Td (natural ) Tj ET Q q 0 0 0 rg BT 352.08 270.90 Td (gas ) Tj ET Q q 0 0 0 rg BT 371.82 270.90 Td (prices ) Tj ET Q q 0 0 0 rg BT 402.10 270.90 Td (as ) Tj ET Q q 0 0 0 rg BT 416.27 270.90 Td (low ) Tj ET Q q 0 0 0 rg BT 434.88 270.90 Td (as ) Tj ET Q q 0 0 0 rg BT 449.05 270.90 Td ($1.50 ) Tj ET Q q 0 0 0 rg BT 477.69 270.90 Td (per ) Tj ET Q q 0 0 0 rg BT 495.75 270.90 Td (gj ) Tj ET Q q 0 0 0 rg BT 507.14 270.90 Td (at ) Tj ET Q q 0 0 0 rg BT 518.37 270.90 Td (AECO ) Tj ET Q q 0 0 0 rg BT 550.32 270.90 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 258.90 Td (generate ) Tj ET Q q 0 0 0 rg BT 87.26 258.90 Td (between ) Tj ET Q q 0 0 0 rg BT 127.84 258.90 Td ($120 ) Tj ET Q q 0 0 0 rg BT 152.87 258.90 Td (and ) Tj ET Q q 0 0 0 rg BT 172.33 258.90 Td ($125 ) Tj ET Q q 0 0 0 rg BT 197.35 258.90 Td (million ) Tj ET Q q 0 0 0 rg BT 228.47 258.90 Td (of ) Tj ET Q q 0 0 0 rg BT 239.59 258.90 Td (excess ) Tj ET Q q 0 0 0 rg BT 273.49 258.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 300.73 258.90 Td (from ) Tj ET Q q 0 0 0 rg BT 323.51 258.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 372.99 258.90 Td (to ) Tj ET Q q 0 0 0 rg BT 384.11 258.90 Td (enhance ) Tj ET Q q 0 0 0 rg BT 425.25 258.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 464.72 258.90 Td (flexibility) Tj ET Q q 0 0 0 rg BT 501.77 258.90 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 240.90 Td (Similarly) Tj ET Q q 0 0 0 rg BT 82.04 240.90 Td (, ) Tj ET Q q 0 0 0 rg BT 88.15 240.90 Td (service ) Tj ET Q q 0 0 0 rg BT 123.15 240.90 Td (cost ) Tj ET Q q 0 0 0 rg BT 144.82 240.90 Td (inflation ) Tj ET Q q 0 0 0 rg BT 182.62 240.90 Td (resulting ) Tj ET Q q 0 0 0 rg BT 223.75 240.90 Td (from ) Tj ET Q q 0 0 0 rg BT 247.08 240.90 Td (recently ) Tj ET Q q 0 0 0 rg BT 285.42 240.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 332.11 240.90 Td (activity ) Tj ET Q q 0 0 0 rg BT 366.01 240.90 Td (levels ) Tj ET Q q 0 0 0 rg BT 394.90 240.90 Td (in ) Tj ET Q q 0 0 0 rg BT 406.02 240.90 Td (western ) Tj ET Q q 0 0 0 rg BT 444.36 240.90 Td (Canada ) Tj ET Q q 0 0 0 rg BT 482.72 240.90 Td (will ) Tj ET Q q 0 0 0 rg BT 499.94 240.90 Td (likely ) Tj ET Q q 0 0 0 rg BT 525.50 240.90 Td (af) Tj ET Q q 0 0 0 rg BT 533.65 240.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 553.10 240.90 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 228.90 Td (availability ) Tj ET Q q 0 0 0 rg BT 93.84 228.90 Td (of ) Tj ET Q q 0 0 0 rg BT 104.88 228.90 Td (the ) Tj ET Q q 0 0 0 rg BT 121.48 228.90 Td (service ) Tj ET Q q 0 0 0 rg BT 155.86 228.90 Td (and ) Tj ET Q q 0 0 0 rg BT 175.25 228.90 Td (could ) Tj ET Q q 0 0 0 rg BT 201.86 228.90 Td (af) Tj ET Q q 0 0 0 rg BT 210.02 228.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 228.84 228.90 Td (our ) Tj ET Q q 0 0 0 rg BT 246.00 228.90 Td (profitability ) Tj ET Q q 0 0 0 rg BT 296.50 228.90 Td (in ) Tj ET Q q 0 0 0 rg BT 306.99 228.90 Td (2017. ) Tj ET Q q 0 0 0 rg BT 334.72 228.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 354.09 228.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 385.70 228.90 Td (and ) Tj ET Q q 0 0 0 rg BT 405.09 228.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 449.49 228.90 Td (ef) Tj ET Q q 0 0 0 rg BT 457.65 228.90 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 501.48 228.90 Td (have ) Tj ET Q q 0 0 0 rg BT 525.87 228.90 Td (improved ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 216.90 Td (significantly ) Tj ET Q q 0 0 0 rg BT 98.64 216.90 Td (throughout ) Tj ET Q q 0 0 0 rg BT 148.41 216.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 172.61 216.90 Td (with ) Tj ET Q q 0 0 0 rg BT 192.35 216.90 Td (numerous ) Tj ET Q q 0 0 0 rg BT 238.77 216.90 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 281.85 216.90 Td (completed ) Tj ET Q q 0 0 0 rg BT 329.94 216.90 Td (near ) Tj ET Q q 0 0 0 rg BT 351.91 216.90 Td (the ) Tj ET Q q 0 0 0 rg BT 367.77 216.90 Td (end ) Tj ET Q q 0 0 0 rg BT 386.41 216.90 Td (of ) Tj ET Q q 0 0 0 rg BT 396.70 216.90 Td (last ) Tj ET Q q 0 0 0 rg BT 414.21 216.90 Td (year) Tj ET Q q 0 0 0 rg BT 433.12 216.90 Td (. ) Tj ET Q q 0 0 0 rg BT 437.72 216.90 Td (This ) Tj ET Q q 0 0 0 rg BT 458.57 216.90 Td (will ) Tj ET Q q 0 0 0 rg BT 474.41 216.90 Td (serve ) Tj ET Q q 0 0 0 rg BT 500.81 216.90 Td (as ) Tj ET Q q 0 0 0 rg BT 513.33 216.90 Td (an ) Tj ET Q q 0 0 0 rg BT 526.41 216.90 Td (opposing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 204.90 Td (force ) Tj ET Q q 0 0 0 rg BT 70.01 204.90 Td (to ) Tj ET Q q 0 0 0 rg BT 81.13 204.90 Td (cost ) Tj ET Q q 0 0 0 rg BT 102.25 204.90 Td (inflation ) Tj ET Q q 0 0 0 rg BT 139.49 204.90 Td (preparing ) Tj ET Q q 0 0 0 rg BT 184.52 204.90 Td (the ) Tj ET Q q 0 0 0 rg BT 201.20 204.90 Td (foundation ) Tj ET Q q 0 0 0 rg BT 250.69 204.90 Td (for ) Tj ET Q q 0 0 0 rg BT 265.14 204.90 Td (continued ) Tj ET Q q 0 0 0 rg BT 311.28 204.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 342.97 204.90 Td (ef) Tj ET Q q 0 0 0 rg BT 351.13 204.90 Td (ficient ) Tj ET Q q 0 0 0 rg BT 380.03 204.90 Td (operations ) Tj ET Q q 0 0 0 rg BT 429.51 204.90 Td (in ) Tj ET Q q 0 0 0 rg BT 440.07 204.90 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 186.90 Td (Lastly) Tj ET Q q 0 0 0 rg BT 70.38 186.90 Td (, ) Tj ET Q q 0 0 0 rg BT 77.18 186.90 Td (concerns ) Tj ET Q q 0 0 0 rg BT 121.77 186.90 Td (with ) Tj ET Q q 0 0 0 rg BT 143.57 186.90 Td (access ) Tj ET Q q 0 0 0 rg BT 178.71 186.90 Td (to ) Tj ET Q q 0 0 0 rg BT 191.07 186.90 Td (the ) Tj ET Q q 0 0 0 rg BT 208.99 186.90 Td (NGTL) Tj ET Q q 0 0 0 rg BT 235.28 186.90 Td ( ) Tj ET Q q 0 0 0 rg BT 239.30 186.90 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 301.67 186.90 Td (has ) Tj ET Q q 0 0 0 rg BT 321.81 186.90 Td (been ) Tj ET Q q 0 0 0 rg BT 348.08 186.90 Td (topical ) Tj ET Q q 0 0 0 rg BT 381.00 186.90 Td (as ) Tj ET Q q 0 0 0 rg BT 395.58 186.90 Td (of ) Tj ET Q q 0 0 0 rg BT 407.94 186.90 Td (late. ) Tj ET Q q 0 0 0 rg BT 430.85 186.90 Td (With ) Tj ET Q q 0 0 0 rg BT 454.87 186.90 Td (firm ) Tj ET Q q 0 0 0 rg BT 475.55 186.90 Td (NGTL) Tj ET Q q 0 0 0 rg BT 501.85 186.90 Td ( ) Tj ET Q q 0 0 0 rg BT 505.86 186.90 Td (transportation ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 174.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 88.73 174.90 Td (representing ) Tj ET Q q 0 0 0 rg BT 147.49 174.90 Td (approximately ) Tj ET Q q 0 0 0 rg BT 212.90 174.90 Td (1) Tj ET Q q 0 0 0 rg BT 217.72 174.90 Td (16% ) Tj ET Q q 0 0 0 rg BT 240.90 174.90 Td (of ) Tj ET Q q 0 0 0 rg BT 252.40 174.90 Td (our ) Tj ET Q q 0 0 0 rg BT 270.02 174.90 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 319.88 174.90 Td (natural ) Tj ET Q q 0 0 0 rg BT 353.62 174.90 Td (gas ) Tj ET Q q 0 0 0 rg BT 372.91 174.90 Td (production ) Tj ET Q q 0 0 0 rg BT 422.77 174.90 Td (in ) Tj ET Q q 0 0 0 rg BT 433.72 174.90 Td (the ) Tj ET Q q 0 0 0 rg BT 450.78 174.90 Td (constrained ) Tj ET Q q 0 0 0 rg BT 505.64 174.90 Td (areas, ) Tj ET Q q 0 0 0 rg BT 536.60 174.90 Td (we ) Tj ET Q q 0 0 0 rg BT 552.55 174.90 Td (are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 162.90 Td (confident ) Tj ET Q q 0 0 0 rg BT 88.36 162.90 Td (we ) Tj ET Q q 0 0 0 rg BT 103.93 162.90 Td (can ) Tj ET Q q 0 0 0 rg BT 122.83 162.90 Td (deliver ) Tj ET Q q 0 0 0 rg BT 155.06 162.90 Td (on ) Tj ET Q q 0 0 0 rg BT 168.96 162.90 Td (our ) Tj ET Q q 0 0 0 rg BT 186.20 162.90 Td (growth ) Tj ET Q q 0 0 0 rg BT 218.99 162.90 Td (aspirations ) Tj ET Q q 0 0 0 rg BT 270.13 162.90 Td (in ) Tj ET Q q 0 0 0 rg BT 280.69 162.90 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 144.90 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 144.90 Td (e ) Tj ET Q q 0 0 0 rg BT 62.98 144.90 Td (will ) Tj ET Q q 0 0 0 rg BT 80.03 144.90 Td (remain ) Tj ET Q q 0 0 0 rg BT 113.76 144.90 Td (aware ) Tj ET Q q 0 0 0 rg BT 144.16 144.90 Td (and ) Tj ET Q q 0 0 0 rg BT 164.00 144.90 Td (agile ) Tj ET Q q 0 0 0 rg BT 188.29 144.90 Td (with ) Tj ET Q q 0 0 0 rg BT 209.24 144.90 Td (our ) Tj ET Q q 0 0 0 rg BT 226.85 144.90 Td (development ) Tj ET Q q 0 0 0 rg BT 287.28 144.90 Td (plans ) Tj ET Q q 0 0 0 rg BT 314.35 144.90 Td (but ) Tj ET Q q 0 0 0 rg BT 331.41 144.90 Td (clearly ) Tj ET Q q 0 0 0 rg BT 363.47 144.90 Td (have ) Tj ET Q q 0 0 0 rg BT 388.31 144.90 Td (taken ) Tj ET Q q 0 0 0 rg BT 415.94 144.90 Td (numerous ) Tj ET Q q 0 0 0 rg BT 463.57 144.90 Td (steps ) Tj ET Q q 0 0 0 rg BT 490.63 144.90 Td (to ) Tj ET Q q 0 0 0 rg BT 502.13 144.90 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 552.55 144.90 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 132.90 Td (position ) Tj ET Q q 0 0 0 rg BT 82.12 132.90 Td (in ) Tj ET Q q 0 0 0 rg BT 92.55 132.90 Td (this ) Tj ET Q q 0 0 0 rg BT 110.77 132.90 Td (environment. ) Tj ET Q q 0 0 0 rg BT 171.22 132.90 Td (With ) Tj ET Q q 0 0 0 rg BT 193.87 132.90 Td (constructive ) Tj ET Q q 0 0 0 rg BT 249.88 132.90 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 309.78 132.90 Td (economics ) Tj ET Q q 0 0 0 rg BT 360.23 132.90 Td (still ) Tj ET Q q 0 0 0 rg BT 377.32 132.90 Td (at ) Tj ET Q q 0 0 0 rg BT 388.31 132.90 Td (play) Tj ET Q q 0 0 0 rg BT 405.91 132.90 Td (, ) Tj ET Q q 0 0 0 rg BT 411.34 132.90 Td (we ) Tj ET Q q 0 0 0 rg BT 426.78 132.90 Td (remain ) Tj ET Q q 0 0 0 rg BT 459.99 132.90 Td (committed ) Tj ET Q q 0 0 0 rg BT 508.77 132.90 Td (to ) Tj ET Q q 0 0 0 rg BT 519.76 132.90 Td (continually ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 120.90 Td (enhancing ) Tj ET Q q 0 0 0 rg BT 94.73 120.90 Td (the ) Tj ET Q q 0 0 0 rg BT 112.21 120.90 Td (performance ) Tj ET Q q 0 0 0 rg BT 171.92 120.90 Td (of ) Tj ET Q q 0 0 0 rg BT 183.84 120.90 Td (our ) Tj ET Q q 0 0 0 rg BT 201.87 120.90 Td (program ) Tj ET Q q 0 0 0 rg BT 242.68 120.90 Td (to ) Tj ET Q q 0 0 0 rg BT 254.60 120.90 Td (support ) Tj ET Q q 0 0 0 rg BT 291.53 120.90 Td (our ) Tj ET Q q 0 0 0 rg BT 309.56 120.90 Td (average ) Tj ET Q q 0 0 0 rg BT 349.28 120.90 Td (daily ) Tj ET Q q 0 0 0 rg BT 373.42 120.90 Td (production ) Tj ET Q q 0 0 0 rg BT 423.70 120.90 Td (forecast ) Tj ET Q q 0 0 0 rg BT 462.85 120.90 Td (of ) Tj ET Q q 0 0 0 rg BT 474.76 120.90 Td (between ) Tj ET Q q 0 0 0 rg BT 516.15 120.90 Td (73,500 ) Tj ET Q q 0 0 0 rg BT 550.31 120.90 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 108.90 Td (75,500 ) Tj ET Q q 0 0 0 rg BT 79.02 108.90 Td (boe ) Tj ET Q q 0 0 0 rg BT 99.15 108.90 Td (per ) Tj ET Q q 0 0 0 rg BT 117.04 108.90 Td (day ) Tj ET Q q 0 0 0 rg BT 136.60 108.90 Td (in ) Tj ET Q q 0 0 0 rg BT 147.82 108.90 Td (2017. ) Tj ET Q q 0 0 0 rg BT 176.06 108.90 Td (This ) Tj ET Q q 0 0 0 rg BT 198.40 108.90 Td (will ) Tj ET Q q 0 0 0 rg BT 215.72 108.90 Td (be ) Tj ET Q q 0 0 0 rg BT 230.28 108.90 Td (achieved ) Tj ET Q q 0 0 0 rg BT 273.75 108.90 Td (through ) Tj ET Q q 0 0 0 rg BT 311.11 108.90 Td (a ) Tj ET Q q 0 0 0 rg BT 320.11 108.90 Td (disciplined ) Tj ET Q q 0 0 0 rg BT 370.24 108.90 Td (and ) Tj ET Q q 0 0 0 rg BT 390.36 108.90 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 444.39 108.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 476.74 108.90 Td (program ) Tj ET Q q 0 0 0 rg BT 517.41 108.90 Td (of ) Tj ET Q q 0 0 0 rg BT 529.19 108.90 Td (between ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 96.90 Td ($280) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.25 96.90 Td ( ) Tj ET Q q 0 0 0 rg BT 70.47 96.90 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 90.38 96.90 Td ($300) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.63 96.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.85 96.90 Td (million ) Tj ET Q q 0 0 0 rg BT 147.42 96.90 Td (drilling ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.54 96.90 Td (55) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.66 96.90 Td ( ) Tj ET Q q 0 0 0 rg BT 193.89 96.90 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 205.45 96.90 Td (65) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 216.58 96.90 Td ( ) Tj ET Q q 0 0 0 rg BT 219.80 96.90 Td (net ) Tj ET Q q 0 0 0 rg BT 236.93 96.90 Td (wells, ) Tj ET Q q 0 0 0 rg BT 265.16 96.90 Td (resulting ) Tj ET Q q 0 0 0 rg BT 306.18 96.90 Td (in ) Tj ET Q q 0 0 0 rg BT 317.19 96.90 Td (seven ) Tj ET Q q 0 0 0 rg BT 347.10 96.90 Td (to ) Tj ET Q q 0 0 0 rg BT 358.66 96.90 Td (10 ) Tj ET Q q 0 0 0 rg BT 373.01 96.90 Td (percent ) Tj ET Q q 0 0 0 rg BT 409.59 96.90 Td (production ) Tj ET Q q 0 0 0 rg BT 459.51 96.90 Td (growth ) Tj ET Q q 0 0 0 rg BT 492.75 96.90 Td (within ) Tj ET Q q 0 0 0 rg BT 521.54 96.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 549.23 96.90 Td (flow ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 84.90 Td (from ) Tj ET Q q 0 0 0 rg BT 67.78 84.90 Td (operations.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 730.75 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 730.75 Td (e ) Tj ET Q q 0 0 0 rg BT 64.35 730.75 Td (thank ) Tj ET Q q 0 0 0 rg BT 93.33 730.75 Td (our ) Tj ET Q q 0 0 0 rg BT 112.31 730.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 165.20 730.75 Td (for ) Tj ET Q q 0 0 0 rg BT 181.39 730.75 Td (their ) Tj ET Q q 0 0 0 rg BT 205.37 730.75 Td (commitment ) Tj ET Q q 0 0 0 rg BT 264.35 730.75 Td (and ) Tj ET Q q 0 0 0 rg BT 285.56 730.75 Td (dedication, ) Tj ET Q q 0 0 0 rg BT 338.46 730.75 Td (our ) Tj ET Q q 0 0 0 rg BT 357.44 730.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 388.65 730.75 Td (of ) Tj ET Q q 0 0 0 rg BT 401.51 730.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 446.04 730.75 Td (for ) Tj ET Q q 0 0 0 rg BT 462.24 730.75 Td (their ) Tj ET Q q 0 0 0 rg BT 486.22 730.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 531.33 730.75 Td (and ) Tj ET Q q 0 0 0 rg BT 552.55 730.75 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 718.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 104.39 718.75 Td (for ) Tj ET Q q 0 0 0 rg BT 117.64 718.75 Td (their ) Tj ET Q q 0 0 0 rg BT 138.67 718.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 182.48 718.75 Td (support. ) Tj ET Q q 0 0 0 rg BT 220.19 718.75 Td (W) Tj ET Q q 0 0 0 rg BT 229.45 718.75 Td (e ) Tj ET Q q 0 0 0 rg BT 236.59 718.75 Td (look ) Tj ET Q q 0 0 0 rg BT 256.51 718.75 Td (forward ) Tj ET Q q 0 0 0 rg BT 291.43 718.75 Td (to ) Tj ET Q q 0 0 0 rg BT 301.35 718.75 Td (delivering ) Tj ET Q q 0 0 0 rg BT 345.73 718.75 Td (profitable ) Tj ET Q q 0 0 0 rg BT 388.45 718.75 Td (per ) Tj ET Q q 0 0 0 rg BT 404.48 718.75 Td (share ) Tj ET Q q 0 0 0 rg BT 431.07 718.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 462.66 718.75 Td (while ) Tj ET Q q 0 0 0 rg BT 487.03 718.75 Td (creating ) Tj ET Q q 0 0 0 rg BT 524.18 718.75 Td (additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 706.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 84.47 706.75 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 125.03 706.75 Td (in ) Tj ET Q q 0 0 0 rg BT 135.60 706.75 Td (2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 688.75 Td (On ) Tj ET Q q 0 0 0 rg BT 61.67 688.75 Td (behalf ) Tj ET Q q 0 0 0 rg BT 93.89 688.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.11 688.75 Td (the ) Tj ET Q q 0 0 0 rg BT 123.89 688.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 155.56 688.75 Td (of ) Tj ET Q q 0 0 0 rg BT 167.77 688.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 214.46 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 217.24 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 220.01 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 222.79 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 225.57 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 228.35 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 231.13 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 233.91 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 236.68 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 239.46 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 242.24 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 245.02 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 247.80 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 250.58 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 253.35 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 256.13 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 258.91 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 261.69 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 264.47 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 267.25 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 270.02 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 272.80 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 275.58 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 278.36 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 281.14 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 283.92 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 286.69 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 289.47 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 292.25 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 295.03 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 297.81 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 300.59 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 303.36 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 306.14 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 308.92 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 311.70 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 314.48 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 317.26 688.75 Td ( ) Tj ET Q q 0 0 0 rg BT 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Q q 0 0 0 rg BT 148.50 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 151.00 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 153.50 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 156.00 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 158.50 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 161.00 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 163.50 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 166.00 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 168.50 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 171.00 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 173.50 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 176.00 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 178.50 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 181.00 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 183.50 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 186.00 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 188.50 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 191.00 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 193.50 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 196.00 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 198.50 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 201.00 604.75 Td ( ) Tj ET Q q 0 0 0 rg BT 203.50 604.75 Td ( ) Tj ET Q q 0 0 0 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ET Q q 0 0 0 rg BT 510.96 572.55 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.95 572.55 Td (6.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.46 572.55 Td ( ) Tj ET Q q 0 0 0 rg BT 528.73 572.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 546.50 572.55 Td (Spirit ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 561.75 Td (River ) Tj ET Q q 0 0 0 rg BT 68.54 561.75 Td (wells. ) Tj ET Q q 0 0 0 rg BT 93.42 561.75 Td (The ) Tj ET Q q 0 0 0 rg BT 111.47 561.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 134.02 561.75 Td (drilled ) Tj ET Q q 0 0 0 rg BT 160.57 561.75 Td (in ) Tj ET Q q 0 0 0 rg BT 170.12 561.75 Td (the ) Tj ET Q q 0 0 0 rg BT 185.17 561.75 Td (Deep ) Tj ET Q q 0 0 0 rg BT 209.22 561.75 Td (Basin ) Tj ET Q q 0 0 0 rg BT 234.28 561.75 Td (core ) Tj ET Q q 0 0 0 rg BT 254.33 561.75 Td (area ) Tj ET Q q 0 0 0 rg BT 274.88 561.75 Td (included ) Tj ET Q q 0 0 0 rg BT 310.95 561.75 Td (14 ) Tj ET Q q 0 0 0 rg BT 323.50 561.75 Td (\(14.0 ) Tj ET Q q 0 0 0 rg BT 346.55 561.75 Td (net\) ) Tj ET Q q 0 0 0 rg BT 364.60 561.75 Td (Spirit ) Tj ET Q q 0 0 0 rg BT 387.65 561.75 Td (River ) Tj ET Q q 0 0 0 rg BT 411.19 561.75 Td (wells, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.24 561.75 Td (three) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.75 561.75 Td ( ) Tj ET Q q 0 0 0 rg BT 459.29 561.75 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.29 561.75 Td (2.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.80 561.75 Td ( ) Tj ET Q q 0 0 0 rg BT 477.34 561.75 Td (net\) ) Tj ET Q q 0 0 0 rg BT 495.39 561.75 Td (Bluesky ) Tj ET Q q 0 0 0 rg BT 529.45 561.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 551.99 561.75 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 550.95 Td (one) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 60.02 550.95 Td ( ) Tj ET Q q 0 0 0 rg BT 62.52 550.95 Td (\(0.5 ) Tj ET Q q 0 0 0 rg BT 80.53 550.95 Td (net\) ) Tj ET Q q 0 0 0 rg BT 98.53 550.95 Td (Cardium ) Tj ET Q q 0 0 0 rg BT 135.04 550.95 Td (well. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 534.15 Td (While ) Tj ET Q q 0 0 0 rg BT 69.47 534.15 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 117.18 534.15 Td (exploration ) Tj ET Q q 0 0 0 rg BT 163.18 534.15 Td (and ) Tj ET Q q 0 0 0 rg BT 180.16 534.15 Td (development ) Tj ET Q q 0 0 0 rg BT 233.66 534.15 Td (program ) Tj ET Q q 0 0 0 rg BT 269.14 534.15 Td (was ) Tj ET Q q 0 0 0 rg BT 287.11 534.15 Td (curtailed ) Tj ET Q q 0 0 0 rg BT 323.10 534.15 Td (throughout ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.10 534.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.12 534.15 Td ( ) Tj ET Q q 0 0 0 rg BT 390.09 534.15 Td (in ) Tj ET Q q 0 0 0 rg BT 399.06 534.15 Td (response ) Tj ET Q q 0 0 0 rg BT 438.05 534.15 Td (to ) Tj ET Q q 0 0 0 rg BT 447.52 534.15 Td (challenging ) Tj ET Q q 0 0 0 rg BT 495.03 534.15 Td (commodity ) Tj ET Q q 0 0 0 rg BT 540.50 534.15 Td (prices, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 523.35 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 86.28 523.35 Td (remained ) Tj ET Q q 0 0 0 rg BT 125.55 523.35 Td (focused ) Tj ET Q q 0 0 0 rg BT 158.83 523.35 Td (on ) Tj ET Q q 0 0 0 rg BT 170.59 523.35 Td (strengthening ) Tj ET Q q 0 0 0 rg BT 226.89 523.35 Td (its ) Tj ET Q q 0 0 0 rg BT 237.64 523.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 272.41 523.35 Td (position ) Tj ET Q q 0 0 0 rg BT 305.19 523.35 Td (by ) Tj ET Q q 0 0 0 rg BT 316.45 523.35 Td (reducing ) Tj ET Q q 0 0 0 rg BT 352.72 523.35 Td (long-term ) Tj ET Q q 0 0 0 rg BT 392.49 523.35 Td (debt. ) Tj ET Q q 0 0 0 rg BT 413.91 523.35 Td (As ) Tj ET Q q 0 0 0 rg BT 426.17 523.35 Td (a ) Tj ET Q q 0 0 0 rg BT 432.93 523.35 Td (result, ) Tj ET Q q 0 0 0 rg BT 459.19 523.35 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 500.47 523.35 Td (is ) Tj ET Q q 0 0 0 rg BT 508.72 523.35 Td (well ) Tj ET Q q 0 0 0 rg BT 525.98 523.35 Td (positioned ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 512.55 Td (with ) Tj ET Q q 0 0 0 rg BT 63.09 512.55 Td (greater ) Tj ET Q q 0 0 0 rg BT 93.68 512.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 128.79 512.55 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 164.88 512.55 Td (and ) Tj ET Q q 0 0 0 rg BT 181.97 512.55 Td (a ) Tj ET Q q 0 0 0 rg BT 189.06 512.55 Td (solid ) Tj ET Q q 0 0 0 rg BT 209.65 512.55 Td (foundation ) Tj ET Q q 0 0 0 rg BT 253.77 512.55 Td (of ) Tj ET Q q 0 0 0 rg BT 263.36 512.55 Td (quality ) Tj ET Q q 0 0 0 rg BT 291.46 512.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 319.55 512.55 Td (to ) Tj ET Q q 0 0 0 rg BT 329.14 512.55 Td (allow ) Tj ET Q q 0 0 0 rg BT 351.73 512.55 Td (for ) Tj ET Q q 0 0 0 rg BT 364.31 512.55 Td (future ) Tj ET Q q 0 0 0 rg BT 389.41 512.55 Td (growth. ) Tj ET Q q 0 0 0 rg BT 421.00 512.55 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 462.61 512.55 Td (is ) Tj ET Q q 0 0 0 rg BT 471.19 512.55 Td (planning ) Tj ET Q q 0 0 0 rg BT 507.30 512.55 Td (to ) Tj ET Q q 0 0 0 rg BT 516.89 512.55 Td (drill ) Tj ET Q q 0 0 0 rg BT 532.97 512.55 Td (between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 501.75 Td (55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.01 501.75 Td ( ) Tj ET Q q 0 0 0 rg BT 57.51 501.75 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.03 501.75 Td (65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.04 501.75 Td ( ) Tj ET Q q 0 0 0 rg BT 87.54 501.75 Td (net ) Tj ET Q q 0 0 0 rg BT 102.55 501.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 125.06 501.75 Td (within ) Tj ET Q q 0 0 0 rg BT 150.57 501.75 Td (its ) Tj ET Q q 0 0 0 rg BT 162.07 501.75 Td (core ) Tj ET Q q 0 0 0 rg BT 182.07 501.75 Td (areas ) Tj ET Q q 0 0 0 rg BT 207.09 501.75 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.59 501.75 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.61 501.75 Td (, ) Tj ET Q q 0 0 0 rg BT 241.62 501.75 Td (with ) Tj ET Q q 0 0 0 rg BT 260.12 501.75 Td (a ) Tj ET Q q 0 0 0 rg BT 267.63 501.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 296.14 501.75 Td (budget ) Tj ET Q q 0 0 0 rg BT 326.17 501.75 Td (of ) Tj ET Q q 0 0 0 rg BT 336.18 501.75 Td (between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.70 501.75 Td ($280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.73 501.75 Td ( ) Tj ET Q q 0 0 0 rg BT 395.23 501.75 Td (million ) Tj ET Q q 0 0 0 rg BT 423.23 501.75 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.75 501.75 Td ($300) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.77 501.75 Td ( ) Tj ET Q q 0 0 0 rg BT 463.27 501.75 Td (million. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 484.95 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 87.82 484.95 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.60 484.95 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 134.40 484.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 175.70 484.95 Td (have ) Tj ET Q q 0 0 0 rg BT 198.00 484.95 Td (been ) Tj ET Q q 0 0 0 rg BT 220.81 484.95 Td (calculated ) Tj ET Q q 0 0 0 rg BT 264.12 484.95 Td (in ) Tj ET Q q 0 0 0 rg BT 273.91 484.95 Td (compliance ) Tj ET Q q 0 0 0 rg BT 322.22 484.95 Td (with ) Tj ET Q q 0 0 0 rg BT 341.01 484.95 Td (National ) Tj ET Q q 0 0 0 rg BT 376.81 484.95 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 422.11 484.95 Td (51-101 ) Tj ET Q q 0 0 0 rg BT 452.92 484.95 Td (Standards ) Tj ET Q q 0 0 0 rg BT 496.74 484.95 Td (of ) Tj ET Q q 0 0 0 rg BT 507.03 484.95 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 551.82 484.95 Td (\("NI ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 474.15 Td (51-101"\). ) Tj ET Q q 0 0 0 rg BT 84.48 474.15 Td (Of ) Tj ET Q q 0 0 0 rg BT 96.75 474.15 Td (the ) Tj ET Q q 0 0 0 rg BT 112.03 474.15 Td (net ) Tj ET Q q 0 0 0 rg BT 127.30 474.15 Td (present ) Tj ET Q q 0 0 0 rg BT 160.09 474.15 Td (value ) Tj ET Q q 0 0 0 rg BT 184.37 474.15 Td (of ) Tj ET Q q 0 0 0 rg BT 194.64 474.15 Td (the ) Tj ET Q q 0 0 0 rg BT 209.92 474.15 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 265.93 474.15 Td (reserves ) Tj ET Q q 0 0 0 rg BT 303.20 474.15 Td (\(calculated ) Tj ET Q q 0 0 0 rg BT 349.49 474.15 Td (using ) Tj ET Q q 0 0 0 rg BT 373.77 474.15 Td (a ) Tj ET Q q 0 0 0 rg BT 381.54 474.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 417.83 474.15 Td (rate ) Tj ET Q q 0 0 0 rg BT 436.10 474.15 Td (of ) Tj ET Q q 0 0 0 rg BT 446.38 474.15 Td (10%\), ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.65 474.15 Td (92%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.67 474.15 Td ( ) Tj ET Q q 0 0 0 rg BT 493.43 474.15 Td (were ) Tj ET Q q 0 0 0 rg BT 515.70 474.15 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 557.50 474.15 Td (by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 463.35 Td (independent ) Tj ET Q q 0 0 0 rg BT 97.52 463.35 Td (third-party ) Tj ET Q q 0 0 0 rg BT 141.00 463.35 Td (engineers, ) Tj ET Q q 0 0 0 rg BT 186.00 463.35 Td (GLJ ) Tj ET Q q 0 0 0 rg BT 205.48 463.35 Td (Petroleum ) Tj ET Q q 0 0 0 rg BT 249.47 463.35 Td (Consultants ) Tj ET Q q 0 0 0 rg BT 299.97 463.35 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 317.95 463.35 Td (\("GLJ"\) ) Tj ET Q q 0 0 0 rg BT 349.81 463.35 Td (in ) Tj ET Q q 0 0 0 rg BT 359.78 463.35 Td (their ) Tj ET Q q 0 0 0 rg BT 380.26 463.35 Td (report ) Tj ET Q q 0 0 0 rg BT 406.74 463.35 Td (dated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.24 463.35 Td (February1, ) Tj ET Q q 0 0 0 rg BT 481.23 463.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.25 463.35 Td (. ) Tj ET Q q 0 0 0 rg BT 506.53 463.35 Td (The ) Tj ET Q q 0 0 0 rg BT 525.01 463.35 Td (balance ) Tj ET Q q 0 0 0 rg BT 559.50 463.35 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 452.55 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.72 452.55 Td (8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 116.72 452.55 Td ( ) Tj ET Q q 0 0 0 rg BT 119.41 452.55 Td (of ) Tj ET Q q 0 0 0 rg BT 129.61 452.55 Td (proved ) Tj ET Q q 0 0 0 rg BT 159.82 452.55 Td (plus ) Tj ET Q q 0 0 0 rg BT 179.02 452.55 Td (probable ) Tj ET Q q 0 0 0 rg BT 216.74 452.55 Td (net ) Tj ET Q q 0 0 0 rg BT 231.94 452.55 Td (present ) Tj ET Q q 0 0 0 rg BT 264.65 452.55 Td (value ) Tj ET Q q 0 0 0 rg BT 288.85 452.55 Td (reserves ) Tj ET Q q 0 0 0 rg BT 326.05 452.55 Td (were ) Tj ET Q q 0 0 0 rg BT 348.25 452.55 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 389.97 452.55 Td (internally ) Tj ET Q q 0 0 0 rg BT 428.68 452.55 Td (and ) Tj ET Q q 0 0 0 rg BT 446.39 452.55 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 485.09 452.55 Td (by ) Tj ET Q q 0 0 0 rg BT 497.29 452.55 Td (GLJ. ) Tj ET Q q 0 0 0 rg BT 518.81 452.55 Td (The ) Tj ET Q q 0 0 0 rg BT 537.01 452.55 Td (reserve ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 441.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 86.57 441.75 Td (contained ) Tj ET Q q 0 0 0 rg BT 128.66 441.75 Td (in ) Tj ET Q q 0 0 0 rg BT 138.73 441.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.30 441.75 Td (following ) Tj ET Q q 0 0 0 rg BT 192.38 441.75 Td (tables ) Tj ET Q q 0 0 0 rg BT 219.45 441.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 260.53 441.75 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 309.33 441.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 334.40 441.75 Td (reserves ) Tj ET Q q 0 0 0 rg BT 371.97 441.75 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.53 441.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 442.12 441.75 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.14 441.75 Td ( ) Tj ET Q q 0 0 0 rg BT 465.20 441.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.27 441.75 Td (are ) Tj ET Q q 0 0 0 rg BT 499.34 441.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 531.92 441.75 Td (under ) Tj ET Q q 0 0 0 rg BT 558.00 441.75 Td (NI ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 430.95 Td (51-101, ) Tj ET Q q 0 0 0 rg BT 78.02 430.95 Td (as ) Tj ET Q q 0 0 0 rg BT 90.03 430.95 Td (the ) Tj ET Q q 0 0 0 rg BT 105.04 430.95 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 160.79 430.95 Td (interest ) Tj ET Q q 0 0 0 rg BT 192.80 430.95 Td (before ) Tj ET Q q 0 0 0 rg BT 220.82 430.95 Td (deduction ) Tj ET Q q 0 0 0 rg BT 262.35 430.95 Td (of ) Tj ET Q q 0 0 0 rg BT 272.36 430.95 Td (royalties ) Tj ET Q q 0 0 0 rg BT 308.37 430.95 Td (without ) Tj ET Q q 0 0 0 rg BT 339.39 430.95 Td (including ) Tj ET Q q 0 0 0 rg BT 377.42 430.95 Td (any ) Tj ET Q q 0 0 0 rg BT 394.43 430.95 Td (of ) Tj ET Q q 0 0 0 rg BT 404.43 430.95 Td (the ) Tj ET Q q 0 0 0 rg BT 419.44 430.95 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 475.19 430.95 Td (royalty ) Tj ET Q q 0 0 0 rg BT 504.20 430.95 Td (interests. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 420.45000000000005 m 233.5 420.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 406.45000000000005 m 233.5 406.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 420.45000000000005 m 308.5 420.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 406.45000000000005 m 308.5 406.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 420.45000000000005 m 382.5 420.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 406.45000000000005 m 382.5 406.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 420.45000000000005 m 482.5 420.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 406.45000000000005 m 482.5 406.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 420.45000000000005 m 566.5 420.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 406.45000000000005 m 566.5 406.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 340.45000000000005 m 233.5 340.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 340.45000000000005 m 308.5 340.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 340.45000000000005 m 382.5 340.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 340.45000000000005 m 482.5 340.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 340.45000000000005 m 566.5 340.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 340.45000000000005 m 308.5 340.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 340.45000000000005 m 382.5 340.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 340.45000000000005 m 482.5 340.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 340.45000000000005 m 566.5 340.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 312.45000000000005 m 233.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 312.45000000000005 m 308.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 312.45000000000005 m 382.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 312.45000000000005 m 482.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 312.45000000000005 m 566.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 298.45000000000005 m 233.5 298.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 312.45000000000005 m 308.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 298.45000000000005 m 308.5 298.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 312.45000000000005 m 382.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 298.45000000000005 m 382.5 298.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 312.45000000000005 m 482.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 298.45000000000005 m 482.5 298.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 312.45000000000005 m 566.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 298.45000000000005 m 566.5 298.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 284.45000000000005 m 233.5 284.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 284.45000000000005 m 308.5 284.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 284.45000000000005 m 382.5 284.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 284.45000000000005 m 482.5 284.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 298.45000000000005 m 566.5 298.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 284.45000000000005 m 566.5 284.45000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 270.45000000000005 m 233.5 270.45000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 270.45000000000005 m 308.5 270.45000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 270.45000000000005 m 382.5 270.45000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 270.45000000000005 m 482.5 270.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 284.45000000000005 m 566.5 284.45000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 270.45000000000005 m 566.5 270.45000000000005 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 410.85 Td (Reserves) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 87.03 415.14 Td (\(1\)\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 247.30 410.85 Td (Natural Gas) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 297.82 415.14 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.85 410.85 Td (Oil) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 371.85 415.14 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.95 410.85 Td (Natural Gas Liquids) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.45 410.85 Td (T) Tj ET Q q 0 0 0 rg BT 497.28 410.85 Td (otal Reserves) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 555.81 415.14 Td (\(5\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 283.20 398.85 Td (\(mmcf\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 355.65 398.85 Td (\(mbbls\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.65 398.85 Td (\(mbbls\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.80 398.85 Td (\(mboe\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 386.85 Td (Proved) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 372.85 Td (Proved Producing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.45 372.85 Td (632,341) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.45 372.85 Td (5,526) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.45 372.85 Td (44,991) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 372.85 Td (155,907) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 358.85 Td (Proved Non-Producing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.45 358.85 Td (32,977) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.95 358.85 Td (305) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.45 358.85 Td (1,380) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 358.85 Td (7,181) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 344.85 Td (Proved Undeveloped) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.45 344.85 Td (462,829) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.45 344.85 Td (2,097) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.45 344.85 Td (30,860) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 344.85 Td (110,095) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 330.85 Td (Total Proved) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.95 330.85 Td (1,128,147) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.45 330.85 Td (7,928) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.45 330.85 Td (77,231) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.45 330.85 Td (273,183) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 316.85 Td (Probable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.45 316.85 Td (592,890) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.45 316.85 Td (3,241) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.45 316.85 Td (38,966) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 316.85 Td (141,022) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 302.85 Td (Proved plus Probable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.95 302.85 Td (1,721,037) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 351.45 302.85 Td (11,169) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.45 302.85 Td (116,197) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.45 302.85 Td (414,205) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 288.85 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 176.55 293.14 Td (\(6\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.45 288.85 Td (10.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 274.85 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 234.09 279.14 Td (\(6\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.45 274.85 Td (14.4) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 260.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.00 260.75 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 278.59 260.75 Td (February1, 2017) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 324.28 260.75 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 528.05 260.75 Td (2017) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 541.40 260.75 Td (.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 253.55 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.00 253.55 Td (Amounts may not add due to rounding.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 246.35 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 63.00 246.35 Td (Includes Conventional Natural Gas and Coal Bed Methane.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 239.15 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 63.00 239.15 Td (Includes Light, Medium and Heavy Crude Oil.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 231.95 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 63.00 231.95 Td (Boe may be misleading, particularly if used in isolation. ) Tj ET Q q 0 0 0 rg BT 210.08 231.95 Td (A) Tj ET Q q 0 0 0 rg BT 213.75 231.95 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 63.00 224.75 Td (does not represent value equivalency at the wellhead. ) Tj ET Q q 0 0 0 rg BT 207.43 224.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 237.67 224.75 Td (, given that the value ratio based on the current price of crude oil, as compared to natural gas is significantly dif) Tj ET Q q 0 0 0 rg BT 531.39 224.75 Td (ferent from ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 217.55 Td (the energy equivalency of 6:1, utilizing a conversion ratio of 6:1 may be misleading as an indication of value.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 210.35 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 63.00 210.35 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 277.80 210.35 Td (2017) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 291.14 210.35 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 44.5 199.85000000000002 m 316.5 199.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 185.85000000000002 m 316.5 185.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 199.85000000000002 m 391.5 199.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 185.85000000000002 m 391.5 185.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 199.85000000000002 m 465.5 199.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 185.85000000000002 m 465.5 185.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 199.85000000000002 m 566.5 199.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 185.85000000000002 m 566.5 185.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 76.85000000000002 m 316.5 76.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 76.85000000000002 m 391.5 76.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 76.85000000000002 m 465.5 76.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 76.85000000000002 m 566.5 76.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 76.85000000000002 m 316.5 76.85000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 62.85000000000002 m 316.5 62.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 76.85000000000002 m 391.5 76.85000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 62.85000000000002 m 391.5 62.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 76.85000000000002 m 465.5 76.85000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 62.85000000000002 m 465.5 62.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 76.85000000000002 m 566.5 76.85000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 62.85000000000002 m 566.5 62.85000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 190.25 Td (Reserve Reconciliation) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 146.04 194.54 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.45 190.25 Td (Proved) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.45 190.25 Td (Probable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.45 190.25 Td (Proved plus Probable) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 365.80 178.25 Td (\(mboe\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.80 178.25 Td (\(mboe\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.80 178.25 Td (\(mboe\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 165.25 Td (Balance as at December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.45 165.25 Td (262,224) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.45 165.25 Td (144,270) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 165.25 Td (406,494) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 151.25 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 198.07 155.54 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.45 151.25 Td (33,503) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.45 151.25 Td (11,304) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.45 151.25 Td (44,808) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 137.25 Td (Technical Revisions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.45 137.25 Td (\(1,793) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 137.25 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.45 137.25 Td (\(6,685) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 137.25 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.45 137.25 Td (\(8,478) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 137.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 123.25 Td (Acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.45 123.25 Td (30,393) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 123.25 Td (8,536) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.45 123.25 Td (38,929) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 109.25 Td (Dispositions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.45 109.25 Td (\(21,362) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 109.25 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.45 109.25 Td (\(15,635) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 109.25 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.45 109.25 Td (\(36,997) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 109.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 95.25 Td (Economic Factors) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.45 95.25 Td (\(4,738) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 95.25 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.95 95.25 Td (\(767) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.00 95.25 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.45 95.25 Td (\(5,506) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 95.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 81.25 Td (Production) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.45 81.25 Td (\(25,045) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 81.25 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.00 81.25 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.45 81.25 Td (\(25,045) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 81.25 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 67.25 Td (Balance as at December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.45 67.25 Td (273,183) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.45 67.25 Td (141,022) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.45 67.25 Td (414,205) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 53.15 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.00 53.15 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 45.95 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.00 45.95 Td (Infill Drilling, Improved Recovery and Extensions have been grouped with Extensions and Improved Recovery as per NI 51-101.) 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 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 553.60 27.23 Td (Page 9) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.39 742.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 113.41 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 116.06 742.45 Td (year ) Tj ET Q q 0 0 0 rg BT 136.22 742.45 Td (end ) Tj ET Q q 0 0 0 rg BT 153.89 742.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 184.05 742.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 221.21 742.45 Td (totaled ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.88 742.45 Td (273.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.41 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 276.06 742.45 Td (mmboe, ) Tj ET Q q 0 0 0 rg BT 311.22 742.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.87 742.45 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.88 742.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.53 742.45 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.55 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 371.20 742.45 Td (when ) Tj ET Q q 0 0 0 rg BT 395.36 742.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 438.03 742.45 Td (to ) Tj ET Q q 0 0 0 rg BT 448.19 742.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.35 742.45 Td (262.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.87 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 488.52 742.45 Td (mmboe ) Tj ET Q q 0 0 0 rg BT 521.18 742.45 Td (for ) Tj ET Q q 0 0 0 rg BT 534.33 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 549.49 742.45 Td (year ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.94 731.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.96 731.65 Td (. ) Tj ET Q q 0 0 0 rg BT 96.37 731.65 Td (Proved ) Tj ET Q q 0 0 0 rg BT 126.79 731.65 Td (plus ) Tj ET Q q 0 0 0 rg BT 145.21 731.65 Td (probable ) Tj ET Q q 0 0 0 rg BT 182.15 731.65 Td (reserves ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.57 731.65 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.60 731.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.51 731.65 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.51 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 274.42 731.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.84 731.65 Td (414.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.36 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 308.27 731.65 Td (mmboe ) Tj ET Q q 0 0 0 rg BT 340.19 731.65 Td (when ) Tj ET Q q 0 0 0 rg BT 363.62 731.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 405.55 731.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.96 731.65 Td (406.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.48 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 439.39 731.65 Td (mmboe ) Tj ET Q q 0 0 0 rg BT 471.31 731.65 Td (for ) Tj ET Q q 0 0 0 rg BT 483.73 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 498.15 731.65 Td (year ) Tj ET Q q 0 0 0 rg BT 517.56 731.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.50 731.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.52 731.65 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 93.22 720.85 Td (proved ) Tj ET Q q 0 0 0 rg BT 123.21 720.85 Td (plus ) Tj ET Q q 0 0 0 rg BT 142.20 720.85 Td (probable ) Tj ET Q q 0 0 0 rg BT 179.70 720.85 Td (reserve ) Tj ET Q q 0 0 0 rg BT 212.19 720.85 Td (life ) Tj ET Q q 0 0 0 rg BT 226.17 720.85 Td (index ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.16 720.85 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.19 720.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.66 720.85 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.67 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 307.15 720.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.13 720.85 Td (14.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.65 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 337.12 720.85 Td (years ) Tj ET Q q 0 0 0 rg BT 361.61 720.85 Td (for ) Tj ET Q q 0 0 0 rg BT 374.58 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 389.57 720.85 Td (year ) Tj ET Q q 0 0 0 rg BT 409.56 720.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.06 720.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.08 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 459.56 720.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 502.05 720.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.04 720.85 Td (14.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.55 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 532.03 720.85 Td (years ) Tj ET Q q 0 0 0 rg BT 556.51 720.85 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 710.05 Td (the ) Tj ET Q q 0 0 0 rg BT 59.79 710.05 Td (year ) Tj ET Q q 0 0 0 rg BT 79.58 710.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.88 710.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.91 710.05 Td ( ) Tj ET Q q 0 0 0 rg BT 129.18 710.05 Td (demonstrating ) Tj ET Q q 0 0 0 rg BT 188.50 710.05 Td (the ) Tj ET Q q 0 0 0 rg BT 203.29 710.05 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 251.10 710.05 Td (balance ) Tj ET Q q 0 0 0 rg BT 284.90 710.05 Td (of ) Tj ET Q q 0 0 0 rg BT 294.69 710.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 342.71 710.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 371.01 710.05 Td (program, ) Tj ET Q q 0 0 0 rg BT 409.30 710.05 Td (reserve ) Tj ET Q q 0 0 0 rg BT 441.59 710.05 Td (additions ) Tj ET Q q 0 0 0 rg BT 479.89 710.05 Td (and ) Tj ET Q q 0 0 0 rg BT 497.19 710.05 Td (production ) Tj ET Q q 0 0 0 rg BT 541.50 710.05 Td (levels.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 693.25 Td (The ) Tj ET Q q 0 0 0 rg BT 62.83 693.25 Td (following ) Tj ET Q q 0 0 0 rg BT 100.17 693.25 Td (table ) Tj ET Q q 0 0 0 rg BT 122.00 693.25 Td (highlights ) Tj ET Q q 0 0 0 rg BT 162.34 693.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 210.40 693.25 Td (proved ) Tj ET Q q 0 0 0 rg BT 240.24 693.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 259.07 693.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 296.42 693.25 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 335.75 693.25 Td (proved ) Tj ET Q q 0 0 0 rg BT 365.58 693.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 384.41 693.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 421.76 693.25 Td (finding ) Tj ET Q q 0 0 0 rg BT 450.60 693.25 Td (and ) Tj ET Q q 0 0 0 rg BT 467.93 693.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.76 693.25 Td (development ) Tj ET Q q 0 0 0 rg BT 536.62 693.25 Td (\("F&D"\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 682.45 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 101.54 682.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 131.55 682.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 150.57 682.45 Td (probable ) Tj ET Q q 0 0 0 rg BT 188.09 682.45 Td (finding, ) Tj ET Q q 0 0 0 rg BT 219.62 682.45 Td (development ) Tj ET Q q 0 0 0 rg BT 273.65 682.45 Td (and ) Tj ET Q q 0 0 0 rg BT 291.17 682.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 336.19 682.45 Td (\("FD&A"\) ) Tj ET Q q 0 0 0 rg BT 375.08 682.45 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 429.12 682.45 Td (and ) Tj ET Q q 0 0 0 rg BT 446.63 682.45 Td (the ) Tj ET Q q 0 0 0 rg BT 461.65 682.45 Td (associated ) Tj ET Q q 0 0 0 rg BT 507.17 682.45 Td (recycle ) Tj ET Q q 0 0 0 rg BT 538.18 682.45 Td (ratios:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 671.95 m 342.5 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 657.95 m 342.5 657.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 671.95 m 416.5 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 657.95 m 416.5 657.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 671.95 m 490.5 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 657.95 m 490.5 657.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 671.95 m 566.5 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 657.95 m 566.5 657.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 657.95 m 342.5 657.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 657.95 m 416.5 657.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 657.95 m 490.5 657.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 657.95 m 566.5 657.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 44.5 605.95 m 342.5 605.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 342.5 605.95 m 416.5 605.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 605.95 m 490.5 605.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 605.95 m 566.5 605.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 44.5 553.95 m 342.5 553.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 342.5 553.95 m 416.5 553.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 553.95 m 490.5 553.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 553.95 m 566.5 553.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 514.95 m 342.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 514.95 m 416.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 514.95 m 490.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 514.95 m 566.5 514.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 44.5 409.95000000000005 m 342.5 409.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 342.5 409.95000000000005 m 416.5 409.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 409.95000000000005 m 490.5 409.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 409.95000000000005 m 566.5 409.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 44.5 318.95000000000005 m 342.5 318.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 342.5 318.95000000000005 m 416.5 318.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 318.95000000000005 m 490.5 318.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 318.95000000000005 m 566.5 318.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 227.95000000000005 m 342.5 227.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 227.95000000000005 m 416.5 227.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 227.95000000000005 m 490.5 227.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 227.95000000000005 m 566.5 227.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 227.95000000000005 m 342.5 227.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 227.95000000000005 m 416.5 227.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 227.95000000000005 m 490.5 227.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 227.95000000000005 m 566.5 227.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 44.5 122.95000000000005 m 342.5 122.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 342.5 122.95000000000005 m 416.5 122.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 122.95000000000005 m 490.5 122.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 122.95000000000005 m 566.5 122.95000000000005 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 662.35 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.95 662.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.95 662.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 662.35 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 648.90 Td (Reserves \(mboe\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 635.90 Td (Proved producing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.45 635.90 Td (155,907) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.10 635.90 Td (162,072) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 635.90 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 635.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 622.90 Td (Total proved) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.45 622.90 Td (273,183) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.10 622.90 Td (262,224) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 622.90 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 622.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 609.90 Td (Proved plus probable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.45 609.90 Td (414,205) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.10 609.90 Td (406,494) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 609.90 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 609.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 596.90 Td (Capital expenditures \($ millions\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 583.90 Td (Exploration and development) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.45 583.90 Td (153.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.10 583.90 Td (313.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 583.90 Td (\(51) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 583.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 570.90 Td (Dispositions, net of acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.45 570.90 Td (\(167.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.00 570.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.10 570.90 Td (\(30.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.65 570.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 570.90 Td (449) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 570.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 557.90 Td (T) Tj ET Q q 0 0 0 rg BT 60.50 557.90 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 157.56 562.19 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.45 557.90 Td (\(14.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.00 557.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.10 557.90 Td (283.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 557.90 Td (\(105) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 557.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 544.90 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 155.56 549.19 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 531.90 Td (Current year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.45 531.90 Td (13.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.10 531.90 Td (16.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 531.90 Td (\(17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 531.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 518.90 Td (Three-year weighted average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.45 518.90 Td (17.54) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.10 518.90 Td (19.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 518.90 Td (\(11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 518.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 505.35 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 216.52 509.64 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.67 505.35 Td (:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 491.90 Td (Proved Producing:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 478.90 Td (Change in F&D costs \($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.95 478.90 Td (\(173) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.00 478.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.60 478.90 Td (\(339) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.65 478.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 478.90 Td (49) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 478.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 465.90 Td (Reserves additions \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.45 465.90 Td (15,831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.10 465.90 Td (26,252) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 465.90 Td (\(40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 465.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 452.90 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 137.52 457.19 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.45 452.90 Td (9.71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.10 452.90 Td (11.94) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 452.90 Td (\(19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 452.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 439.90 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 134.02 444.19 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.45 439.90 Td (1.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.10 439.90 Td (1.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.00 439.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 439.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 426.90 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 219.57 431.19 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.45 426.90 Td (12.04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.10 426.90 Td (13.57) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 426.90 Td (\(11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 426.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 413.90 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 251.09 418.19 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.45 413.90 Td (1.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.10 413.90 Td (1.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.00 413.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 413.90 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 400.90 Td (Total Proved:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 387.90 Td (Change in F&D costs \($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.45 387.90 Td (86,377) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.10 387.90 Td (\(188,683) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.65 387.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 387.90 Td (146) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 387.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 374.90 Td (Reserves additions \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.45 374.90 Td (26,972) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.10 374.90 Td (20,346) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 374.90 Td (33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 374.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 361.90 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 137.52 366.19 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.45 361.90 Td (8.91) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.10 361.90 Td (6.15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 361.90 Td (45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 361.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 348.90 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 134.02 353.19 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.45 348.90 Td (1.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.10 348.90 Td (2.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 348.90 Td (\(42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 348.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 335.90 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 219.57 340.19 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.45 335.90 Td (10.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.10 335.90 Td (12.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 335.90 Td (\(15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 335.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 322.90 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 251.09 327.19 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.45 322.90 Td (1.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.10 322.90 Td (1.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 322.90 Td (6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 322.90 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 309.90 Td (Proved plus Probable:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 296.90 Td (Change in F&D costs \($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.45 296.90 Td (60,902) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.10 296.90 Td (\(183,483) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.65 296.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 296.90 Td (133) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 296.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 283.90 Td (Reserves additions \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.45 283.90 Td (30,824) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.10 283.90 Td (17,975) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 283.90 Td (71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 283.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 270.90 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 137.52 275.19 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.45 270.90 Td (6.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.10 270.90 Td (7.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 270.90 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 270.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 257.90 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 134.02 262.19 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.45 257.90 Td (1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.10 257.90 Td (2.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 257.90 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 257.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 244.90 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 219.57 249.19 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.45 244.90 Td (9.11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.45 244.90 Td (10.65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 244.90 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 244.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 231.90 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 251.09 236.19 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.45 231.90 Td (1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.10 231.90 Td (1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.00 231.90 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 231.90 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 218.35 Td (Finding, Development and ) Tj ET Q q 0 0 0 rg BT 161.67 218.35 Td (Acquisition Expenditures) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 270.19 222.64 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.33 218.35 Td (:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 204.90 Td (Proved Producing:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 191.90 Td (Change in FD&A costs \($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.45 191.90 Td (\(2,269) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.00 191.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.10 191.90 Td (4,667) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 191.90 Td (\(149) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 191.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 178.90 Td (Reserves additions \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.45 178.90 Td (18,879) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.10 178.90 Td (21,539) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 178.90 Td (\(12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 178.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 165.90 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 165.90 Td ( costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 143.03 170.19 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.45 165.90 Td (\(0.86) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.00 165.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.10 165.90 Td (13.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 165.90 Td (\(106) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 165.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 152.90 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 152.90 Td ( recycle ratio) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 139.52 157.19 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.45 152.90 Td (\(15.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.00 152.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.10 152.90 Td (1.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.45 152.90 Td (\(1,400) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 152.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 139.90 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 139.90 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 225.08 144.19 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.45 139.90 Td (9.69) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.10 139.90 Td (13.35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 139.90 Td (\(27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 139.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 126.90 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 126.90 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 256.59 131.19 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.45 126.90 Td (1.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.10 126.90 Td (1.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 126.90 Td (20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 126.90 Td (%) Tj ET Q BT /F1 10.00 Tf ET 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 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 10) 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 44.5 748.5 m 337.5 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 734.5 m 337.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 748.5 m 413.5 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 734.5 m 413.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 748.5 m 489.5 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 734.5 m 489.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 748.5 m 566.5 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 734.5 m 566.5 734.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 44.5 629.5 m 337.5 629.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 629.5 m 413.5 629.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 629.5 m 489.5 629.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 629.5 m 566.5 629.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 538.5 m 337.5 538.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 538.5 m 413.5 538.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 538.5 m 489.5 538.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 538.5 m 566.5 538.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 738.90 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.95 738.90 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.95 738.90 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 738.90 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 724.90 Td (Finding, Development and ) Tj ET Q q 0 0 0 rg BT 161.67 724.90 Td (Acquisition Expenditures) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 270.19 729.19 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.33 724.90 Td (:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 711.45 Td (Total Proved:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 698.45 Td (Change in FD&A costs \($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.45 698.45 Td (111,576) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.45 698.45 Td (\(186,034) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.00 698.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 698.45 Td (160) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 698.45 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 685.45 Td (Reserves additions \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.45 685.45 Td (36,004) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.45 685.45 Td (15,388) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 685.45 Td (134) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 685.45 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 672.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 672.45 Td ( costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 143.03 676.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.45 672.45 Td (2.71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.45 672.45 Td (6.32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 672.45 Td (\(57) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 672.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 659.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 659.45 Td ( recycle ratio) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 139.52 663.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.45 659.45 Td (5.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.45 659.45 Td (2.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 659.45 Td (92) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 659.45 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 646.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 646.45 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 225.08 650.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.45 646.45 Td (7.81) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.45 646.45 Td (12.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 646.45 Td (\(35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 646.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 633.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 633.45 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 256.59 637.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.45 633.45 Td (2.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.45 633.45 Td (1.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 633.45 Td (38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 633.45 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 620.45 Td (Proved plus Probable:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 607.45 Td (Change in FD&A costs \($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 607.45 Td (\(3,821) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.00 607.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.45 607.45 Td (\(198,572) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.00 607.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 607.45 Td (98) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 607.45 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 594.45 Td (Reserves additions \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.45 594.45 Td (32,756) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.45 594.45 Td (8,618) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 594.45 Td (280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 594.45 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 581.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 581.45 Td ( costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 143.03 585.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.45 581.45 Td (\(0.55) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.00 581.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.45 581.45 Td (9.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 581.45 Td (\(106) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 581.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 568.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 568.45 Td ( recycle ratio) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 139.52 572.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.45 568.45 Td (\(24.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.00 568.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.45 568.45 Td (1.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.45 568.45 Td (\(1,625) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 568.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 555.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 555.45 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 225.08 559.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.45 555.45 Td (6.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.45 555.45 Td (10.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 555.45 Td (\(38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 555.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 542.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 542.45 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 256.59 546.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.45 542.45 Td (2.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.45 542.45 Td (1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 542.45 Td (42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 542.45 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 528.80 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.00 528.80 Td (Amounts may not add due to rounding.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 521.60 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.00 521.60 Td (Operating netback as presented does not have any standardized meaning prescribed by IFRS and therefore it may not be comparable with the calculations of similar measures for other ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 514.45 Td (entities. Operating netback is calculated using production revenues including realized gains and losses on financial instrument commodity contracts less royalties, operating and ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 507.25 Td (transportation expenses calculated on a per boe basis.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 500.05 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 54.00 500.05 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 500.05 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 500.05 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 500.05 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 500.05 Td (Both ) Tj ET Q q 0 0 0 rg BT 77.01 500.05 Td (F&D ) Tj ET Q q 0 0 0 rg BT 90.68 500.05 Td (and ) Tj ET Q q 0 0 0 rg BT 102.35 500.05 Td (FD&A) Tj ET Q q 0 0 0 rg BT 118.03 500.05 Td ( ) Tj ET Q q 0 0 0 rg BT 119.69 500.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 135.36 500.05 Td (take ) Tj ET Q q 0 0 0 rg BT 148.37 500.05 Td (into ) Tj ET Q q 0 0 0 rg BT 159.71 500.05 Td (account ) Tj ET Q q 0 0 0 rg BT 182.39 500.05 Td (reserves ) Tj ET Q q 0 0 0 rg BT 207.07 500.05 Td (revisions ) Tj ET Q q 0 0 0 rg BT 232.41 500.05 Td (during ) Tj ET Q q 0 0 0 rg BT 250.75 500.05 Td (the ) Tj ET Q q 0 0 0 rg BT 260.76 500.05 Td (year ) Tj ET Q q 0 0 0 rg BT 274.10 500.05 Td (on ) Tj ET Q q 0 0 0 rg BT 282.44 500.05 Td (a ) Tj ET Q q 0 0 0 rg BT 287.45 500.05 Td (per ) Tj ET Q q 0 0 0 rg BT 297.79 500.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 309.46 500.05 Td (basis ) Tj ET Q q 0 0 0 rg BT 325.14 500.05 Td (\(6:1\). ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 492.85 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 63.00 492.85 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 287.79 492.85 Td ( costs on a per boe basis. ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 485.65 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 63.00 485.65 Td (Calculated using Bonavista's working interest reserves.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 471.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 86.24 471.85 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 142.98 471.85 Td (significant ) Tj ET Q q 0 0 0 rg BT 184.72 471.85 Td (improvements ) Tj ET Q q 0 0 0 rg BT 242.95 471.85 Td (in ) Tj ET Q q 0 0 0 rg BT 251.67 471.85 Td (overall ) Tj ET Q q 0 0 0 rg BT 279.89 471.85 Td (ef) Tj ET Q q 0 0 0 rg BT 287.23 471.85 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 325.96 471.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.68 471.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.70 471.85 Td (, ) Tj ET Q q 0 0 0 rg BT 358.91 471.85 Td (resulting ) Tj ET Q q 0 0 0 rg BT 394.65 471.85 Td (in ) Tj ET Q q 0 0 0 rg BT 403.36 471.85 Td (proved ) Tj ET Q q 0 0 0 rg BT 432.59 471.85 Td (plus ) Tj ET Q q 0 0 0 rg BT 450.82 471.85 Td (probable ) Tj ET Q q 0 0 0 rg BT 487.56 471.85 Td (F&D ) Tj ET Q q 0 0 0 rg BT 507.27 471.85 Td (cost ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.49 471.85 Td (reductions) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 461.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.11 461.05 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.12 461.05 Td ( ) Tj ET Q q 0 0 0 rg BT 70.72 461.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.83 461.05 Td ($6.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.35 461.05 Td ( ) Tj ET Q q 0 0 0 rg BT 105.96 461.05 Td (per ) Tj ET Q q 0 0 0 rg BT 121.57 461.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 139.19 461.05 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.80 461.05 Td ($7.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.32 461.05 Td ( ) Tj ET Q q 0 0 0 rg BT 184.92 461.05 Td (per ) Tj ET Q q 0 0 0 rg BT 200.54 461.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 218.16 461.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.77 461.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.79 461.05 Td (. ) Tj ET Q q 0 0 0 rg BT 252.89 461.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 295.02 461.05 Td (considers ) Tj ET Q q 0 0 0 rg BT 336.14 461.05 Td (its ) Tj ET Q q 0 0 0 rg BT 347.75 461.05 Td (recycle ) Tj ET Q q 0 0 0 rg BT 378.86 461.05 Td (ratio ) Tj ET Q q 0 0 0 rg BT 398.97 461.05 Td (to ) Tj ET Q q 0 0 0 rg BT 409.08 461.05 Td (be ) Tj ET Q q 0 0 0 rg BT 421.70 461.05 Td (an ) Tj ET Q q 0 0 0 rg BT 434.31 461.05 Td (important ) Tj ET Q q 0 0 0 rg BT 474.43 461.05 Td (measure ) Tj ET Q q 0 0 0 rg BT 512.05 461.05 Td (of ) Tj ET Q q 0 0 0 rg BT 522.16 461.05 Td (profitability) Tj ET Q q 0 0 0 rg BT 564.51 461.05 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 450.25 Td (delivering ) Tj ET Q q 0 0 0 rg BT 85.51 450.25 Td (a ) Tj ET Q q 0 0 0 rg BT 92.50 450.25 Td (F&D ) Tj ET Q q 0 0 0 rg BT 112.48 450.25 Td (recycle ) Tj ET Q q 0 0 0 rg BT 142.98 450.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 162.47 450.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 171.96 450.25 Td (1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.47 450.25 Td (:1 ) Tj ET Q q 0 0 0 rg BT 193.96 450.25 Td (for ) Tj ET Q q 0 0 0 rg BT 206.45 450.25 Td (proved ) Tj ET Q q 0 0 0 rg BT 235.96 450.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 254.45 450.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 291.47 450.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 327.96 450.25 Td (including ) Tj ET Q q 0 0 0 rg BT 365.47 450.25 Td (revisions ) Tj ET Q q 0 0 0 rg BT 402.97 450.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.97 450.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 455.98 450.25 Td (in ) Tj ET Q q 0 0 0 rg BT 464.97 450.25 Td (future ) Tj ET Q q 0 0 0 rg BT 489.97 450.25 Td (development ) Tj ET Q q 0 0 0 rg BT 543.49 450.25 Td (costs. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 439.45 Td (Additional ) Tj ET Q q 0 0 0 rg BT 86.75 439.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 123.48 439.45 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 166.22 439.45 Td (tables, ) Tj ET Q q 0 0 0 rg BT 194.95 439.45 Td (as ) Tj ET Q q 0 0 0 rg BT 206.68 439.45 Td (required ) Tj ET Q q 0 0 0 rg BT 241.92 439.45 Td (under ) Tj ET Q q 0 0 0 rg BT 267.16 439.45 Td (NI ) Tj ET Q q 0 0 0 rg BT 278.38 439.45 Td (51-101, ) Tj ET Q q 0 0 0 rg BT 311.12 439.45 Td (are ) Tj ET Q q 0 0 0 rg BT 326.35 439.45 Td (contained ) Tj ET Q q 0 0 0 rg BT 367.60 439.45 Td (in ) Tj ET Q q 0 0 0 rg BT 376.82 439.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 424.35 439.45 Td (Annual ) Tj ET Q q 0 0 0 rg BT 454.59 439.45 Td (Information ) Tj ET Q q 0 0 0 rg BT 501.83 439.45 Td (Form ) Tj ET Q q 0 0 0 rg BT 525.05 439.45 Td (that ) Tj ET Q q 0 0 0 rg BT 542.28 439.45 Td (will ) Tj ET Q q 0 0 0 rg BT 557.00 439.45 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 428.60 Td (filed ) Tj ET Q q 0 0 0 rg BT 64.01 428.60 Td (on ) Tj ET Q q 0 0 0 rg BT 76.52 428.60 Td (SEDAR. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 414.80 Td (Financial ) Tj ET Q q 0 0 0 rg BT 86.72 414.80 Td (and ) Tj ET Q q 0 0 0 rg BT 105.43 414.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 149.14 414.80 Td (highlights ) Tj ET Q q 0 0 0 rg BT 194.85 414.80 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.84 414.80 Td ( ) Tj ET Q q 0 0 0 rg BT 200.38 414.80 Td (The ) Tj ET Q q 0 0 0 rg BT 218.60 414.80 Td (following ) Tj ET Q q 0 0 0 rg BT 256.33 414.80 Td (is ) Tj ET Q q 0 0 0 rg BT 265.54 414.80 Td (a ) Tj ET Q q 0 0 0 rg BT 273.25 414.80 Td (summary ) Tj ET Q q 0 0 0 rg BT 312.96 414.80 Td (of ) Tj ET Q q 0 0 0 rg BT 323.18 414.80 Td (key ) Tj ET Q q 0 0 0 rg BT 339.90 414.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 375.63 414.80 Td (and ) Tj ET Q q 0 0 0 rg BT 393.35 414.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 433.59 414.80 Td (results ) Tj ET Q q 0 0 0 rg BT 462.81 414.80 Td (for ) Tj ET Q q 0 0 0 rg BT 476.02 414.80 Td (the ) Tj ET Q q 0 0 0 rg BT 491.25 414.80 Td (respective ) Tj ET Q q 0 0 0 rg BT 534.98 414.80 Td (periods:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 404.29999999999995 m 236.5 404.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 404.29999999999995 m 289.5 404.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 404.29999999999995 m 342.5 404.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 404.29999999999995 m 398.5 404.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 404.29999999999995 m 402.5 404.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 404.29999999999995 m 457.5 404.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 404.29999999999995 m 511.5 404.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 404.29999999999995 m 567.5 404.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 376.29999999999995 m 236.5 376.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 376.29999999999995 m 289.5 376.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 376.29999999999995 m 342.5 376.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 376.29999999999995 m 398.5 376.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 376.29999999999995 m 402.5 376.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 376.29999999999995 m 457.5 376.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 376.29999999999995 m 511.5 376.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 376.29999999999995 m 567.5 376.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 45.5 294.29999999999995 m 236.5 294.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 236.5 294.29999999999995 m 289.5 294.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 294.29999999999995 m 342.5 294.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 342.5 294.29999999999995 m 398.5 294.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 294.29999999999995 m 402.5 294.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 294.29999999999995 m 457.5 294.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 457.5 294.29999999999995 m 511.5 294.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 294.29999999999995 m 567.5 294.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 45.5 238.29999999999995 m 236.5 238.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 236.5 238.29999999999995 m 289.5 238.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 238.29999999999995 m 342.5 238.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 342.5 238.29999999999995 m 398.5 238.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 238.29999999999995 m 402.5 238.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 238.29999999999995 m 457.5 238.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 457.5 238.29999999999995 m 511.5 238.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 238.29999999999995 m 567.5 238.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 236.5 238.29999999999995 m 289.5 238.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 238.29999999999995 m 342.5 238.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 238.29999999999995 m 457.5 238.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 457.5 238.29999999999995 m 511.5 238.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 45.5 210.29999999999995 m 236.5 210.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 236.5 210.29999999999995 m 289.5 210.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 210.29999999999995 m 342.5 210.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 342.5 210.29999999999995 m 398.5 210.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 210.29999999999995 m 402.5 210.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 210.29999999999995 m 457.5 210.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 457.5 210.29999999999995 m 511.5 210.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 210.29999999999995 m 567.5 210.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 236.5 210.29999999999995 m 289.5 210.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 210.29999999999995 m 342.5 210.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 210.29999999999995 m 457.5 210.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 457.5 210.29999999999995 m 511.5 210.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 45.5 173.29999999999995 m 236.5 173.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 236.5 173.29999999999995 m 289.5 173.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 173.29999999999995 m 342.5 173.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 342.5 173.29999999999995 m 398.5 173.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 173.29999999999995 m 402.5 173.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 173.29999999999995 m 457.5 173.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 457.5 173.29999999999995 m 511.5 173.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 173.29999999999995 m 567.5 173.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 236.5 173.29999999999995 m 289.5 173.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 173.29999999999995 m 342.5 173.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 173.29999999999995 m 457.5 173.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 457.5 173.29999999999995 m 511.5 173.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 131.29999999999995 m 236.5 131.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 131.29999999999995 m 289.5 131.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 131.29999999999995 m 342.5 131.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 131.29999999999995 m 398.5 131.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 131.29999999999995 m 402.5 131.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 131.29999999999995 m 457.5 131.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 131.29999999999995 m 511.5 131.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 131.29999999999995 m 567.5 131.29999999999995 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.90 394.70 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.75 394.70 Td (Years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.95 380.70 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.95 380.70 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.95 380.70 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.95 380.70 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.95 380.70 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.95 380.70 Td (% Change) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 368.30 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 48.00 354.70 Td (Production:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 340.70 Td (Natural gas \(mmcf/d\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.90 340.70 Td (278) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.90 340.70 Td (325) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 340.70 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 340.70 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.90 340.70 Td (280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.90 340.70 Td (337) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 340.70 Td (\(17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 340.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 326.70 Td (Natural gas liquids \(bbls/d\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 253.40 326.70 Td (19,941) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.40 326.70 Td (20,804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 326.70 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 326.70 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.40 326.70 Td (18,247) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 326.70 Td (17,666) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 326.70 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 326.70 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 312.70 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 110.02 316.99 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 312.70 Td (3,069) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.40 312.70 Td (4,934) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 312.70 Td (\(38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 312.70 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 312.70 Td (3,708) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 312.70 Td (5,445) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 312.70 Td (\(32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 312.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 298.70 Td ( Total production \(boe/d\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 253.40 298.70 Td (69,339) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.40 298.70 Td (79,862) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 298.70 Td (\(13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 298.70 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.40 298.70 Td (68,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 298.70 Td (79,288) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 298.70 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 298.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 284.70 Td (Product prices) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 105.52 288.99 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 112.67 284.70 Td (:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 270.70 Td (Natural gas \($/mmcf\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.40 270.70 Td (3.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.40 270.70 Td (3.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 270.70 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 270.70 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.40 270.70 Td (3.13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 270.70 Td (3.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 270.70 Td (\(12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 270.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 256.70 Td (Natural gas liquids \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 256.70 Td (25.83) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.40 256.70 Td (19.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 256.70 Td (33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 256.70 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 256.70 Td (19.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 256.70 Td (23.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 256.70 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 256.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 242.70 Td (Oil \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 242.70 Td (68.80) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.40 242.70 Td (86.61) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 242.70 Td (\(21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 242.70 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 242.70 Td (61.89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 242.70 Td (81.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 242.70 Td (\(24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 242.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 228.70 Td (Production revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 248.40 228.70 Td (141,842) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.40 228.70 Td (137,260) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.95 228.70 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 228.70 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.40 228.70 Td (445,434) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 228.70 Td (599,999) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 228.70 Td (\(26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 228.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 214.70 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 214.70 Td (22.24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.40 214.70 Td (18.68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 214.70 Td (19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 214.70 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 214.70 Td (17.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 214.70 Td (20.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 214.70 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 214.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 200.70 Td (Production revenues and realized gains on) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 191.70 Td (financial instrument commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 248.40 191.70 Td (151,525) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.40 191.70 Td (179,184) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 191.70 Td (\(15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 191.70 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.40 191.70 Td (537,206) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 191.70 Td (749,152) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 191.70 Td (\(28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 191.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 177.70 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 177.70 Td (23.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.40 177.70 Td (24.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 177.70 Td (\(3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 177.70 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 177.70 Td (21.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 177.70 Td (25.89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 177.70 Td (\(17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 177.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 163.70 Td (Royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 253.40 163.70 Td (12,767) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.40 163.70 Td (11,389) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 163.70 Td (12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 163.70 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.40 163.70 Td (36,903) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 163.70 Td (54,201) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 163.70 Td (\(32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 163.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 149.70 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.40 149.70 Td (2.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.40 149.70 Td (1.55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 149.70 Td (29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 149.70 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.40 149.70 Td (1.47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 149.70 Td (1.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 149.70 Td (\(21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 149.70 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 135.70 Td (% of Production revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.40 135.70 Td (9.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.95 135.70 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.40 135.70 Td (8.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.95 135.70 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.95 135.70 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 135.70 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.40 135.70 Td (8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.95 135.70 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.40 135.70 Td (9.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.95 135.70 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 547.95 135.70 Td (\(1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 135.70 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET 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 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 549.75 27.23 Td (Page 1) Tj ET Q q 0 0 0 rg BT 574.51 27.23 Td (1) 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 45 748.5 m 236 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 748.5 m 289 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 748.5 m 342 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 748.5 m 398 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 748.5 m 402 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 748.5 m 456 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 748.5 m 510 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 748.5 m 566 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45 720.5 m 236 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 720.5 m 289 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 720.5 m 342 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 720.5 m 398 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 720.5 m 402 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 720.5 m 456 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 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/GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 342 476.5 m 398 476.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398 476.5 m 402 476.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402 476.5 m 456 476.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456 476.5 m 510 476.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 510 476.5 m 566 476.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 45 434.5 m 236 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 236 434.5 m 289 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289 434.5 m 342 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 342 434.5 m 398 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398 434.5 m 402 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402 434.5 m 456 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456 434.5 m 510 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 510 434.5 m 566 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 45 406.5 m 236 406.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 236 406.5 m 289 406.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289 406.5 m 342 406.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 342 406.5 m 398 406.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398 406.5 m 402 406.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402 406.5 m 456 406.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456 406.5 m 510 406.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 510 406.5 m 566 406.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45 363.5 m 236 363.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236 363.5 m 289 363.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 289 363.5 m 342 363.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342 363.5 m 398 363.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398 363.5 m 402 363.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402 363.5 m 456 363.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456 363.5 m 510 363.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510 363.5 m 566 363.5 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.40 738.90 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.25 738.90 Td (Years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 724.90 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.45 724.90 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.45 724.90 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.45 724.90 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.45 724.90 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.45 724.90 Td (% Change) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 47.50 712.50 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 47.50 698.90 Td (Operating expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.95 698.90 Td (36,700) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.95 698.90 Td (43,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 698.90 Td (\(15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 698.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 698.90 Td (140,592) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.95 698.90 Td (190,889) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 698.90 Td (\(26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 698.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.50 684.90 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.95 684.90 Td (5.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.95 684.90 Td (5.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 684.90 Td (\(2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 684.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.95 684.90 Td (5.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 684.90 Td (6.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 684.90 Td (\(15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 684.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.50 670.90 Td (Transportation expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 670.90 Td (5,512) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.95 670.90 Td (9,023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 670.90 Td (\(39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 670.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.95 670.90 Td (22,566) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.95 670.90 Td (36,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 670.90 Td (\(38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 670.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.50 656.90 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.95 656.90 Td (0.86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.95 656.90 Td (1.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 656.90 Td (\(30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 656.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.95 656.90 Td (0.90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 656.90 Td (1.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 656.90 Td (\(29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 656.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.50 642.90 Td (General and administrative expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 642.90 Td (6,948) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.95 642.90 Td (7,120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 642.90 Td (\(2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 642.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.95 642.90 Td (27,138) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.95 642.90 Td (32,495) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 642.90 Td (\(16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 642.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.50 628.90 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.95 628.90 Td (1.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.95 628.90 Td (0.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.45 628.90 Td (12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 628.90 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.95 628.90 Td (1.08) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 628.90 Td (1.12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 628.90 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 628.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.50 614.90 Td (Share-based compensation expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 614.90 Td (2,058) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.95 614.90 Td (4,057) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 614.90 Td (\(49) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 614.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.95 614.90 Td (8,994) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.95 614.90 Td (17,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 614.90 Td (\(48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 614.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 600.90 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.95 600.90 Td (0.32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.95 600.90 Td (0.55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 600.90 Td (\(42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 600.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.95 600.90 Td (0.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 600.90 Td (0.59) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 600.90 Td (\(39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 600.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.50 587.45 Td (Depreciation, depletion, amortization and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.50 578.45 Td (impairment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.95 578.90 Td (64,313) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.95 578.90 Td (649,232) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 578.90 Td (\(90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 578.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 578.90 Td (319,845) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.45 578.90 Td (1,168,016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 578.90 Td (\(73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 578.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 564.90 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 564.90 Td (10.08) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.95 564.90 Td (88.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 564.90 Td (\(89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 564.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.95 564.90 Td (12.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 564.90 Td (40.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 564.90 Td (\(68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 564.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.50 550.90 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 116.53 555.19 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.95 550.90 Td (26,878) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.95 550.90 Td (42,099) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 550.90 Td (\(36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 550.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.95 550.90 Td (44,257) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.95 550.90 Td (166,600) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 550.90 Td (\(73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 550.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 536.90 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.95 536.90 Td (4.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.95 536.90 Td (5.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 536.90 Td (\(27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 536.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.95 536.90 Td (1.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 536.90 Td (5.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 536.90 Td (\(69) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 536.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.50 522.90 Td (Interest expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.95 522.90 Td (10,856) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.95 522.90 Td (12,860) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 522.90 Td (\(16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 522.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.95 522.90 Td (45,616) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.95 522.90 Td (49,716) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 522.90 Td (\(8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 522.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 508.90 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.95 508.90 Td (1.70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.95 508.90 Td (1.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 508.90 Td (\(3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 508.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.95 508.90 Td (1.82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 508.90 Td (1.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.45 508.90 Td (6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.45 508.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.50 494.90 Td (Deferred income taxes \(recovery\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.45 494.90 Td (748) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.95 494.90 Td (\(155,253) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.50 494.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.45 494.90 Td (100) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 494.90 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.95 494.90 Td (\(38,929) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.50 494.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.95 494.90 Td (\(204,051) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 494.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 494.90 Td (81) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.45 494.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 480.90 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.95 480.90 Td (0.12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.95 480.90 Td (\(21.13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.50 480.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.45 480.90 Td (101) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 480.90 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 480.90 Td (\(1.55) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.50 480.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.95 480.90 Td (\(7.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 480.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 480.90 Td (78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.45 480.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.50 466.90 Td (Net loss) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.95 466.90 Td (\(12,021) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.50 466.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.95 466.90 Td (\(454,616) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.50 466.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.45 466.90 Td (97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 466.90 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.95 466.90 Td (\(95,998) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.50 466.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.95 466.90 Td (\(751,545) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 466.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 466.90 Td (87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.45 466.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 452.90 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.95 452.90 Td (\(1.88) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.50 452.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.95 452.90 Td (\(61.88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.50 452.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.45 452.90 Td (97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 452.90 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 452.90 Td (\(3.83) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.50 452.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.95 452.90 Td (\(25.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 452.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 452.90 Td (85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.45 452.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 438.90 Td (per share - basic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.95 438.90 Td (\(0.05) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.50 438.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.95 438.90 Td (\(2.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.50 438.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.45 438.90 Td (98) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 438.90 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 438.90 Td (\(0.40) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.50 438.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.95 438.90 Td (\(3.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.50 438.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 438.90 Td (88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.45 438.90 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.50 424.90 Td (Dividends declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 424.90 Td (2,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.95 424.90 Td (11,664) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 424.90 Td (\(79) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 424.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.95 424.90 Td (13,891) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.95 424.90 Td (76,762) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 424.90 Td (\(82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 424.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 410.90 Td (per share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.95 410.90 Td (0.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.95 410.90 Td (0.055) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 410.90 Td (\(82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 410.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.95 410.90 Td (0.06) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 410.90 Td (0.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 410.90 Td (\(84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 410.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.50 396.90 Td (Funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.95 396.90 Td (78,742) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.95 396.90 Td (95,792) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 396.90 Td (\(18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 396.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 396.90 Td (264,391) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.95 396.90 Td (385,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 396.90 Td (\(31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 396.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 382.90 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 382.90 Td (12.34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.95 382.90 Td (13.04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 382.90 Td (\(5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 382.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.95 382.90 Td (10.54) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 382.90 Td (13.32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 382.90 Td (\(21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 382.90 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.00 367.90 Td (per share - basic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.95 367.90 Td (0.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.95 367.90 Td (0.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 367.90 Td (\(30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 367.90 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.95 367.90 Td (1.11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.95 367.90 Td (1.77) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 367.90 Td (\(37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 367.90 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 353.80 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.00 353.80 Td (Oil ) Tj ET Q q 0 0 0 rg BT 72.00 353.80 Td (includes ) Tj ET Q q 0 0 0 rg BT 95.68 353.80 Td (light, ) Tj ET Q q 0 0 0 rg BT 110.02 353.80 Td (medium ) Tj ET Q q 0 0 0 rg BT 133.03 353.80 Td (and ) Tj ET Q q 0 0 0 rg BT 144.71 353.80 Td (heavy ) Tj ET Q q 0 0 0 rg BT 162.38 353.80 Td (oil.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 346.60 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.00 346.60 Td (Product ) Tj ET Q q 0 0 0 rg BT 85.34 346.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 103.02 346.60 Td (include ) Tj ET Q q 0 0 0 rg BT 123.70 346.60 Td (realized ) Tj ET Q q 0 0 0 rg BT 146.38 346.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 162.39 346.60 Td (and ) Tj ET Q q 0 0 0 rg BT 174.06 346.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 192.74 346.60 Td (on ) Tj ET Q q 0 0 0 rg BT 201.08 346.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.76 346.60 Td (instrument ) Tj ET Q q 0 0 0 rg BT 254.44 346.60 Td (commodity ) Tj ET Q q 0 0 0 rg BT 285.11 346.60 Td (contracts.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 339.40 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 63.00 339.40 Td (Includes ) Tj ET Q q 0 0 0 rg BT 87.01 339.40 Td (interest ) Tj ET Q q 0 0 0 rg BT 108.36 339.40 Td (expense) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 322.60 Td (Production ) Tj ET Q q 0 0 0 rg BT 94.67 322.60 Td (- ) Tj ET Q q 0 0 0 rg BT 99.83 322.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.00 322.60 Td ( ) Tj ET Q q 0 0 0 rg BT 104.17 322.60 Td (Production ) Tj ET Q q 0 0 0 rg BT 149.37 322.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 185.05 322.60 Td (for ) Tj ET Q q 0 0 0 rg BT 197.72 322.60 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.40 322.60 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.91 322.60 Td ( ) Tj ET Q q 0 0 0 rg BT 232.08 322.60 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.28 322.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 317.97 322.60 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.99 322.60 Td ( ) Tj ET Q q 0 0 0 rg BT 340.16 322.60 Td (averaged ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.86 322.60 Td (68,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.39 322.60 Td ( ) Tj ET Q q 0 0 0 rg BT 409.56 322.60 Td (boe ) Tj ET Q q 0 0 0 rg BT 426.74 322.60 Td (per ) Tj ET Q q 0 0 0 rg BT 441.92 322.60 Td (day) Tj ET Q q 0 0 0 rg BT 455.76 322.60 Td (, ) Tj ET Q q 0 0 0 rg BT 460.43 322.60 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.61 322.60 Td (14%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.62 322.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.79 322.60 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.82 322.60 Td ( ) Tj ET Q q 0 0 0 rg BT 526.98 322.60 Td (compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 311.80 Td (to ) Tj ET Q q 0 0 0 rg BT 54.29 311.80 Td (an ) Tj ET Q q 0 0 0 rg BT 66.08 311.80 Td (average ) Tj ET Q q 0 0 0 rg BT 100.39 311.80 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.68 311.80 Td (79,288) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 137.20 311.80 Td ( ) Tj ET Q q 0 0 0 rg BT 138.99 311.80 Td (boe ) Tj ET Q q 0 0 0 rg BT 155.79 311.80 Td (per ) Tj ET Q q 0 0 0 rg BT 170.58 311.80 Td (day ) Tj ET Q q 0 0 0 rg BT 186.87 311.80 Td (in ) Tj ET Q q 0 0 0 rg BT 195.66 311.80 Td (the ) Tj ET Q q 0 0 0 rg BT 209.95 311.80 Td (same ) Tj ET Q q 0 0 0 rg BT 233.74 311.80 Td (period ) Tj ET Q q 0 0 0 rg BT 260.54 311.80 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.83 311.80 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.85 311.80 Td (. ) Tj ET Q q 0 0 0 rg BT 294.02 311.80 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.31 311.80 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.33 311.80 Td ( ) Tj ET Q q 0 0 0 rg BT 350.12 311.80 Td (in ) Tj ET Q q 0 0 0 rg BT 358.91 311.80 Td (production ) Tj ET Q q 0 0 0 rg BT 402.72 311.80 Td (volumes ) Tj ET Q q 0 0 0 rg BT 438.01 311.80 Td (was ) Tj ET Q q 0 0 0 rg BT 455.80 311.80 Td (largely ) Tj ET Q q 0 0 0 rg BT 484.10 311.80 Td (due ) Tj ET Q q 0 0 0 rg BT 500.89 311.80 Td (to ) Tj ET Q q 0 0 0 rg BT 510.18 311.80 Td (the ) Tj ET Q q 0 0 0 rg BT 524.48 311.80 Td (disposition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 301.00 Td (of ) Tj ET Q q 0 0 0 rg BT 55.54 301.00 Td (non-core ) Tj ET Q q 0 0 0 rg BT 94.09 301.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 123.14 301.00 Td (in ) Tj ET Q q 0 0 0 rg BT 133.17 301.00 Td (the ) Tj ET Q q 0 0 0 rg BT 148.72 301.00 Td (second ) Tj ET Q q 0 0 0 rg BT 180.77 301.00 Td (half ) Tj ET Q q 0 0 0 rg BT 198.32 301.00 Td (of ) Tj ET Q q 0 0 0 rg BT 208.85 301.00 Td (2015 ) Tj ET Q q 0 0 0 rg BT 231.91 301.00 Td (and ) Tj ET Q q 0 0 0 rg BT 249.96 301.00 Td (throughout ) Tj ET Q q 0 0 0 rg BT 296.03 301.00 Td (2016, ) Tj ET Q q 0 0 0 rg BT 321.58 301.00 Td (the ) Tj ET Q q 0 0 0 rg BT 337.12 301.00 Td (shut-in ) Tj ET Q q 0 0 0 rg BT 367.17 301.00 Td (of ) Tj ET Q q 0 0 0 rg BT 377.71 301.00 Td (low ) Tj ET Q q 0 0 0 rg BT 394.25 301.00 Td (margin ) Tj ET Q q 0 0 0 rg BT 424.79 301.00 Td (wells ) Tj ET Q q 0 0 0 rg BT 447.82 301.00 Td (and ) Tj ET Q q 0 0 0 rg BT 465.87 301.00 Td (reduced ) Tj ET Q q 0 0 0 rg BT 501.43 301.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 530.48 301.00 Td (spending ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 290.20 Td (throughout ) Tj ET Q q 0 0 0 rg BT 90.54 290.20 Td (2015 ) Tj ET Q q 0 0 0 rg BT 113.06 290.20 Td (and ) Tj ET Q q 0 0 0 rg BT 130.57 290.20 Td (2016 ) Tj ET Q q 0 0 0 rg BT 153.10 290.20 Td (in ) Tj ET Q q 0 0 0 rg BT 162.60 290.20 Td (response ) Tj ET Q q 0 0 0 rg BT 202.13 290.20 Td (to ) Tj ET Q q 0 0 0 rg BT 212.13 290.20 Td (low ) Tj ET Q q 0 0 0 rg BT 228.14 290.20 Td (commodity ) Tj ET Q q 0 0 0 rg BT 274.15 290.20 Td (prices.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 272.20 Td (For ) Tj ET Q q 0 0 0 rg BT 60.32 272.20 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.65 272.20 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.15 272.20 Td ( ) Tj ET Q q 0 0 0 rg BT 93.97 272.20 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 120.82 272.20 Td (December31, ) Tj ET Q q 0 0 0 rg BT 179.16 272.20 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.18 272.20 Td (, ) Tj ET Q q 0 0 0 rg BT 203.50 272.20 Td (natural ) Tj ET Q q 0 0 0 rg BT 232.84 272.20 Td (gas ) Tj ET Q q 0 0 0 rg BT 249.17 272.20 Td (production ) Tj ET Q q 0 0 0 rg BT 293.01 272.20 Td (averaged ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.36 272.20 Td (280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.38 272.20 Td ( ) Tj ET Q q 0 0 0 rg BT 349.20 272.20 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 373.01 272.20 Td (per ) Tj ET Q q 0 0 0 rg BT 387.83 272.20 Td (day) Tj ET Q q 0 0 0 rg BT 401.68 272.20 Td (, ) Tj ET Q q 0 0 0 rg BT 405.99 272.20 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.82 272.20 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.83 272.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.65 272.20 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.67 272.20 Td ( ) Tj ET Q q 0 0 0 rg BT 471.49 272.20 Td (compared ) Tj ET Q q 0 0 0 rg BT 513.33 272.20 Td (to ) Tj ET Q q 0 0 0 rg BT 522.65 272.20 Td (an ) Tj ET Q q 0 0 0 rg BT 534.48 272.20 Td (average ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 261.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.52 261.45 Td (337) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.53 261.45 Td ( ) Tj ET Q q 0 0 0 rg BT 73.54 261.45 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 98.55 261.45 Td (per ) Tj ET Q q 0 0 0 rg BT 114.56 261.45 Td (day ) Tj ET Q q 0 0 0 rg BT 132.08 261.45 Td (for ) Tj ET Q q 0 0 0 rg BT 145.60 261.45 Td (the ) Tj ET Q q 0 0 0 rg BT 161.12 261.45 Td (year ) Tj ET Q q 0 0 0 rg BT 181.64 261.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.67 261.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 269.21 261.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.23 261.45 Td (. ) Tj ET Q q 0 0 0 rg BT 294.74 261.45 Td (Natural ) Tj ET Q q 0 0 0 rg BT 326.76 261.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 344.28 261.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 372.81 261.45 Td (production ) Tj ET Q q 0 0 0 rg BT 417.85 261.45 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.86 261.45 Td (18,247) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.39 261.45 Td ( ) Tj ET Q q 0 0 0 rg BT 467.40 261.45 Td (bbls ) Tj ET Q q 0 0 0 rg BT 486.92 261.45 Td (per ) Tj ET Q q 0 0 0 rg BT 502.94 261.45 Td (day ) Tj ET Q q 0 0 0 rg BT 520.46 261.45 Td (for ) Tj ET Q q 0 0 0 rg BT 533.97 261.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.49 261.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 261.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 250.60 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.90 250.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 130.31 250.60 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.33 250.60 Td (, ) Tj ET Q q 0 0 0 rg BT 154.71 250.60 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.59 250.60 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.60 250.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.48 250.60 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.50 250.60 Td ( ) Tj ET Q q 0 0 0 rg BT 212.37 250.60 Td (when ) Tj ET Q q 0 0 0 rg BT 235.77 250.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 277.67 250.60 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.05 250.60 Td (17,666) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.58 250.60 Td ( ) Tj ET Q q 0 0 0 rg BT 316.46 250.60 Td (bbls ) Tj ET Q q 0 0 0 rg BT 334.84 250.60 Td (per ) Tj ET Q q 0 0 0 rg BT 349.73 250.60 Td (day ) Tj ET Q q 0 0 0 rg BT 366.12 250.60 Td (for ) Tj ET Q q 0 0 0 rg BT 378.50 250.60 Td (the ) Tj ET Q q 0 0 0 rg BT 392.89 250.60 Td (same ) Tj ET Q q 0 0 0 rg BT 416.77 250.60 Td (period ) Tj ET Q q 0 0 0 rg BT 443.67 250.60 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.05 250.60 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.08 250.60 Td (. ) Tj ET Q q 0 0 0 rg BT 477.33 250.60 Td (The ) Tj ET Q q 0 0 0 rg BT 494.72 250.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 530.61 250.60 Td (in ) Tj ET Q q 0 0 0 rg BT 539.50 250.60 Td (natural ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 239.80 Td (gas ) Tj ET Q q 0 0 0 rg BT 61.57 239.80 Td (liquids ) Tj ET Q q 0 0 0 rg BT 89.15 239.80 Td (production ) Tj ET Q q 0 0 0 rg BT 133.24 239.80 Td (and ) Tj ET Q q 0 0 0 rg BT 150.31 239.80 Td (decrease ) Tj ET Q q 0 0 0 rg BT 189.40 239.80 Td (in ) Tj ET Q q 0 0 0 rg BT 198.47 239.80 Td (natural ) Tj ET Q q 0 0 0 rg BT 228.05 239.80 Td (gas ) Tj ET Q q 0 0 0 rg BT 244.62 239.80 Td (production ) Tj ET Q q 0 0 0 rg BT 288.71 239.80 Td (on ) Tj ET Q q 0 0 0 rg BT 300.78 239.80 Td (a ) Tj ET Q q 0 0 0 rg BT 307.85 239.80 Td (percentage ) Tj ET Q q 0 0 0 rg BT 354.94 239.80 Td (basis ) Tj ET Q q 0 0 0 rg BT 378.01 239.80 Td (can ) Tj ET Q q 0 0 0 rg BT 394.58 239.80 Td (be ) Tj ET Q q 0 0 0 rg BT 406.66 239.80 Td (attributed ) Tj ET Q q 0 0 0 rg BT 446.24 239.80 Td (to ) Tj ET Q q 0 0 0 rg BT 455.81 239.80 Td (the ) Tj ET Q q 0 0 0 rg BT 470.38 239.80 Td (significant ) Tj ET Q q 0 0 0 rg BT 512.46 239.80 Td (enhancement ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 229.00 Td (of ) Tj ET Q q 0 0 0 rg BT 54.92 229.00 Td (natural ) Tj ET Q q 0 0 0 rg BT 84.86 229.00 Td (gas ) Tj ET Q q 0 0 0 rg BT 101.79 229.00 Td (liquids ) Tj ET Q q 0 0 0 rg BT 129.72 229.00 Td (yields ) Tj ET Q q 0 0 0 rg BT 155.15 229.00 Td (as ) Tj ET Q q 0 0 0 rg BT 167.08 229.00 Td (a ) Tj ET Q q 0 0 0 rg BT 174.50 229.00 Td (result ) Tj ET Q q 0 0 0 rg BT 198.93 229.00 Td (of ) Tj ET Q q 0 0 0 rg BT 208.85 229.00 Td (a ) Tj ET Q q 0 0 0 rg BT 216.27 229.00 Td (third-party ) Tj ET Q q 0 0 0 rg BT 259.21 229.00 Td (plant ) Tj ET Q q 0 0 0 rg BT 281.14 229.00 Td (expansion ) Tj ET Q q 0 0 0 rg BT 324.59 229.00 Td (commissioned ) Tj ET Q q 0 0 0 rg BT 384.53 229.00 Td (in ) Tj ET Q q 0 0 0 rg BT 393.95 229.00 Td (the ) Tj ET Q q 0 0 0 rg BT 408.88 229.00 Td (third ) Tj ET Q q 0 0 0 rg BT 428.81 229.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 459.74 229.00 Td (of ) Tj ET Q q 0 0 0 rg BT 469.67 229.00 Td (2015 ) Tj ET Q q 0 0 0 rg BT 492.11 229.00 Td (and ) Tj ET Q q 0 0 0 rg BT 509.54 229.00 Td (the ) Tj ET Q q 0 0 0 rg BT 524.47 229.00 Td (disposition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 218.20 Td (of ) Tj ET Q q 0 0 0 rg BT 54.80 218.20 Td (dry ) Tj ET Q q 0 0 0 rg BT 69.59 218.20 Td (natural ) Tj ET Q q 0 0 0 rg BT 99.41 218.20 Td (gas ) Tj ET Q q 0 0 0 rg BT 116.21 218.20 Td (weighted ) Tj ET Q q 0 0 0 rg BT 154.53 218.20 Td (non-core ) Tj ET Q q 0 0 0 rg BT 192.34 218.20 Td (assets ) Tj ET Q q 0 0 0 rg BT 220.65 218.20 Td (in ) Tj ET Q q 0 0 0 rg BT 229.94 218.20 Td (the ) Tj ET Q q 0 0 0 rg BT 244.75 218.20 Td (second ) Tj ET Q q 0 0 0 rg BT 276.06 218.20 Td (half ) Tj ET Q q 0 0 0 rg BT 292.87 218.20 Td (of ) Tj ET Q q 0 0 0 rg BT 302.67 218.20 Td (2015 ) Tj ET Q q 0 0 0 rg BT 324.98 218.20 Td (and ) Tj ET Q q 0 0 0 rg BT 342.29 218.20 Td (throughout ) Tj ET Q q 0 0 0 rg BT 387.62 218.20 Td (2016. ) Tj ET Q q 0 0 0 rg BT 412.43 218.20 Td (Oil ) Tj ET Q q 0 0 0 rg BT 425.73 218.20 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.05 218.20 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.08 218.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.37 218.20 Td (32%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.38 218.20 Td ( ) Tj ET Q q 0 0 0 rg BT 534.68 218.20 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.48 218.20 Td (3,708) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 218.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 207.45 Td (bbls ) Tj ET Q q 0 0 0 rg BT 63.84 207.45 Td (per ) Tj ET Q q 0 0 0 rg BT 79.17 207.45 Td (day ) Tj ET Q q 0 0 0 rg BT 96.01 207.45 Td (for ) Tj ET Q q 0 0 0 rg BT 108.84 207.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.68 207.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.19 207.45 Td ( ) Tj ET Q q 0 0 0 rg BT 143.52 207.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.87 207.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 229.73 207.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.75 207.45 Td ( ) Tj ET Q q 0 0 0 rg BT 252.08 207.45 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.41 207.45 Td (5,445) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.93 207.45 Td ( ) Tj ET Q q 0 0 0 rg BT 297.26 207.45 Td (bbls ) Tj ET Q q 0 0 0 rg BT 316.10 207.45 Td (per ) Tj ET Q q 0 0 0 rg BT 331.43 207.45 Td (day ) Tj ET Q q 0 0 0 rg BT 348.27 207.45 Td (in ) Tj ET Q q 0 0 0 rg BT 357.60 207.45 Td (the ) Tj ET Q q 0 0 0 rg BT 372.44 207.45 Td (same ) Tj ET Q q 0 0 0 rg BT 396.78 207.45 Td (period ) Tj ET Q q 0 0 0 rg BT 424.13 207.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.96 207.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.98 207.45 Td ( ) Tj ET Q q 0 0 0 rg BT 456.31 207.45 Td (as ) Tj ET Q q 0 0 0 rg BT 468.14 207.45 Td (a ) Tj ET Q q 0 0 0 rg BT 475.48 207.45 Td (result ) Tj ET Q q 0 0 0 rg BT 499.81 207.45 Td (of ) Tj ET Q q 0 0 0 rg BT 509.65 207.45 Td (non-core ) Tj ET Q q 0 0 0 rg BT 547.49 207.45 Td (light-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 196.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 57.08 196.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 96.18 196.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 120.77 196.65 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 170.87 196.65 Td (and ) Tj ET Q q 0 0 0 rg BT 188.96 196.65 Td (production ) Tj ET Q q 0 0 0 rg BT 234.07 196.65 Td (declines ) Tj ET Q q 0 0 0 rg BT 270.16 196.65 Td (as ) Tj ET Q q 0 0 0 rg BT 282.74 196.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 325.34 196.65 Td (continues ) Tj ET Q q 0 0 0 rg BT 366.95 196.65 Td (to ) Tj ET Q q 0 0 0 rg BT 377.53 196.65 Td (focus ) Tj ET Q q 0 0 0 rg BT 402.12 196.65 Td (exploration ) Tj ET Q q 0 0 0 rg BT 449.22 196.65 Td (and ) Tj ET Q q 0 0 0 rg BT 467.31 196.65 Td (development ) Tj ET Q q 0 0 0 rg BT 521.92 196.65 Td (activities ) Tj ET Q q 0 0 0 rg BT 559.51 196.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 185.85 Td (lower ) Tj ET Q q 0 0 0 rg BT 69.01 185.85 Td (cost, ) Tj ET Q q 0 0 0 rg BT 90.51 185.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 118.53 185.85 Td (rich ) Tj ET Q q 0 0 0 rg BT 135.53 185.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 165.55 185.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 182.56 185.85 Td (properties.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 169.05 Td (Production ) Tj ET Q q 0 0 0 rg BT 90.91 169.05 Td (volumes ) Tj ET Q q 0 0 0 rg BT 127.30 169.05 Td (averaged ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.71 169.05 Td (69,339) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.23 169.05 Td ( ) Tj ET Q q 0 0 0 rg BT 198.11 169.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 216.01 169.05 Td (per ) Tj ET Q q 0 0 0 rg BT 231.89 169.05 Td (day ) Tj ET Q q 0 0 0 rg BT 249.28 169.05 Td (for ) Tj ET Q q 0 0 0 rg BT 262.67 169.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.06 169.05 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.07 169.05 Td ( ) Tj ET Q q 0 0 0 rg BT 303.95 169.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 335.34 169.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.25 169.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 422.65 169.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.68 169.05 Td (, ) Tj ET Q q 0 0 0 rg BT 448.06 169.05 Td (an ) Tj ET Q q 0 0 0 rg BT 460.95 169.05 Td (8% ) Tj ET Q q 0 0 0 rg BT 476.83 169.05 Td (increase ) Tj ET Q q 0 0 0 rg BT 513.73 169.05 Td (over ) Tj ET Q q 0 0 0 rg BT 534.12 169.05 Td (the ) Tj ET Q q 0 0 0 rg BT 549.51 169.05 Td (third ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 158.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 75.31 158.25 Td (of ) Tj ET Q q 0 0 0 rg BT 84.60 158.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 108.92 158.25 Td (but ) Tj ET Q q 0 0 0 rg BT 123.22 158.25 Td ( ) Tj ET Q q 0 0 0 rg BT 125.01 158.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.81 158.25 Td (13%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.82 158.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.61 158.25 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.63 158.25 Td ( ) Tj ET Q q 0 0 0 rg BT 190.43 158.25 Td (when ) Tj ET Q q 0 0 0 rg BT 213.73 158.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 255.54 158.25 Td (to ) Tj ET Q q 0 0 0 rg BT 264.84 158.25 Td (an ) Tj ET Q q 0 0 0 rg BT 276.64 158.25 Td (average ) Tj ET Q q 0 0 0 rg BT 310.96 158.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.25 158.25 Td (79,862) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.78 158.25 Td ( ) Tj ET Q q 0 0 0 rg BT 349.57 158.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 366.38 158.25 Td (per ) Tj ET Q q 0 0 0 rg BT 381.18 158.25 Td (day ) Tj ET Q q 0 0 0 rg BT 397.48 158.25 Td (for ) Tj ET Q q 0 0 0 rg BT 409.77 158.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.08 158.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 448.88 158.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 479.19 158.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.49 158.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.51 158.25 Td (. ) Tj ET Q q 0 0 0 rg BT 512.68 158.25 Td (The ) Tj ET Q q 0 0 0 rg BT 529.98 158.25 Td (decrease ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 147.45 Td (in ) Tj ET Q q 0 0 0 rg BT 54.24 147.45 Td (average ) Tj ET Q q 0 0 0 rg BT 89.00 147.45 Td (production ) Tj ET Q q 0 0 0 rg BT 133.27 147.45 Td (volumes ) Tj ET Q q 0 0 0 rg BT 169.02 147.45 Td (over ) Tj ET Q q 0 0 0 rg BT 188.76 147.45 Td (the ) Tj ET Q q 0 0 0 rg BT 203.51 147.45 Td (same ) Tj ET Q q 0 0 0 rg BT 227.76 147.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 248.00 147.45 Td (year ) Tj ET Q q 0 0 0 rg BT 267.74 147.45 Td (period ) Tj ET Q q 0 0 0 rg BT 295.00 147.45 Td (was ) Tj ET Q q 0 0 0 rg BT 313.24 147.45 Td (due ) Tj ET Q q 0 0 0 rg BT 330.49 147.45 Td (to ) Tj ET Q q 0 0 0 rg BT 340.23 147.45 Td (a ) Tj ET Q q 0 0 0 rg BT 347.48 147.45 Td (curtailed ) Tj ET Q q 0 0 0 rg BT 383.73 147.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 411.98 147.45 Td (program, ) Tj ET Q q 0 0 0 rg BT 450.23 147.45 Td (production ) Tj ET Q q 0 0 0 rg BT 494.50 147.45 Td (declines ) Tj ET Q q 0 0 0 rg BT 529.76 147.45 Td (in ) Tj ET Q q 0 0 0 rg BT 539.00 147.45 Td (excess ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 136.65 Td (of ) Tj ET Q q 0 0 0 rg BT 55.01 136.65 Td (new ) Tj ET Q q 0 0 0 rg BT 74.02 136.65 Td (well ) Tj ET Q q 0 0 0 rg BT 92.02 136.65 Td (production, ) Tj ET Q q 0 0 0 rg BT 139.05 136.65 Td (the ) Tj ET Q q 0 0 0 rg BT 154.06 136.65 Td (disposition ) Tj ET Q q 0 0 0 rg BT 199.09 136.65 Td (of ) Tj ET Q q 0 0 0 rg BT 209.10 136.65 Td (non-core ) Tj ET Q q 0 0 0 rg BT 247.12 136.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 275.63 136.65 Td (and ) Tj ET Q q 0 0 0 rg BT 293.15 136.65 Td (the ) Tj ET Q q 0 0 0 rg BT 308.16 136.65 Td (shut-in ) Tj ET Q q 0 0 0 rg BT 337.67 136.65 Td (of ) Tj ET Q q 0 0 0 rg BT 347.68 136.65 Td (uneconomic ) Tj ET Q q 0 0 0 rg BT 398.71 136.65 Td (properties. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 119.85 Td (For ) Tj ET Q q 0 0 0 rg BT 60.56 119.85 Td (the ) Tj ET Q q 0 0 0 rg BT 75.13 119.85 Td (three ) Tj ET Q q 0 0 0 rg BT 97.71 119.85 Td (months ) Tj ET Q q 0 0 0 rg BT 129.28 119.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.37 119.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 214.96 119.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.98 119.85 Td (, ) Tj ET Q q 0 0 0 rg BT 239.54 119.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 269.12 119.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 285.69 119.85 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.78 119.85 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.81 119.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.87 119.85 Td (14%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.89 119.85 Td ( ) Tj ET Q q 0 0 0 rg BT 393.95 119.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.51 119.85 Td (278) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.53 119.85 Td ( ) Tj ET Q q 0 0 0 rg BT 420.59 119.85 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 444.65 119.85 Td (per ) Tj ET Q q 0 0 0 rg BT 459.72 119.85 Td (day ) Tj ET Q q 0 0 0 rg BT 476.29 119.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 518.37 119.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.94 119.85 Td (325) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 119.85 Td ( ) Tj ET Q q 0 0 0 rg BT 545.01 119.85 Td (mmcf ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 109.05 Td (per ) Tj ET Q q 0 0 0 rg BT 60.38 109.05 Td (day ) Tj ET Q q 0 0 0 rg BT 77.27 109.05 Td (in ) Tj ET Q q 0 0 0 rg BT 86.65 109.05 Td (the ) Tj ET Q q 0 0 0 rg BT 101.54 109.05 Td (same ) Tj ET Q q 0 0 0 rg BT 125.93 109.05 Td (period ) Tj ET Q q 0 0 0 rg BT 153.32 109.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.21 109.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.23 109.05 Td (. ) Tj ET Q q 0 0 0 rg BT 188.10 109.05 Td (Natural ) Tj ET Q q 0 0 0 rg BT 219.49 109.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 236.38 109.05 Td (liquids ) Tj ET Q q 0 0 0 rg BT 264.27 109.05 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.68 109.05 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.71 109.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.09 109.05 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.09 109.05 Td ( ) Tj ET Q q 0 0 0 rg BT 368.47 109.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.35 109.05 Td (19,941) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.88 109.05 Td ( ) Tj ET Q q 0 0 0 rg BT 408.26 109.05 Td (bbls ) Tj ET Q q 0 0 0 rg BT 427.14 109.05 Td (per ) Tj ET Q q 0 0 0 rg BT 442.53 109.05 Td (day ) Tj ET Q q 0 0 0 rg BT 459.42 109.05 Td (for ) Tj ET Q q 0 0 0 rg BT 472.30 109.05 Td (the ) Tj ET Q q 0 0 0 rg BT 487.19 109.05 Td (three ) Tj ET Q q 0 0 0 rg BT 510.08 109.05 Td (months ) Tj ET Q q 0 0 0 rg BT 541.97 109.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 98.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 104.74 98.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.76 98.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.97 98.25 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.18 98.25 Td (20,804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.71 98.25 Td ( ) Tj ET Q q 0 0 0 rg BT 179.92 98.25 Td (bbls ) Tj ET Q q 0 0 0 rg BT 199.64 98.25 Td (per ) Tj ET Q q 0 0 0 rg BT 215.85 98.25 Td (day ) Tj ET Q q 0 0 0 rg BT 233.57 98.25 Td (for ) Tj ET Q q 0 0 0 rg BT 247.29 98.25 Td (the ) Tj ET Q q 0 0 0 rg BT 263.01 98.25 Td (same ) Tj ET Q q 0 0 0 rg BT 288.23 98.25 Td (period ) Tj ET Q q 0 0 0 rg BT 316.45 98.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.17 98.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.19 98.25 Td (. ) Tj ET Q q 0 0 0 rg BT 352.90 98.25 Td (While ) Tj ET Q q 0 0 0 rg BT 378.62 98.25 Td (production ) Tj ET Q q 0 0 0 rg BT 423.86 98.25 Td (decreased ) Tj ET Q q 0 0 0 rg BT 469.09 98.25 Td (for ) Tj ET Q q 0 0 0 rg BT 482.81 98.25 Td (both ) Tj ET Q q 0 0 0 rg BT 503.53 98.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 534.26 98.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 551.98 98.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 87.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 75.12 87.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 92.23 87.45 Td (liquids, ) Tj ET Q q 0 0 0 rg BT 122.84 87.45 Td (the ) Tj ET Q q 0 0 0 rg BT 137.95 87.45 Td (larger ) Tj ET Q q 0 0 0 rg BT 163.56 87.45 Td (decrease ) Tj ET Q q 0 0 0 rg BT 203.19 87.45 Td (to ) Tj ET Q q 0 0 0 rg BT 213.29 87.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 243.41 87.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 260.52 87.45 Td (production ) Tj ET Q q 0 0 0 rg BT 305.15 87.45 Td (on ) Tj ET Q q 0 0 0 rg BT 317.76 87.45 Td (a ) Tj ET Q q 0 0 0 rg BT 325.37 87.45 Td (percentage ) Tj ET Q q 0 0 0 rg BT 373.00 87.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 396.61 87.45 Td (can ) Tj ET Q q 0 0 0 rg BT 413.72 87.45 Td (be ) Tj ET Q q 0 0 0 rg BT 426.33 87.45 Td (attributed ) Tj ET Q q 0 0 0 rg BT 466.46 87.45 Td (to ) Tj ET Q q 0 0 0 rg BT 476.56 87.45 Td (the ) Tj ET Q q 0 0 0 rg BT 491.67 87.45 Td (disposition ) Tj ET Q q 0 0 0 rg BT 536.80 87.45 Td ( ) Tj ET Q q 0 0 0 rg BT 539.40 87.45 Td (of ) Tj ET Q q 0 0 0 rg BT 549.50 87.45 Td (gas-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 76.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 84.04 76.65 Td (non-core ) Tj ET Q q 0 0 0 rg BT 122.57 76.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 151.59 76.65 Td (in ) Tj ET Q q 0 0 0 rg BT 161.60 76.65 Td (the ) Tj ET Q q 0 0 0 rg BT 177.12 76.65 Td (fourth ) Tj ET Q q 0 0 0 rg BT 203.15 76.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 234.67 76.65 Td (of ) Tj ET Q q 0 0 0 rg BT 245.19 76.65 Td (2015. ) Tj ET Q q 0 0 0 rg BT 270.72 76.65 Td (Oil ) Tj ET Q q 0 0 0 rg BT 284.73 76.65 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.77 76.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.80 76.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.81 76.65 Td (38%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.82 76.65 Td ( ) Tj ET Q q 0 0 0 rg BT 395.83 76.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.35 76.65 Td (3,069) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.87 76.65 Td ( ) Tj ET Q q 0 0 0 rg BT 431.88 76.65 Td (bbls ) Tj ET Q q 0 0 0 rg BT 451.40 76.65 Td (per ) Tj ET Q q 0 0 0 rg BT 467.42 76.65 Td (day ) Tj ET Q q 0 0 0 rg BT 484.94 76.65 Td (for ) Tj ET Q q 0 0 0 rg BT 498.45 76.65 Td (the ) Tj ET Q q 0 0 0 rg BT 513.97 76.65 Td (three ) Tj ET Q q 0 0 0 rg BT 537.49 76.65 Td (months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 65.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.54 65.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 129.57 65.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.59 65.85 Td ( ) Tj ET Q q 0 0 0 rg BT 151.10 65.85 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.61 65.85 Td (4,934) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.13 65.85 Td ( ) Tj ET Q q 0 0 0 rg BT 194.64 65.85 Td (bbls ) Tj ET Q q 0 0 0 rg BT 212.66 65.85 Td (per ) Tj ET Q q 0 0 0 rg BT 227.18 65.85 Td (day ) Tj ET Q q 0 0 0 rg BT 243.20 65.85 Td (for ) Tj ET Q q 0 0 0 rg BT 255.21 65.85 Td (the ) Tj ET Q q 0 0 0 rg BT 269.23 65.85 Td (same ) Tj ET Q q 0 0 0 rg BT 292.75 65.85 Td (period ) Tj ET Q q 0 0 0 rg BT 319.28 65.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.29 65.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.31 65.85 Td ( ) Tj ET Q q 0 0 0 rg BT 349.82 65.85 Td (as ) Tj ET Q q 0 0 0 rg BT 360.84 65.85 Td (a ) Tj ET Q q 0 0 0 rg BT 367.35 65.85 Td (result ) Tj ET Q q 0 0 0 rg BT 390.87 65.85 Td (of ) Tj ET Q q 0 0 0 rg BT 399.88 65.85 Td (non-core ) Tj ET Q q 0 0 0 rg BT 436.92 65.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 459.94 65.85 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 508.47 65.85 Td (and ) Tj ET Q q 0 0 0 rg BT 525.00 65.85 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 55.05 Td (declines ) Tj ET Q q 0 0 0 rg BT 80.52 55.05 Td (as ) Tj ET Q q 0 0 0 rg BT 92.53 55.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 134.55 55.05 Td (continues ) Tj ET Q q 0 0 0 rg BT 175.58 55.05 Td (to ) Tj ET Q q 0 0 0 rg BT 185.59 55.05 Td (focus ) Tj ET Q q 0 0 0 rg BT 209.60 55.05 Td (exploration ) Tj ET Q q 0 0 0 rg BT 256.13 55.05 Td (and ) Tj ET Q q 0 0 0 rg BT 273.64 55.05 Td (development ) Tj ET Q q 0 0 0 rg BT 327.68 55.05 Td (activities ) Tj ET Q q 0 0 0 rg BT 364.69 55.05 Td (to ) Tj ET Q q 0 0 0 rg BT 374.70 55.05 Td (lower ) Tj ET Q q 0 0 0 rg BT 398.70 55.05 Td (cost, ) Tj ET Q q 0 0 0 rg BT 420.21 55.05 Td (liquids ) Tj ET Q q 0 0 0 rg BT 448.22 55.05 Td (rich ) Tj ET Q q 0 0 0 rg BT 465.23 55.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 495.25 55.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 512.26 55.05 Td (properties.) 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 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 12) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (The following table highlights Bonavista's production by product for the three months and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.93 742.45 Td (years ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.47 742.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.97 742.45 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 45.5 731.95 m 231.5 731.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 731.95 m 287.5 731.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 731.95 m 343.5 731.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 731.95 m 399.5 731.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 731.95 m 455.5 731.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 731.95 m 511.5 731.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 731.95 m 567.5 731.95 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 231.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 703.95 m 287.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 703.95 m 343.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 703.95 m 399.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 703.95 m 455.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 703.95 m 511.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 703.95 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 511.5 703.95 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 45.5 661.95 m 231.5 661.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 661.95 m 287.5 661.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 661.95 m 343.5 661.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 661.95 m 399.5 661.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 661.95 m 455.5 661.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 661.95 m 511.5 661.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 661.95 m 567.5 661.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 647.95 m 231.5 647.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 647.95 m 287.5 647.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 647.95 m 343.5 647.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 647.95 m 399.5 647.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 647.95 m 455.5 647.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 647.95 m 511.5 647.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 647.95 m 567.5 647.95 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.90 722.35 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.75 722.35 Td (Years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.95 708.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.95 708.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 708.35 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 708.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.95 708.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.95 708.35 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 694.35 Td (Natural gas \(mmcf/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.95 694.35 Td (278) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.95 694.35 Td (325) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 694.35 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 694.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.95 694.35 Td (280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.95 694.35 Td (337) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 694.35 Td (\(17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 694.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 680.35 Td (Natural gas liquids \(bbls/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 256.45 680.35 Td (19,941) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.45 680.35 Td (20,804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 680.35 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 680.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.45 680.35 Td (18,247) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 680.35 Td (17,666) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 680.35 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 680.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 666.35 Td (Oil \(bbls/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.45 666.35 Td (3,069) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.45 666.35 Td (4,934) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 666.35 Td (\(38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 666.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.45 666.35 Td (3,708) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 666.35 Td (5,445) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 666.35 Td (\(32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 666.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 652.35 Td (Total oil equivalent \(boe/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 256.45 652.35 Td (69,339) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.45 652.35 Td (79,862) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 652.35 Td (\(13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 652.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.45 652.35 Td (68,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 652.35 Td (79,288) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 652.35 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 652.35 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 631.65 Td (The ) Tj ET Q q 0 0 0 rg BT 63.01 631.65 Td (following ) Tj ET Q q 0 0 0 rg BT 100.53 631.65 Td (table ) Tj ET Q q 0 0 0 rg BT 122.55 631.65 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 173.55 631.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 221.80 631.65 Td (production ) Tj ET Q q 0 0 0 rg BT 266.33 631.65 Td (by ) Tj ET Q q 0 0 0 rg BT 278.33 631.65 Td (core ) Tj ET Q q 0 0 0 rg BT 298.34 631.65 Td (area ) Tj ET Q q 0 0 0 rg BT 318.85 631.65 Td (for ) Tj ET Q q 0 0 0 rg BT 331.86 631.65 Td (the ) Tj ET Q q 0 0 0 rg BT 346.87 631.65 Td (three ) Tj ET Q q 0 0 0 rg BT 369.88 631.65 Td (months ) Tj ET Q q 0 0 0 rg BT 401.90 631.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.41 631.65 Td (years ) Tj ET Q q 0 0 0 rg BT 443.92 631.65 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.95 631.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 631.65 Td (December ) Tj ET Q q 0 0 0 rg BT 515.47 631.65 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 44.5 621.15 m 230.5 621.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 621.15 m 286.5 621.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 621.15 m 342.5 621.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 621.15 m 398.5 621.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 621.15 m 454.5 621.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 621.15 m 510.5 621.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 621.15 m 566.5 621.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 593.15 m 230.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 593.15 m 286.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 593.15 m 342.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 593.15 m 398.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 593.15 m 454.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 593.15 m 510.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 593.15 m 566.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 593.15 m 286.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 593.15 m 342.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 593.15 m 454.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 593.15 m 510.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 593.15 m 566.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 551.15 m 230.5 551.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 551.15 m 286.5 551.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 551.15 m 342.5 551.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 551.15 m 398.5 551.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 551.15 m 454.5 551.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 551.15 m 510.5 551.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 551.15 m 566.5 551.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 537.15 m 230.5 537.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 537.15 m 286.5 537.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 537.15 m 342.5 537.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 537.15 m 398.5 537.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 537.15 m 454.5 537.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 537.15 m 510.5 537.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 537.15 m 566.5 537.15 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.90 611.55 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.75 611.55 Td (Years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 597.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 597.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.95 597.55 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.95 597.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 597.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 597.55 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 583.55 Td (West Central area \(boe/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.45 583.55 Td (44,090) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 583.55 Td (51,697) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 583.55 Td (\(15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 583.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.45 583.55 Td (44,236) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.45 583.55 Td (48,297) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 583.55 Td (\(8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 583.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 569.55 Td (Deep Basin area \(boe/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.45 569.55 Td (21,700) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 569.55 Td (19,684) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 569.55 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 569.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.45 569.55 Td (19,273) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.45 569.55 Td (21,459) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 569.55 Td (\(10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 569.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 555.55 Td (Other minor areas \(boe/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.45 555.55 Td (3,549) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.45 555.55 Td (8,481) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 555.55 Td (\(58) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 555.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.45 555.55 Td (5,041) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.45 555.55 Td (9,532) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 555.55 Td (\(47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 555.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 541.55 Td (Total oil equivalent \(boe/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.45 541.55 Td (69,339) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 541.55 Td (79,862) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 541.55 Td (\(13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 541.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.45 541.55 Td (68,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.45 541.55 Td (79,288) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 541.55 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 541.55 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 520.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 93.58 520.85 Td (current ) Tj ET Q q 0 0 0 rg BT 124.42 520.85 Td (production ) Tj ET Q q 0 0 0 rg BT 169.28 520.85 Td (is ) Tj ET Q q 0 0 0 rg BT 178.62 520.85 Td (approximately ) Tj ET Q q 0 0 0 rg BT 237.48 520.85 Td (71,000 ) Tj ET Q q 0 0 0 rg BT 267.84 520.85 Td (boeper ) Tj ET Q q 0 0 0 rg BT 301.20 520.85 Td (day ) Tj ET Q q 0 0 0 rg BT 318.54 520.85 Td (the ) Tj ET Q q 0 0 0 rg BT 333.89 520.85 Td (composition ) Tj ET Q q 0 0 0 rg BT 384.75 520.85 Td (of ) Tj ET Q q 0 0 0 rg BT 395.08 520.85 Td (which ) Tj ET Q q 0 0 0 rg BT 420.93 520.85 Td (is ) Tj ET Q q 0 0 0 rg BT 430.26 520.85 Td (71% ) Tj ET Q q 0 0 0 rg BT 451.11 520.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 481.46 520.85 Td (gas, ) Tj ET Q q 0 0 0 rg BT 501.31 520.85 Td (26% ) Tj ET Q q 0 0 0 rg BT 522.15 520.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 552.51 520.85 Td (gas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 510.05 Td (liquids ) Tj ET Q q 0 0 0 rg BT 73.02 510.05 Td (and ) Tj ET Q q 0 0 0 rg BT 90.53 510.05 Td (3% ) Tj ET Q q 0 0 0 rg BT 106.04 510.05 Td (light ) Tj ET Q q 0 0 0 rg BT 125.05 510.05 Td (oil. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 493.25 Td (Production ) Tj ET Q q 0 0 0 rg BT 94.54 493.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 136.10 493.25 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.14 493.25 Td (North ) Tj ET Q q 0 0 0 rg BT 164.78 493.25 Td (American ) Tj ET Q q 0 0 0 rg BT 204.83 493.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 250.38 493.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 276.43 493.25 Td (deteriorated ) Tj ET Q q 0 0 0 rg BT 326.50 493.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 375.06 493.25 Td (throughout ) Tj ET Q q 0 0 0 rg BT 420.14 493.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 442.20 493.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.26 493.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.81 493.25 Td (first ) Tj ET Q q 0 0 0 rg BT 490.35 493.25 Td (six ) Tj ET Q q 0 0 0 rg BT 503.39 493.25 Td (months ) Tj ET Q q 0 0 0 rg BT 534.94 493.25 Td (of ) Tj ET Q q 0 0 0 rg BT 544.49 493.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 569.51 493.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 482.45 Td (with ) Tj ET Q q 0 0 0 rg BT 63.29 482.45 Td (indications ) Tj ET Q q 0 0 0 rg BT 108.10 482.45 Td (of ) Tj ET Q q 0 0 0 rg BT 117.89 482.45 Td (modest ) Tj ET Q q 0 0 0 rg BT 149.69 482.45 Td (recovery ) Tj ET Q q 0 0 0 rg BT 186.49 482.45 Td (presented ) Tj ET Q q 0 0 0 rg BT 228.80 482.45 Td (in ) Tj ET Q q 0 0 0 rg BT 238.09 482.45 Td (the ) Tj ET Q q 0 0 0 rg BT 252.89 482.45 Td (second ) Tj ET Q q 0 0 0 rg BT 284.20 482.45 Td (half ) Tj ET Q q 0 0 0 rg BT 301.00 482.45 Td (of ) Tj ET Q q 0 0 0 rg BT 310.79 482.45 Td (2016. ) Tj ET Q q 0 0 0 rg BT 335.59 482.45 Td (Higher ) Tj ET Q q 0 0 0 rg BT 364.39 482.45 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 402.70 482.45 Td (demand ) Tj ET Q q 0 0 0 rg BT 437.51 482.45 Td (for ) Tj ET Q q 0 0 0 rg BT 450.30 482.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 480.11 482.45 Td (gas, ) Tj ET Q q 0 0 0 rg BT 499.40 482.45 Td (particularly ) Tj ET Q q 0 0 0 rg BT 545.20 482.45 Td (in ) Tj ET Q q 0 0 0 rg BT 554.49 482.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 471.65 Td (US, ) Tj ET Q q 0 0 0 rg BT 62.90 471.65 Td (coupled ) Tj ET Q q 0 0 0 rg BT 97.32 471.65 Td (with ) Tj ET Q q 0 0 0 rg BT 116.22 471.65 Td (continued ) Tj ET Q q 0 0 0 rg BT 158.15 471.65 Td (production ) Tj ET Q q 0 0 0 rg BT 203.07 471.65 Td (declines ) Tj ET Q q 0 0 0 rg BT 238.99 471.65 Td (have ) Tj ET Q q 0 0 0 rg BT 261.40 471.65 Td (tempered ) Tj ET Q q 0 0 0 rg BT 302.31 471.65 Td (current ) Tj ET Q q 0 0 0 rg BT 333.22 471.65 Td (market ) Tj ET Q q 0 0 0 rg BT 363.62 471.65 Td (oversupply ) Tj ET Q q 0 0 0 rg BT 410.04 471.65 Td (and ) Tj ET Q q 0 0 0 rg BT 427.95 471.65 Td (storage ) Tj ET Q q 0 0 0 rg BT 460.86 471.65 Td (levels. ) Tj ET Q q 0 0 0 rg BT 489.27 471.65 Td (NYMEX ) Tj ET Q q 0 0 0 rg BT 524.17 471.65 Td (and ) Tj ET Q q 0 0 0 rg BT 541.51 471.65 Td (AECO ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 460.85 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 96.85 460.85 Td (have ) Tj ET Q q 0 0 0 rg BT 119.19 460.85 Td (shown ) Tj ET Q q 0 0 0 rg BT 148.04 460.85 Td (encouraging ) Tj ET Q q 0 0 0 rg BT 200.40 460.85 Td (strength ) Tj ET Q q 0 0 0 rg BT 235.75 460.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 278.60 460.85 Td (to ) Tj ET Q q 0 0 0 rg BT 288.93 460.85 Td (the ) Tj ET Q q 0 0 0 rg BT 304.27 460.85 Td (first ) Tj ET Q q 0 0 0 rg BT 321.60 460.85 Td (six ) Tj ET Q q 0 0 0 rg BT 335.42 460.85 Td (months ) Tj ET Q q 0 0 0 rg BT 367.76 460.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.10 460.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.12 460.85 Td (, ) Tj ET Q q 0 0 0 rg BT 403.45 460.85 Td (resulting ) Tj ET Q q 0 0 0 rg BT 440.29 460.85 Td (in ) Tj ET Q q 0 0 0 rg BT 450.13 460.85 Td (the ) Tj ET Q q 0 0 0 rg BT 465.46 460.85 Td (growth ) Tj ET Q q 0 0 0 rg BT 495.31 460.85 Td (in ) Tj ET Q q 0 0 0 rg BT 505.14 460.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 539.48 460.85 Td (natural ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 450.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 61.73 450.05 Td (production ) Tj ET Q q 0 0 0 rg BT 105.98 450.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 145.22 450.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 187.46 450.05 Td (to ) Tj ET Q q 0 0 0 rg BT 197.19 450.05 Td (the ) Tj ET Q q 0 0 0 rg BT 211.92 450.05 Td (first ) Tj ET Q q 0 0 0 rg BT 228.64 450.05 Td (half ) Tj ET Q q 0 0 0 rg BT 245.37 450.05 Td (of ) Tj ET Q q 0 0 0 rg BT 255.09 450.05 Td (2016. ) Tj ET Q q 0 0 0 rg BT 279.84 450.05 Td (Supply ) Tj ET Q q 0 0 0 rg BT 309.57 450.05 Td (and ) Tj ET Q q 0 0 0 rg BT 326.81 450.05 Td (demand ) Tj ET Q q 0 0 0 rg BT 361.55 450.05 Td (imbalances ) Tj ET Q q 0 0 0 rg BT 409.30 450.05 Td (have ) Tj ET Q q 0 0 0 rg BT 431.03 450.05 Td (also ) Tj ET Q q 0 0 0 rg BT 449.76 450.05 Td (placed ) Tj ET Q q 0 0 0 rg BT 478.50 450.05 Td (continued ) Tj ET Q q 0 0 0 rg BT 519.75 450.05 Td (pressure ) Tj ET Q q 0 0 0 rg BT 556.99 450.05 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 439.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 57.10 439.25 Td (and ) Tj ET Q q 0 0 0 rg BT 75.21 439.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 105.82 439.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 123.43 439.25 Td (liquids ) Tj ET Q q 0 0 0 rg BT 152.04 439.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 181.65 439.25 Td (throughout ) Tj ET Q q 0 0 0 rg BT 227.78 439.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 250.90 439.25 Td (and ) Tj ET Q q 0 0 0 rg BT 269.01 439.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 294.62 439.25 Td (with ) Tj ET Q q 0 0 0 rg BT 313.72 439.25 Td (moderate ) Tj ET Q q 0 0 0 rg BT 354.84 439.25 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 399.45 439.25 Td (and ) Tj ET Q q 0 0 0 rg BT 417.56 439.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 459.68 439.25 Td (stability ) Tj ET Q q 0 0 0 rg BT 492.79 439.25 Td (in ) Tj ET Q q 0 0 0 rg BT 502.89 439.25 Td (WTI ) Tj ET Q q 0 0 0 rg BT 522.47 439.25 Td (benchmark ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 428.45 Td (prices ) Tj ET Q q 0 0 0 rg BT 71.51 428.45 Td (and ) Tj ET Q q 0 0 0 rg BT 89.02 428.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 119.04 428.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 136.05 428.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 164.07 428.45 Td (pricing ) Tj ET Q q 0 0 0 rg BT 193.08 428.45 Td (presented ) Tj ET Q q 0 0 0 rg BT 235.61 428.45 Td (in ) Tj ET Q q 0 0 0 rg BT 245.12 428.45 Td (the ) Tj ET Q q 0 0 0 rg BT 260.13 428.45 Td (second ) Tj ET Q q 0 0 0 rg BT 291.65 428.45 Td (half ) Tj ET Q q 0 0 0 rg BT 308.66 428.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.67 428.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.69 428.45 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 411.65 Td (For ) Tj ET Q q 0 0 0 rg BT 61.88 411.65 Td (the ) Tj ET Q q 0 0 0 rg BT 77.78 411.65 Td (year ) Tj ET Q q 0 0 0 rg BT 98.67 411.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.08 411.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 186.99 411.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 207.01 411.65 Td (, ) Tj ET Q q 0 0 0 rg BT 212.89 411.65 Td (production ) Tj ET Q q 0 0 0 rg BT 258.31 411.65 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 301.21 411.65 Td (excluding ) Tj ET Q q 0 0 0 rg BT 342.62 411.65 Td (the ) Tj ET Q q 0 0 0 rg BT 358.52 411.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 388.41 411.65 Td (of ) Tj ET Q q 0 0 0 rg BT 399.30 411.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 435.70 411.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 481.10 411.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 528.00 411.65 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 400.85 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.03 400.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.04 400.85 Td (26%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 107.06 400.85 Td ( ) Tj ET Q q 0 0 0 rg BT 109.07 400.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.60 400.85 Td ($445.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.12 400.85 Td ( ) Tj ET Q q 0 0 0 rg BT 148.14 400.85 Td (million ) Tj ET Q q 0 0 0 rg BT 175.66 400.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 217.70 400.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.22 400.85 Td ($600.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.75 400.85 Td ( ) Tj ET Q q 0 0 0 rg BT 256.76 400.85 Td (million ) Tj ET Q q 0 0 0 rg BT 284.28 400.85 Td (for ) Tj ET Q q 0 0 0 rg BT 296.80 400.85 Td (the ) Tj ET Q q 0 0 0 rg BT 311.33 400.85 Td (year ) Tj ET Q q 0 0 0 rg BT 330.85 400.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.89 400.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 416.44 400.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.46 400.85 Td (. ) Tj ET Q q 0 0 0 rg BT 440.84 400.85 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.37 400.85 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.39 400.85 Td ( ) Tj ET Q q 0 0 0 rg BT 497.41 400.85 Td (was ) Tj ET Q q 0 0 0 rg BT 515.43 400.85 Td (due ) Tj ET Q q 0 0 0 rg BT 532.46 400.85 Td (to ) Tj ET Q q 0 0 0 rg BT 541.98 400.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.00 400.85 Td (14%) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 388.85 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.02 388.85 Td ( ) Tj ET Q q 0 0 0 rg BT 84.21 388.85 Td (in ) Tj ET Q q 0 0 0 rg BT 93.40 388.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 139.09 388.85 Td (prices ) Tj ET Q q 0 0 0 rg BT 165.28 388.85 Td (on ) Tj ET Q q 0 0 0 rg BT 177.48 388.85 Td (a ) Tj ET Q q 0 0 0 rg BT 184.67 388.85 Td (per ) Tj ET Q q 0 0 0 rg BT 199.86 388.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 217.06 388.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 240.25 388.85 Td (in ) Tj ET Q q 0 0 0 rg BT 249.44 388.85 Td (addition ) Tj ET Q q 0 0 0 rg BT 283.15 388.85 Td (to ) Tj ET Q q 0 0 0 rg BT 292.84 388.85 Td (the ) Tj ET Q q 0 0 0 rg BT 307.54 388.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 336.23 388.85 Td (of ) Tj ET Q q 0 0 0 rg BT 345.92 388.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.11 388.85 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.12 388.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.31 388.85 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.33 388.85 Td ( ) Tj ET Q q 0 0 0 rg BT 412.51 388.85 Td (in ) Tj ET Q q 0 0 0 rg BT 421.70 388.85 Td (average ) Tj ET Q q 0 0 0 rg BT 456.41 388.85 Td (production ) Tj ET Q q 0 0 0 rg BT 500.63 388.85 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 538.82 388.85 Td (For ) Tj ET Q q 0 0 0 rg BT 554.51 388.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 378.05 Td (three ) Tj ET Q q 0 0 0 rg BT 68.85 378.05 Td (months ) Tj ET Q q 0 0 0 rg BT 101.70 378.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.07 378.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 189.93 378.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.95 378.05 Td (, ) Tj ET Q q 0 0 0 rg BT 215.79 378.05 Td (production ) Tj ET Q q 0 0 0 rg BT 261.16 378.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 301.52 378.05 Td (excluding ) Tj ET Q q 0 0 0 rg BT 342.89 378.05 Td (the ) Tj ET Q q 0 0 0 rg BT 358.73 378.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 388.58 378.05 Td (of ) Tj ET Q q 0 0 0 rg BT 399.42 378.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 435.78 378.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 481.14 378.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 527.98 378.05 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 367.25 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.02 367.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.39 367.25 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.40 367.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.76 367.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 111.63 367.25 Td ($141.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.16 367.25 Td ( ) Tj ET Q q 0 0 0 rg BT 141.52 367.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 171.89 367.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 214.27 367.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.14 367.25 Td ($137.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.67 367.25 Td ( ) Tj ET Q q 0 0 0 rg BT 254.04 367.25 Td (million ) Tj ET Q q 0 0 0 rg BT 281.90 367.25 Td (for ) Tj ET Q q 0 0 0 rg BT 294.77 367.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.65 367.25 Td (same ) Tj ET Q q 0 0 0 rg BT 334.02 367.25 Td (period ) Tj ET Q q 0 0 0 rg BT 361.40 367.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.27 367.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.29 367.25 Td (. ) Tj ET Q q 0 0 0 rg BT 396.00 367.25 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.87 367.25 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.89 367.25 Td ( ) Tj ET Q q 0 0 0 rg BT 450.26 367.25 Td (was ) Tj ET Q q 0 0 0 rg BT 468.62 367.25 Td (due ) Tj ET Q q 0 0 0 rg BT 486.00 367.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.87 367.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.24 367.25 Td (19%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.26 367.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.62 367.25 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.64 367.25 Td ( ) Tj ET Q q 0 0 0 rg BT 560.00 367.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 356.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 90.91 356.45 Td (prices ) Tj ET Q q 0 0 0 rg BT 117.33 356.45 Td (on ) Tj ET Q q 0 0 0 rg BT 129.74 356.45 Td (a ) Tj ET Q q 0 0 0 rg BT 137.15 356.45 Td (per ) Tj ET Q q 0 0 0 rg BT 152.56 356.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 169.98 356.45 Td (basis, ) Tj ET Q q 0 0 0 rg BT 195.90 356.45 Td (partially ) Tj ET Q q 0 0 0 rg BT 229.31 356.45 Td (of) Tj ET Q q 0 0 0 rg BT 236.65 356.45 Td (fset ) Tj ET Q q 0 0 0 rg BT 253.56 356.45 Td (by ) Tj ET Q q 0 0 0 rg BT 265.47 356.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.88 356.45 Td (13%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 290.90 356.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.30 356.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.32 356.45 Td ( ) Tj ET Q q 0 0 0 rg BT 332.73 356.45 Td (in ) Tj ET Q q 0 0 0 rg BT 342.14 356.45 Td (average ) Tj ET Q q 0 0 0 rg BT 377.06 356.45 Td (production ) Tj ET Q q 0 0 0 rg BT 421.50 356.45 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 459.76 356.45 Td (The ) Tj ET Q q 0 0 0 rg BT 477.67 356.45 Td (increase ) Tj ET Q q 0 0 0 rg BT 514.09 356.45 Td (in ) Tj ET Q q 0 0 0 rg BT 523.50 356.45 Td (commodity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 345.65 Td (prices ) Tj ET Q q 0 0 0 rg BT 72.16 345.65 Td (was ) Tj ET Q q 0 0 0 rg BT 91.32 345.65 Td (largely ) Tj ET Q q 0 0 0 rg BT 120.99 345.65 Td (due ) Tj ET Q q 0 0 0 rg BT 139.16 345.65 Td (to ) Tj ET Q q 0 0 0 rg BT 149.82 345.65 Td (a ) Tj ET Q q 0 0 0 rg BT 157.98 345.65 Td (modest ) Tj ET Q q 0 0 0 rg BT 190.65 345.65 Td (recovery ) Tj ET Q q 0 0 0 rg BT 228.31 345.65 Td (in ) Tj ET Q q 0 0 0 rg BT 238.47 345.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 269.15 345.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 286.81 345.65 Td (and ) Tj ET Q q 0 0 0 rg BT 304.98 345.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 335.66 345.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 353.32 345.65 Td (liquids ) Tj ET Q q 0 0 0 rg BT 381.99 345.65 Td (pricing ) Tj ET Q q 0 0 0 rg BT 411.66 345.65 Td (as ) Tj ET Q q 0 0 0 rg BT 424.32 345.65 Td (a ) Tj ET Q q 0 0 0 rg BT 432.48 345.65 Td (result ) Tj ET Q q 0 0 0 rg BT 457.64 345.65 Td (of ) Tj ET Q q 0 0 0 rg BT 468.30 345.65 Td (stronger ) Tj ET Q q 0 0 0 rg BT 504.47 345.65 Td (weather-related ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 334.85 Td (demand, ) Tj ET Q q 0 0 0 rg BT 83.15 334.85 Td (particularly ) Tj ET Q q 0 0 0 rg BT 129.79 334.85 Td (in ) Tj ET Q q 0 0 0 rg BT 139.91 334.85 Td (the ) Tj ET Q q 0 0 0 rg BT 155.55 334.85 Td (US. ) Tj ET Q q 0 0 0 rg BT 173.67 334.85 Td (In ) Tj ET Q q 0 0 0 rg BT 184.30 334.85 Td (addition, ) Tj ET Q q 0 0 0 rg BT 221.45 334.85 Td (propane ) Tj ET Q q 0 0 0 rg BT 257.60 334.85 Td (prices ) Tj ET Q q 0 0 0 rg BT 284.73 334.85 Td (rallied ) Tj ET Q q 0 0 0 rg BT 311.87 334.85 Td (in ) Tj ET Q q 0 0 0 rg BT 322.00 334.85 Td (the ) Tj ET Q q 0 0 0 rg BT 337.63 334.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 363.77 334.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 395.41 334.85 Td (of ) Tj ET Q q 0 0 0 rg BT 406.04 334.85 Td (2016 ) Tj ET Q q 0 0 0 rg BT 429.18 334.85 Td (to ) Tj ET Q q 0 0 0 rg BT 439.81 334.85 Td (levels ) Tj ET Q q 0 0 0 rg BT 465.94 334.85 Td (not ) Tj ET Q q 0 0 0 rg BT 481.58 334.85 Td (seen ) Tj ET Q q 0 0 0 rg BT 504.22 334.85 Td (since ) Tj ET Q q 0 0 0 rg BT 528.35 334.85 Td (the ) Tj ET Q q 0 0 0 rg BT 543.98 334.85 Td (fourth ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 324.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 76.02 324.05 Td (of ) Tj ET Q q 0 0 0 rg BT 86.02 324.05 Td (2014, ) Tj ET Q q 0 0 0 rg BT 111.05 324.05 Td (as ) Tj ET Q q 0 0 0 rg BT 123.05 324.05 Td (a ) Tj ET Q q 0 0 0 rg BT 130.56 324.05 Td (result ) Tj ET Q q 0 0 0 rg BT 155.07 324.05 Td (of ) Tj ET Q q 0 0 0 rg BT 165.07 324.05 Td (increased ) Tj ET Q q 0 0 0 rg BT 206.60 324.05 Td (demand, ) Tj ET Q q 0 0 0 rg BT 244.12 324.05 Td (stabilized ) Tj ET Q q 0 0 0 rg BT 284.14 324.05 Td (inventory ) Tj ET Q q 0 0 0 rg BT 323.16 324.05 Td (levels ) Tj ET Q q 0 0 0 rg BT 348.67 324.05 Td (and ) Tj ET Q q 0 0 0 rg BT 366.19 324.05 Td (increased ) Tj ET Q q 0 0 0 rg BT 407.71 324.05 Td (export ) Tj ET Q q 0 0 0 rg BT 435.23 324.05 Td (capacity ) Tj ET Q q 0 0 0 rg BT 470.74 324.05 Td (in ) Tj ET Q q 0 0 0 rg BT 480.25 324.05 Td (the ) Tj ET Q q 0 0 0 rg BT 495.26 324.05 Td (US.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 307.25 Td (Natural ) Tj ET Q q 0 0 0 rg BT 76.74 307.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 93.97 307.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 123.20 307.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 163.95 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.19 307.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 208.42 307.25 Td (of ) Tj ET Q q 0 0 0 rg BT 218.65 307.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 254.40 307.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 299.14 307.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 345.37 307.25 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.11 307.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.14 307.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.86 307.25 Td (17%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.88 307.25 Td ( ) Tj ET Q q 0 0 0 rg BT 452.60 307.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.83 307.25 Td ($2.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.35 307.25 Td ( ) Tj ET Q q 0 0 0 rg BT 488.08 307.25 Td (per ) Tj ET Q q 0 0 0 rg BT 503.81 307.25 Td (mcf ) Tj ET Q q 0 0 0 rg BT 521.03 307.25 Td (for ) Tj ET Q q 0 0 0 rg BT 534.26 307.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.49 307.25 Td (year) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 296.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.41 296.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 131.33 296.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.35 296.45 Td (, ) Tj ET Q q 0 0 0 rg BT 156.23 296.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 198.64 296.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.53 296.45 Td ($2.89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.05 296.45 Td ( ) Tj ET Q q 0 0 0 rg BT 233.44 296.45 Td (per ) Tj ET Q q 0 0 0 rg BT 248.83 296.45 Td (mcf ) Tj ET Q q 0 0 0 rg BT 265.72 296.45 Td (for ) Tj ET Q q 0 0 0 rg BT 278.60 296.45 Td (the ) Tj ET Q q 0 0 0 rg BT 293.50 296.45 Td (same ) Tj ET Q q 0 0 0 rg BT 317.90 296.45 Td (period ) Tj ET Q q 0 0 0 rg BT 345.30 296.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.19 296.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.21 296.45 Td (. ) Tj ET Q q 0 0 0 rg BT 380.10 296.45 Td (Natural ) Tj ET Q q 0 0 0 rg BT 411.50 296.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 428.39 296.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 456.29 296.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 485.19 296.45 Td (excluding ) Tj ET Q q 0 0 0 rg BT 525.60 296.45 Td (the ) Tj ET Q q 0 0 0 rg BT 540.50 296.45 Td (impact ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 285.65 Td (of ) Tj ET Q q 0 0 0 rg BT 55.31 285.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 91.13 285.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 135.94 285.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 182.25 285.65 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.07 285.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.10 285.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.90 285.65 Td (9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.90 285.65 Td ( ) Tj ET Q q 0 0 0 rg BT 284.70 285.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.01 285.65 Td ($20.1) Tj ET Q q 0 0 0 rg BT 316.86 285.65 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.87 285.65 Td ( ) Tj ET Q q 0 0 0 rg BT 324.67 285.65 Td (per ) Tj ET Q q 0 0 0 rg BT 340.48 285.65 Td (bbl ) Tj ET Q q 0 0 0 rg BT 355.29 285.65 Td (for ) Tj ET Q q 0 0 0 rg BT 368.59 285.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.90 285.65 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.41 285.65 Td ( ) Tj ET Q q 0 0 0 rg BT 404.21 285.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.03 285.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 491.36 285.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.38 285.65 Td (, ) Tj ET Q q 0 0 0 rg BT 516.68 285.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 559.50 285.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 274.85 Td ($22.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.53 274.85 Td ( ) Tj ET Q q 0 0 0 rg BT 75.04 274.85 Td (per ) Tj ET Q q 0 0 0 rg BT 90.56 274.85 Td (bbl ) Tj ET Q q 0 0 0 rg BT 105.08 274.85 Td (for ) Tj ET Q q 0 0 0 rg BT 118.10 274.85 Td (the ) Tj ET Q q 0 0 0 rg BT 133.12 274.85 Td (same ) Tj ET Q q 0 0 0 rg BT 157.64 274.85 Td (period ) Tj ET Q q 0 0 0 rg BT 185.17 274.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.19 274.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.21 274.85 Td (. ) Tj ET Q q 0 0 0 rg BT 220.23 274.85 Td (Oil ) Tj ET Q q 0 0 0 rg BT 233.74 274.85 Td (prices, ) Tj ET Q q 0 0 0 rg BT 262.76 274.85 Td (excluding ) Tj ET Q q 0 0 0 rg BT 303.30 274.85 Td (the ) Tj ET Q q 0 0 0 rg BT 318.32 274.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 347.34 274.85 Td (of ) Tj ET Q q 0 0 0 rg BT 357.36 274.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 392.90 274.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 437.42 274.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 483.45 274.85 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.97 274.85 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 264.05 Td (8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.01 264.05 Td ( ) Tj ET Q q 0 0 0 rg BT 60.65 264.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.79 264.05 Td ($47.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.32 264.05 Td ( ) Tj ET Q q 0 0 0 rg BT 100.96 264.05 Td (per ) Tj ET Q q 0 0 0 rg BT 116.60 264.05 Td (bbl ) Tj ET Q q 0 0 0 rg BT 131.25 264.05 Td (for ) Tj ET Q q 0 0 0 rg BT 144.39 264.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.54 264.05 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.05 264.05 Td ( ) Tj ET Q q 0 0 0 rg BT 179.69 264.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 207.36 264.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 266.52 264.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.54 264.05 Td (, ) Tj ET Q q 0 0 0 rg BT 291.68 264.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 334.34 264.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.49 264.05 Td ($51.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.01 264.05 Td ( ) Tj ET Q q 0 0 0 rg BT 374.65 264.05 Td (per ) Tj ET Q q 0 0 0 rg BT 390.30 264.05 Td (bbl ) Tj ET Q q 0 0 0 rg BT 404.95 264.05 Td (for ) Tj ET Q q 0 0 0 rg BT 418.09 264.05 Td (the ) Tj ET Q q 0 0 0 rg BT 433.24 264.05 Td (same ) Tj ET Q q 0 0 0 rg BT 457.89 264.05 Td (period ) Tj ET Q q 0 0 0 rg BT 485.54 264.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.69 264.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.71 264.05 Td (. ) Tj ET Q q 0 0 0 rg BT 520.85 264.05 Td (Natural ) Tj ET Q q 0 0 0 rg BT 552.50 264.05 Td (gas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 253.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 73.84 253.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 114.19 253.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.03 253.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 157.87 253.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.70 253.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 203.05 253.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 247.39 253.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 293.23 253.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 334.57 253.25 Td (for ) Tj ET Q q 0 0 0 rg BT 347.40 253.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.24 253.25 Td (three ) Tj ET Q q 0 0 0 rg BT 385.09 253.25 Td (months ) Tj ET Q q 0 0 0 rg BT 416.93 253.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.28 253.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 503.14 253.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.16 253.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.99 253.25 Td (increased) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 242.45 Td (13%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.01 242.45 Td ( ) Tj ET Q q 0 0 0 rg BT 66.00 242.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 76.50 242.45 Td ($3.03) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.02 242.45 Td ( ) Tj ET Q q 0 0 0 rg BT 102.01 242.45 Td (per ) Tj ET Q q 0 0 0 rg BT 118.00 242.45 Td (mcf ) Tj ET Q q 0 0 0 rg BT 135.49 242.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 178.50 242.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.99 242.45 Td ($2.68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.52 242.45 Td ( ) Tj ET Q q 0 0 0 rg BT 214.51 242.45 Td (per ) Tj ET Q q 0 0 0 rg BT 230.50 242.45 Td (mcf ) Tj ET Q q 0 0 0 rg BT 247.99 242.45 Td (for ) Tj ET Q q 0 0 0 rg BT 261.48 242.45 Td (the ) Tj ET Q q 0 0 0 rg BT 276.98 242.45 Td (same ) Tj ET Q q 0 0 0 rg BT 301.98 242.45 Td (period ) Tj ET Q q 0 0 0 rg BT 329.98 242.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.48 242.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.50 242.45 Td (. ) Tj ET Q q 0 0 0 rg BT 365.99 242.45 Td (Natural ) Tj ET Q q 0 0 0 rg BT 397.99 242.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 415.49 242.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 443.99 242.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 473.49 242.45 Td (excluding ) Tj ET Q q 0 0 0 rg BT 514.50 242.45 Td (the ) Tj ET Q q 0 0 0 rg BT 530.00 242.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 559.50 242.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 231.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 79.80 231.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 123.59 231.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 168.88 231.65 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.67 231.65 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.70 231.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.47 231.65 Td (40%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.49 231.65 Td ( ) Tj ET Q q 0 0 0 rg BT 270.27 231.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.55 231.65 Td ($26.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.08 231.65 Td ( ) Tj ET Q q 0 0 0 rg BT 308.85 231.65 Td (per ) Tj ET Q q 0 0 0 rg BT 323.64 231.65 Td (bbl ) Tj ET Q q 0 0 0 rg BT 337.43 231.65 Td (for ) Tj ET Q q 0 0 0 rg BT 349.71 231.65 Td (the ) Tj ET Q q 0 0 0 rg BT 364.00 231.65 Td (three ) Tj ET Q q 0 0 0 rg BT 386.29 231.65 Td (months ) Tj ET Q q 0 0 0 rg BT 417.58 231.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.39 231.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 502.69 231.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.71 231.65 Td (, ) Tj ET Q q 0 0 0 rg BT 526.99 231.65 Td (compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 220.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.84 220.85 Td ($18.79) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.37 220.85 Td ( ) Tj ET Q q 0 0 0 rg BT 84.71 220.85 Td (per ) Tj ET Q q 0 0 0 rg BT 100.05 220.85 Td (bbl ) Tj ET Q q 0 0 0 rg BT 114.40 220.85 Td (in ) Tj ET Q q 0 0 0 rg BT 123.74 220.85 Td (the ) Tj ET Q q 0 0 0 rg BT 138.59 220.85 Td (same ) Tj ET Q q 0 0 0 rg BT 162.93 220.85 Td (period ) Tj ET Q q 0 0 0 rg BT 190.29 220.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 200.13 220.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.15 220.85 Td (. ) Tj ET Q q 0 0 0 rg BT 224.99 220.85 Td (Oil ) Tj ET Q q 0 0 0 rg BT 238.33 220.85 Td (prices, ) Tj ET Q q 0 0 0 rg BT 267.17 220.85 Td (excluding ) Tj ET Q q 0 0 0 rg BT 307.53 220.85 Td (the ) Tj ET Q q 0 0 0 rg BT 322.38 220.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 351.23 220.85 Td (of ) Tj ET Q q 0 0 0 rg BT 361.07 220.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 396.43 220.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 440.78 220.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 486.63 220.85 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.98 220.85 Td (increased) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 210.05 Td (20%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.01 210.05 Td ( ) Tj ET Q q 0 0 0 rg BT 66.07 210.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 76.63 210.05 Td ($56.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.16 210.05 Td ( ) Tj ET Q q 0 0 0 rg BT 107.21 210.05 Td (per ) Tj ET Q q 0 0 0 rg BT 123.28 210.05 Td (bbl ) Tj ET Q q 0 0 0 rg BT 138.35 210.05 Td (for ) Tj ET Q q 0 0 0 rg BT 151.90 210.05 Td (the ) Tj ET Q q 0 0 0 rg BT 167.47 210.05 Td (three ) Tj ET Q q 0 0 0 rg BT 191.04 210.05 Td (months ) Tj ET Q q 0 0 0 rg BT 223.61 210.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.69 210.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 311.28 210.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.30 210.05 Td (, ) Tj ET Q q 0 0 0 rg BT 336.86 210.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 379.93 210.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.49 210.05 Td ($46.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.02 210.05 Td ( ) Tj ET Q q 0 0 0 rg BT 421.08 210.05 Td (per ) Tj ET Q q 0 0 0 rg BT 437.14 210.05 Td (bbl ) Tj ET Q q 0 0 0 rg BT 452.21 210.05 Td (for ) Tj ET Q q 0 0 0 rg BT 465.77 210.05 Td (the ) Tj ET Q q 0 0 0 rg BT 481.33 210.05 Td (comparable ) Tj ET Q q 0 0 0 rg BT 531.42 210.05 Td (period ) Tj ET Q q 0 0 0 rg BT 559.49 210.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 199.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 199.25 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 182.45 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 88.89 182.45 Td (with ) Tj ET Q q 0 0 0 rg BT 106.27 182.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 153.38 182.45 Td (objective ) Tj ET Q q 0 0 0 rg BT 190.27 182.45 Td (to ) Tj ET Q q 0 0 0 rg BT 199.15 182.45 Td (protect ) Tj ET Q q 0 0 0 rg BT 228.03 182.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 251.42 182.45 Td (from ) Tj ET Q q 0 0 0 rg BT 270.79 182.45 Td (operations, ) Tj ET Q q 0 0 0 rg BT 316.69 182.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 351.08 182.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 394.46 182.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 439.34 182.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 477.23 182.45 Td (have ) Tj ET Q q 0 0 0 rg BT 498.12 182.45 Td (partially ) Tj ET Q q 0 0 0 rg BT 530.50 182.45 Td (mitigated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 171.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 93.15 171.65 Td (exposure ) Tj ET Q q 0 0 0 rg BT 132.58 171.65 Td (to ) Tj ET Q q 0 0 0 rg BT 142.49 171.65 Td (the ) Tj ET Q q 0 0 0 rg BT 157.40 171.65 Td (weak ) Tj ET Q q 0 0 0 rg BT 180.82 171.65 Td (and ) Tj ET Q q 0 0 0 rg BT 198.24 171.65 Td (somewhat ) Tj ET Q q 0 0 0 rg BT 241.67 171.65 Td (volatile ) Tj ET Q q 0 0 0 rg BT 272.09 171.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 318.00 171.65 Td (price ) Tj ET Q q 0 0 0 rg BT 339.91 171.65 Td (environment ) Tj ET Q q 0 0 0 rg BT 391.85 171.65 Td (experienced ) Tj ET Q q 0 0 0 rg BT 443.29 171.65 Td (throughout ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.73 171.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.75 171.65 Td ( ) Tj ET Q q 0 0 0 rg BT 511.15 171.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.57 171.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.60 171.65 Td (. ) Tj ET Q q 0 0 0 rg BT 553.50 171.65 Td (For ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 160.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 60.57 160.85 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.08 160.85 Td ( ) Tj ET Q q 0 0 0 rg BT 81.14 160.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.22 160.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 168.81 160.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.83 160.85 Td (, ) Tj ET Q q 0 0 0 rg BT 194.39 160.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.46 160.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 219.47 160.85 Td ( ) Tj ET Q q 0 0 0 rg BT 222.53 160.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.10 160.85 Td ($91.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.62 160.85 Td ( ) Tj ET Q q 0 0 0 rg BT 258.68 160.85 Td (million ) Tj ET Q q 0 0 0 rg BT 287.25 160.85 Td (was ) Tj ET Q q 0 0 0 rg BT 306.31 160.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 340.89 160.85 Td (on ) Tj ET Q q 0 0 0 rg BT 353.96 160.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 402.76 160.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 438.84 160.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 483.92 160.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 530.48 160.85 Td (contracts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 150.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 86.29 150.05 Td (to ) Tj ET Q q 0 0 0 rg BT 95.06 150.05 Td (a ) Tj ET Q q 0 0 0 rg BT 101.34 150.05 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.12 150.05 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.14 150.05 Td ( ) Tj ET Q q 0 0 0 rg BT 152.41 150.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.18 150.05 Td ($149.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.71 150.05 Td ( ) Tj ET Q q 0 0 0 rg BT 189.98 150.05 Td (million ) Tj ET Q q 0 0 0 rg BT 216.75 150.05 Td (for ) Tj ET Q q 0 0 0 rg BT 228.52 150.05 Td (the ) Tj ET Q q 0 0 0 rg BT 242.30 150.05 Td (year ) Tj ET Q q 0 0 0 rg BT 261.08 150.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.38 150.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 345.17 150.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.19 150.05 Td (. ) Tj ET Q q 0 0 0 rg BT 368.96 150.05 Td (Similarly) Tj ET Q q 0 0 0 rg BT 402.29 150.05 Td (, ) Tj ET Q q 0 0 0 rg BT 406.06 150.05 Td (for ) Tj ET Q q 0 0 0 rg BT 417.83 150.05 Td (the ) Tj ET Q q 0 0 0 rg BT 431.61 150.05 Td (three ) Tj ET Q q 0 0 0 rg BT 453.40 150.05 Td (months ) Tj ET Q q 0 0 0 rg BT 484.18 150.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.47 150.05 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 139.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 139.25 Td (, ) Tj ET Q q 0 0 0 rg BT 69.40 139.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 76.28 139.25 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.29 139.25 Td ( ) Tj ET Q q 0 0 0 rg BT 95.17 139.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.55 139.25 Td ($9.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.07 139.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.94 139.25 Td (million ) Tj ET Q q 0 0 0 rg BT 151.32 139.25 Td (was ) Tj ET Q q 0 0 0 rg BT 169.20 139.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 202.60 139.25 Td (on ) Tj ET Q q 0 0 0 rg BT 214.48 139.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 262.10 139.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 297.00 139.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 340.89 139.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 386.28 139.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 424.67 139.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 466.56 139.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.94 139.25 Td (a ) Tj ET Q q 0 0 0 rg BT 482.82 139.25 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.22 139.25 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.23 139.25 Td ( ) Tj ET Q q 0 0 0 rg BT 535.11 139.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.49 139.25 Td ($41.9) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 128.45 Td (million ) Tj ET Q q 0 0 0 rg BT 73.01 128.45 Td (for ) Tj ET Q q 0 0 0 rg BT 86.01 128.45 Td (the ) Tj ET Q q 0 0 0 rg BT 101.02 128.45 Td (comparable ) Tj ET Q q 0 0 0 rg BT 150.55 128.45 Td (period ) Tj ET Q q 0 0 0 rg BT 178.07 128.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.07 128.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.09 128.45 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 111.65 Td (For ) Tj ET Q q 0 0 0 rg BT 59.93 111.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.86 111.65 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.37 111.65 Td ( ) Tj ET Q q 0 0 0 rg BT 92.80 111.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 119.25 111.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 177.20 111.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.23 111.65 Td (, ) Tj ET Q q 0 0 0 rg BT 201.15 111.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 230.10 111.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 246.03 111.65 Td (prices, ) Tj ET Q q 0 0 0 rg BT 273.97 111.65 Td (including ) Tj ET Q q 0 0 0 rg BT 310.92 111.65 Td (the ) Tj ET Q q 0 0 0 rg BT 324.86 111.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 352.79 111.65 Td (of ) Tj ET Q q 0 0 0 rg BT 361.72 111.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 396.17 111.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 439.61 111.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 484.55 111.65 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.99 111.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 100.85 Td (12%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.01 100.85 Td ( ) Tj ET Q q 0 0 0 rg BT 65.59 100.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.67 100.85 Td ($3.13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.19 100.85 Td ( ) Tj ET Q q 0 0 0 rg BT 100.77 100.85 Td (per ) Tj ET Q q 0 0 0 rg BT 116.35 100.85 Td (mcf ) Tj ET Q q 0 0 0 rg BT 133.42 100.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 176.02 100.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.10 100.85 Td ($3.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.62 100.85 Td ( ) Tj ET Q q 0 0 0 rg BT 211.20 100.85 Td (per ) Tj ET Q q 0 0 0 rg BT 226.78 100.85 Td (mcf ) Tj ET Q q 0 0 0 rg BT 243.85 100.85 Td (for ) Tj ET Q q 0 0 0 rg BT 256.93 100.85 Td (the ) Tj ET Q q 0 0 0 rg BT 272.02 100.85 Td (same ) Tj ET Q q 0 0 0 rg BT 296.60 100.85 Td (period ) Tj ET Q q 0 0 0 rg BT 324.19 100.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.27 100.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.30 100.85 Td (. ) Tj ET Q q 0 0 0 rg BT 359.37 100.85 Td (For ) Tj ET Q q 0 0 0 rg BT 375.45 100.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.53 100.85 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.04 100.85 Td ( ) Tj ET Q q 0 0 0 rg BT 410.62 100.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.22 100.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 497.32 100.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.34 100.85 Td (, ) Tj ET Q q 0 0 0 rg BT 522.42 100.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 552.51 100.85 Td (gas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 90.05 Td (liquids ) Tj ET Q q 0 0 0 rg BT 72.33 90.05 Td (prices, ) Tj ET Q q 0 0 0 rg BT 100.66 90.05 Td (including ) Tj ET Q q 0 0 0 rg BT 138.00 90.05 Td (the ) Tj ET Q q 0 0 0 rg BT 152.33 90.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 180.66 90.05 Td (of ) Tj ET Q q 0 0 0 rg BT 189.98 90.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.82 90.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 268.65 90.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 313.98 90.05 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.81 90.05 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.84 90.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.66 90.05 Td (14%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.67 90.05 Td ( ) Tj ET Q q 0 0 0 rg BT 418.49 90.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.81 90.05 Td ($19.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.34 90.05 Td ( ) Tj ET Q q 0 0 0 rg BT 457.16 90.05 Td (per ) Tj ET Q q 0 0 0 rg BT 471.99 90.05 Td (bbl, ) Tj ET Q q 0 0 0 rg BT 488.31 90.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 530.15 90.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.48 90.05 Td ($23.17) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 79.25 Td (per ) Tj ET Q q 0 0 0 rg BT 60.44 79.25 Td (bbl ) Tj ET Q q 0 0 0 rg BT 74.89 79.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 108.84 79.25 Td (for ) Tj ET Q q 0 0 0 rg BT 121.78 79.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.72 79.25 Td (same ) Tj ET Q q 0 0 0 rg BT 161.17 79.25 Td (period ) Tj ET Q q 0 0 0 rg BT 188.62 79.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.56 79.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.58 79.25 Td (. ) Tj ET Q q 0 0 0 rg BT 223.51 79.25 Td (Oil ) Tj ET Q q 0 0 0 rg BT 236.95 79.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 265.89 79.25 Td (including ) Tj ET Q q 0 0 0 rg BT 303.85 79.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.80 79.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 347.74 79.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.68 79.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 393.13 79.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 437.59 79.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 483.53 79.25 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.98 79.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 68.45 Td (24%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.01 68.45 Td ( ) Tj ET Q q 0 0 0 rg BT 65.17 68.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.83 68.45 Td ($61.89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.35 68.45 Td ( ) Tj ET Q q 0 0 0 rg BT 104.51 68.45 Td (per ) Tj ET Q q 0 0 0 rg BT 119.67 68.45 Td (bbl ) Tj ET Q q 0 0 0 rg BT 133.83 68.45 Td (for ) Tj ET Q q 0 0 0 rg BT 146.49 68.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.16 68.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.66 68.45 Td ( ) Tj ET Q q 0 0 0 rg BT 180.82 68.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.48 68.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.50 68.45 Td (, ) Tj ET Q q 0 0 0 rg BT 215.15 68.45 Td (when ) Tj ET Q q 0 0 0 rg BT 238.82 68.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 281.00 68.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 290.66 68.45 Td ($81.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.18 68.45 Td ( ) Tj ET Q q 0 0 0 rg BT 320.34 68.45 Td (per ) Tj ET Q q 0 0 0 rg BT 335.50 68.45 Td (bbl ) Tj ET Q q 0 0 0 rg BT 349.66 68.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 383.33 68.45 Td (for ) Tj ET Q q 0 0 0 rg BT 395.99 68.45 Td (the ) Tj ET Q q 0 0 0 rg BT 410.66 68.45 Td (comparable ) Tj ET Q q 0 0 0 rg BT 459.84 68.45 Td (period ) Tj ET Q q 0 0 0 rg BT 487.01 68.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.67 68.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.69 68.45 Td (. ) Tj ET Q q 0 0 0 rg BT 521.34 68.45 Td (Natural ) Tj ET Q q 0 0 0 rg BT 552.51 68.45 Td (gas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 57.65 Td (prices, ) Tj ET Q q 0 0 0 rg BT 73.57 57.65 Td (including ) Tj ET Q q 0 0 0 rg BT 111.17 57.65 Td (the ) Tj ET Q q 0 0 0 rg BT 125.75 57.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 154.32 57.65 Td (of ) Tj ET Q q 0 0 0 rg BT 163.89 57.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.98 57.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 243.06 57.65 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 284.14 57.65 Td (for ) Tj ET Q q 0 0 0 rg BT 296.71 57.65 Td (the ) Tj ET Q q 0 0 0 rg BT 311.29 57.65 Td (three ) Tj ET Q q 0 0 0 rg BT 333.87 57.65 Td (months ) Tj ET Q q 0 0 0 rg BT 365.45 57.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.55 57.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 451.14 57.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.16 57.65 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.73 57.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.76 57.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.83 57.65 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.83 57.65 Td ( ) Tj ET Q q 0 0 0 rg BT 534.90 57.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.47 57.65 Td ($3.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 57.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 46.85 Td (per ) Tj ET Q q 0 0 0 rg BT 60.24 46.85 Td (mcf ) Tj ET Q q 0 0 0 rg BT 76.98 46.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.24 46.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 128.98 46.85 Td ($3.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.50 46.85 Td ( ) Tj ET Q q 0 0 0 rg BT 153.74 46.85 Td (per ) Tj ET Q q 0 0 0 rg BT 168.98 46.85 Td (mcf ) Tj ET Q q 0 0 0 rg BT 185.72 46.85 Td (for ) Tj ET Q q 0 0 0 rg BT 198.46 46.85 Td (the ) Tj ET Q q 0 0 0 rg BT 213.21 46.85 Td (same ) Tj ET Q q 0 0 0 rg BT 237.45 46.85 Td (period ) Tj ET Q q 0 0 0 rg BT 264.70 46.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.45 46.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.47 46.85 Td (. ) Tj ET Q q 0 0 0 rg BT 299.21 46.85 Td (For ) Tj ET Q q 0 0 0 rg BT 314.94 46.85 Td (the ) Tj ET Q q 0 0 0 rg BT 329.69 46.85 Td (three ) Tj ET Q q 0 0 0 rg BT 352.44 46.85 Td (months ) Tj ET Q q 0 0 0 rg BT 384.19 46.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.46 46.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 470.22 46.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.24 46.85 Td (, ) Tj ET Q q 0 0 0 rg BT 494.98 46.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 524.73 46.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 541.48 46.85 Td (liquids ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 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 13) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 73.31 742.45 Td (including ) Tj ET Q q 0 0 0 rg BT 110.64 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 124.95 742.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 153.26 742.45 Td (of ) Tj ET Q q 0 0 0 rg BT 162.57 742.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 197.39 742.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 241.21 742.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 286.52 742.45 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.34 742.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.36 742.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.17 742.45 Td (33%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.18 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 387.98 742.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.29 742.45 Td ($25.83) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.82 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 426.62 742.45 Td (per ) Tj ET Q q 0 0 0 rg BT 441.43 742.45 Td (bbl, ) Tj ET Q q 0 0 0 rg BT 457.74 742.45 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.54 742.45 Td ($19.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.07 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 506.87 742.45 Td (per ) Tj ET Q q 0 0 0 rg BT 521.68 742.45 Td (bbl ) Tj ET Q q 0 0 0 rg BT 535.50 742.45 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.65 Td (for ) Tj ET Q q 0 0 0 rg BT 57.88 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 72.78 731.65 Td (comparable ) Tj ET Q q 0 0 0 rg BT 122.19 731.65 Td (period ) Tj ET Q q 0 0 0 rg BT 149.59 731.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.47 731.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 179.49 731.65 Td (. ) Tj ET Q q 0 0 0 rg BT 184.38 731.65 Td (Oil ) Tj ET Q q 0 0 0 rg BT 197.76 731.65 Td (prices, ) Tj ET Q q 0 0 0 rg BT 226.65 731.65 Td (including ) Tj ET Q q 0 0 0 rg BT 264.56 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 279.45 731.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 308.34 731.65 Td (of ) Tj ET Q q 0 0 0 rg BT 318.23 731.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 353.63 731.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 398.03 731.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 443.92 731.65 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 485.31 731.65 Td (for ) Tj ET Q q 0 0 0 rg BT 498.20 731.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.09 731.65 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.11 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 538.49 731.65 Td (quarter ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.01 720.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.03 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 77.53 720.85 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.54 720.85 Td ($68.80) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.06 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 129.56 720.85 Td (per ) Tj ET Q q 0 0 0 rg BT 145.07 720.85 Td (bbl, ) Tj ET Q q 0 0 0 rg BT 162.08 720.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.59 720.85 Td (21%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.60 720.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.10 720.85 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.13 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 229.63 720.85 Td (when ) Tj ET Q q 0 0 0 rg BT 253.64 720.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 296.17 720.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.17 720.85 Td ($86.61) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.70 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 336.20 720.85 Td (per ) Tj ET Q q 0 0 0 rg BT 351.71 720.85 Td (bbl ) Tj ET Q q 0 0 0 rg BT 366.22 720.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 400.24 720.85 Td (for ) Tj ET Q q 0 0 0 rg BT 413.24 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 428.25 720.85 Td (same ) Tj ET Q q 0 0 0 rg BT 452.76 720.85 Td (period ) Tj ET Q q 0 0 0 rg BT 480.28 720.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.28 720.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.31 720.85 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 704.05 Td (The ) Tj ET Q q 0 0 0 rg BT 63.29 704.05 Td (following ) Tj ET Q q 0 0 0 rg BT 101.09 704.05 Td (table ) Tj ET Q q 0 0 0 rg BT 123.39 704.05 Td (highlights ) Tj ET Q q 0 0 0 rg BT 164.19 704.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 212.71 704.05 Td (production ) Tj ET Q q 0 0 0 rg BT 257.52 704.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 297.33 704.05 Td (per ) Tj ET Q q 0 0 0 rg BT 313.12 704.05 Td (boe, ) Tj ET Q q 0 0 0 rg BT 333.41 704.05 Td (including ) Tj ET Q q 0 0 0 rg BT 371.72 704.05 Td (realized ) Tj ET Q q 0 0 0 rg BT 406.02 704.05 Td (gains ) Tj ET Q q 0 0 0 rg BT 430.31 704.05 Td (and ) Tj ET Q q 0 0 0 rg BT 448.11 704.05 Td (losses ) Tj ET Q q 0 0 0 rg BT 476.40 704.05 Td (on ) Tj ET Q q 0 0 0 rg BT 489.19 704.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.99 704.05 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 693.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 91.01 693.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 132.53 693.25 Td (for ) Tj ET Q q 0 0 0 rg BT 145.53 693.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.54 693.25 Td (three ) Tj ET Q q 0 0 0 rg BT 183.56 693.25 Td (months ) Tj ET Q q 0 0 0 rg BT 215.57 693.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.09 693.25 Td (years ) Tj ET Q q 0 0 0 rg BT 257.59 693.25 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 282.62 693.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.12 693.25 Td (December ) Tj ET Q q 0 0 0 rg BT 329.14 693.25 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 45.5 676.75 m 264.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 676.75 m 339.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 676.75 m 415.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 676.75 m 491.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 676.75 m 567.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 648.75 m 264.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 648.75 m 339.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 648.75 m 415.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 648.75 m 491.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 648.75 m 567.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 648.75 m 264.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 648.75 m 339.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 648.75 m 415.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 648.75 m 491.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 648.75 m 567.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 599.75 m 264.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 599.75 m 339.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 599.75 m 415.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 599.75 m 491.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 599.75 m 567.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 576.75 m 264.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 599.75 m 339.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 576.75 m 339.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 599.75 m 415.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 576.75 m 415.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 599.75 m 491.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 576.75 m 491.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 599.75 m 567.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 576.75 m 567.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 576.75 m 264.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 576.75 m 339.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 576.75 m 415.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 576.75 m 491.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 576.75 m 567.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 527.75 m 339.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 527.75 m 491.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 527.75 m 567.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 527.75 m 264.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 505.75 m 264.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 527.75 m 339.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 505.75 m 339.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 527.75 m 415.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 505.75 m 415.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 527.75 m 491.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 505.75 m 491.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 527.75 m 567.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 505.75 m 567.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 455.75 m 339.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 455.75 m 415.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 455.75 m 491.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 455.75 m 567.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 455.75 m 264.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 433.75 m 264.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 455.75 m 339.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 433.75 m 339.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 455.75 m 415.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 433.75 m 415.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 455.75 m 491.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 433.75 m 491.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 455.75 m 567.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 433.75 m 567.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 383.75 m 264.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 383.75 m 339.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 383.75 m 415.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 383.75 m 491.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 383.75 m 567.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 383.75 m 264.5 383.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 361.75 m 264.5 361.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 361.75 m 339.5 361.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 361.75 m 415.5 361.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 361.75 m 491.5 361.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 361.75 m 567.5 361.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.90 667.15 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.75 667.15 Td (Years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 315.95 653.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.95 653.15 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.95 653.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 653.15 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 639.15 Td (Natural gas \($/mcf\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 625.15 Td (Production revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.45 625.15 Td (3.03) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.45 625.15 Td (2.68) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.45 625.15 Td (2.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 625.15 Td (2.89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 611.70 Td (Realized gains on financial instrument) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 602.70 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.45 604.15 Td (0.28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.45 604.15 Td (0.76) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.45 604.15 Td (0.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 604.15 Td (0.67) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 590.70 Td (Realized price including financial instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 581.70 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.45 581.15 Td (3.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.45 581.15 Td (3.44) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.45 581.15 Td (3.13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 581.15 Td (3.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 567.15 Td (Natural gas liquids \($/bbl\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 553.15 Td (Production revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 553.15 Td (26.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 553.15 Td (18.79) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.45 553.15 Td (20.11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 553.15 Td (22.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 539.70 Td (Realized gains \(losses\) on financial instrument) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 530.70 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 315.45 532.15 Td (\(0.53) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.00 532.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.45 532.15 Td (0.60) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.45 532.15 Td (\(0.14) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 532.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 532.15 Td (1.08) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 518.70 Td (Realized price including financial instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 509.70 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 510.15 Td (25.83) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 510.15 Td (19.39) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.45 510.15 Td (19.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 510.15 Td (23.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 496.15 Td (Oil \($/bbl\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 482.15 Td (Production revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 482.15 Td (56.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 482.15 Td (46.76) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.45 482.15 Td (47.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 482.15 Td (51.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 468.70 Td (Realized gains on financial instrument) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 459.70 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 460.15 Td (12.57) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 460.15 Td (39.85) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.45 460.15 Td (14.64) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 460.15 Td (29.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 446.70 Td (Realized price including financial instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 437.70 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 438.15 Td (68.80) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 438.15 Td (86.61) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.45 438.15 Td (61.89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 438.15 Td (81.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 424.15 Td (Total \($/boe\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 410.15 Td (Production revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 410.15 Td (22.24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 410.15 Td (18.68) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.45 410.15 Td (17.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 410.15 Td (20.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 396.70 Td (Realized gains on financial instrument) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 387.70 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.45 388.15 Td (1.51) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.45 388.15 Td (5.71) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.45 388.15 Td (3.66) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 388.15 Td (5.15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 374.70 Td (Realized price including financial instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 365.70 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 366.15 Td (23.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 366.15 Td (24.39) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.45 366.15 Td (21.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 366.15 Td (25.88) Tj ET Q BT /F1 10.00 Tf ET BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 345.45 Td (Risk ) Tj ET Q q 0 0 0 rg BT 66.56 345.45 Td (management ) Tj ET Q q 0 0 0 rg BT 124.64 345.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 165.71 345.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 171.26 345.45 Td (As ) Tj ET Q q 0 0 0 rg BT 184.32 345.45 Td (part ) Tj ET Q q 0 0 0 rg BT 202.38 345.45 Td (of ) Tj ET Q q 0 0 0 rg BT 212.44 345.45 Td (our ) Tj ET Q q 0 0 0 rg BT 228.00 345.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 263.58 345.45 Td (management ) Tj ET Q q 0 0 0 rg BT 318.67 345.45 Td (strategy) Tj ET Q q 0 0 0 rg BT 350.01 345.45 Td (, ) Tj ET Q q 0 0 0 rg BT 355.07 345.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 397.15 345.45 Td (has ) Tj ET Q q 0 0 0 rg BT 414.21 345.45 Td (adopted ) Tj ET Q q 0 0 0 rg BT 449.30 345.45 Td (a ) Tj ET Q q 0 0 0 rg BT 456.86 345.45 Td (disciplined ) Tj ET Q q 0 0 0 rg BT 501.44 345.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 547.50 345.45 Td (price ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 334.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 61.09 334.65 Td (management ) Tj ET Q q 0 0 0 rg BT 115.71 334.65 Td (program. ) Tj ET Q q 0 0 0 rg BT 153.82 334.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 201.66 334.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 217.75 334.65 Td (management ) Tj ET Q q 0 0 0 rg BT 272.37 334.65 Td (program ) Tj ET Q q 0 0 0 rg BT 307.98 334.65 Td (aims ) Tj ET Q q 0 0 0 rg BT 329.07 334.65 Td (to ) Tj ET Q q 0 0 0 rg BT 338.67 334.65 Td (reduce ) Tj ET Q q 0 0 0 rg BT 368.28 334.65 Td (the ) Tj ET Q q 0 0 0 rg BT 382.88 334.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 411.48 334.65 Td (of ) Tj ET Q q 0 0 0 rg BT 421.08 334.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 466.69 334.65 Td (price ) Tj ET Q q 0 0 0 rg BT 488.29 334.65 Td (volatility ) Tj ET Q q 0 0 0 rg BT 522.39 334.65 Td (and ) Tj ET Q q 0 0 0 rg BT 539.50 334.65 Td (protect ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 323.85 Td (funds ) Tj ET Q q 0 0 0 rg BT 69.42 323.85 Td (from ) Tj ET Q q 0 0 0 rg BT 89.81 323.85 Td (operations, ) Tj ET Q q 0 0 0 rg BT 136.74 323.85 Td (protect ) Tj ET Q q 0 0 0 rg BT 166.66 323.85 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 211.58 323.85 Td (and ) Tj ET Q q 0 0 0 rg BT 229.00 323.85 Td (development ) Tj ET Q q 0 0 0 rg BT 282.93 323.85 Td (economics ) Tj ET Q q 0 0 0 rg BT 328.35 323.85 Td (and ) Tj ET Q q 0 0 0 rg BT 345.76 323.85 Td (fund ) Tj ET Q q 0 0 0 rg BT 365.68 323.85 Td (dividend ) Tj ET Q q 0 0 0 rg BT 401.60 323.85 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 459.85 323.85 Td (The ) Tj ET Q q 0 0 0 rg BT 477.76 323.85 Td (Board ) Tj ET Q q 0 0 0 rg BT 504.18 323.85 Td (of ) Tj ET Q q 0 0 0 rg BT 514.08 323.85 Td (Directors ) Tj ET Q q 0 0 0 rg BT 552.48 323.85 Td (has ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 313.05 Td (approved ) Tj ET Q q 0 0 0 rg BT 84.94 313.05 Td (a ) Tj ET Q q 0 0 0 rg BT 92.35 313.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 138.27 313.05 Td (price ) Tj ET Q q 0 0 0 rg BT 160.18 313.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 176.59 313.05 Td (management ) Tj ET Q q 0 0 0 rg BT 231.53 313.05 Td (limit ) Tj ET Q q 0 0 0 rg BT 249.93 313.05 Td (of ) Tj ET Q q 0 0 0 rg BT 259.84 313.05 Td (70% ) Tj ET Q q 0 0 0 rg BT 280.27 313.05 Td (of ) Tj ET Q q 0 0 0 rg BT 290.18 313.05 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 334.61 313.05 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 376.54 313.05 Td (net ) Tj ET Q q 0 0 0 rg BT 391.46 313.05 Td (of ) Tj ET Q q 0 0 0 rg BT 401.38 313.05 Td (royalties ) Tj ET Q q 0 0 0 rg BT 437.30 313.05 Td (for ) Tj ET Q q 0 0 0 rg BT 450.21 313.05 Td (the ) Tj ET Q q 0 0 0 rg BT 465.13 313.05 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 514.07 313.05 Td (twelve ) Tj ET Q q 0 0 0 rg BT 541.99 313.05 Td (month ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 302.25 Td (period ) Tj ET Q q 0 0 0 rg BT 72.79 302.25 Td (and ) Tj ET Q q 0 0 0 rg BT 90.58 302.25 Td (60% ) Tj ET Q q 0 0 0 rg BT 111.36 302.25 Td (thereafter) Tj ET Q q 0 0 0 rg BT 149.39 302.25 Td (, ) Tj ET Q q 0 0 0 rg BT 154.66 302.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 191.95 302.25 Td (that ) Tj ET Q q 0 0 0 rg BT 209.74 302.25 Td (no ) Tj ET Q q 0 0 0 rg BT 222.52 302.25 Td (more ) Tj ET Q q 0 0 0 rg BT 245.80 302.25 Td (than ) Tj ET Q q 0 0 0 rg BT 266.08 302.25 Td (80% ) Tj ET Q q 0 0 0 rg BT 286.87 302.25 Td (of ) Tj ET Q q 0 0 0 rg BT 297.15 302.25 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 341.94 302.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 384.24 302.25 Td (net ) Tj ET Q q 0 0 0 rg BT 399.52 302.25 Td (of ) Tj ET Q q 0 0 0 rg BT 409.80 302.25 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 448.58 302.25 Td (from ) Tj ET Q q 0 0 0 rg BT 469.35 302.25 Td (any ) Tj ET Q q 0 0 0 rg BT 486.64 302.25 Td (one ) Tj ET Q q 0 0 0 rg BT 504.42 302.25 Td (product ) Tj ET Q q 0 0 0 rg BT 537.22 302.25 Td (may ) Tj ET Q q 0 0 0 rg BT 556.99 302.25 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 291.45 Td (hedged, ) Tj ET Q q 0 0 0 rg BT 79.64 291.45 Td (or ) Tj ET Q q 0 0 0 rg BT 89.76 291.45 Td (in ) Tj ET Q q 0 0 0 rg BT 98.87 291.45 Td (the ) Tj ET Q q 0 0 0 rg BT 113.49 291.45 Td (case ) Tj ET Q q 0 0 0 rg BT 134.62 291.45 Td (of ) Tj ET Q q 0 0 0 rg BT 144.23 291.45 Td (electricity) Tj ET Q q 0 0 0 rg BT 181.07 291.45 Td (, ) Tj ET Q q 0 0 0 rg BT 185.68 291.45 Td (60% ) Tj ET Q q 0 0 0 rg BT 205.81 291.45 Td (of ) Tj ET Q q 0 0 0 rg BT 215.42 291.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 263.28 291.45 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 307.41 291.45 Td (net ) Tj ET Q q 0 0 0 rg BT 322.04 291.45 Td (consumption. ) Tj ET Q q 0 0 0 rg BT 377.54 291.45 Td (The ) Tj ET Q q 0 0 0 rg BT 395.16 291.45 Td (term ) Tj ET Q q 0 0 0 rg BT 415.27 291.45 Td (of ) Tj ET Q q 0 0 0 rg BT 424.89 291.45 Td (any ) Tj ET Q q 0 0 0 rg BT 441.51 291.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 487.13 291.45 Td (hedge ) Tj ET Q q 0 0 0 rg BT 514.27 291.45 Td (will ) Tj ET Q q 0 0 0 rg BT 528.88 291.45 Td (be ) Tj ET Q q 0 0 0 rg BT 541.00 291.45 Td (limited ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 280.65 Td (to ) Tj ET Q q 0 0 0 rg BT 55.01 280.65 Td (no ) Tj ET Q q 0 0 0 rg BT 67.52 280.65 Td (more ) Tj ET Q q 0 0 0 rg BT 90.52 280.65 Td (than ) Tj ET Q q 0 0 0 rg BT 110.54 280.65 Td (three ) Tj ET Q q 0 0 0 rg BT 133.55 280.65 Td (calendar ) Tj ET Q q 0 0 0 rg BT 170.58 280.65 Td (years ) Tj ET Q q 0 0 0 rg BT 195.09 280.65 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 244.13 280.65 Td (to ) Tj ET Q q 0 0 0 rg BT 254.13 280.65 Td (the ) Tj ET Q q 0 0 0 rg BT 269.14 280.65 Td (current ) Tj ET Q q 0 0 0 rg BT 299.65 280.65 Td (calendar ) Tj ET Q q 0 0 0 rg BT 336.68 280.65 Td (year) Tj ET Q q 0 0 0 rg BT 353.69 280.65 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 263.85 Td (Commodity ) Tj ET Q q 0 0 0 rg BT 92.97 263.85 Td (prices ) Tj ET Q q 0 0 0 rg BT 119.44 263.85 Td (for ) Tj ET Q q 0 0 0 rg BT 132.41 263.85 Td (oil, ) Tj ET Q q 0 0 0 rg BT 146.38 263.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 176.36 263.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 193.34 263.85 Td (and ) Tj ET Q q 0 0 0 rg BT 210.82 263.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 240.80 263.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 257.77 263.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 285.75 263.85 Td (are ) Tj ET Q q 0 0 0 rg BT 301.22 263.85 Td (impacted ) Tj ET Q q 0 0 0 rg BT 340.21 263.85 Td (not ) Tj ET Q q 0 0 0 rg BT 355.18 263.85 Td (only ) Tj ET Q q 0 0 0 rg BT 374.16 263.85 Td (by ) Tj ET Q q 0 0 0 rg BT 386.13 263.85 Td (global ) Tj ET Q q 0 0 0 rg BT 412.61 263.85 Td (economic ) Tj ET Q q 0 0 0 rg BT 453.59 263.85 Td (events ) Tj ET Q q 0 0 0 rg BT 482.57 263.85 Td (that ) Tj ET Q q 0 0 0 rg BT 500.05 263.85 Td (dictate ) Tj ET Q q 0 0 0 rg BT 529.03 263.85 Td (the ) Tj ET Q q 0 0 0 rg BT 544.00 263.85 Td (levels ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 253.05 Td (of ) Tj ET Q q 0 0 0 rg BT 55.70 253.05 Td (supply ) Tj ET Q q 0 0 0 rg BT 84.91 253.05 Td (and ) Tj ET Q q 0 0 0 rg BT 103.13 253.05 Td (demand, ) Tj ET Q q 0 0 0 rg BT 141.35 253.05 Td (but ) Tj ET Q q 0 0 0 rg BT 157.05 253.05 Td (also ) Tj ET Q q 0 0 0 rg BT 176.76 253.05 Td (by ) Tj ET Q q 0 0 0 rg BT 189.46 253.05 Td (the ) Tj ET Q q 0 0 0 rg BT 205.17 253.05 Td (relationship ) Tj ET Q q 0 0 0 rg BT 254.40 253.05 Td (between ) Tj ET Q q 0 0 0 rg BT 291.62 253.05 Td (the ) Tj ET Q q 0 0 0 rg BT 307.33 253.05 Td (CDN ) Tj ET Q q 0 0 0 rg BT 330.02 253.05 Td (and ) Tj ET Q q 0 0 0 rg BT 348.23 253.05 Td (US ) Tj ET Q q 0 0 0 rg BT 363.93 253.05 Td (currency) Tj ET Q q 0 0 0 rg BT 397.77 253.05 Td (. ) Tj ET Q q 0 0 0 rg BT 403.47 253.05 Td (Swaps ) Tj ET Q q 0 0 0 rg BT 433.68 253.05 Td (and ) Tj ET Q q 0 0 0 rg BT 451.89 253.05 Td (costless ) Tj ET Q q 0 0 0 rg BT 487.60 253.05 Td (collars ) Tj ET Q q 0 0 0 rg BT 516.80 253.05 Td (are ) Tj ET Q q 0 0 0 rg BT 533.01 253.05 Td (primarily ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 242.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 78.58 242.25 Td (into, ) Tj ET Q q 0 0 0 rg BT 98.64 242.25 Td (which ) Tj ET Q q 0 0 0 rg BT 124.71 242.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 148.26 242.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 197.05 242.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 237.13 242.25 Td (to ) Tj ET Q q 0 0 0 rg BT 247.69 242.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 282.75 242.25 Td (in ) Tj ET Q q 0 0 0 rg BT 292.81 242.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 339.38 242.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 366.44 242.25 Td (while ) Tj ET Q q 0 0 0 rg BT 390.00 242.25 Td (in ) Tj ET Q q 0 0 0 rg BT 400.06 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.62 242.25 Td (case ) Tj ET Q q 0 0 0 rg BT 437.69 242.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.25 242.25 Td (costless ) Tj ET Q q 0 0 0 rg BT 483.81 242.25 Td (collars ) Tj ET Q q 0 0 0 rg BT 512.87 242.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 540.94 242.25 Td (for ) Tj ET Q q 0 0 0 rg BT 554.49 242.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 231.45 Td (participation ) Tj ET Q q 0 0 0 rg BT 96.03 231.45 Td (in ) Tj ET Q q 0 0 0 rg BT 105.53 231.45 Td (some ) Tj ET Q q 0 0 0 rg BT 130.04 231.45 Td (of ) Tj ET Q q 0 0 0 rg BT 140.05 231.45 Td (the ) Tj ET Q q 0 0 0 rg BT 155.06 231.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 201.07 231.45 Td (price ) Tj ET Q q 0 0 0 rg BT 223.08 231.45 Td (increases.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 214.65 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 214.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 115.03 214.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.05 214.65 Td (, ) Tj ET Q q 0 0 0 rg BT 140.05 214.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 182.08 214.65 Td (had ) Tj ET Q q 0 0 0 rg BT 199.60 214.65 Td (entered ) Tj ET Q q 0 0 0 rg BT 232.62 214.65 Td (into ) Tj ET Q q 0 0 0 rg BT 249.63 214.65 Td (the ) Tj ET Q q 0 0 0 rg BT 264.64 214.65 Td (following ) Tj ET Q q 0 0 0 rg BT 302.16 214.65 Td (costless ) Tj ET Q q 0 0 0 rg BT 337.17 214.65 Td (collars ) Tj ET Q q 0 0 0 rg BT 365.68 214.65 Td (to ) Tj ET Q q 0 0 0 rg BT 375.69 214.65 Td (sell ) Tj ET Q q 0 0 0 rg BT 391.69 214.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 403.20 214.65 Td (and ) Tj ET Q q 0 0 0 rg BT 420.71 214.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 450.73 214.65 Td (gas: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 204.14999999999998 m 88.5 204.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 190.14999999999998 m 88.5 190.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 204.14999999999998 m 139.5 204.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 190.14999999999998 m 139.5 190.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 204.14999999999998 m 335.5 204.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 190.14999999999998 m 335.5 190.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 204.14999999999998 m 567.5 204.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 190.14999999999998 m 567.5 190.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 190.14999999999998 m 88.5 190.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 176.14999999999998 m 88.5 176.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 190.14999999999998 m 139.5 190.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 190.14999999999998 m 335.5 190.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 190.14999999999998 m 567.5 190.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 176.14999999999998 m 88.5 176.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 176.14999999999998 m 139.5 176.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 176.14999999999998 m 335.5 176.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 176.14999999999998 m 567.5 176.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 120.14999999999998 m 88.5 120.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 106.14999999999998 m 88.5 106.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 120.14999999999998 m 139.5 120.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 106.14999999999998 m 139.5 106.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 120.14999999999998 m 335.5 120.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 106.14999999999998 m 335.5 106.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 120.14999999999998 m 567.5 120.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 106.14999999999998 m 567.5 106.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 78.14999999999998 m 88.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 78.14999999999998 m 139.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 78.14999999999998 m 335.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 78.14999999999998 m 567.5 78.14999999999998 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 194.55 Td (V) Tj ET Q q 0 0 0 rg BT 53.67 194.55 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 142.00 194.55 Td (A) Tj ET Q q 0 0 0 rg BT 148.33 194.55 Td (verage ) Tj ET Q q 0 0 0 rg BT 179.69 194.55 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 194.55 Td (T) Tj ET Q q 0 0 0 rg BT 342.83 194.55 Td (erm) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 180.55 Td (Natural gas contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 166.55 Td (25,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 166.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 166.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 166.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 166.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 166.55 Td ($3.30 ) Tj ET Q q 0 0 0 rg BT 189.02 166.55 Td (- ) Tj ET Q q 0 0 0 rg BT 194.52 166.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 216.52 166.55 Td ($3.66 ) Tj ET Q q 0 0 0 rg BT 241.54 166.55 Td (- ) Tj ET Q q 0 0 0 rg BT 246.54 166.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 166.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 166.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 166.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 166.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 166.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 166.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 166.55 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 152.55 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 152.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 152.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 152.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 152.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 152.55 Td ($2.60 ) Tj ET Q q 0 0 0 rg BT 189.02 152.55 Td (- ) Tj ET Q q 0 0 0 rg BT 194.52 152.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 216.52 152.55 Td ($3.00 ) Tj ET Q q 0 0 0 rg BT 241.54 152.55 Td (- ) Tj ET Q q 0 0 0 rg BT 246.54 152.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 152.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 152.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 152.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 152.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 152.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 152.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 152.55 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 138.55 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 138.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 138.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 138.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 138.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 138.55 Td ($2.90 ) Tj ET Q q 0 0 0 rg BT 189.02 138.55 Td (- ) Tj ET Q q 0 0 0 rg BT 194.52 138.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 216.52 138.55 Td ($3.10 ) Tj ET Q q 0 0 0 rg BT 241.54 138.55 Td (- ) Tj ET Q q 0 0 0 rg BT 246.54 138.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 138.55 Td (November ) Tj ET Q q 0 0 0 rg BT 382.02 138.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 392.02 138.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 414.54 138.55 Td (- ) Tj ET Q q 0 0 0 rg BT 420.04 138.55 Td (March ) Tj ET Q q 0 0 0 rg BT 447.55 138.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 462.56 138.55 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 124.55 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 124.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 124.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 124.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 124.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 124.55 Td ($2.90 ) Tj ET Q q 0 0 0 rg BT 189.02 124.55 Td (- ) Tj ET Q q 0 0 0 rg BT 194.52 124.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 216.52 124.55 Td ($3.10 ) Tj ET Q q 0 0 0 rg BT 241.54 124.55 Td (- ) Tj ET Q q 0 0 0 rg BT 246.54 124.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 124.55 Td (November ) Tj ET Q q 0 0 0 rg BT 382.02 124.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 392.02 124.55 Td (2018 ) Tj ET Q q 0 0 0 rg BT 414.54 124.55 Td (- ) Tj ET Q q 0 0 0 rg BT 420.04 124.55 Td (March ) Tj ET Q q 0 0 0 rg BT 447.55 124.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 462.56 124.55 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 110.55 Td (Oil contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 96.55 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 96.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 96.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 96.55 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 96.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 96.55 Td ($56.00 ) Tj ET Q q 0 0 0 rg BT 194.03 96.55 Td (- ) Tj ET Q q 0 0 0 rg BT 199.52 96.55 Td ($64.25 ) Tj ET Q q 0 0 0 rg BT 229.55 96.55 Td (- ) Tj ET Q q 0 0 0 rg BT 235.05 96.55 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 96.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 96.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 96.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 96.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 96.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 96.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 96.55 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 82.55 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 82.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 82.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 82.55 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 82.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 82.55 Td ($57.00 ) Tj ET Q q 0 0 0 rg BT 194.03 82.55 Td (- ) Tj ET Q q 0 0 0 rg BT 199.52 82.55 Td ($65.00 ) Tj ET Q q 0 0 0 rg BT 229.55 82.55 Td (- ) Tj ET Q q 0 0 0 rg BT 235.05 82.55 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 82.55 Td (July ) Tj ET Q q 0 0 0 rg BT 356.51 82.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 366.51 82.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 389.03 82.55 Td (- ) Tj ET Q q 0 0 0 rg BT 394.53 82.55 Td (December ) Tj ET Q q 0 0 0 rg BT 438.55 82.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.56 82.55 Td (2017) Tj ET Q BT /F1 10.00 Tf ET 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 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 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BT 164.00 651.65 Td ($2.93) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 651.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 651.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 651.65 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 651.65 Td (April ) Tj ET Q q 0 0 0 rg BT 358.50 651.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 368.51 651.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 391.03 651.65 Td (- ) Tj ET Q q 0 0 0 rg BT 396.53 651.65 Td (October ) Tj ET Q q 0 0 0 rg BT 431.05 651.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 446.06 651.65 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 466.08 655.94 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 637.65 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 637.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 637.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 637.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 637.65 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 637.65 Td ($3.04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 637.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 637.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 637.65 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 637.65 Td (October ) Tj ET Q q 0 0 0 rg BT 372.51 637.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.52 637.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.04 637.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 637.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 637.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 637.65 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 623.65 Td (45,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 623.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 623.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 623.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 623.65 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 623.65 Td ($3.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 623.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 623.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 623.65 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 623.65 Td (November ) Tj ET Q q 0 0 0 rg BT 382.02 623.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 392.02 623.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 414.54 623.65 Td (- ) Tj ET Q q 0 0 0 rg BT 420.04 623.65 Td (March ) Tj ET Q q 0 0 0 rg BT 447.55 623.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 462.56 623.65 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 609.65 Td (40,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 609.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 609.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 609.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 609.65 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 609.65 Td ($3.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 609.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 609.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 609.65 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 609.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 609.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 609.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 405.05 609.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 609.65 Td (March ) Tj ET Q q 0 0 0 rg BT 438.05 609.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.06 609.65 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 595.65 Td (30,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 595.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 595.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 595.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 595.65 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 595.65 Td ($2.91) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 595.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 595.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 595.65 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 595.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 595.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 595.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 405.05 595.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 595.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 595.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 595.65 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 599.94 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 581.65 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 581.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 581.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 581.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 581.65 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 581.65 Td ($2.70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 581.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 581.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 581.65 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 581.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 581.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 581.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 405.05 581.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 581.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 581.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 581.65 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 567.65 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 567.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 567.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 567.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 567.65 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 567.65 Td ($3.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 567.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 567.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 567.65 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 567.65 Td (November ) Tj ET Q q 0 0 0 rg BT 382.02 567.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 392.02 567.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 414.54 567.65 Td (- ) Tj ET Q q 0 0 0 rg BT 420.04 567.65 Td (March ) Tj ET Q q 0 0 0 rg BT 447.55 567.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 462.56 567.65 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 553.65 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 553.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 553.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 553.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 553.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 553.65 Td ($\(0.60\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 553.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 553.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 553.65 Td (AECO ) Tj ET Q q 0 0 0 rg BT 285.02 553.65 Td (Basis) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 553.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 553.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 553.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 553.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 553.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 553.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 553.65 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 539.65 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 539.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 539.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 539.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 539.65 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 539.65 Td ($3.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 539.65 Td (Sold ) Tj ET Q q 0 0 0 rg BT 247.51 539.65 Td (Call ) Tj ET Q q 0 0 0 rg BT 265.52 539.65 Td (- ) Tj ET Q q 0 0 0 rg BT 270.52 539.65 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 539.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 539.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 539.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 539.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 539.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 539.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 539.65 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 525.65 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 525.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 525.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 525.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 525.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 525.65 Td ($3.50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 525.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 525.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 525.65 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 525.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 525.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 525.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 525.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 525.65 Td (March ) Tj ET Q q 0 0 0 rg BT 438.05 525.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.06 525.65 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 511.65 Td (26,375) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 511.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 511.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 511.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 511.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 511.65 Td ($3.12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 511.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 511.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 511.65 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 511.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 511.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 511.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 511.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 511.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 511.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 511.65 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 497.65 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 497.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 497.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 497.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 497.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 497.65 Td ($3.04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 497.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 497.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 497.65 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 497.65 Td (April ) Tj ET Q q 0 0 0 rg BT 358.50 497.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 368.51 497.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 391.03 497.65 Td (- ) Tj ET Q q 0 0 0 rg BT 396.53 497.65 Td (October ) Tj ET Q q 0 0 0 rg BT 431.05 497.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 446.06 497.65 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 483.65 Td (5,275) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 483.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 483.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 483.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 483.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 483.65 Td ($3.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 483.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 483.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 483.65 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 483.65 Td (October ) Tj ET Q q 0 0 0 rg BT 372.51 483.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.52 483.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.04 483.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 483.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 483.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 483.65 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 487.94 Td (\(6\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 469.65 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 469.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 469.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 469.65 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 469.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 469.65 Td ($2.95) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 469.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 469.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 469.65 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 469.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 469.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 469.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 405.05 469.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 469.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 469.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 469.65 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 455.65 Td (Natural gas liquids contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 441.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 441.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 441.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 441.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 441.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 441.65 Td ($27.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 441.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 441.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 441.65 Td (MTB ) Tj ET Q q 0 0 0 rg BT 279.01 441.65 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 441.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 441.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 441.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 441.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 441.65 Td (March ) Tj ET Q q 0 0 0 rg BT 438.05 441.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.06 441.65 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 473.08 445.94 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 427.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 427.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 427.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 427.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 427.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 427.65 Td ($27.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 427.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 427.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 427.65 Td (MTB ) Tj ET Q q 0 0 0 rg BT 279.01 427.65 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 427.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 427.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 427.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 427.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 427.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 427.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 427.65 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 431.94 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 413.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 413.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 413.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 413.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 413.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 413.65 Td ($32.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 413.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 413.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 413.65 Td (MTB ) Tj ET Q q 0 0 0 rg BT 279.01 413.65 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 413.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 413.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 413.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 413.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 413.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 413.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 413.65 Td (2019) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 417.94 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 399.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 399.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 399.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 399.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 399.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 399.65 Td ($31.50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 399.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 399.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 399.65 Td (MTB ) Tj ET Q q 0 0 0 rg BT 279.01 399.65 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 399.65 Td (October ) Tj ET Q q 0 0 0 rg BT 372.51 399.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.52 399.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.04 399.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 399.65 Td (March ) Tj ET Q q 0 0 0 rg BT 438.05 399.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.06 399.65 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 473.08 403.94 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 385.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 385.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 385.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 385.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 385.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 385.65 Td ($29.82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 385.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 385.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 385.65 Td (MTB ) Tj ET Q q 0 0 0 rg BT 279.01 385.65 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 385.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 385.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 385.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 405.05 385.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 385.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 385.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 385.65 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 389.94 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 371.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 371.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 371.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 371.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 371.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 371.65 Td ($29.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 371.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 371.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 371.65 Td (MTB ) Tj ET Q q 0 0 0 rg BT 279.01 371.65 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 371.65 Td (April ) Tj ET Q q 0 0 0 rg BT 358.50 371.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 368.51 371.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 391.03 371.65 Td (- ) Tj ET Q q 0 0 0 rg BT 396.53 371.65 Td (December ) Tj ET Q q 0 0 0 rg BT 440.55 371.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 455.56 371.65 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 475.58 375.94 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 357.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 357.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 357.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 357.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 357.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 357.65 Td ($30.66) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 357.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 357.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 357.65 Td (MTB ) Tj ET Q q 0 0 0 rg BT 279.01 357.65 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 357.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 357.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 357.65 Td (2019 ) Tj ET Q q 0 0 0 rg BT 405.05 357.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 357.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 357.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 357.65 Td (2019) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 361.94 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 343.65 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 343.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 343.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 343.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 343.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 343.65 Td (40.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 343.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 343.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 343.65 Td (CNWY) Tj ET Q q 0 0 0 rg BT 284.85 343.65 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 343.65 Td (PN/WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 343.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 343.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 343.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 343.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 343.65 Td (March ) Tj ET Q q 0 0 0 rg BT 438.05 343.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.06 343.65 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 473.08 347.94 Td (\(4\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 329.65 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 329.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 329.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 329.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 329.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 329.65 Td (54.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 329.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 329.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 329.65 Td (CNWY) Tj ET Q q 0 0 0 rg BT 284.85 329.65 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 329.65 Td (PN/WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 329.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 329.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 329.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 329.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 329.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 329.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 329.65 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 333.94 Td (\(4\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 315.65 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 315.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 315.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 315.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 315.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 315.65 Td ($23.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 315.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 315.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 315.65 Td (CNWY) Tj ET Q q 0 0 0 rg BT 284.85 315.65 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 315.65 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 315.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 315.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 315.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 315.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 315.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 315.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 315.65 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 319.94 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 301.65 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 301.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 301.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 301.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 301.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 301.65 Td ($20.63) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 301.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 301.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 301.65 Td (CNWY) Tj ET Q q 0 0 0 rg BT 284.85 301.65 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 301.65 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 301.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 301.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 301.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 301.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 301.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 301.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 301.65 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 305.94 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 287.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 287.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 287.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 287.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 287.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 287.65 Td ($21.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 287.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 287.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 287.65 Td (CNWY) Tj ET Q q 0 0 0 rg BT 284.85 287.65 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 287.65 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 287.65 Td (April ) Tj ET Q q 0 0 0 rg BT 358.50 287.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 368.51 287.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 391.03 287.65 Td (- ) Tj ET Q q 0 0 0 rg BT 396.53 287.65 Td (March ) Tj ET Q q 0 0 0 rg BT 424.04 287.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 439.05 287.65 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 459.07 291.94 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 273.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 273.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 273.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 273.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 273.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 273.65 Td ($22.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 273.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 273.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 273.65 Td (CNWY) Tj ET Q q 0 0 0 rg BT 284.85 273.65 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 273.65 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 273.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 273.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 273.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 405.05 273.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 273.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 273.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 273.65 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 277.94 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 259.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 259.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 259.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 259.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 259.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 259.65 Td ($24.78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 259.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 259.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 259.65 Td (CNWY) Tj ET Q q 0 0 0 rg BT 284.85 259.65 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 259.65 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 259.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 259.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 259.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 405.05 259.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 259.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 259.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 259.65 Td (2019) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 263.94 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 245.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 245.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 245.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 245.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 245.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 245.65 Td ($22.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 245.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 245.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 245.65 Td (CNWY) Tj ET Q q 0 0 0 rg BT 284.85 245.65 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 245.65 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 245.65 Td (July ) Tj ET Q q 0 0 0 rg BT 356.51 245.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 366.51 245.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 389.03 245.65 Td (- ) Tj ET Q q 0 0 0 rg BT 394.53 245.65 Td (December ) Tj ET Q q 0 0 0 rg BT 438.55 245.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.56 245.65 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 473.58 249.94 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 231.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 231.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 231.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 231.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 231.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 231.65 Td ($23.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 231.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 231.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 231.65 Td (CNWY) Tj ET Q q 0 0 0 rg BT 284.85 231.65 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 231.65 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 231.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 231.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 231.65 Td (2019 ) Tj ET Q q 0 0 0 rg BT 405.05 231.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 231.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 231.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 231.65 Td (2019) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 235.94 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 217.65 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 217.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 217.65 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 217.65 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 217.65 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 217.65 Td ($\(2.75\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 217.65 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 217.65 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 217.65 Td (WTI-MSW) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 217.65 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 217.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 217.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 217.65 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 217.65 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 217.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 217.65 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 203.55 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 203.55 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 203.55 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 203.55 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 203.55 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 203.55 Td ( ) Tj ET Q q 0 0 0 rg BT 62.33 203.55 Td (Includes ) Tj ET Q q 0 0 0 rg BT 86.35 203.55 Td (a ) Tj ET Q q 0 0 0 rg BT 91.35 203.55 Td (feature ) Tj ET Q q 0 0 0 rg BT 111.70 203.55 Td (which ) Tj ET Q q 0 0 0 rg BT 128.71 203.55 Td (at ) Tj ET Q q 0 0 0 rg BT 135.38 203.55 Td (the ) Tj ET Q q 0 0 0 rg BT 145.39 203.55 Td (discretion ) Tj ET Q q 0 0 0 rg BT 172.73 203.55 Td (of ) Tj ET Q q 0 0 0 rg BT 179.40 203.55 Td (the ) Tj ET Q q 0 0 0 rg BT 189.41 203.55 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 224.43 203.55 Td (allows ) Tj ET Q q 0 0 0 rg BT 242.77 203.55 Td (for ) Tj ET Q q 0 0 0 rg BT 251.44 203.55 Td (the ) Tj ET Q q 0 0 0 rg BT 261.45 203.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 288.80 203.55 Td (purchase ) Tj ET Q q 0 0 0 rg BT 315.15 203.55 Td (of ) Tj ET Q q 0 0 0 rg BT 321.82 203.55 Td (5,000 ) Tj ET Q q 0 0 0 rg BT 338.50 203.55 Td (gjs/d ) Tj ET Q q 0 0 0 rg BT 352.84 203.55 Td (on ) Tj ET Q q 0 0 0 rg BT 361.18 203.55 Td (the ) Tj ET Q q 0 0 0 rg BT 371.19 203.55 Td (last ) Tj ET Q q 0 0 0 rg BT 382.20 203.55 Td (trade ) Tj ET Q q 0 0 0 rg BT 397.54 203.55 Td (date ) Tj ET Q q 0 0 0 rg BT 410.88 203.55 Td (of ) Tj ET Q q 0 0 0 rg BT 417.55 203.55 Td (each ) Tj ET Q q 0 0 0 rg BT 432.23 203.55 Td (month ) Tj ET Q q 0 0 0 rg BT 450.57 203.55 Td (for ) Tj ET Q q 0 0 0 rg BT 459.24 203.55 Td (the ) Tj ET Q q 0 0 0 rg BT 469.25 203.55 Td (duration ) Tj ET Q q 0 0 0 rg BT 492.60 203.55 Td (of ) Tj ET Q q 0 0 0 rg BT 499.27 203.55 Td (the ) Tj ET Q q 0 0 0 rg BT 509.28 203.55 Td (contract.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 196.35 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 54.00 196.35 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 196.35 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 196.35 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 196.35 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 196.35 Td ( ) Tj ET Q q 0 0 0 rg BT 62.33 196.35 Td (Includes ) Tj ET Q q 0 0 0 rg BT 86.35 196.35 Td (a ) Tj ET Q q 0 0 0 rg BT 91.35 196.35 Td (feature ) Tj ET Q q 0 0 0 rg BT 111.70 196.35 Td (which ) Tj ET Q q 0 0 0 rg BT 128.71 196.35 Td (at ) Tj ET Q q 0 0 0 rg BT 135.38 196.35 Td (the ) Tj ET Q q 0 0 0 rg BT 145.39 196.35 Td (discretion ) Tj ET Q q 0 0 0 rg BT 172.73 196.35 Td (of ) Tj ET Q q 0 0 0 rg BT 179.40 196.35 Td (the ) Tj ET Q q 0 0 0 rg BT 189.41 196.35 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 224.43 196.35 Td (allows ) Tj ET Q q 0 0 0 rg BT 242.77 196.35 Td (for ) Tj ET Q q 0 0 0 rg BT 251.44 196.35 Td (the ) Tj ET Q q 0 0 0 rg BT 261.45 196.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 288.80 196.35 Td (purchase ) Tj ET Q q 0 0 0 rg BT 315.15 196.35 Td (of ) Tj ET Q q 0 0 0 rg BT 321.82 196.35 Td (10,000 ) Tj ET Q q 0 0 0 rg BT 341.84 196.35 Td (gjs/d ) Tj ET Q q 0 0 0 rg BT 356.18 196.35 Td (on ) Tj ET Q q 0 0 0 rg BT 364.52 196.35 Td (the ) Tj ET Q q 0 0 0 rg BT 374.53 196.35 Td (last ) Tj ET Q q 0 0 0 rg BT 385.53 196.35 Td (trade ) Tj ET Q q 0 0 0 rg BT 400.88 196.35 Td (date ) Tj ET Q q 0 0 0 rg BT 414.22 196.35 Td (of ) Tj ET Q q 0 0 0 rg BT 420.89 196.35 Td (each ) Tj ET Q q 0 0 0 rg BT 435.57 196.35 Td (month ) Tj ET Q q 0 0 0 rg BT 453.91 196.35 Td (for ) Tj ET Q q 0 0 0 rg BT 462.58 196.35 Td (the ) Tj ET Q q 0 0 0 rg BT 472.59 196.35 Td (duration ) Tj ET Q q 0 0 0 rg BT 495.94 196.35 Td (of ) Tj ET Q q 0 0 0 rg BT 502.61 196.35 Td (the ) Tj ET Q q 0 0 0 rg BT 512.62 196.35 Td (contract.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 189.15 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 54.00 189.15 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 189.15 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 189.15 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 189.15 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 189.15 Td ( ) Tj ET Q q 0 0 0 rg BT 62.33 189.15 Td (Mont ) Tj ET Q q 0 0 0 rg BT 77.34 189.15 Td (Belvieu ) Tj ET Q q 0 0 0 rg BT 98.69 189.15 Td (65 ) Tj ET Q q 0 0 0 rg BT 107.03 189.15 Td (nC4/35 ) Tj ET Q q 0 0 0 rg BT 128.04 189.15 Td (iC4 ) Tj ET Q q 0 0 0 rg BT 138.71 189.15 Td (price.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 181.95 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 54.00 181.95 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 181.95 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 181.95 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 181.95 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 181.95 Td ( ) Tj ET Q q 0 0 0 rg BT 62.33 181.95 Td (Conway ) Tj ET Q q 0 0 0 rg BT 85.68 181.95 Td (propane ) Tj ET Q q 0 0 0 rg BT 109.37 181.95 Td (price ) Tj ET Q q 0 0 0 rg BT 124.04 181.95 Td (as ) Tj ET Q q 0 0 0 rg BT 132.04 181.95 Td (a ) Tj ET Q q 0 0 0 rg BT 137.04 181.95 Td (percentage ) Tj ET Q q 0 0 0 rg BT 168.74 181.95 Td (of ) Tj ET Q q 0 0 0 rg BT 175.41 181.95 Td (WTI.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 174.75 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 54.00 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 174.75 Td ( ) Tj ET Q q 0 0 0 rg BT 62.33 174.75 Td (Conway ) Tj ET Q q 0 0 0 rg BT 85.68 174.75 Td (propane ) Tj ET Q q 0 0 0 rg BT 109.37 174.75 Td (price.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 167.55 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 54.00 167.55 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 167.55 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 167.55 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 167.55 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 167.55 Td ( ) Tj ET Q q 0 0 0 rg BT 62.33 167.55 Td (Includes ) Tj ET Q q 0 0 0 rg BT 86.35 167.55 Td (an ) Tj ET Q q 0 0 0 rg BT 94.69 167.55 Td (extendable ) Tj ET Q q 0 0 0 rg BT 125.72 167.55 Td (feature ) Tj ET Q q 0 0 0 rg BT 146.06 167.55 Td (on ) Tj ET Q q 0 0 0 rg BT 154.40 167.55 Td (5,275 ) Tj ET Q q 0 0 0 rg BT 171.08 167.55 Td (gjs/d, ) Tj ET Q q 0 0 0 rg BT 187.09 167.55 Td (which ) Tj ET Q q 0 0 0 rg BT 204.10 167.55 Td (at ) Tj ET Q q 0 0 0 rg BT 210.77 167.55 Td (the ) Tj ET Q q 0 0 0 rg BT 220.78 167.55 Td (discretion ) Tj ET Q q 0 0 0 rg BT 248.12 167.55 Td (of ) Tj ET Q q 0 0 0 rg BT 254.79 167.55 Td (the ) Tj ET Q q 0 0 0 rg BT 264.80 167.55 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 299.82 167.55 Td (would ) Tj ET Q q 0 0 0 rg BT 317.17 167.55 Td (continue ) Tj ET Q q 0 0 0 rg BT 341.52 167.55 Td (the ) Tj ET Q q 0 0 0 rg BT 351.52 167.55 Td (term ) Tj ET Q q 0 0 0 rg BT 365.19 167.55 Td (of ) Tj ET Q q 0 0 0 rg BT 371.86 167.55 Td (the ) Tj ET Q q 0 0 0 rg BT 381.87 167.55 Td (contract ) Tj ET Q q 0 0 0 rg BT 404.88 167.55 Td (to ) Tj ET Q q 0 0 0 rg BT 411.55 167.55 Td (December ) Tj ET Q q 0 0 0 rg BT 440.89 167.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 450.90 167.55 Td (2018.) 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 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 15) 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 44.5 748.5 m 87.5 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 734.5 m 87.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 87.5 748.5 m 138.5 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 87.5 734.5 m 138.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 748.5 m 223.5 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 734.5 m 223.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 748.5 m 334.5 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 734.5 m 334.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 748.5 m 566.5 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 734.5 m 566.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 734.5 m 87.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 720.5 m 87.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 87.5 734.5 m 138.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 87.5 720.5 m 138.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 734.5 m 223.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 720.5 m 223.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 734.5 m 334.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 720.5 m 334.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 734.5 m 566.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 720.5 m 566.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 720.5 m 87.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 87.5 720.5 m 138.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 720.5 m 223.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 720.5 m 334.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 720.5 m 566.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 566.5 m 87.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 87.5 566.5 m 138.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 566.5 m 223.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 566.5 m 334.5 566.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 566.5 m 566.5 566.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 738.90 Td (V) Tj ET Q q 0 0 0 rg BT 52.67 738.90 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.00 738.90 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.00 738.90 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.00 738.90 Td (T) Tj ET Q q 0 0 0 rg BT 341.83 738.90 Td (erm) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 724.90 Td (Oil contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.45 710.90 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 710.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 710.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 710.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.00 710.90 Td (US ) Tj ET Q q 0 0 0 rg BT 156.00 710.90 Td ($58.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 710.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 251.01 710.90 Td (- ) Tj ET Q q 0 0 0 rg BT 256.51 710.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.00 710.90 Td (January ) Tj ET Q q 0 0 0 rg BT 371.52 710.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 381.53 710.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 404.05 710.90 Td (- ) Tj ET Q q 0 0 0 rg BT 409.54 710.90 Td (June ) Tj ET Q q 0 0 0 rg BT 431.56 710.90 Td (30, ) Tj ET Q q 0 0 0 rg BT 446.57 710.90 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.45 696.90 Td (1,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 696.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 696.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 696.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.00 696.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 163.00 696.90 Td ($67.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 696.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 251.01 696.90 Td (- ) Tj ET Q q 0 0 0 rg BT 256.51 696.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.00 696.90 Td (January ) Tj ET Q q 0 0 0 rg BT 371.52 696.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 381.53 696.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 404.05 696.90 Td (- ) Tj ET Q q 0 0 0 rg BT 409.54 696.90 Td (December ) Tj ET Q q 0 0 0 rg BT 453.56 696.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.57 696.90 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.95 682.90 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 682.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 682.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 682.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.00 682.90 Td (US ) Tj ET Q q 0 0 0 rg BT 156.00 682.90 Td ($49.50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 682.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 251.01 682.90 Td (- ) Tj ET Q q 0 0 0 rg BT 256.51 682.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.00 682.90 Td (January ) Tj ET Q q 0 0 0 rg BT 371.52 682.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 381.53 682.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 404.05 682.90 Td (- ) Tj ET Q q 0 0 0 rg BT 409.54 682.90 Td (December ) Tj ET Q q 0 0 0 rg BT 453.56 682.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.57 682.90 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.95 668.90 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 668.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 668.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 668.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.00 668.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 163.00 668.90 Td ($70.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 668.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 251.01 668.90 Td (- ) Tj ET Q q 0 0 0 rg BT 256.51 668.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.00 668.90 Td (January ) Tj ET Q q 0 0 0 rg BT 371.52 668.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 381.53 668.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 404.05 668.90 Td (- ) Tj ET Q q 0 0 0 rg BT 409.54 668.90 Td (December ) Tj ET Q q 0 0 0 rg BT 453.56 668.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.57 668.90 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.95 654.90 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 654.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 654.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 654.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.00 654.90 Td (US ) Tj ET Q q 0 0 0 rg BT 156.00 654.90 Td ($49.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 654.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 251.01 654.90 Td (- ) Tj ET Q q 0 0 0 rg BT 256.51 654.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.00 654.90 Td (January ) Tj ET Q q 0 0 0 rg BT 371.52 654.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 381.53 654.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 404.05 654.90 Td (- ) Tj ET Q q 0 0 0 rg BT 409.54 654.90 Td (December ) Tj ET Q q 0 0 0 rg BT 453.56 654.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.57 654.90 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.95 640.90 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 640.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 640.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 640.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.00 640.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 163.00 640.90 Td ($71.61) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 640.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 251.01 640.90 Td (- ) Tj ET Q q 0 0 0 rg BT 256.51 640.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.00 640.90 Td (January ) Tj ET Q q 0 0 0 rg BT 371.52 640.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 381.53 640.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 404.05 640.90 Td (- ) Tj ET Q q 0 0 0 rg BT 409.54 640.90 Td (December ) Tj ET Q q 0 0 0 rg BT 453.56 640.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.57 640.90 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.45 626.90 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 626.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 626.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 626.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.00 626.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 163.00 626.90 Td ($70.20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 626.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 251.01 626.90 Td (- ) Tj ET Q q 0 0 0 rg BT 256.51 626.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.00 626.90 Td (January ) Tj ET Q q 0 0 0 rg BT 371.52 626.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 381.53 626.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 404.05 626.90 Td (- ) Tj ET Q q 0 0 0 rg BT 409.54 626.90 Td (December ) Tj ET Q q 0 0 0 rg BT 453.56 626.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.57 626.90 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.95 612.90 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 612.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 612.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 612.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.00 612.90 Td (US ) Tj ET Q q 0 0 0 rg BT 156.00 612.90 Td ($51.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 612.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 251.01 612.90 Td (- ) Tj ET Q q 0 0 0 rg BT 256.51 612.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.00 612.90 Td (January ) Tj ET Q q 0 0 0 rg BT 371.52 612.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 381.53 612.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 404.05 612.90 Td (- ) Tj ET Q q 0 0 0 rg BT 409.54 612.90 Td (December ) Tj ET Q q 0 0 0 rg BT 453.56 612.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.57 612.90 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.45 598.90 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 598.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 598.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 598.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.00 598.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 163.00 598.90 Td ($68.92) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 598.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 251.01 598.90 Td (- ) Tj ET Q q 0 0 0 rg BT 256.51 598.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.00 598.90 Td (January ) Tj ET Q q 0 0 0 rg BT 371.52 598.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 381.53 598.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 404.05 598.90 Td (- ) Tj ET Q q 0 0 0 rg BT 409.54 598.90 Td (December ) Tj ET Q q 0 0 0 rg BT 453.56 598.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.57 598.90 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.45 584.90 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 584.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 584.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 584.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.00 584.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 163.00 584.90 Td ($70.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 584.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 251.01 584.90 Td (- ) Tj ET Q q 0 0 0 rg BT 256.51 584.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.00 584.90 Td (January ) Tj ET Q q 0 0 0 rg BT 371.52 584.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 381.53 584.90 Td (2019 ) Tj ET Q q 0 0 0 rg BT 404.05 584.90 Td (- ) Tj ET Q q 0 0 0 rg BT 409.54 584.90 Td (December ) Tj ET Q q 0 0 0 rg BT 453.56 584.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.57 584.90 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.95 570.90 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 570.90 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 570.90 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 570.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.00 570.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 163.00 570.90 Td ($65.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 570.90 Td (Sold ) Tj ET Q q 0 0 0 rg BT 246.51 570.90 Td (Call ) Tj ET Q q 0 0 0 rg BT 264.52 570.90 Td (- ) Tj ET Q q 0 0 0 rg BT 270.02 570.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.00 570.90 Td (January ) Tj ET Q q 0 0 0 rg BT 371.52 570.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 381.53 570.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 404.05 570.90 Td (- ) Tj ET Q q 0 0 0 rg BT 409.54 570.90 Td (December ) Tj ET Q q 0 0 0 rg BT 453.56 570.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.57 570.90 Td (2018) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 550.20 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 95.54 550.20 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 105.55 550.20 Td (December31, ) Tj ET Q q 0 0 0 rg BT 164.58 550.20 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.60 550.20 Td (, ) Tj ET Q q 0 0 0 rg BT 189.60 550.20 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 231.62 550.20 Td (entered ) Tj ET Q q 0 0 0 rg BT 264.65 550.20 Td (into ) Tj ET Q q 0 0 0 rg BT 281.66 550.20 Td (the ) Tj ET Q q 0 0 0 rg BT 296.67 550.20 Td (following ) Tj ET Q q 0 0 0 rg BT 334.19 550.20 Td (contracts ) Tj ET Q q 0 0 0 rg BT 373.21 550.20 Td (to ) Tj ET Q q 0 0 0 rg BT 383.21 550.20 Td (manage ) Tj ET Q q 0 0 0 rg BT 418.24 550.20 Td (its ) Tj ET Q q 0 0 0 rg BT 429.74 550.20 Td (overall ) Tj ET Q q 0 0 0 rg BT 458.75 550.20 Td (commodity ) Tj ET Q q 0 0 0 rg BT 504.76 550.20 Td (exposure:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 536.7 m 88.5 536.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 522.7 m 88.5 522.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 536.7 m 139.5 536.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 522.7 m 139.5 522.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 536.7 m 224.5 536.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 522.7 m 224.5 522.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 536.7 m 335.5 536.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 522.7 m 335.5 522.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 536.7 m 567.5 536.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 522.7 m 567.5 522.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 522.7 m 88.5 522.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 522.7 m 139.5 522.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 522.7 m 224.5 522.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 522.7 m 335.5 522.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 522.7 m 567.5 522.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 466.7 m 88.5 466.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 466.7 m 139.5 466.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 466.7 m 224.5 466.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 466.7 m 335.5 466.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 466.7 m 567.5 466.7 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 527.10 Td (V) Tj ET Q q 0 0 0 rg BT 53.67 527.10 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 142.00 527.10 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.00 527.10 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 527.10 Td (T) Tj ET Q q 0 0 0 rg BT 342.83 527.10 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 513.10 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 513.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 513.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 513.10 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 513.10 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 513.10 Td ($25.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 513.10 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 513.10 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 513.10 Td (CNWY) Tj ET Q q 0 0 0 rg BT 284.85 513.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 513.10 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 513.10 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 513.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 513.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 405.05 513.10 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 513.10 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 513.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 513.10 Td (2019) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 517.39 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 499.10 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 499.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 499.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 499.10 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 499.10 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 499.10 Td ($33.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 499.10 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 499.10 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 499.10 Td (MTB ) Tj ET Q q 0 0 0 rg BT 279.01 499.10 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 499.10 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 499.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 499.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 405.05 499.10 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 499.10 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 499.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 499.10 Td (2019) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 503.39 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 485.10 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 485.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 485.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 485.10 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 485.10 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 485.10 Td ($\(0.77\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 485.10 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 485.10 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 485.10 Td (AECO ) Tj ET Q q 0 0 0 rg BT 285.02 485.10 Td (Basis) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 485.10 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 485.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 485.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 405.05 485.10 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 485.10 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 485.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 485.10 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 471.10 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 471.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 471.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 471.10 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 471.10 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 471.10 Td ($4.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 471.10 Td (Sold ) Tj ET Q q 0 0 0 rg BT 247.51 471.10 Td (Call ) Tj ET Q q 0 0 0 rg BT 265.52 471.10 Td (- ) Tj ET Q q 0 0 0 rg BT 271.02 471.10 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 471.10 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 471.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 471.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 405.05 471.10 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 471.10 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 471.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 471.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 457.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 457.00 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 457.00 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 457.00 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 457.00 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 457.00 Td (Conway ) Tj ET Q q 0 0 0 rg BT 84.01 457.00 Td (propane ) Tj ET Q q 0 0 0 rg BT 107.70 457.00 Td (price.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 449.80 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 54.00 449.80 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 449.80 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 449.80 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 449.80 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 449.80 Td (Mont ) Tj ET Q q 0 0 0 rg BT 75.67 449.80 Td (Belvieu ) Tj ET Q q 0 0 0 rg BT 97.02 449.80 Td (65 ) Tj ET Q q 0 0 0 rg BT 105.36 449.80 Td (nC4/35 ) Tj ET Q q 0 0 0 rg BT 126.38 449.80 Td (iC4 ) Tj ET Q q 0 0 0 rg BT 137.04 449.80 Td (price.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 433.00 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 433.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 115.03 433.00 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.05 433.00 Td (, ) Tj ET Q q 0 0 0 rg BT 140.05 433.00 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 182.08 433.00 Td (had ) Tj ET Q q 0 0 0 rg BT 199.60 433.00 Td (entered ) Tj ET Q q 0 0 0 rg BT 232.62 433.00 Td (into ) Tj ET Q q 0 0 0 rg BT 249.63 433.00 Td (the ) Tj ET Q q 0 0 0 rg BT 264.64 433.00 Td (following ) Tj ET Q q 0 0 0 rg BT 302.16 433.00 Td (contracts ) Tj ET Q q 0 0 0 rg BT 341.18 433.00 Td (to ) Tj ET Q q 0 0 0 rg BT 351.18 433.00 Td (purchase ) Tj ET Q q 0 0 0 rg BT 390.71 433.00 Td (electricity:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 419.5 m 88.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 405.5 m 88.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 419.5 m 139.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 405.5 m 139.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 419.5 m 224.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 405.5 m 224.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 419.5 m 335.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 405.5 m 335.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 419.5 m 567.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 405.5 m 567.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 405.5 m 88.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 391.5 m 88.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 405.5 m 139.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 391.5 m 139.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 405.5 m 224.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 391.5 m 224.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 405.5 m 335.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 391.5 m 335.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 405.5 m 567.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 391.5 m 567.5 391.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 409.90 Td (V) Tj ET Q q 0 0 0 rg BT 53.67 409.90 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 142.00 409.90 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.00 409.90 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 409.90 Td (T) Tj ET Q q 0 0 0 rg BT 342.83 409.90 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 79.95 395.90 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 395.90 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 395.90 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 395.90 Td (mwh) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 395.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 395.90 Td ($48.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 395.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 395.90 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 395.90 Td (AESO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 395.90 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 395.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 395.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 395.90 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 395.90 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 395.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 395.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 375.20 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.35 375.20 Td (December31, ) Tj ET Q q 0 0 0 rg BT 113.72 375.20 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 133.74 375.20 Td (, ) Tj ET Q q 0 0 0 rg BT 138.09 375.20 Td (the ) Tj ET Q q 0 0 0 rg BT 152.44 375.20 Td (fair ) Tj ET Q q 0 0 0 rg BT 166.79 375.20 Td (market ) Tj ET Q q 0 0 0 rg BT 196.14 375.20 Td (value ) Tj ET Q q 0 0 0 rg BT 219.50 375.20 Td (recorded ) Tj ET Q q 0 0 0 rg BT 256.87 375.20 Td (on ) Tj ET Q q 0 0 0 rg BT 268.72 375.20 Td (the ) Tj ET Q q 0 0 0 rg BT 283.08 375.20 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 335.46 375.20 Td (statement ) Tj ET Q q 0 0 0 rg BT 376.82 375.20 Td (of ) Tj ET Q q 0 0 0 rg BT 386.17 375.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 421.04 375.20 Td (position ) Tj ET Q q 0 0 0 rg BT 453.91 375.20 Td (for ) Tj ET Q q 0 0 0 rg BT 466.25 375.20 Td (these ) Tj ET Q q 0 0 0 rg BT 490.11 375.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.98 375.20 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 364.40 Td (commodity ) Tj ET Q q 0 0 0 rg BT 90.91 364.40 Td (contracts ) Tj ET Q q 0 0 0 rg BT 129.82 364.40 Td (was ) Tj ET Q q 0 0 0 rg BT 148.22 364.40 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 155.63 364.40 Td (net ) Tj ET Q q 0 0 0 rg BT 170.54 364.40 Td (liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.54 364.40 Td ( ) Tj ET Q q 0 0 0 rg BT 199.94 364.40 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.85 364.40 Td ($81.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.37 364.40 Td ( ) Tj ET Q q 0 0 0 rg BT 234.77 364.40 Td (million ) Tj ET Q q 0 0 0 rg BT 262.67 364.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 305.09 364.40 Td (to ) Tj ET Q q 0 0 0 rg BT 314.99 364.40 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.40 364.40 Td (net ) Tj ET Q q 0 0 0 rg BT 337.31 364.40 Td (asset) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.82 364.40 Td ( ) Tj ET Q q 0 0 0 rg BT 361.21 364.40 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.12 364.40 Td ($80.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.64 364.40 Td ( ) Tj ET Q q 0 0 0 rg BT 396.04 364.40 Td (million ) Tj ET Q q 0 0 0 rg BT 423.94 364.40 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.85 364.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 492.77 364.40 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.79 364.40 Td (. ) Tj ET Q q 0 0 0 rg BT 517.69 364.40 Td (Of ) Tj ET Q q 0 0 0 rg BT 529.59 364.40 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.50 364.40 Td ($81.4) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 353.60 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.24 353.60 Td (net ) Tj ET Q q 0 0 0 rg BT 88.49 353.60 Td (liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 115.50 353.60 Td ( ) Tj ET Q q 0 0 0 rg BT 118.23 353.60 Td (balance ) Tj ET Q q 0 0 0 rg BT 152.50 353.60 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.74 353.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 222.00 353.60 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.02 353.60 Td (, ) Tj ET Q q 0 0 0 rg BT 247.26 353.60 Td (a ) Tj ET Q q 0 0 0 rg BT 255.00 353.60 Td (net ) Tj ET Q q 0 0 0 rg BT 270.25 353.60 Td (liability ) Tj ET Q q 0 0 0 rg BT 300.00 353.60 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.24 353.60 Td ($48.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.76 353.60 Td ( ) Tj ET Q q 0 0 0 rg BT 335.50 353.60 Td (million ) Tj ET Q q 0 0 0 rg BT 363.74 353.60 Td (relates ) Tj ET Q q 0 0 0 rg BT 393.49 353.60 Td (to ) Tj ET Q q 0 0 0 rg BT 403.73 353.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 439.49 353.60 Td (instrument ) Tj ET Q q 0 0 0 rg BT 484.24 353.60 Td (commodity ) Tj ET Q q 0 0 0 rg BT 530.49 353.60 Td (contracts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 342.80 Td (with ) Tj ET Q q 0 0 0 rg BT 63.37 342.80 Td (term ) Tj ET Q q 0 0 0 rg BT 83.74 342.80 Td (dates ) Tj ET Q q 0 0 0 rg BT 108.13 342.80 Td (within ) Tj ET Q q 0 0 0 rg BT 133.51 342.80 Td (one ) Tj ET Q q 0 0 0 rg BT 150.90 342.80 Td (year ) Tj ET Q q 0 0 0 rg BT 170.77 342.80 Td (and ) Tj ET Q q 0 0 0 rg BT 188.16 342.80 Td (a ) Tj ET Q q 0 0 0 rg BT 195.53 342.80 Td (net ) Tj ET Q q 0 0 0 rg BT 210.41 342.80 Td (liability ) Tj ET Q q 0 0 0 rg BT 239.79 342.80 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.67 342.80 Td ($33.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.19 342.80 Td ( ) Tj ET Q q 0 0 0 rg BT 274.56 342.80 Td (million ) Tj ET Q q 0 0 0 rg BT 302.44 342.80 Td (relates ) Tj ET Q q 0 0 0 rg BT 331.82 342.80 Td (to ) Tj ET Q q 0 0 0 rg BT 341.69 342.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 377.08 342.80 Td (instrument ) Tj ET Q q 0 0 0 rg BT 421.47 342.80 Td (commodity ) Tj ET Q q 0 0 0 rg BT 467.35 342.80 Td (contracts ) Tj ET Q q 0 0 0 rg BT 506.23 342.80 Td (with ) Tj ET Q q 0 0 0 rg BT 524.61 342.80 Td (term ) Tj ET Q q 0 0 0 rg BT 544.98 342.80 Td (dates ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 332.00 Td (beyond ) Tj ET Q q 0 0 0 rg BT 77.03 332.00 Td (one ) Tj ET Q q 0 0 0 rg BT 94.54 332.00 Td (year) Tj ET Q q 0 0 0 rg BT 111.56 332.00 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 315.20 Td (For ) Tj ET Q q 0 0 0 rg BT 61.19 315.20 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 76.39 315.20 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.90 315.20 Td ( ) Tj ET Q q 0 0 0 rg BT 96.59 315.20 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.31 315.20 Td (December31, ) Tj ET Q q 0 0 0 rg BT 183.52 315.20 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.54 315.20 Td (, ) Tj ET Q q 0 0 0 rg BT 208.73 315.20 Td (the ) Tj ET Q q 0 0 0 rg BT 223.94 315.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 259.65 315.20 Td (instrument ) Tj ET Q q 0 0 0 rg BT 304.35 315.20 Td (commodity ) Tj ET Q q 0 0 0 rg BT 350.55 315.20 Td (contracts ) Tj ET Q q 0 0 0 rg BT 389.76 315.20 Td (in ) Tj ET Q q 0 0 0 rg BT 399.45 315.20 Td (place ) Tj ET Q q 0 0 0 rg BT 423.66 315.20 Td (under ) Tj ET Q q 0 0 0 rg BT 449.37 315.20 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 497.80 315.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 514.48 315.20 Td (management ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 304.40 Td (program ) Tj ET Q q 0 0 0 rg BT 80.94 304.40 Td (resulted ) Tj ET Q q 0 0 0 rg BT 115.38 304.40 Td (in ) Tj ET Q q 0 0 0 rg BT 124.80 304.40 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.23 304.40 Td (net ) Tj ET Q q 0 0 0 rg BT 147.16 304.40 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.17 304.40 Td ( ) Tj ET Q q 0 0 0 rg BT 165.59 304.40 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.52 304.40 Td ($70.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.04 304.40 Td ( ) Tj ET Q q 0 0 0 rg BT 200.46 304.40 Td (million, ) Tj ET Q q 0 0 0 rg BT 230.89 304.40 Td (consisting ) Tj ET Q q 0 0 0 rg BT 273.34 304.40 Td (of ) Tj ET Q q 0 0 0 rg BT 283.26 304.40 Td (a ) Tj ET Q q 0 0 0 rg BT 290.69 304.40 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.63 304.40 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.65 304.40 Td ( ) Tj ET Q q 0 0 0 rg BT 344.07 304.40 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.00 304.40 Td ($91.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.52 304.40 Td ( ) Tj ET Q q 0 0 0 rg BT 378.94 304.40 Td (million ) Tj ET Q q 0 0 0 rg BT 406.87 304.40 Td (and ) Tj ET Q q 0 0 0 rg BT 424.31 304.40 Td (an ) Tj ET Q q 0 0 0 rg BT 436.74 304.40 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.69 304.40 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.70 304.40 Td ( ) Tj ET Q q 0 0 0 rg BT 499.12 304.40 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.05 304.40 Td ($161.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.58 304.40 Td ( ) Tj ET Q q 0 0 0 rg BT 539.00 304.40 Td (million. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 293.60 Td (The ) Tj ET Q q 0 0 0 rg BT 62.59 293.60 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.19 293.60 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 113.20 293.60 Td ( ) Tj ET Q q 0 0 0 rg BT 115.29 293.60 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.87 293.60 Td ($91.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 147.40 293.60 Td ( ) Tj ET Q q 0 0 0 rg BT 149.48 293.60 Td (million ) Tj ET Q q 0 0 0 rg BT 177.06 293.60 Td (consisted ) Tj ET Q q 0 0 0 rg BT 217.17 293.60 Td (of ) Tj ET Q q 0 0 0 rg BT 226.75 293.60 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.84 293.60 Td ($72.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.36 293.60 Td ( ) Tj ET Q q 0 0 0 rg BT 258.45 293.60 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.03 293.60 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.05 293.60 Td ( ) Tj ET Q q 0 0 0 rg BT 305.13 293.60 Td (on ) Tj ET Q q 0 0 0 rg BT 317.22 293.60 Td (natural ) Tj ET Q q 0 0 0 rg BT 346.82 293.60 Td (gas ) Tj ET Q q 0 0 0 rg BT 363.41 293.60 Td (commodity ) Tj ET Q q 0 0 0 rg BT 409.01 293.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 449.61 293.60 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 490.70 293.60 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.79 293.60 Td ($19.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.31 293.60 Td ( ) Tj ET Q q 0 0 0 rg BT 522.39 293.60 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.98 293.60 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 293.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 282.80 Td (on ) Tj ET Q q 0 0 0 rg BT 57.13 282.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 68.26 282.80 Td (commodity ) Tj ET Q q 0 0 0 rg BT 113.89 282.80 Td (derivative ) Tj ET Q q 0 0 0 rg BT 154.53 282.80 Td (contracts ) Tj ET Q q 0 0 0 rg BT 193.17 282.80 Td (of) Tj ET Q q 0 0 0 rg BT 200.51 282.80 Td (fset ) Tj ET Q q 0 0 0 rg BT 217.14 282.80 Td (by ) Tj ET Q q 0 0 0 rg BT 228.77 282.80 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.89 282.80 Td ($0.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.41 282.80 Td ( ) Tj ET Q q 0 0 0 rg BT 255.53 282.80 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.16 282.80 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.17 282.80 Td ( ) Tj ET Q q 0 0 0 rg BT 301.29 282.80 Td (on ) Tj ET Q q 0 0 0 rg BT 313.42 282.80 Td (natural ) Tj ET Q q 0 0 0 rg BT 343.06 282.80 Td (gas ) Tj ET Q q 0 0 0 rg BT 359.69 282.80 Td (liquids ) Tj ET Q q 0 0 0 rg BT 387.33 282.80 Td (commodity ) Tj ET Q q 0 0 0 rg BT 432.96 282.80 Td (derivative ) Tj ET Q q 0 0 0 rg BT 473.60 282.80 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 514.74 282.80 Td (For ) Tj ET Q q 0 0 0 rg BT 530.36 282.80 Td (the ) Tj ET Q q 0 0 0 rg BT 545.00 282.80 Td (same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 272.00 Td (period ) Tj ET Q q 0 0 0 rg BT 72.65 272.00 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.78 272.00 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.81 272.00 Td (, ) Tj ET Q q 0 0 0 rg BT 107.94 272.00 Td (the ) Tj ET Q q 0 0 0 rg BT 123.08 272.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.73 272.00 Td (instrument ) Tj ET Q q 0 0 0 rg BT 203.37 272.00 Td (commodity ) Tj ET Q q 0 0 0 rg BT 249.51 272.00 Td (contracts ) Tj ET Q q 0 0 0 rg BT 288.66 272.00 Td (in ) Tj ET Q q 0 0 0 rg BT 298.29 272.00 Td (place ) Tj ET Q q 0 0 0 rg BT 322.44 272.00 Td (resulted ) Tj ET Q q 0 0 0 rg BT 357.09 272.00 Td (in ) Tj ET Q q 0 0 0 rg BT 366.72 272.00 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.36 272.00 Td (net ) Tj ET Q q 0 0 0 rg BT 389.50 272.00 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.51 272.00 Td ( ) Tj ET Q q 0 0 0 rg BT 409.14 272.00 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.28 272.00 Td ($75.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.80 272.00 Td ( ) Tj ET Q q 0 0 0 rg BT 444.43 272.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 475.07 272.00 Td (consisting ) Tj ET Q q 0 0 0 rg BT 517.72 272.00 Td (of ) Tj ET Q q 0 0 0 rg BT 527.85 272.00 Td (a ) Tj ET Q q 0 0 0 rg BT 535.49 272.00 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 261.20 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.02 261.20 Td ( ) Tj ET Q q 0 0 0 rg BT 64.69 261.20 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.87 261.20 Td ($149.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.40 261.20 Td ( ) Tj ET Q q 0 0 0 rg BT 105.08 261.20 Td (million ) Tj ET Q q 0 0 0 rg BT 133.26 261.20 Td (and ) Tj ET Q q 0 0 0 rg BT 150.95 261.20 Td (an ) Tj ET Q q 0 0 0 rg BT 163.64 261.20 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 207.84 261.20 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.85 261.20 Td ( ) Tj ET Q q 0 0 0 rg BT 226.52 261.20 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.71 261.20 Td ($73.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.23 261.20 Td ( ) Tj ET Q q 0 0 0 rg BT 261.91 261.20 Td (million. ) Tj ET Q q 0 0 0 rg BT 292.41 261.20 Td (The ) Tj ET Q q 0 0 0 rg BT 310.60 261.20 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.79 261.20 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.81 261.20 Td ( ) Tj ET Q q 0 0 0 rg BT 364.48 261.20 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.67 261.20 Td ($149.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.19 261.20 Td ( ) Tj ET Q q 0 0 0 rg BT 404.87 261.20 Td (million ) Tj ET Q q 0 0 0 rg BT 433.05 261.20 Td (consisted ) Tj ET Q q 0 0 0 rg BT 473.75 261.20 Td (of ) Tj ET Q q 0 0 0 rg BT 483.93 261.20 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.62 261.20 Td ($82.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.14 261.20 Td ( ) Tj ET Q q 0 0 0 rg BT 521.82 261.20 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.00 261.20 Td (gain) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 250.40 Td (on ) Tj ET Q q 0 0 0 rg BT 57.39 250.40 Td (natural ) Tj ET Q q 0 0 0 rg BT 87.29 250.40 Td (gas ) Tj ET Q q 0 0 0 rg BT 104.18 250.40 Td (commodity ) Tj ET Q q 0 0 0 rg BT 150.07 250.40 Td (derivative ) Tj ET Q q 0 0 0 rg BT 190.97 250.40 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 232.37 250.40 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.75 250.40 Td ($7.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.27 250.40 Td ( ) Tj ET Q q 0 0 0 rg BT 259.65 250.40 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.54 250.40 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.55 250.40 Td ( ) Tj ET Q q 0 0 0 rg BT 306.94 250.40 Td (on ) Tj ET Q q 0 0 0 rg BT 319.33 250.40 Td (natural ) Tj ET Q q 0 0 0 rg BT 349.23 250.40 Td (gas ) Tj ET Q q 0 0 0 rg BT 366.12 250.40 Td (liquids ) Tj ET Q q 0 0 0 rg BT 394.01 250.40 Td (commodity ) Tj ET Q q 0 0 0 rg BT 439.90 250.40 Td (derivative ) Tj ET Q q 0 0 0 rg BT 480.80 250.40 Td (contracts ) Tj ET Q q 0 0 0 rg BT 519.70 250.40 Td (and ) Tj ET Q q 0 0 0 rg BT 537.10 250.40 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.48 250.40 Td ($59.3) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 239.60 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.01 239.60 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.02 239.60 Td ( ) Tj ET Q q 0 0 0 rg BT 92.52 239.60 Td (on ) Tj ET Q q 0 0 0 rg BT 105.03 239.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 116.54 239.60 Td (commodity ) Tj ET Q q 0 0 0 rg BT 162.55 239.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 203.57 239.60 Td (contracts. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 222.80 Td (For ) Tj ET Q q 0 0 0 rg BT 62.44 222.80 Td (the ) Tj ET Q q 0 0 0 rg BT 78.89 222.80 Td (three ) Tj ET Q q 0 0 0 rg BT 103.34 222.80 Td (months ) Tj ET Q q 0 0 0 rg BT 136.80 222.80 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.77 222.80 Td (December31, ) Tj ET Q q 0 0 0 rg BT 226.23 222.80 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.25 222.80 Td (, ) Tj ET Q q 0 0 0 rg BT 252.69 222.80 Td (the ) Tj ET Q q 0 0 0 rg BT 269.15 222.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 306.11 222.80 Td (instrument ) Tj ET Q q 0 0 0 rg BT 352.06 222.80 Td (commodity ) Tj ET Q q 0 0 0 rg BT 399.51 222.80 Td (contracts ) Tj ET Q q 0 0 0 rg BT 439.97 222.80 Td (in ) Tj ET Q q 0 0 0 rg BT 450.91 222.80 Td (place ) Tj ET Q q 0 0 0 rg BT 476.37 222.80 Td (under ) Tj ET Q q 0 0 0 rg BT 503.32 222.80 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 553.01 222.80 Td (risk ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 212.00 Td (management ) Tj ET Q q 0 0 0 rg BT 100.43 212.00 Td (program ) Tj ET Q q 0 0 0 rg BT 136.84 212.00 Td (resulted ) Tj ET Q q 0 0 0 rg BT 171.75 212.00 Td (in ) Tj ET Q q 0 0 0 rg BT 181.65 212.00 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.55 212.00 Td (net ) Tj ET Q q 0 0 0 rg BT 204.96 212.00 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.97 212.00 Td ( ) Tj ET Q q 0 0 0 rg BT 223.86 212.00 Td (of ) Tj ET Q q 0 0 0 rg BT 234.26 212.00 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.27 212.00 Td (90.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.79 212.00 Td ( ) Tj ET Q q 0 0 0 rg BT 259.68 212.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 290.58 212.00 Td (consisting ) Tj ET Q q 0 0 0 rg BT 333.50 212.00 Td (of ) Tj ET Q q 0 0 0 rg BT 343.90 212.00 Td (a ) Tj ET Q q 0 0 0 rg BT 351.80 212.00 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.22 212.00 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.23 212.00 Td ( ) Tj ET Q q 0 0 0 rg BT 406.13 212.00 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.53 212.00 Td ($9.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.05 212.00 Td ( ) Tj ET Q q 0 0 0 rg BT 436.94 212.00 Td (million ) Tj ET Q q 0 0 0 rg BT 465.35 212.00 Td (and ) Tj ET Q q 0 0 0 rg BT 483.26 212.00 Td (an ) Tj ET Q q 0 0 0 rg BT 496.16 212.00 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.59 212.00 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.59 212.00 Td ( ) Tj ET Q q 0 0 0 rg BT 559.49 212.00 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 201.20 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.01 201.20 Td (99.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.52 201.20 Td ( ) Tj ET Q q 0 0 0 rg BT 69.95 201.20 Td (million. ) Tj ET Q q 0 0 0 rg BT 100.22 201.20 Td (The ) Tj ET Q q 0 0 0 rg BT 118.15 201.20 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.09 201.20 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.11 201.20 Td ( ) Tj ET Q q 0 0 0 rg BT 171.53 201.20 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.46 201.20 Td ($9.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.98 201.20 Td ( ) Tj ET Q q 0 0 0 rg BT 201.40 201.20 Td (million ) Tj ET Q q 0 0 0 rg BT 229.33 201.20 Td (consisted ) Tj ET Q q 0 0 0 rg BT 269.77 201.20 Td (of ) Tj ET Q q 0 0 0 rg BT 279.70 201.20 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.13 201.20 Td ($7.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.65 201.20 Td ( ) Tj ET Q q 0 0 0 rg BT 307.07 201.20 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.00 201.20 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.02 201.20 Td ( ) Tj ET Q q 0 0 0 rg BT 354.44 201.20 Td (on ) Tj ET Q q 0 0 0 rg BT 366.87 201.20 Td (natural ) Tj ET Q q 0 0 0 rg BT 396.81 201.20 Td (gas ) Tj ET Q q 0 0 0 rg BT 413.75 201.20 Td (commodity ) Tj ET Q q 0 0 0 rg BT 459.68 201.20 Td (derivative ) Tj ET Q q 0 0 0 rg BT 500.62 201.20 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 542.06 201.20 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.49 201.20 Td ($3.5) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 190.45 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.90 190.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.91 190.45 Td ( ) Tj ET Q q 0 0 0 rg BT 92.30 190.45 Td (on ) Tj ET Q q 0 0 0 rg BT 104.71 190.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 116.10 190.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 162.00 190.45 Td (derivative ) Tj ET Q q 0 0 0 rg BT 202.91 190.45 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 244.32 190.45 Td (of) Tj ET Q q 0 0 0 rg BT 251.66 190.45 Td (fset ) Tj ET Q q 0 0 0 rg BT 268.56 190.45 Td (by ) Tj ET Q q 0 0 0 rg BT 280.46 190.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.86 190.45 Td ($1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.37 190.45 Td ( ) Tj ET Q q 0 0 0 rg BT 307.76 190.45 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.66 190.45 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.67 190.45 Td ( ) Tj ET Q q 0 0 0 rg BT 354.06 190.45 Td (on ) Tj ET Q q 0 0 0 rg BT 366.46 190.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 396.37 190.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 413.27 190.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 441.18 190.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 487.08 190.45 Td (derivative ) Tj ET Q q 0 0 0 rg BT 527.99 190.45 Td (contracts. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 179.65 Td (For ) Tj ET Q q 0 0 0 rg BT 60.94 179.65 Td (the ) Tj ET Q q 0 0 0 rg BT 75.89 179.65 Td (same ) Tj ET Q q 0 0 0 rg BT 100.34 179.65 Td (period ) Tj ET Q q 0 0 0 rg BT 127.79 179.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 137.74 179.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 157.76 179.65 Td (, ) Tj ET Q q 0 0 0 rg BT 162.70 179.65 Td (the ) Tj ET Q q 0 0 0 rg BT 177.65 179.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 213.11 179.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 257.57 179.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 303.52 179.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 342.47 179.65 Td (in ) Tj ET Q q 0 0 0 rg BT 351.92 179.65 Td (place ) Tj ET Q q 0 0 0 rg BT 375.87 179.65 Td (resulted ) Tj ET Q q 0 0 0 rg BT 410.33 179.65 Td (in ) Tj ET Q q 0 0 0 rg BT 419.77 179.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.22 179.65 Td (net ) Tj ET Q q 0 0 0 rg BT 442.17 179.65 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.18 179.65 Td ( ) Tj ET Q q 0 0 0 rg BT 461.62 179.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.57 179.65 Td ($27.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.09 179.65 Td ( ) Tj ET Q q 0 0 0 rg BT 496.53 179.65 Td (million, ) Tj ET Q q 0 0 0 rg BT 526.98 179.65 Td (consisting ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 168.85 Td (of ) Tj ET Q q 0 0 0 rg BT 54.46 168.85 Td (a ) Tj ET Q q 0 0 0 rg BT 61.41 168.85 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.88 168.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 111.90 168.85 Td ( ) Tj ET Q q 0 0 0 rg BT 113.85 168.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.31 168.85 Td ($41.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.83 168.85 Td ( ) Tj ET Q q 0 0 0 rg BT 147.78 168.85 Td (million ) Tj ET Q q 0 0 0 rg BT 175.24 168.85 Td (and ) Tj ET Q q 0 0 0 rg BT 192.20 168.85 Td (an ) Tj ET Q q 0 0 0 rg BT 204.17 168.85 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.65 168.85 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.65 168.85 Td ( ) Tj ET Q q 0 0 0 rg BT 265.60 168.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.06 168.85 Td ($14.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.58 168.85 Td ( ) Tj ET Q q 0 0 0 rg BT 299.53 168.85 Td (million. ) Tj ET Q q 0 0 0 rg BT 329.36 168.85 Td (The ) Tj ET Q q 0 0 0 rg BT 346.82 168.85 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.29 168.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.31 168.85 Td ( ) Tj ET Q q 0 0 0 rg BT 399.26 168.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.71 168.85 Td ($41.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.24 168.85 Td ( ) Tj ET Q q 0 0 0 rg BT 433.19 168.85 Td (million ) Tj ET Q q 0 0 0 rg BT 460.64 168.85 Td (consisted ) Tj ET Q q 0 0 0 rg BT 500.62 168.85 Td (of ) Tj ET Q q 0 0 0 rg BT 510.07 168.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.03 168.85 Td ($22.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.55 168.85 Td ( ) Tj ET Q q 0 0 0 rg BT 541.50 168.85 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 158.05 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.02 158.05 Td ( ) Tj ET Q q 0 0 0 rg BT 64.42 158.05 Td (on ) Tj ET Q q 0 0 0 rg BT 76.84 158.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 106.77 158.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 123.69 158.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 169.60 158.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 210.53 158.05 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 251.95 158.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.37 158.05 Td ($1.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.88 158.05 Td ( ) Tj ET Q q 0 0 0 rg BT 279.29 158.05 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.20 158.05 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.22 158.05 Td ( ) Tj ET Q q 0 0 0 rg BT 326.63 158.05 Td (on ) Tj ET Q q 0 0 0 rg BT 339.05 158.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 368.97 158.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 385.89 158.05 Td (liquids ) Tj ET Q q 0 0 0 rg BT 413.81 158.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 459.73 158.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 500.66 158.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 539.58 158.05 Td (and ) Tj ET Q q 0 0 0 rg BT 557.00 158.05 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 147.25 Td ($18.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.52 147.25 Td ( ) Tj ET Q q 0 0 0 rg BT 70.02 147.25 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.03 147.25 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 115.04 147.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.54 147.25 Td (on ) Tj ET Q q 0 0 0 rg BT 130.06 147.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 141.56 147.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 187.57 147.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 228.59 147.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 270.11 147.25 Td ( ) 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 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 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556.50 742.45 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 60.01 731.65 Td (three ) Tj ET Q q 0 0 0 rg BT 83.03 731.65 Td (months ) Tj ET Q q 0 0 0 rg BT 115.04 731.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.56 731.65 Td (years ) Tj ET Q q 0 0 0 rg BT 157.06 731.65 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.09 731.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.59 731.65 Td (December ) Tj ET Q q 0 0 0 rg BT 228.61 731.65 Td (31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.12 731.65 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 721.15 m 263.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 721.15 m 339.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 721.15 m 415.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 721.15 m 491.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 721.15 m 567.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 693.15 m 263.5 693.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 693.15 m 339.5 693.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 693.15 m 415.5 693.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 693.15 m 491.5 693.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 693.15 m 567.5 693.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 640.15 m 339.5 640.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 640.15 m 415.5 640.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 640.15 m 491.5 640.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 640.15 m 567.5 640.15 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 263.5 640.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 640.15 m 339.5 640.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 640.15 m 415.5 640.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 640.15 m 491.5 640.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 640.15 m 567.5 640.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 596.15 m 263.5 596.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 596.15 m 339.5 596.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 596.15 m 415.5 596.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 596.15 m 491.5 596.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 596.15 m 567.5 596.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 574.15 m 263.5 574.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 596.15 m 339.5 596.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 574.15 m 339.5 574.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 596.15 m 415.5 596.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 574.15 m 415.5 574.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 596.15 m 491.5 596.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 574.15 m 491.5 574.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 596.15 m 567.5 596.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 574.15 m 567.5 574.15 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.90 711.55 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.75 711.55 Td (Years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 315.95 697.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.95 697.55 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.95 697.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 697.55 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 685.55 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 672.55 Td (Natural gas) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 672.55 Td (7,098) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.45 672.55 Td (22,688) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.45 672.55 Td (72,839) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 672.55 Td (82,882) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 658.55 Td (Natural gas liquids) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.95 658.55 Td (\(964) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.00 658.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 658.55 Td (1,145) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.95 658.55 Td (\(931) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 658.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 658.55 Td (6,964) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 644.55 Td (Oil) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 644.55 Td (3,549) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.45 644.55 Td (18,091) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.45 644.55 Td (19,864) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 644.55 Td (59,307) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 631.10 Td (Realized gains on financial instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 622.10 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 622.55 Td (9,683) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.45 622.55 Td (41,924) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.45 622.55 Td (91,772) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 622.55 Td (149,153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 609.10 Td (Unrealized losses on financial instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 600.10 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.45 600.55 Td (\(99,807) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.00 600.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.45 600.55 Td (\(14,231) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 600.55 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.45 600.55 Td (\(161,930) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 600.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 600.55 Td (\(73,370) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 600.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 587.10 Td (Net gains \(losses\) on financial instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 578.10 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.45 578.55 Td (\(90,124) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.00 578.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.45 578.55 Td (27,693) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.45 578.55 Td (\(70,158) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 578.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 578.55 Td (75,783) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 557.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 93.71 557.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 129.69 557.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 174.68 557.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 221.15 557.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 260.63 557.85 Td (are ) Tj ET Q q 0 0 0 rg BT 276.61 557.85 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 314.59 557.85 Td (to ) Tj ET Q q 0 0 0 rg BT 325.06 557.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 371.54 557.85 Td (price ) Tj ET Q q 0 0 0 rg BT 394.01 557.85 Td (volatility) Tj ET Q q 0 0 0 rg BT 425.35 557.85 Td (. ) Tj ET Q q 0 0 0 rg BT 430.62 557.85 Td (The ) Tj ET Q q 0 0 0 rg BT 449.10 557.85 Td (change ) Tj ET Q q 0 0 0 rg BT 481.59 557.85 Td (in ) Tj ET Q q 0 0 0 rg BT 491.56 557.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 507.03 557.85 Td (value ) Tj ET Q q 0 0 0 rg BT 531.51 557.85 Td (for ) Tj ET Q q 0 0 0 rg BT 544.98 557.85 Td (those ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 547.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 74.70 547.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 91.40 547.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 126.61 547.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 170.81 547.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 216.50 547.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 255.20 547.05 Td (in ) Tj ET Q q 0 0 0 rg BT 264.39 547.05 Td (place ) Tj ET Q q 0 0 0 rg BT 288.10 547.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.79 547.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 356.50 547.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.52 547.05 Td ( ) Tj ET Q q 0 0 0 rg BT 378.71 547.05 Td (due ) Tj ET Q q 0 0 0 rg BT 395.91 547.05 Td (to ) Tj ET Q q 0 0 0 rg BT 405.60 547.05 Td (a ) Tj ET Q q 0 0 0 rg BT 412.79 547.05 Td ($0.10 ) Tj ET Q q 0 0 0 rg BT 437.50 547.05 Td (change ) Tj ET Q q 0 0 0 rg BT 469.21 547.05 Td (in ) Tj ET Q q 0 0 0 rg BT 478.40 547.05 Td (the ) Tj ET Q q 0 0 0 rg BT 493.10 547.05 Td (price ) Tj ET Q q 0 0 0 rg BT 514.79 547.05 Td (per ) Tj ET Q q 0 0 0 rg BT 529.98 547.05 Td (thousand ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 536.25 Td (cubic ) Tj ET Q q 0 0 0 rg BT 68.37 536.25 Td (feet ) Tj ET Q q 0 0 0 rg BT 85.74 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 95.61 536.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 125.49 536.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 142.36 536.25 Td (at ) Tj ET Q q 0 0 0 rg BT 151.75 536.25 Td (AECO, ) Tj ET Q q 0 0 0 rg BT 182.12 536.25 Td (would ) Tj ET Q q 0 0 0 rg BT 208.00 536.25 Td (have ) Tj ET Q q 0 0 0 rg BT 229.87 536.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 268.75 536.25 Td (net ) Tj ET Q q 0 0 0 rg BT 283.62 536.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 301.99 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 319.36 536.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 382.75 536.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 401.12 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.98 536.25 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.37 536.25 Td ($8.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.89 536.25 Td ( ) Tj ET Q q 0 0 0 rg BT 489.25 536.25 Td (million ) Tj ET Q q 0 0 0 rg BT 517.11 536.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 559.49 536.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 525.45 Td (a ) Tj ET Q q 0 0 0 rg BT 52.69 525.45 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 94.39 525.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.58 525.45 Td ($7.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.10 525.45 Td ( ) Tj ET Q q 0 0 0 rg BT 124.79 525.45 Td (million ) Tj ET Q q 0 0 0 rg BT 152.98 525.45 Td (for ) Tj ET Q q 0 0 0 rg BT 166.17 525.45 Td (the ) Tj ET Q q 0 0 0 rg BT 181.37 525.45 Td (comparable ) Tj ET Q q 0 0 0 rg BT 231.08 525.45 Td (period ) Tj ET Q q 0 0 0 rg BT 258.79 525.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.98 525.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.00 525.45 Td (. ) Tj ET Q q 0 0 0 rg BT 294.02 525.45 Td (The ) Tj ET Q q 0 0 0 rg BT 312.21 525.45 Td (change ) Tj ET Q q 0 0 0 rg BT 344.43 525.45 Td (in ) Tj ET Q q 0 0 0 rg BT 354.12 525.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 369.31 525.45 Td (value ) Tj ET Q q 0 0 0 rg BT 393.51 525.45 Td (for ) Tj ET Q q 0 0 0 rg BT 406.70 525.45 Td (those ) Tj ET Q q 0 0 0 rg BT 431.41 525.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 443.10 525.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 478.81 525.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 523.51 525.45 Td (commodity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 514.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 83.70 514.65 Td (in ) Tj ET Q q 0 0 0 rg BT 92.90 514.65 Td (place ) Tj ET Q q 0 0 0 rg BT 116.60 514.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.29 514.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 185.01 514.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.03 514.65 Td ( ) Tj ET Q q 0 0 0 rg BT 207.22 514.65 Td (due ) Tj ET Q q 0 0 0 rg BT 224.42 514.65 Td (to ) Tj ET Q q 0 0 0 rg BT 234.11 514.65 Td (a ) Tj ET Q q 0 0 0 rg BT 241.31 514.65 Td ($1.00 ) Tj ET Q q 0 0 0 rg BT 266.02 514.65 Td (change ) Tj ET Q q 0 0 0 rg BT 297.73 514.65 Td (in ) Tj ET Q q 0 0 0 rg BT 306.93 514.65 Td (the ) Tj ET Q q 0 0 0 rg BT 321.63 514.65 Td (price ) Tj ET Q q 0 0 0 rg BT 343.32 514.65 Td (per ) Tj ET Q q 0 0 0 rg BT 358.52 514.65 Td (barrel ) Tj ET Q q 0 0 0 rg BT 383.71 514.65 Td (of ) Tj ET Q q 0 0 0 rg BT 393.41 514.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 404.60 514.65 Td (at ) Tj ET Q q 0 0 0 rg BT 414.29 514.65 Td (WTI ) Tj ET Q q 0 0 0 rg BT 432.97 514.65 Td (would ) Tj ET Q q 0 0 0 rg BT 458.68 514.65 Td (have ) Tj ET Q q 0 0 0 rg BT 480.38 514.65 Td (impacted ) Tj ET Q q 0 0 0 rg BT 519.09 514.65 Td (net ) Tj ET Q q 0 0 0 rg BT 533.79 514.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 551.98 514.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 503.85 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 108.53 503.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 127.04 503.85 Td (of ) Tj ET Q q 0 0 0 rg BT 137.04 503.85 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.57 503.85 Td ($2.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.09 503.85 Td ( ) Tj ET Q q 0 0 0 rg BT 215.59 503.85 Td (million ) Tj ET Q q 0 0 0 rg BT 243.59 503.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 286.11 503.85 Td (to ) Tj ET Q q 0 0 0 rg BT 296.12 503.85 Td (a ) Tj ET Q q 0 0 0 rg BT 303.63 503.85 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 345.14 503.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.14 503.85 Td ($1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.66 503.85 Td ( ) Tj ET Q q 0 0 0 rg BT 375.16 503.85 Td (million ) Tj ET Q q 0 0 0 rg BT 403.17 503.85 Td (for ) Tj ET Q q 0 0 0 rg BT 416.17 503.85 Td (the ) Tj ET Q q 0 0 0 rg BT 431.18 503.85 Td (comparable ) Tj ET Q q 0 0 0 rg BT 480.71 503.85 Td (period ) Tj ET Q q 0 0 0 rg BT 508.23 503.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.23 503.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.26 503.85 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 487.05 Td (In ) Tj ET Q q 0 0 0 rg BT 54.85 487.05 Td (addition ) Tj ET Q q 0 0 0 rg BT 88.73 487.05 Td (to ) Tj ET Q q 0 0 0 rg BT 98.58 487.05 Td (these ) Tj ET Q q 0 0 0 rg BT 122.94 487.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.31 487.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 202.67 487.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 248.53 487.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 287.39 487.05 Td (in ) Tj ET Q q 0 0 0 rg BT 296.74 487.05 Td (place, ) Tj ET Q q 0 0 0 rg BT 323.10 487.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 364.97 487.05 Td (also ) Tj ET Q q 0 0 0 rg BT 383.83 487.05 Td (entered ) Tj ET Q q 0 0 0 rg BT 416.70 487.05 Td (into ) Tj ET Q q 0 0 0 rg BT 433.56 487.05 Td (the ) Tj ET Q q 0 0 0 rg BT 448.42 487.05 Td (following ) Tj ET Q q 0 0 0 rg BT 485.78 487.05 Td (physical ) Tj ET Q q 0 0 0 rg BT 520.65 487.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 559.51 487.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 476.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 61.00 476.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 91.02 476.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 108.04 476.25 Td (as ) Tj ET Q q 0 0 0 rg BT 120.04 476.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.05 476.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 189.07 476.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.10 476.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 465.75 m 87.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 87.5 465.75 m 137.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 465.75 m 224.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 465.75 m 567.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 451.75 m 87.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 87.5 451.75 m 137.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 451.75 m 224.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 451.75 m 567.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 395.75 m 87.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 87.5 395.75 m 137.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 395.75 m 224.5 395.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 395.75 m 567.5 395.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 456.15 Td (V) Tj ET Q q 0 0 0 rg BT 53.67 456.15 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 140.00 456.15 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.00 456.15 Td (T) Tj ET Q q 0 0 0 rg BT 231.83 456.15 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.45 442.15 Td (40,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 442.15 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 442.15 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 442.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.00 442.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 162.00 442.15 Td ($3.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 442.15 Td (January ) Tj ET Q q 0 0 0 rg BT 261.52 442.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 271.53 442.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 294.05 442.15 Td (- ) Tj ET Q q 0 0 0 rg BT 299.54 442.15 Td (December ) Tj ET Q q 0 0 0 rg BT 343.56 442.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 358.57 442.15 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 378.59 446.44 Td (\(1\)\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.45 428.15 Td (15,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 428.15 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 428.15 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 428.15 Td (gjs/d) Tj ET 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0 0 rg BT 347.42 329.65 Td (impacted ) Tj ET Q q 0 0 0 rg BT 386.83 329.65 Td (by ) Tj ET Q q 0 0 0 rg BT 399.22 329.65 Td (the ) Tj ET Q q 0 0 0 rg BT 414.62 329.65 Td (CDN ) Tj ET Q q 0 0 0 rg BT 437.00 329.65 Td (dollar ) Tj ET Q q 0 0 0 rg BT 461.90 329.65 Td (to ) Tj ET Q q 0 0 0 rg BT 472.30 329.65 Td (the ) Tj ET Q q 0 0 0 rg BT 487.70 329.65 Td (US ) Tj ET Q q 0 0 0 rg BT 503.09 329.65 Td (dollar ) Tj ET Q q 0 0 0 rg BT 527.99 329.65 Td (exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 318.85 Td (rate.) 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 46 255.95000000000005 m 176 255.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176 255.95000000000005 m 306 255.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 255.95000000000005 m 436 255.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 255.95000000000005 m 566 255.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46 171.95000000000005 m 176 171.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176 171.95000000000005 m 306 171.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 171.95000000000005 m 436 171.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 171.95000000000005 m 566 171.95000000000005 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.50 260.35 Td (Settlement date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.50 260.35 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.50 260.35 Td (Notional US$) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.50 260.35 Td (CDN$/US$) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 246.35 Td (June 5, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.50 246.35 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 246.35 Td ($12,500,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 246.35 Td (1.3120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 232.35 Td (November 2, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.50 232.35 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 232.35 Td ($90,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 232.35 Td (1.3136) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 218.35 Td (November 2, 2020) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.50 218.35 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 218.35 Td ($160,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 218.35 Td (1.3049) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 204.35 Td (October 25, 2021) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.50 204.35 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 204.35 Td ($150,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 204.35 Td (1.2991) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 190.35 Td (November 2, 2022) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.50 190.35 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 190.35 Td ($50,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 190.35 Td (1.3012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 176.35 Td (May 23, 2023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.50 176.35 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 176.35 Td ($40,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 176.35 Td (1.2974) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 155.65 Td (The ) Tj ET Q q 0 0 0 rg BT 63.14 155.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 78.27 155.65 Td (value ) Tj ET Q q 0 0 0 rg BT 102.42 155.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 140.57 155.65 Td (on ) Tj ET Q q 0 0 0 rg BT 153.21 155.65 Td (the ) Tj ET Q q 0 0 0 rg BT 168.36 155.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 221.53 155.65 Td (statement ) Tj ET Q q 0 0 0 rg BT 263.68 155.65 Td (of ) Tj ET Q q 0 0 0 rg BT 273.81 155.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 309.47 155.65 Td (position ) Tj ET Q q 0 0 0 rg BT 343.12 155.65 Td (for ) Tj ET Q q 0 0 0 rg BT 356.25 155.65 Td (these ) Tj ET Q q 0 0 0 rg BT 380.90 155.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.55 155.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 461.20 155.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 500.35 155.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.48 155.65 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 144.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 144.85 Td ( ) Tj ET Q q 0 0 0 rg BT 67.21 144.85 Td (was ) Tj ET Q q 0 0 0 rg BT 85.39 144.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.58 144.85 Td (net ) Tj ET Q q 0 0 0 rg BT 107.28 144.85 Td (asset) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 128.79 144.85 Td ( ) Tj ET Q q 0 0 0 rg BT 130.97 144.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.66 144.85 Td ($4.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.18 144.85 Td ( ) Tj ET Q q 0 0 0 rg BT 160.37 144.85 Td (million ) Tj ET Q q 0 0 0 rg BT 188.06 144.85 Td (of ) Tj ET Q q 0 0 0 rg BT 197.75 144.85 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 222.94 144.85 Td ($2.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.46 144.85 Td ( ) Tj ET Q q 0 0 0 rg BT 242.64 144.85 Td (million ) Tj ET Q q 0 0 0 rg BT 270.33 144.85 Td (relates ) Tj ET Q q 0 0 0 rg BT 299.53 144.85 Td (to ) Tj ET Q q 0 0 0 rg BT 309.22 144.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 344.42 144.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 388.62 144.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 427.32 144.85 Td (with ) Tj ET Q q 0 0 0 rg BT 445.51 144.85 Td (term ) Tj ET Q q 0 0 0 rg BT 465.69 144.85 Td (dates ) Tj ET Q q 0 0 0 rg BT 489.89 144.85 Td (within ) Tj ET Q q 0 0 0 rg BT 515.09 144.85 Td (one ) Tj ET Q q 0 0 0 rg BT 532.29 144.85 Td (year ) Tj ET Q q 0 0 0 rg BT 551.98 144.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 134.05 Td ($1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.52 134.05 Td ( ) Tj ET Q q 0 0 0 rg BT 65.02 134.05 Td (million ) Tj ET Q q 0 0 0 rg BT 93.02 134.05 Td (relate ) Tj ET Q q 0 0 0 rg BT 118.04 134.05 Td (to ) Tj ET Q q 0 0 0 rg BT 128.04 134.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 163.56 134.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 208.08 134.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 247.10 134.05 Td (with ) Tj ET Q q 0 0 0 rg BT 265.60 134.05 Td (term ) Tj ET Q q 0 0 0 rg BT 286.10 134.05 Td (dates ) Tj ET Q q 0 0 0 rg BT 310.62 134.05 Td (beyond ) Tj ET Q q 0 0 0 rg BT 342.65 134.05 Td (one ) Tj ET Q q 0 0 0 rg BT 360.16 134.05 Td (year) Tj ET Q q 0 0 0 rg BT 377.17 134.05 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 117.25 Td (For ) Tj ET Q q 0 0 0 rg BT 60.93 117.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.88 117.25 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.39 117.25 Td ( ) Tj ET Q q 0 0 0 rg BT 95.82 117.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.28 117.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.25 117.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.27 117.25 Td (, ) Tj ET Q q 0 0 0 rg BT 207.20 117.25 Td (an ) Tj ET Q q 0 0 0 rg BT 219.65 117.25 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.61 117.25 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.62 117.25 Td ( ) Tj ET Q q 0 0 0 rg BT 282.05 117.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.99 117.25 Td ($66.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.51 117.25 Td ( ) Tj ET Q q 0 0 0 rg BT 316.95 117.25 Td (million ) Tj ET Q q 0 0 0 rg BT 344.89 117.25 Td (was ) Tj ET Q q 0 0 0 rg BT 363.33 117.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 401.28 117.25 Td (on ) Tj ET Q q 0 0 0 rg BT 413.73 117.25 Td (the ) Tj ET Q q 0 0 0 rg BT 428.67 117.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 481.65 117.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 523.60 117.25 Td (of ) Tj ET Q q 0 0 0 rg BT 533.54 117.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 551.98 117.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 106.45 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 107.84 106.45 Td (loss, ) Tj ET Q q 0 0 0 rg BT 128.16 106.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 169.99 106.45 Td (to ) Tj ET Q q 0 0 0 rg BT 179.31 106.45 Td (an ) Tj ET Q q 0 0 0 rg BT 191.13 106.45 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 234.47 106.45 Td (gain ) Tj ET Q q 0 0 0 rg BT 253.29 106.45 Td (of ) Tj ET Q q 0 0 0 rg BT 262.61 106.45 Td ($54.7 ) Tj ET Q q 0 0 0 rg BT 286.94 106.45 Td (million ) Tj ET Q q 0 0 0 rg BT 314.26 106.45 Td (in ) Tj ET Q q 0 0 0 rg BT 323.07 106.45 Td (the ) Tj ET Q q 0 0 0 rg BT 337.39 106.45 Td (same ) Tj ET Q q 0 0 0 rg BT 361.21 106.45 Td (period ) Tj ET Q q 0 0 0 rg BT 388.04 106.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.36 106.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.38 106.45 Td (. ) Tj ET Q q 0 0 0 rg BT 421.69 106.45 Td (During ) Tj ET Q q 0 0 0 rg BT 450.01 106.45 Td (the ) Tj ET Q q 0 0 0 rg BT 464.33 106.45 Td (year ) Tj ET Q q 0 0 0 rg BT 483.65 106.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.49 106.45 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 95.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 95.65 Td (, ) Tj ET Q q 0 0 0 rg BT 69.35 95.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 110.70 95.65 Td (reduced ) Tj ET Q q 0 0 0 rg BT 145.05 95.65 Td (its ) Tj ET Q q 0 0 0 rg BT 155.87 95.65 Td (exposure ) Tj ET Q q 0 0 0 rg BT 194.72 95.65 Td (to ) Tj ET Q q 0 0 0 rg BT 204.05 95.65 Td (foreign ) Tj ET Q q 0 0 0 rg BT 233.40 95.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 274.25 95.65 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 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0 0 0 rg BT 328.52 84.85 Td (transactions ) Tj ET Q q 0 0 0 rg BT 379.65 84.85 Td (a ) Tj ET Q q 0 0 0 rg BT 387.27 84.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 421.39 84.85 Td (gain ) Tj ET Q q 0 0 0 rg BT 441.01 84.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.13 84.85 Td ($48.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.65 84.85 Td ( ) Tj ET Q q 0 0 0 rg BT 476.25 84.85 Td (million ) Tj ET Q q 0 0 0 rg BT 504.37 84.85 Td (was ) Tj ET Q q 0 0 0 rg BT 522.98 84.85 Td (recognized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 74.05 Td (during ) Tj ET Q q 0 0 0 rg BT 72.35 74.05 Td (the ) Tj ET Q q 0 0 0 rg BT 87.20 74.05 Td (year) Tj ET Q q 0 0 0 rg BT 104.21 74.05 Td (. ) Tj ET Q q 0 0 0 rg BT 108.58 74.05 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 119.41 74.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 178.27 74.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.29 74.05 Td ( ) Tj ET Q q 0 0 0 rg BT 200.63 74.05 Td (a ) Tj ET Q q 0 0 0 rg BT 207.97 74.05 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 232.82 74.05 Td (change ) Tj ET Q q 0 0 0 rg BT 264.68 74.05 Td (in ) Tj ET Q q 0 0 0 rg BT 274.02 74.05 Td (the ) Tj ET Q q 0 0 0 rg BT 288.86 74.05 Td (CDN$/US$ ) Tj ET Q q 0 0 0 rg BT 335.71 74.05 Td (exchange ) Tj ET Q q 0 0 0 rg BT 377.07 74.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 394.91 74.05 Td (would ) Tj ET Q q 0 0 0 rg BT 420.76 74.05 Td (have ) Tj ET Q q 0 0 0 rg BT 442.61 74.05 Td (had ) Tj ET Q q 0 0 0 rg BT 459.96 74.05 Td (an ) Tj ET Q q 0 0 0 rg BT 472.30 74.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 501.15 74.05 Td (of ) Tj ET Q q 0 0 0 rg BT 510.98 74.05 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 63.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.01 63.25 Td (3.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.52 63.25 Td ( ) Tj ET Q q 0 0 0 rg BT 65.02 63.25 Td (million ) Tj ET Q q 0 0 0 rg BT 93.02 63.25 Td (on ) Tj ET Q q 0 0 0 rg BT 105.53 63.25 Td (net ) Tj ET Q q 0 0 0 rg BT 120.55 63.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 139.05 63.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.57 63.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 220.10 63.25 Td (loss. ) 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 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 17) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (For ) Tj ET Q q 0 0 0 rg BT 61.35 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 742.45 Td (three ) Tj ET Q q 0 0 0 rg BT 100.09 742.45 Td (months ) Tj ET Q q 0 0 0 rg BT 132.45 742.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.33 742.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 219.71 742.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.73 742.45 Td (, ) Tj ET Q q 0 0 0 rg BT 245.09 742.45 Td (an ) Tj ET Q q 0 0 0 rg BT 257.95 742.45 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.33 742.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.35 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 322.20 742.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.56 742.45 Td ($7.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.08 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 352.93 742.45 Td (million ) Tj ET Q q 0 0 0 rg BT 381.29 742.45 Td (was ) Tj ET Q q 0 0 0 rg BT 400.15 742.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 438.53 742.45 Td (in ) Tj ET Q q 0 0 0 rg BT 448.38 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 463.75 742.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 517.14 742.45 Td (statement ) Tj ET Q q 0 0 0 rg BT 559.51 742.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 63.34 731.65 Td (and ) Tj ET Q q 0 0 0 rg BT 80.69 731.65 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 144.06 731.65 Td (loss, ) Tj ET Q q 0 0 0 rg BT 164.90 731.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 207.25 731.65 Td (to ) Tj ET Q q 0 0 0 rg BT 217.09 731.65 Td (an ) Tj ET Q q 0 0 0 rg BT 229.44 731.65 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 273.30 731.65 Td (gain ) Tj ET Q q 0 0 0 rg BT 292.65 731.65 Td (of ) Tj ET Q q 0 0 0 rg BT 302.49 731.65 Td ($9.1 ) Tj ET Q q 0 0 0 rg BT 322.34 731.65 Td (million ) Tj ET Q q 0 0 0 rg BT 350.18 731.65 Td (in ) Tj ET Q q 0 0 0 rg BT 359.52 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 374.37 731.65 Td (same ) Tj ET Q q 0 0 0 rg BT 398.71 731.65 Td (period ) Tj ET Q q 0 0 0 rg BT 426.06 731.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.90 731.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.92 731.65 Td (. ) Tj ET Q q 0 0 0 rg BT 460.61 731.65 Td (The ) Tj ET Q q 0 0 0 rg BT 478.45 731.65 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 522.31 731.65 Td (gain ) Tj ET Q q 0 0 0 rg BT 541.66 731.65 Td (for ) Tj ET Q q 0 0 0 rg BT 554.50 731.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.85 Td (three ) Tj ET Q q 0 0 0 rg BT 68.03 720.85 Td (months ) Tj ET Q q 0 0 0 rg BT 100.05 720.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.59 720.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 186.63 720.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.65 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 209.16 720.85 Td (and ) Tj ET Q q 0 0 0 rg BT 226.69 720.85 Td (December ) Tj ET Q q 0 0 0 rg BT 270.72 720.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 285.74 720.85 Td (2015, ) Tj ET Q q 0 0 0 rg BT 310.77 720.85 Td (resulted ) Tj ET Q q 0 0 0 rg BT 345.30 720.85 Td (from ) Tj ET Q q 0 0 0 rg BT 365.81 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 380.84 720.85 Td (weakening ) Tj ET Q q 0 0 0 rg BT 426.38 720.85 Td (of ) Tj ET Q q 0 0 0 rg BT 436.40 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 451.42 720.85 Td (CDN ) Tj ET Q q 0 0 0 rg BT 473.43 720.85 Td (dollar ) Tj ET Q q 0 0 0 rg BT 497.96 720.85 Td (relative ) Tj ET Q q 0 0 0 rg BT 529.48 720.85 Td (to ) Tj ET Q q 0 0 0 rg BT 539.50 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 554.52 720.85 Td (US ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 710.05 Td (dollar) Tj ET Q q 0 0 0 rg BT 66.52 710.05 Td (. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 693.25 Td (Royalties ) Tj ET Q q 0 0 0 rg BT 87.68 693.25 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.34 693.25 Td (For ) Tj ET Q q 0 0 0 rg BT 109.50 693.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.67 693.25 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.18 693.25 Td ( ) Tj ET Q q 0 0 0 rg BT 144.84 693.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.53 693.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 231.72 693.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.74 693.25 Td ( ) Tj ET Q q 0 0 0 rg BT 254.40 693.25 Td (royalties ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 290.58 693.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.60 693.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.27 693.25 Td (32%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.28 693.25 Td ( ) Tj ET Q q 0 0 0 rg BT 355.94 693.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.11 693.25 Td ($36.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.63 693.25 Td ( ) Tj ET Q q 0 0 0 rg BT 391.29 693.25 Td (million ) Tj ET Q q 0 0 0 rg BT 419.46 693.25 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.12 693.25 Td ($54.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.64 693.25 Td ( ) Tj ET Q q 0 0 0 rg BT 465.30 693.25 Td (million ) Tj ET Q q 0 0 0 rg BT 493.47 693.25 Td (for ) Tj ET Q q 0 0 0 rg BT 506.64 693.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.81 693.25 Td (year ) Tj ET Q q 0 0 0 rg BT 541.98 693.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 682.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 103.93 682.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.95 682.45 Td (, ) Tj ET Q q 0 0 0 rg BT 128.86 682.45 Td (largely ) Tj ET Q q 0 0 0 rg BT 157.77 682.45 Td (attributable ) Tj ET Q q 0 0 0 rg BT 204.71 682.45 Td (to ) Tj ET Q q 0 0 0 rg BT 214.62 682.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 222.02 682.45 Td (14%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.04 682.45 Td ( ) Tj ET Q q 0 0 0 rg BT 242.44 682.45 Td (decrease ) Tj ET Q q 0 0 0 rg BT 281.87 682.45 Td (in ) Tj ET Q q 0 0 0 rg BT 291.28 682.45 Td (production ) Tj ET Q q 0 0 0 rg BT 335.71 682.45 Td (volumes ) Tj ET Q q 0 0 0 rg BT 371.63 682.45 Td (and ) Tj ET Q q 0 0 0 rg BT 389.05 682.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.46 682.45 Td (14%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.47 682.45 Td ( ) Tj ET Q q 0 0 0 rg BT 416.87 682.45 Td (reduction ) Tj ET Q q 0 0 0 rg BT 456.30 682.45 Td (in ) Tj ET Q q 0 0 0 rg BT 465.71 682.45 Td (production ) Tj ET Q q 0 0 0 rg BT 510.14 682.45 Td (revenues ) Tj ET Q q 0 0 0 rg BT 549.57 682.45 Td (on ) Tj ET Q q 0 0 0 rg BT 561.99 682.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 671.65 Td (per ) Tj ET Q q 0 0 0 rg BT 61.04 671.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 79.10 671.65 Td (basis. ) Tj ET Q q 0 0 0 rg BT 105.64 671.65 Td (Royalties ) Tj ET Q q 0 0 0 rg BT 145.70 671.65 Td (as ) Tj ET Q q 0 0 0 rg BT 158.24 671.65 Td (a ) Tj ET Q q 0 0 0 rg BT 166.28 671.65 Td (percentage ) Tj ET Q q 0 0 0 rg BT 214.35 671.65 Td (of ) Tj ET Q q 0 0 0 rg BT 224.89 671.65 Td (production ) Tj ET Q q 0 0 0 rg BT 269.96 671.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 310.02 671.65 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.56 671.65 Td (8.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.08 671.65 Td ( ) Tj ET Q q 0 0 0 rg BT 356.12 671.65 Td (for ) Tj ET Q q 0 0 0 rg BT 369.65 671.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.20 671.65 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.71 671.65 Td ( ) Tj ET Q q 0 0 0 rg BT 405.75 671.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.81 671.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 493.37 671.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.40 671.65 Td ( ) Tj ET Q q 0 0 0 rg BT 516.43 671.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 559.49 671.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 660.85 Td (9.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.51 660.85 Td ( ) Tj ET Q q 0 0 0 rg BT 67.16 660.85 Td (of ) Tj ET Q q 0 0 0 rg BT 76.31 660.85 Td (production ) Tj ET Q q 0 0 0 rg BT 119.99 660.85 Td (revenues ) Tj ET Q q 0 0 0 rg BT 158.66 660.85 Td (for ) Tj ET Q q 0 0 0 rg BT 170.81 660.85 Td (the ) Tj ET Q q 0 0 0 rg BT 184.97 660.85 Td (year ) Tj ET Q q 0 0 0 rg BT 204.12 660.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 230.80 660.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 288.97 660.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.99 660.85 Td (. ) Tj ET Q q 0 0 0 rg BT 313.03 660.85 Td (The ) Tj ET Q q 0 0 0 rg BT 330.19 660.85 Td (reduction ) Tj ET Q q 0 0 0 rg BT 368.86 660.85 Td (in ) Tj ET Q q 0 0 0 rg BT 377.51 660.85 Td (royalties ) Tj ET Q q 0 0 0 rg BT 412.67 660.85 Td (as ) Tj ET Q q 0 0 0 rg BT 423.82 660.85 Td (a ) Tj ET Q q 0 0 0 rg BT 430.48 660.85 Td (percentage ) Tj ET Q q 0 0 0 rg BT 477.16 660.85 Td (of ) Tj ET Q q 0 0 0 rg BT 486.31 660.85 Td (production ) Tj ET Q q 0 0 0 rg BT 529.99 660.85 Td (revenues ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 650.05 Td (for ) Tj ET Q q 0 0 0 rg BT 57.39 650.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.80 650.05 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.30 650.05 Td ( ) Tj ET Q q 0 0 0 rg BT 91.20 650.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.11 650.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 176.53 650.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.55 650.05 Td (, ) Tj ET Q q 0 0 0 rg BT 200.94 650.05 Td (was ) Tj ET Q q 0 0 0 rg BT 218.84 650.05 Td (largely ) Tj ET Q q 0 0 0 rg BT 247.24 650.05 Td (due ) Tj ET Q q 0 0 0 rg BT 264.15 650.05 Td (to ) Tj ET Q q 0 0 0 rg BT 273.55 650.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.44 650.05 Td (26%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.46 650.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.35 650.05 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.37 650.05 Td ( ) Tj ET Q q 0 0 0 rg BT 339.26 650.05 Td (in ) Tj ET Q q 0 0 0 rg BT 348.16 650.05 Td (production ) Tj ET Q q 0 0 0 rg BT 392.08 650.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 431.00 650.05 Td (and ) Tj ET Q q 0 0 0 rg BT 447.90 650.05 Td (the ) Tj ET Q q 0 0 0 rg BT 462.30 650.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 490.70 650.05 Td (of ) Tj ET Q q 0 0 0 rg BT 500.10 650.05 Td (lower ) Tj ET Q q 0 0 0 rg BT 523.50 650.05 Td (commodity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 639.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 74.01 639.25 Td (on ) Tj ET Q q 0 0 0 rg BT 86.52 639.25 Td (crown ) Tj ET Q q 0 0 0 rg BT 113.03 639.25 Td (royalty ) Tj ET Q q 0 0 0 rg BT 142.04 639.25 Td (calculations. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 622.45 Td (Natural ) Tj ET Q q 0 0 0 rg BT 75.84 622.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 92.18 622.45 Td (royalties ) Tj ET Q q 0 0 0 rg BT 127.52 622.45 Td (as ) Tj ET Q q 0 0 0 rg BT 138.85 622.45 Td (a ) Tj ET Q q 0 0 0 rg BT 145.68 622.45 Td (percentage ) Tj ET Q q 0 0 0 rg BT 192.54 622.45 Td (of ) Tj ET Q q 0 0 0 rg BT 201.87 622.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 231.22 622.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 247.56 622.45 Td (production ) Tj ET Q q 0 0 0 rg BT 291.41 622.45 Td (revenues ) Tj ET Q q 0 0 0 rg BT 330.26 622.45 Td (for ) Tj ET Q q 0 0 0 rg BT 342.59 622.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.93 622.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.44 622.45 Td ( ) Tj ET Q q 0 0 0 rg BT 376.27 622.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.12 622.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 461.47 622.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.49 622.45 Td ( ) Tj ET Q q 0 0 0 rg BT 483.32 622.45 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.65 622.45 Td (3.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.17 622.45 Td ( ) Tj ET Q q 0 0 0 rg BT 527.00 622.45 Td (compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 611.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.98 611.65 Td (5.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.49 611.65 Td ( ) Tj ET Q q 0 0 0 rg BT 77.96 611.65 Td (for ) Tj ET Q q 0 0 0 rg BT 90.93 611.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 105.91 611.65 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.42 611.65 Td ( ) Tj ET Q q 0 0 0 rg BT 125.89 611.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.39 611.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 212.38 611.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.40 611.65 Td (. ) Tj ET Q q 0 0 0 rg BT 237.21 611.65 Td (The ) Tj ET Q q 0 0 0 rg BT 255.19 611.65 Td (decrease ) Tj ET Q q 0 0 0 rg BT 294.69 611.65 Td (in ) Tj ET Q q 0 0 0 rg BT 304.16 611.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 334.15 611.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 351.13 611.65 Td (royalties ) Tj ET Q q 0 0 0 rg BT 387.11 611.65 Td (as ) Tj ET Q q 0 0 0 rg BT 399.09 611.65 Td (a ) Tj ET Q q 0 0 0 rg BT 406.56 611.65 Td (percentage ) Tj ET Q q 0 0 0 rg BT 454.07 611.65 Td (of ) Tj ET Q q 0 0 0 rg BT 464.04 611.65 Td (revenue ) Tj ET Q q 0 0 0 rg BT 499.04 611.65 Td (reflects ) Tj ET Q q 0 0 0 rg BT 530.51 611.65 Td (the ) Tj ET Q q 0 0 0 rg BT 545.50 611.65 Td (lower ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 600.85 Td (reference ) Tj ET Q q 0 0 0 rg BT 85.26 600.85 Td (prices ) Tj ET Q q 0 0 0 rg BT 111.50 600.85 Td (used ) Tj ET Q q 0 0 0 rg BT 133.26 600.85 Td (in ) Tj ET Q q 0 0 0 rg BT 142.50 600.85 Td (the ) Tj ET Q q 0 0 0 rg BT 157.25 600.85 Td (calculation ) Tj ET Q q 0 0 0 rg BT 202.01 600.85 Td (of ) Tj ET Q q 0 0 0 rg BT 211.75 600.85 Td (crown ) Tj ET Q q 0 0 0 rg BT 237.99 600.85 Td (royalty ) Tj ET Q q 0 0 0 rg BT 266.74 600.85 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 314.51 600.85 Td (In ) Tj ET Q q 0 0 0 rg BT 324.25 600.85 Td (addition, ) Tj ET Q q 0 0 0 rg BT 360.51 600.85 Td (stronger ) Tj ET Q q 0 0 0 rg BT 395.77 600.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 429.52 600.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 475.27 600.85 Td (prices ) Tj ET Q q 0 0 0 rg BT 501.51 600.85 Td (in ) Tj ET Q q 0 0 0 rg BT 510.75 600.85 Td (comparison ) Tj ET Q q 0 0 0 rg BT 559.51 600.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 590.05 Td (crown ) Tj ET Q q 0 0 0 rg BT 71.83 590.05 Td (reference ) Tj ET Q q 0 0 0 rg BT 112.68 590.05 Td (pricing ) Tj ET Q q 0 0 0 rg BT 142.01 590.05 Td (resulted ) Tj ET Q q 0 0 0 rg BT 176.86 590.05 Td (in ) Tj ET Q q 0 0 0 rg BT 186.69 590.05 Td (further ) Tj ET Q q 0 0 0 rg BT 215.52 590.05 Td (reductions ) Tj ET Q q 0 0 0 rg BT 259.87 590.05 Td (to ) Tj ET Q q 0 0 0 rg BT 270.20 590.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 318.77 590.05 Td (royalties ) Tj ET Q q 0 0 0 rg BT 355.10 590.05 Td (as ) Tj ET Q q 0 0 0 rg BT 367.43 590.05 Td (a ) Tj ET Q q 0 0 0 rg BT 375.26 590.05 Td (percentage ) Tj ET Q q 0 0 0 rg BT 423.12 590.05 Td (of ) Tj ET Q q 0 0 0 rg BT 433.45 590.05 Td (production ) Tj ET Q q 0 0 0 rg BT 478.31 590.05 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 520.65 590.05 Td (Natural ) Tj ET Q q 0 0 0 rg BT 552.49 590.05 Td (gas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 579.25 Td (liquids ) Tj ET Q q 0 0 0 rg BT 73.97 579.25 Td (royalties ) Tj ET Q q 0 0 0 rg BT 110.94 579.25 Td (as ) Tj ET Q q 0 0 0 rg BT 123.90 579.25 Td (a ) Tj ET Q q 0 0 0 rg BT 132.36 579.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 180.85 579.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.81 579.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 222.78 579.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 240.75 579.25 Td (liquids ) Tj ET Q q 0 0 0 rg BT 269.72 579.25 Td (production ) Tj ET Q q 0 0 0 rg BT 315.20 579.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 355.68 579.25 Td (for ) Tj ET Q q 0 0 0 rg BT 369.64 579.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.61 579.25 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.11 579.25 Td ( ) Tj ET Q q 0 0 0 rg BT 406.57 579.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.05 579.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 495.03 579.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.05 579.25 Td ( ) Tj ET Q q 0 0 0 rg BT 518.51 579.25 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.47 579.25 Td (17.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 566.99 579.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 568.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 87.34 568.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.17 568.45 Td (16.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.69 568.45 Td ( ) Tj ET Q q 0 0 0 rg BT 125.01 568.45 Td (for ) Tj ET Q q 0 0 0 rg BT 137.83 568.45 Td (the ) Tj ET Q q 0 0 0 rg BT 152.66 568.45 Td (comparable ) Tj ET Q q 0 0 0 rg BT 202.00 568.45 Td (period ) Tj ET Q q 0 0 0 rg BT 229.34 568.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.17 568.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.19 568.45 Td ( ) Tj ET Q q 0 0 0 rg BT 261.51 568.45 Td (resulting ) Tj ET Q q 0 0 0 rg BT 297.85 568.45 Td (from ) Tj ET Q q 0 0 0 rg BT 318.17 568.45 Td (increased ) Tj ET Q q 0 0 0 rg BT 359.51 568.45 Td (royalty ) Tj ET Q q 0 0 0 rg BT 388.34 568.45 Td (encumbrances ) Tj ET Q q 0 0 0 rg BT 449.69 568.45 Td (from ) Tj ET Q q 0 0 0 rg BT 470.01 568.45 Td (the ) Tj ET Q q 0 0 0 rg BT 484.84 568.45 Td (completion ) Tj ET Q q 0 0 0 rg BT 530.68 568.45 Td (of ) Tj ET Q q 0 0 0 rg BT 540.51 568.45 Td (royalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 557.65 Td (exemptions ) Tj ET Q q 0 0 0 rg BT 93.15 557.65 Td (in ) Tj ET Q q 0 0 0 rg BT 102.28 557.65 Td (addition ) Tj ET Q q 0 0 0 rg BT 135.93 557.65 Td (to ) Tj ET Q q 0 0 0 rg BT 145.56 557.65 Td (the ) Tj ET Q q 0 0 0 rg BT 160.19 557.65 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 204.85 557.65 Td (of ) Tj ET Q q 0 0 0 rg BT 214.48 557.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 243.61 557.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 273.26 557.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 289.89 557.65 Td (and ) Tj ET Q q 0 0 0 rg BT 307.03 557.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 336.68 557.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 353.31 557.65 Td (liquid ) Tj ET Q q 0 0 0 rg BT 376.45 557.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 414.60 557.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 442.74 557.65 Td (in ) Tj ET Q q 0 0 0 rg BT 451.87 557.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 499.73 557.65 Td (core ) Tj ET Q q 0 0 0 rg BT 519.37 557.65 Td (areas ) Tj ET Q q 0 0 0 rg BT 544.00 557.65 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 546.85 Td (carried ) Tj ET Q q 0 0 0 rg BT 75.15 546.85 Td (slightly ) Tj ET Q q 0 0 0 rg BT 105.29 546.85 Td (higher ) Tj ET Q q 0 0 0 rg BT 132.95 546.85 Td (average ) Tj ET Q q 0 0 0 rg BT 168.11 546.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 198.27 546.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 215.41 546.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 243.57 546.85 Td (royalty ) Tj ET Q q 0 0 0 rg BT 272.71 546.85 Td (rates. ) Tj ET Q q 0 0 0 rg BT 297.86 546.85 Td (Oil ) Tj ET Q q 0 0 0 rg BT 311.49 546.85 Td (royalties ) Tj ET Q q 0 0 0 rg BT 347.64 546.85 Td (as ) Tj ET Q q 0 0 0 rg BT 359.79 546.85 Td (a ) Tj ET Q q 0 0 0 rg BT 367.43 546.85 Td (percentage ) Tj ET Q q 0 0 0 rg BT 415.10 546.85 Td (of ) Tj ET Q q 0 0 0 rg BT 425.24 546.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 436.89 546.85 Td (production ) Tj ET Q q 0 0 0 rg BT 481.55 546.85 Td (revenues ) Tj ET Q q 0 0 0 rg BT 521.21 546.85 Td (for ) Tj ET Q q 0 0 0 rg BT 534.35 546.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.50 546.85 Td (year) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 536.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.68 536.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 129.86 536.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.88 536.05 Td ( ) Tj ET Q q 0 0 0 rg BT 151.53 536.05 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.69 536.05 Td (lower) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.20 536.05 Td ( ) Tj ET Q q 0 0 0 rg BT 195.85 536.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.01 536.05 Td (9.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.52 536.05 Td ( ) Tj ET Q q 0 0 0 rg BT 227.17 536.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 268.84 536.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.00 536.05 Td (10.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.52 536.05 Td ( ) Tj ET Q q 0 0 0 rg BT 305.17 536.05 Td (for ) Tj ET Q q 0 0 0 rg BT 317.33 536.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.49 536.05 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.00 536.05 Td ( ) Tj ET Q q 0 0 0 rg BT 350.65 536.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.33 536.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 435.51 536.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.53 536.05 Td (, ) Tj ET Q q 0 0 0 rg BT 459.68 536.05 Td (as ) Tj ET Q q 0 0 0 rg BT 470.84 536.05 Td (a ) Tj ET Q q 0 0 0 rg BT 477.50 536.05 Td (result ) Tj ET Q q 0 0 0 rg BT 501.16 536.05 Td (of ) Tj ET Q q 0 0 0 rg BT 510.31 536.05 Td (the ) Tj ET Q q 0 0 0 rg BT 524.48 536.05 Td (disposition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 525.25 Td (of ) Tj ET Q q 0 0 0 rg BT 55.01 525.25 Td (non-core ) Tj ET Q q 0 0 0 rg BT 93.03 525.25 Td (light ) Tj ET Q q 0 0 0 rg BT 112.04 525.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 123.54 525.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 162.07 525.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 190.58 525.25 Td (in ) Tj ET Q q 0 0 0 rg BT 200.09 525.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 525.25 Td (third ) Tj ET Q q 0 0 0 rg BT 235.11 525.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 266.12 525.25 Td (of ) Tj ET Q q 0 0 0 rg BT 276.13 525.25 Td (2016.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 508.45 Td (For ) Tj ET Q q 0 0 0 rg BT 60.36 508.45 Td (the ) Tj ET Q q 0 0 0 rg BT 74.74 508.45 Td (three ) Tj ET Q q 0 0 0 rg BT 97.11 508.45 Td (months ) Tj ET Q q 0 0 0 rg BT 128.49 508.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 155.38 508.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 213.77 508.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.79 508.45 Td (, ) Tj ET Q q 0 0 0 rg BT 238.16 508.45 Td (royalties ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.53 508.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.56 508.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.42 508.45 Td (12%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.43 508.45 Td ( ) Tj ET Q q 0 0 0 rg BT 334.30 508.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.67 508.45 Td ($12.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.19 508.45 Td ( ) Tj ET Q q 0 0 0 rg BT 368.05 508.45 Td (million ) Tj ET Q q 0 0 0 rg BT 395.42 508.45 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.28 508.45 Td ($1) Tj ET Q q 0 0 0 rg BT 424.63 508.45 Td (1.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.14 508.45 Td ( ) Tj ET Q q 0 0 0 rg BT 439.00 508.45 Td (million ) Tj ET Q q 0 0 0 rg BT 466.37 508.45 Td (for ) Tj ET Q q 0 0 0 rg BT 478.74 508.45 Td (the ) Tj ET Q q 0 0 0 rg BT 493.11 508.45 Td (comparable ) Tj ET Q q 0 0 0 rg BT 542.00 508.45 Td (period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 497.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.96 497.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.98 497.65 Td (. ) Tj ET Q q 0 0 0 rg BT 79.94 497.65 Td (Royalties ) Tj ET Q q 0 0 0 rg BT 119.42 497.65 Td (as ) Tj ET Q q 0 0 0 rg BT 131.38 497.65 Td (a ) Tj ET Q q 0 0 0 rg BT 138.84 497.65 Td (percentage ) Tj ET Q q 0 0 0 rg BT 186.33 497.65 Td (of ) Tj ET Q q 0 0 0 rg BT 196.30 497.65 Td (production ) Tj ET Q q 0 0 0 rg BT 240.78 497.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 280.27 497.65 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.23 497.65 Td (9.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.74 497.65 Td ( ) Tj ET Q q 0 0 0 rg BT 325.20 497.65 Td (for ) Tj ET Q q 0 0 0 rg BT 338.16 497.65 Td (the ) Tj ET Q q 0 0 0 rg BT 353.13 497.65 Td (three ) Tj ET Q q 0 0 0 rg BT 376.10 497.65 Td (months ) Tj ET Q q 0 0 0 rg BT 408.07 497.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.56 497.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 494.54 497.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.56 497.65 Td ( ) Tj ET Q q 0 0 0 rg BT 517.02 497.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 559.50 497.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 486.85 Td (8.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.51 486.85 Td ( ) Tj ET Q q 0 0 0 rg BT 68.21 486.85 Td (for ) Tj ET Q q 0 0 0 rg BT 81.41 486.85 Td (the ) Tj ET Q q 0 0 0 rg BT 96.62 486.85 Td (same ) Tj ET Q q 0 0 0 rg BT 121.33 486.85 Td (period ) Tj ET Q q 0 0 0 rg BT 149.04 486.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.25 486.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 179.27 486.85 Td (. ) Tj ET Q q 0 0 0 rg BT 184.29 486.85 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.50 486.85 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.52 486.85 Td ( ) Tj ET Q q 0 0 0 rg BT 239.22 486.85 Td (in ) Tj ET Q q 0 0 0 rg BT 248.92 486.85 Td (royalties ) Tj ET Q q 0 0 0 rg BT 285.13 486.85 Td (on ) Tj ET Q q 0 0 0 rg BT 297.84 486.85 Td (an ) Tj ET Q q 0 0 0 rg BT 310.55 486.85 Td (absolute ) Tj ET Q q 0 0 0 rg BT 347.27 486.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 370.98 486.85 Td (and ) Tj ET Q q 0 0 0 rg BT 388.70 486.85 Td (as ) Tj ET Q q 0 0 0 rg BT 400.90 486.85 Td (a ) Tj ET Q q 0 0 0 rg BT 408.60 486.85 Td (percentage ) Tj ET Q q 0 0 0 rg BT 456.34 486.85 Td (of ) Tj ET Q q 0 0 0 rg BT 466.54 486.85 Td (production ) Tj ET Q q 0 0 0 rg BT 511.27 486.85 Td (revenues ) Tj ET Q q 0 0 0 rg BT 550.99 486.85 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 476.05 Td (largely ) Tj ET Q q 0 0 0 rg BT 74.15 476.05 Td (due ) Tj ET Q q 0 0 0 rg BT 91.80 476.05 Td (to ) Tj ET Q q 0 0 0 rg BT 101.94 476.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.58 476.05 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.59 476.05 Td ( ) Tj ET Q q 0 0 0 rg BT 125.22 476.05 Td (increase ) Tj ET Q q 0 0 0 rg BT 161.87 476.05 Td (in ) Tj ET Q q 0 0 0 rg BT 171.51 476.05 Td (production ) Tj ET Q q 0 0 0 rg BT 216.18 476.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 255.84 476.05 Td (in ) Tj ET Q q 0 0 0 rg BT 265.48 476.05 Td (addition ) Tj ET Q q 0 0 0 rg BT 299.64 476.05 Td (to ) Tj ET Q q 0 0 0 rg BT 309.78 476.05 Td (the ) Tj ET Q q 0 0 0 rg BT 324.92 476.05 Td (change ) Tj ET Q q 0 0 0 rg BT 357.09 476.05 Td (in ) Tj ET Q q 0 0 0 rg BT 366.73 476.05 Td (the ) Tj ET Q q 0 0 0 rg BT 381.87 476.05 Td (composition ) Tj ET Q q 0 0 0 rg BT 432.53 476.05 Td (of ) Tj ET Q q 0 0 0 rg BT 442.67 476.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 491.05 476.05 Td (revenue ) Tj ET Q q 0 0 0 rg BT 526.21 476.05 Td (to ) Tj ET Q q 0 0 0 rg BT 536.35 476.05 Td (a ) Tj ET Q q 0 0 0 rg BT 543.99 476.05 Td (larger ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 465.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 75.02 465.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 92.03 465.25 Td (liquids ) Tj ET Q q 0 0 0 rg BT 120.05 465.25 Td (weighting ) Tj ET Q q 0 0 0 rg BT 160.57 465.25 Td (which ) Tj ET Q q 0 0 0 rg BT 186.08 465.25 Td (attracts ) Tj ET Q q 0 0 0 rg BT 218.09 465.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 245.61 465.25 Td (royalty ) Tj ET Q q 0 0 0 rg BT 274.62 465.25 Td (rates.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 448.45 Td (For ) Tj ET Q q 0 0 0 rg BT 60.51 448.45 Td (the ) Tj ET Q q 0 0 0 rg BT 75.03 448.45 Td (three ) Tj ET Q q 0 0 0 rg BT 97.56 448.45 Td (months ) Tj ET Q q 0 0 0 rg BT 129.08 448.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.12 448.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 214.66 448.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.68 448.45 Td (, ) Tj ET Q q 0 0 0 rg BT 239.19 448.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 268.72 448.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 285.24 448.45 Td (royalties ) Tj ET Q q 0 0 0 rg BT 320.76 448.45 Td (as ) Tj ET Q q 0 0 0 rg BT 332.28 448.45 Td (a ) Tj ET Q q 0 0 0 rg BT 339.30 448.45 Td (percentage ) Tj ET Q q 0 0 0 rg BT 386.34 448.45 Td (of ) Tj ET Q q 0 0 0 rg BT 395.86 448.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 425.39 448.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 441.91 448.45 Td (production ) Tj ET Q q 0 0 0 rg BT 485.95 448.45 Td (revenues ) Tj ET Q q 0 0 0 rg BT 524.98 448.45 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.50 448.45 Td (3.3%) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 437.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 87.77 437.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.02 437.65 Td (4.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.54 437.65 Td ( ) Tj ET Q q 0 0 0 rg BT 121.29 437.65 Td (for ) Tj ET Q q 0 0 0 rg BT 134.54 437.65 Td (the ) Tj ET Q q 0 0 0 rg BT 149.80 437.65 Td (three ) Tj ET Q q 0 0 0 rg BT 173.06 437.65 Td (months ) Tj ET Q q 0 0 0 rg BT 205.32 437.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.10 437.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 292.37 437.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.39 437.65 Td (, ) Tj ET Q q 0 0 0 rg BT 317.64 437.65 Td (resulting ) Tj ET Q q 0 0 0 rg BT 354.41 437.65 Td (from ) Tj ET Q q 0 0 0 rg BT 375.16 437.65 Td (lower ) Tj ET Q q 0 0 0 rg BT 399.41 437.65 Td (reference ) Tj ET Q q 0 0 0 rg BT 440.18 437.65 Td (prices ) Tj ET Q q 0 0 0 rg BT 466.94 437.65 Td (used ) Tj ET Q q 0 0 0 rg BT 489.20 437.65 Td (in ) Tj ET Q q 0 0 0 rg BT 498.96 437.65 Td (the ) Tj ET Q q 0 0 0 rg BT 514.22 437.65 Td (calculation ) Tj ET Q q 0 0 0 rg BT 559.49 437.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 426.85 Td (crown ) Tj ET Q q 0 0 0 rg BT 71.52 426.85 Td (royalties. ) Tj ET Q q 0 0 0 rg BT 110.04 426.85 Td (Natural ) Tj ET Q q 0 0 0 rg BT 141.57 426.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 158.59 426.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 186.62 426.85 Td (royalties ) Tj ET Q q 0 0 0 rg BT 222.64 426.85 Td (as ) Tj ET Q q 0 0 0 rg BT 234.66 426.85 Td (a ) Tj ET Q q 0 0 0 rg BT 242.18 426.85 Td (percentage ) Tj ET Q q 0 0 0 rg BT 289.72 426.85 Td (of ) Tj ET Q q 0 0 0 rg BT 299.74 426.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 329.77 426.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 346.79 426.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 374.82 426.85 Td (production ) Tj ET Q q 0 0 0 rg BT 419.36 426.85 Td (revenues ) Tj ET Q q 0 0 0 rg BT 458.90 426.85 Td (for ) Tj ET Q q 0 0 0 rg BT 471.91 426.85 Td (the ) Tj ET Q q 0 0 0 rg BT 486.93 426.85 Td (three ) Tj ET Q q 0 0 0 rg BT 509.96 426.85 Td (months ) Tj ET Q q 0 0 0 rg BT 541.98 426.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 416.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 103.48 416.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.51 416.05 Td ( ) Tj ET Q q 0 0 0 rg BT 125.46 416.05 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.93 416.05 Td (17.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.45 416.05 Td ( ) Tj ET Q q 0 0 0 rg BT 174.40 416.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 216.38 416.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.84 416.05 Td (15.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.36 416.05 Td ( ) Tj ET Q q 0 0 0 rg BT 253.32 416.05 Td (for ) Tj ET Q q 0 0 0 rg BT 265.78 416.05 Td (the ) Tj ET Q q 0 0 0 rg BT 280.25 416.05 Td (same ) Tj ET Q q 0 0 0 rg BT 304.21 416.05 Td (period ) Tj ET Q q 0 0 0 rg BT 331.19 416.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.65 416.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.67 416.05 Td ( ) Tj ET Q q 0 0 0 rg BT 362.63 416.05 Td (resulting ) Tj ET Q q 0 0 0 rg BT 398.60 416.05 Td (from ) Tj ET Q q 0 0 0 rg BT 418.56 416.05 Td (increased ) Tj ET Q q 0 0 0 rg BT 459.54 416.05 Td (royalty ) Tj ET Q q 0 0 0 rg BT 488.01 416.05 Td (encumbrances ) Tj ET Q q 0 0 0 rg BT 549.00 416.05 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 405.25 Td (the ) Tj ET Q q 0 0 0 rg BT 59.37 405.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 104.76 405.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.12 405.25 Td (royalty ) Tj ET Q q 0 0 0 rg BT 142.49 405.25 Td (exemptions ) Tj ET Q q 0 0 0 rg BT 190.38 405.25 Td (in ) Tj ET Q q 0 0 0 rg BT 199.24 405.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 232.63 405.25 Td (to ) Tj ET Q q 0 0 0 rg BT 242.00 405.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.37 405.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 300.75 405.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 329.12 405.25 Td (detailed ) Tj ET Q q 0 0 0 rg BT 362.51 405.25 Td (above. ) Tj ET Q q 0 0 0 rg BT 391.39 405.25 Td (Oil ) Tj ET Q q 0 0 0 rg BT 404.25 405.25 Td (royalties ) Tj ET Q q 0 0 0 rg BT 439.63 405.25 Td (as ) Tj ET Q q 0 0 0 rg BT 450.99 405.25 Td (a ) Tj ET Q q 0 0 0 rg BT 457.86 405.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 504.76 405.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.12 405.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 524.99 405.25 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 394.45 Td (revenues ) Tj ET Q q 0 0 0 rg BT 85.06 394.45 Td (for ) Tj ET Q q 0 0 0 rg BT 98.60 394.45 Td (the ) Tj ET Q q 0 0 0 rg BT 114.15 394.45 Td (three ) Tj ET Q q 0 0 0 rg BT 137.70 394.45 Td (months ) Tj ET Q q 0 0 0 rg BT 170.25 394.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.31 394.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 257.88 394.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.90 394.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.93 394.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.96 394.45 Td ( ) Tj ET Q q 0 0 0 rg BT 326.00 394.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.54 394.45 Td (10.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.06 394.45 Td ( ) Tj ET Q q 0 0 0 rg BT 365.10 394.45 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.13 394.45 Td (10.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.65 394.45 Td ( ) Tj ET Q q 0 0 0 rg BT 414.69 394.45 Td (for ) Tj ET Q q 0 0 0 rg BT 428.23 394.45 Td (the ) Tj ET Q q 0 0 0 rg BT 443.78 394.45 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.83 394.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.86 394.45 Td ( ) Tj ET Q q 0 0 0 rg BT 518.89 394.45 Td (period, ) Tj ET Q q 0 0 0 rg BT 549.45 394.45 Td (as ) Tj ET Q q 0 0 0 rg BT 561.99 394.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 383.65 Td (result ) Tj ET Q q 0 0 0 rg BT 69.51 383.65 Td (of ) Tj ET Q q 0 0 0 rg BT 79.51 383.65 Td (the ) Tj ET Q q 0 0 0 rg BT 94.53 383.65 Td (disposition ) Tj ET Q q 0 0 0 rg BT 139.55 383.65 Td (of ) Tj ET Q q 0 0 0 rg BT 149.56 383.65 Td (non-core ) Tj ET Q q 0 0 0 rg BT 187.58 383.65 Td (light ) Tj ET Q q 0 0 0 rg BT 206.59 383.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 218.10 383.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 256.62 383.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 285.13 383.65 Td (in ) Tj ET Q q 0 0 0 rg BT 294.64 383.65 Td (the ) Tj ET Q q 0 0 0 rg BT 309.65 383.65 Td (third ) Tj ET Q q 0 0 0 rg BT 329.66 383.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 360.68 383.65 Td (of ) Tj ET Q q 0 0 0 rg BT 370.68 383.65 Td (2016. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 366.85 Td (The ) Tj ET Q q 0 0 0 rg BT 63.01 366.85 Td (following ) Tj ET Q q 0 0 0 rg BT 100.53 366.85 Td (table ) Tj ET Q q 0 0 0 rg BT 122.55 366.85 Td (highlights ) Tj ET Q q 0 0 0 rg BT 163.07 366.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 211.32 366.85 Td (royalties ) Tj ET Q q 0 0 0 rg BT 247.33 366.85 Td (by ) Tj ET Q q 0 0 0 rg BT 259.33 366.85 Td (product ) Tj ET Q q 0 0 0 rg BT 291.85 366.85 Td (for ) Tj ET Q q 0 0 0 rg BT 304.86 366.85 Td (the ) Tj ET Q q 0 0 0 rg BT 319.87 366.85 Td (three ) Tj ET Q q 0 0 0 rg BT 342.88 366.85 Td (months ) Tj ET Q q 0 0 0 rg BT 374.90 366.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.41 366.85 Td (years ) Tj ET Q q 0 0 0 rg BT 416.92 366.85 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.95 366.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.45 366.85 Td (December ) Tj ET Q q 0 0 0 rg BT 488.47 366.85 Td (31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.98 366.85 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 356.35 m 231.5 356.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 356.35 m 287.5 356.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 356.35 m 343.5 356.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 356.35 m 399.5 356.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 356.35 m 455.5 356.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 356.35 m 511.5 356.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 356.35 m 567.5 356.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 328.35 m 231.5 328.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 328.35 m 287.5 328.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 328.35 m 343.5 328.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 328.35 m 399.5 328.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 328.35 m 455.5 328.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 328.35 m 511.5 328.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 328.35 m 567.5 328.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 286.35 m 231.5 286.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 286.35 m 287.5 286.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 286.35 m 343.5 286.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 286.35 m 399.5 286.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 286.35 m 455.5 286.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 286.35 m 511.5 286.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 286.35 m 567.5 286.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 244.35000000000002 m 231.5 244.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 244.35000000000002 m 287.5 244.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 244.35000000000002 m 343.5 244.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 244.35000000000002 m 399.5 244.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 244.35000000000002 m 455.5 244.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 244.35000000000002 m 511.5 244.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 244.35000000000002 m 567.5 244.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 202.35000000000002 m 231.5 202.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 202.35000000000002 m 287.5 202.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 202.35000000000002 m 343.5 202.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 202.35000000000002 m 399.5 202.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 202.35000000000002 m 455.5 202.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 202.35000000000002 m 511.5 202.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 202.35000000000002 m 567.5 202.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 160.35000000000002 m 231.5 160.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 160.35000000000002 m 287.5 160.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 160.35000000000002 m 343.5 160.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 160.35000000000002 m 399.5 160.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 160.35000000000002 m 455.5 160.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 160.35000000000002 m 511.5 160.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 160.35000000000002 m 567.5 160.35000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.90 346.75 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.75 346.75 Td (Years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.95 332.75 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.95 332.75 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 332.75 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 332.75 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.95 332.75 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.95 332.75 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 318.75 Td (Natural gas \($/mcf\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 304.75 Td (Royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.40 304.75 Td (0.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 304.75 Td (0.13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 304.75 Td (\(23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 304.75 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 304.75 Td (0.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 304.75 Td (0.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 304.75 Td (\(56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 304.75 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 290.75 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 160.06 295.04 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.40 290.75 Td (3.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.95 290.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.40 290.75 Td (4.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 290.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.45 290.75 Td (\(1.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 290.75 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.40 290.75 Td (3.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.95 290.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.40 290.75 Td (5.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.95 290.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 290.75 Td (\(2.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 290.75 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 276.75 Td (Natural gas liquids \($/bbl\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 262.75 Td ( Royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.40 262.75 Td (4.71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 262.75 Td (2.82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 262.75 Td (67) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 262.75 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 262.75 Td (3.48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 262.75 Td (3.66) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 547.95 262.75 Td (\(5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 262.75 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 248.75 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 158.56 253.04 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.40 248.75 Td (17.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.95 248.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 248.75 Td (15.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 248.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.45 248.75 Td (2.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 248.75 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 248.75 Td (17.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.95 248.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 248.75 Td (16.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.95 248.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.45 248.75 Td (0.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 248.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 234.75 Td (Oil \($/bbl\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 220.75 Td ( Royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.40 220.75 Td (5.66) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 220.75 Td (4.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 220.75 Td (17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 220.75 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 220.75 Td (4.68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 220.75 Td (5.63) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 220.75 Td (\(17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 220.75 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 206.75 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 158.56 211.04 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.40 206.75 Td (10.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.95 206.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 206.75 Td (10.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 206.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.45 206.75 Td (\(0.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 206.75 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.40 206.75 Td (9.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.95 206.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 206.75 Td (10.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.95 206.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 206.75 Td (\(1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 206.75 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 192.75 Td (Total \($/boe\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 178.75 Td ( Royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.40 178.75 Td (2.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 178.75 Td (1.55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 178.75 Td (29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 178.75 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 178.75 Td (1.47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 178.75 Td (1.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 178.75 Td (\(21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 178.75 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 164.75 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 158.56 169.04 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.40 164.75 Td (9.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.95 164.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.40 164.75 Td (8.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 164.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.45 164.75 Td (0.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 164.75 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.40 164.75 Td (8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.95 164.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.40 164.75 Td (9.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.95 164.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 164.75 Td (\(0.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 164.75 Td (\)%) 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 45.00 151.34 Td (\(1\) ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 63.00 151.34 Td (% ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 69.83 151.34 Td (of ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 76.33 151.34 Td (production ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 105.27 151.34 Td (revenues ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 130.96 151.34 Td (excludes ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 155.67 151.34 Td (gains ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 171.27 151.34 Td (and ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 182.66 151.34 Td (losses ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 200.86 151.34 Td (on ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 208.99 151.34 Td (financial ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 232.08 151.34 Td (instrument ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 261.01 151.34 Td (commodity ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 290.91 151.34 Td (contracts. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 133.25 Td (In ) Tj ET Q q 0 0 0 rg BT 53.96 133.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 77.95 133.25 Td (the ) Tj ET Q q 0 0 0 rg BT 91.92 133.25 Td (provincial ) Tj ET Q q 0 0 0 rg BT 131.39 133.25 Td (government ) Tj ET Q q 0 0 0 rg BT 180.38 133.25 Td (of ) Tj ET Q q 0 0 0 rg BT 189.05 133.25 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 219.03 133.25 Td (announced ) Tj ET Q q 0 0 0 rg BT 265.03 133.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.00 133.25 Td (Modernized ) Tj ET Q q 0 0 0 rg BT 327.49 133.25 Td (Royalty ) Tj ET Q q 0 0 0 rg BT 358.95 133.25 Td (Framework ) Tj ET Q q 0 0 0 rg BT 405.42 133.25 Td (\("MRF"\) ) Tj ET Q q 0 0 0 rg BT 438.75 133.25 Td (that ) Tj ET Q q 0 0 0 rg BT 455.23 133.25 Td (became ) Tj ET Q q 0 0 0 rg BT 488.70 133.25 Td (ef) Tj ET Q q 0 0 0 rg BT 496.05 133.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 523.52 133.25 Td (on ) Tj ET Q q 0 0 0 rg BT 534.99 133.25 Td (January ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 122.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 55.08 122.45 Td (2017. ) Tj ET Q q 0 0 0 rg BT 80.02 122.45 Td (The ) Tj ET Q q 0 0 0 rg BT 98.10 122.45 Td (MRF ) Tj ET Q q 0 0 0 rg BT 120.18 122.45 Td (is ) Tj ET Q q 0 0 0 rg BT 129.26 122.45 Td (intended ) Tj ET Q q 0 0 0 rg BT 166.37 122.45 Td (to ) Tj ET Q q 0 0 0 rg BT 176.45 122.45 Td (modernize ) Tj ET Q q 0 0 0 rg BT 221.05 122.45 Td (and ) Tj ET Q q 0 0 0 rg BT 238.64 122.45 Td (simplify ) Tj ET Q q 0 0 0 rg BT 271.22 122.45 Td (the ) Tj ET Q q 0 0 0 rg BT 286.31 122.45 Td (existing ) Tj ET Q q 0 0 0 rg BT 319.41 122.45 Td (royalty ) Tj ET Q q 0 0 0 rg BT 348.50 122.45 Td (structure. ) Tj ET Q q 0 0 0 rg BT 388.42 122.45 Td (The ) Tj ET Q q 0 0 0 rg BT 406.50 122.45 Td (MRF ) Tj ET Q q 0 0 0 rg BT 428.58 122.45 Td (will ) Tj ET Q q 0 0 0 rg BT 443.65 122.45 Td (not ) Tj ET Q q 0 0 0 rg BT 458.74 122.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 487.83 122.45 Td (the ) Tj ET Q q 0 0 0 rg BT 502.92 122.45 Td (royalty ) Tj ET Q q 0 0 0 rg BT 532.01 122.45 Td (structure ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 111.65 Td (of ) Tj ET Q q 0 0 0 rg BT 55.19 111.65 Td (wells ) Tj ET Q q 0 0 0 rg BT 77.88 111.65 Td (drilled ) Tj ET Q q 0 0 0 rg BT 104.57 111.65 Td (prior ) Tj ET Q q 0 0 0 rg BT 125.26 111.65 Td (to ) Tj ET Q q 0 0 0 rg BT 135.44 111.65 Td (January ) Tj ET Q q 0 0 0 rg BT 170.15 111.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 192.85 111.65 Td (for ) Tj ET Q q 0 0 0 rg BT 206.04 111.65 Td (a ) Tj ET Q q 0 0 0 rg BT 213.72 111.65 Td (ten ) Tj ET Q q 0 0 0 rg BT 228.92 111.65 Td (year ) Tj ET Q q 0 0 0 rg BT 249.11 111.65 Td (period, ) Tj ET Q q 0 0 0 rg BT 279.31 111.65 Td (unless ) Tj ET Q q 0 0 0 rg BT 308.01 111.65 Td (a ) Tj ET Q q 0 0 0 rg BT 315.70 111.65 Td (producer ) Tj ET Q q 0 0 0 rg BT 353.90 111.65 Td (applies ) Tj ET Q q 0 0 0 rg BT 385.10 111.65 Td (to ) Tj ET Q q 0 0 0 rg BT 395.29 111.65 Td (opt ) Tj ET Q q 0 0 0 rg BT 410.48 111.65 Td (in ) Tj ET Q q 0 0 0 rg BT 420.17 111.65 Td (to ) Tj ET Q q 0 0 0 rg BT 430.36 111.65 Td (the ) Tj ET Q q 0 0 0 rg BT 445.55 111.65 Td (MRF ) Tj ET Q q 0 0 0 rg BT 467.73 111.65 Td (for ) Tj ET Q q 0 0 0 rg BT 480.92 111.65 Td (wells ) Tj ET Q q 0 0 0 rg BT 503.60 111.65 Td (that ) Tj ET Q q 0 0 0 rg BT 521.30 111.65 Td (would ) Tj ET Q q 0 0 0 rg BT 547.50 111.65 Td (have ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 100.85 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 85.22 100.85 Td (not ) Tj ET Q q 0 0 0 rg BT 99.44 100.85 Td (been ) Tj ET Q q 0 0 0 rg BT 121.16 100.85 Td (drilled. ) Tj ET Q q 0 0 0 rg BT 149.26 100.85 Td (The ) Tj ET Q q 0 0 0 rg BT 166.48 100.85 Td (most ) Tj ET Q q 0 0 0 rg BT 187.68 100.85 Td (significant ) Tj ET Q q 0 0 0 rg BT 229.41 100.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 265.14 100.85 Td (resulting ) Tj ET Q q 0 0 0 rg BT 300.86 100.85 Td (from ) Tj ET Q q 0 0 0 rg BT 320.56 100.85 Td (the ) Tj ET Q q 0 0 0 rg BT 334.77 100.85 Td (MRF ) Tj ET Q q 0 0 0 rg BT 355.97 100.85 Td (include ) Tj ET Q q 0 0 0 rg BT 386.20 100.85 Td (the ) Tj ET Q q 0 0 0 rg BT 400.41 100.85 Td (replacement ) Tj ET Q q 0 0 0 rg BT 451.64 100.85 Td (of ) Tj ET Q q 0 0 0 rg BT 460.85 100.85 Td (royalty ) Tj ET Q q 0 0 0 rg BT 489.06 100.85 Td (credits ) Tj ET Q q 0 0 0 rg BT 517.27 100.85 Td (and ) Tj ET Q q 0 0 0 rg BT 533.99 100.85 Td (holidays ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 90.05 Td (on ) Tj ET Q q 0 0 0 rg BT 57.38 90.05 Td (conventional ) Tj ET Q q 0 0 0 rg BT 110.29 90.05 Td (wells ) Tj ET Q q 0 0 0 rg BT 132.67 90.05 Td (through ) Tj ET Q q 0 0 0 rg BT 165.56 90.05 Td (a ) Tj ET Q q 0 0 0 rg BT 172.94 90.05 Td (Drilling ) Tj ET Q q 0 0 0 rg BT 202.82 90.05 Td (and ) Tj ET Q q 0 0 0 rg BT 220.21 90.05 Td (Completion ) Tj ET Q q 0 0 0 rg BT 268.10 90.05 Td (Cost ) Tj ET Q q 0 0 0 rg BT 288.51 90.05 Td (Allowance, ) Tj ET Q q 0 0 0 rg BT 334.40 90.05 Td (a ) Tj ET Q q 0 0 0 rg BT 341.78 90.05 Td (post-payout ) Tj ET Q q 0 0 0 rg BT 391.18 90.05 Td (royalty ) Tj ET Q q 0 0 0 rg BT 420.06 90.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 437.94 90.05 Td (based ) Tj ET Q q 0 0 0 rg BT 464.84 90.05 Td (on ) Tj ET Q q 0 0 0 rg BT 477.22 90.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 523.10 90.05 Td (prices, ) Tj ET Q q 0 0 0 rg BT 551.98 90.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 79.25 Td (the ) Tj ET Q q 0 0 0 rg BT 60.00 79.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 99.52 79.25 Td (of ) Tj ET Q q 0 0 0 rg BT 109.51 79.25 Td (royalty ) Tj ET Q q 0 0 0 rg BT 138.51 79.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 161.01 79.25 Td (for ) Tj ET Q q 0 0 0 rg BT 174.00 79.25 Td (mature ) Tj ET Q q 0 0 0 rg BT 204.51 79.25 Td (wells. ) Tj ET Q q 0 0 0 rg BT 229.50 79.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 271.52 79.25 Td (expects ) Tj ET Q q 0 0 0 rg BT 305.02 79.25 Td (that ) Tj ET Q q 0 0 0 rg BT 322.53 79.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.53 79.25 Td (MRF ) Tj ET Q q 0 0 0 rg BT 359.51 79.25 Td (will ) Tj ET Q q 0 0 0 rg BT 374.50 79.25 Td (improve ) Tj ET Q q 0 0 0 rg BT 409.00 79.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.00 79.25 Td (drilling ) Tj ET Q q 0 0 0 rg BT 452.51 79.25 Td (economics ) Tj ET Q q 0 0 0 rg BT 498.01 79.25 Td (of ) Tj ET Q q 0 0 0 rg BT 508.01 79.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 537.52 79.25 Td (wells ) Tj ET Q q 0 0 0 rg BT 560.01 79.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 68.45 Td (its ) Tj ET Q q 0 0 0 rg BT 56.50 68.45 Td (core ) Tj ET Q q 0 0 0 rg BT 76.51 68.45 Td (areas, ) Tj ET Q q 0 0 0 rg BT 104.02 68.45 Td (the ) Tj ET Q q 0 0 0 rg BT 119.03 68.45 Td (most ) Tj ET Q q 0 0 0 rg BT 141.04 68.45 Td (significant ) Tj ET Q q 0 0 0 rg BT 183.56 68.45 Td (of ) Tj ET Q q 0 0 0 rg BT 193.57 68.45 Td (which ) Tj ET Q q 0 0 0 rg BT 219.08 68.45 Td (is ) Tj ET Q q 0 0 0 rg BT 228.08 68.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 267.10 68.45 Td (to ) Tj ET Q q 0 0 0 rg BT 277.11 68.45 Td (be ) Tj ET Q q 0 0 0 rg BT 289.62 68.45 Td (in ) Tj ET Q q 0 0 0 rg BT 299.13 68.45 Td (the ) Tj ET Q q 0 0 0 rg BT 314.14 68.45 Td (development ) Tj ET Q q 0 0 0 rg BT 368.17 68.45 Td (of ) Tj ET Q q 0 0 0 rg BT 378.18 68.45 Td (our ) Tj ET Q q 0 0 0 rg BT 393.69 68.45 Td (Falher ) Tj ET Q q 0 0 0 rg BT 421.70 68.45 Td (play ) Tj ET Q q 0 0 0 rg BT 440.71 68.45 Td (in ) Tj ET Q q 0 0 0 rg BT 450.22 68.45 Td (W) Tj ET Q q 0 0 0 rg BT 458.55 68.45 Td (est ) Tj ET Q q 0 0 0 rg BT 473.05 68.45 Td (Central ) Tj ET Q q 0 0 0 rg BT 504.07 68.45 Td (Alberta.) 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 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 18) Tj ET Q BT /F1 10.00 Tf ET BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (Operating ) Tj ET Q q 0 0 0 rg BT 90.08 742.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 133.67 742.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.24 742.45 Td (For ) Tj ET Q q 0 0 0 rg BT 155.31 742.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.40 742.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.90 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 190.48 742.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.07 742.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 277.17 742.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.19 742.45 Td (, ) Tj ET Q q 0 0 0 rg BT 302.26 742.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 342.37 742.45 Td (expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.46 742.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.49 742.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.06 742.45 Td (26%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.08 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 448.65 742.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.73 742.45 Td ($140.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.25 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 488.82 742.45 Td (million ) Tj ET Q q 0 0 0 rg BT 516.90 742.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 559.49 742.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.65 Td ($190.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.53 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 74.96 731.65 Td (million ) Tj ET Q q 0 0 0 rg BT 102.91 731.65 Td (for ) Tj ET Q q 0 0 0 rg BT 115.85 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 130.80 731.65 Td (year ) Tj ET Q q 0 0 0 rg BT 150.74 731.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.20 731.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 237.17 731.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.19 731.65 Td (. ) Tj ET Q q 0 0 0 rg BT 262.13 731.65 Td (On ) Tj ET Q q 0 0 0 rg BT 276.57 731.65 Td (a ) Tj ET Q q 0 0 0 rg BT 284.01 731.65 Td (per ) Tj ET Q q 0 0 0 rg BT 299.46 731.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 316.91 731.65 Td (basis, ) Tj ET Q q 0 0 0 rg BT 342.86 731.65 Td (operating ) Tj ET Q q 0 0 0 rg BT 382.82 731.65 Td (expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.79 731.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.82 731.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.25 731.65 Td (15%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.27 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 488.70 731.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.65 731.65 Td ($5.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.17 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 523.61 731.65 Td (per ) Tj ET Q q 0 0 0 rg BT 539.05 731.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 556.50 731.65 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 60.19 720.85 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.70 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 80.37 720.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.07 720.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 167.28 720.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.30 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 189.98 720.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 232.67 720.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.85 720.85 Td ($6.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.38 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 268.05 720.85 Td (per ) Tj ET Q q 0 0 0 rg BT 283.74 720.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 301.43 720.85 Td (for ) Tj ET Q q 0 0 0 rg BT 314.61 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 329.80 720.85 Td (year ) Tj ET Q q 0 0 0 rg BT 349.98 720.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.68 720.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 436.89 720.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.91 720.85 Td (. ) Tj ET Q q 0 0 0 rg BT 461.91 720.85 Td (The ) Tj ET Q q 0 0 0 rg BT 480.10 720.85 Td (decrease ) Tj ET Q q 0 0 0 rg BT 519.80 720.85 Td (in ) Tj ET Q q 0 0 0 rg BT 529.48 720.85 Td (operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 710.05 Td (expenses ) Tj ET Q q 0 0 0 rg BT 85.29 710.05 Td (on ) Tj ET Q q 0 0 0 rg BT 97.06 710.05 Td (an ) Tj ET Q q 0 0 0 rg BT 108.83 710.05 Td (absolute ) Tj ET Q q 0 0 0 rg BT 144.62 710.05 Td (and ) Tj ET Q q 0 0 0 rg BT 161.40 710.05 Td (per ) Tj ET Q q 0 0 0 rg BT 176.16 710.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 192.94 710.05 Td (basis ) Tj ET Q q 0 0 0 rg BT 215.71 710.05 Td (resulted ) Tj ET Q q 0 0 0 rg BT 249.49 710.05 Td (from ) Tj ET Q q 0 0 0 rg BT 269.25 710.05 Td (the ) Tj ET Q q 0 0 0 rg BT 283.52 710.05 Td (disposition ) Tj ET Q q 0 0 0 rg BT 327.81 710.05 Td (of ) Tj ET Q q 0 0 0 rg BT 337.08 710.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 363.86 710.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 382.12 710.05 Td (non-core ) Tj ET Q q 0 0 0 rg BT 419.40 710.05 Td (assets, ) Tj ET Q q 0 0 0 rg BT 449.68 710.05 Td (focused ) Tj ET Q q 0 0 0 rg BT 482.96 710.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 501.23 710.05 Td (control ) Tj ET Q q 0 0 0 rg BT 530.00 710.05 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 569.52 710.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 699.25 Td (and ) Tj ET Q q 0 0 0 rg BT 62.82 699.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.14 699.25 Td (concentration ) Tj ET Q q 0 0 0 rg BT 134.98 699.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.29 699.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 175.60 699.25 Td (in ) Tj ET Q q 0 0 0 rg BT 185.41 699.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 233.95 699.25 Td (operationally ) Tj ET Q q 0 0 0 rg BT 287.79 699.25 Td (ef) Tj ET Q q 0 0 0 rg BT 295.14 699.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 321.45 699.25 Td (core ) Tj ET Q q 0 0 0 rg BT 341.76 699.25 Td (areas. ) Tj ET Q q 0 0 0 rg BT 369.58 699.25 Td (In ) Tj ET Q q 0 0 0 rg BT 379.89 699.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 416.72 699.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 446.04 699.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 465.35 699.25 Td (structure ) Tj ET Q q 0 0 0 rg BT 503.17 699.25 Td (reductions ) Tj ET Q q 0 0 0 rg BT 547.50 699.25 Td (have ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 688.45 Td (been ) Tj ET Q q 0 0 0 rg BT 67.67 688.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 101.85 688.45 Td (from ) Tj ET Q q 0 0 0 rg BT 122.50 688.45 Td (the ) Tj ET Q q 0 0 0 rg BT 137.66 688.45 Td (commissioning ) Tj ET Q q 0 0 0 rg BT 199.84 688.45 Td (of ) Tj ET Q q 0 0 0 rg BT 210.00 688.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 257.86 688.45 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 285.03 688.45 Td (facility ) Tj ET Q q 0 0 0 rg BT 312.69 688.45 Td (in ) Tj ET Q q 0 0 0 rg BT 322.35 688.45 Td (late ) Tj ET Q q 0 0 0 rg BT 339.51 688.45 Td (2015. ) Tj ET Q q 0 0 0 rg BT 364.51 688.45 Td (These ) Tj ET Q q 0 0 0 rg BT 392.18 688.45 Td (decreases ) Tj ET Q q 0 0 0 rg BT 436.36 688.45 Td (were ) Tj ET Q q 0 0 0 rg BT 458.52 688.45 Td (partially ) Tj ET Q q 0 0 0 rg BT 492.18 688.45 Td (of) Tj ET Q q 0 0 0 rg BT 499.53 688.45 Td (fset ) Tj ET Q q 0 0 0 rg BT 516.69 688.45 Td (by ) Tj ET Q q 0 0 0 rg BT 528.85 688.45 Td (the ) Tj ET Q q 0 0 0 rg BT 544.01 688.45 Td (short-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 677.65 Td (term ) Tj ET Q q 0 0 0 rg BT 65.33 677.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 94.18 677.65 Td (arising ) Tj ET Q q 0 0 0 rg BT 123.02 677.65 Td (from ) Tj ET Q q 0 0 0 rg BT 143.36 677.65 Td (the ) Tj ET Q q 0 0 0 rg BT 158.20 677.65 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 203.06 677.65 Td (of ) Tj ET Q q 0 0 0 rg BT 212.90 677.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 242.25 677.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 272.10 677.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 288.95 677.65 Td (and ) Tj ET Q q 0 0 0 rg BT 306.30 677.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 336.15 677.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 353.00 677.65 Td (liquid ) Tj ET Q q 0 0 0 rg BT 376.35 677.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 414.71 677.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 443.05 677.65 Td (in ) Tj ET Q q 0 0 0 rg BT 452.39 677.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 500.47 677.65 Td (core ) Tj ET Q q 0 0 0 rg BT 520.31 677.65 Td (areas ) Tj ET Q q 0 0 0 rg BT 545.16 677.65 Td (in ) Tj ET Q q 0 0 0 rg BT 554.50 677.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 666.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 69.69 666.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 99.88 666.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.06 666.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.09 666.85 Td (, ) Tj ET Q q 0 0 0 rg BT 133.26 666.85 Td (which ) Tj ET Q q 0 0 0 rg BT 157.95 666.85 Td (were ) Tj ET Q q 0 0 0 rg BT 179.13 666.85 Td (acquired ) Tj ET Q q 0 0 0 rg BT 215.33 666.85 Td (with ) Tj ET Q q 0 0 0 rg BT 233.01 666.85 Td (an ) Tj ET Q q 0 0 0 rg BT 244.70 666.85 Td (initial ) Tj ET Q q 0 0 0 rg BT 266.89 666.85 Td (cost ) Tj ET Q q 0 0 0 rg BT 285.07 666.85 Td (structure ) Tj ET Q q 0 0 0 rg BT 321.76 666.85 Td (that ) Tj ET Q q 0 0 0 rg BT 338.44 666.85 Td (was ) Tj ET Q q 0 0 0 rg BT 356.13 666.85 Td (greater ) Tj ET Q q 0 0 0 rg BT 386.32 666.85 Td (than ) Tj ET Q q 0 0 0 rg BT 405.51 666.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 452.93 666.85 Td (core ) Tj ET Q q 0 0 0 rg BT 472.11 666.85 Td (operating ) Tj ET Q q 0 0 0 rg BT 511.32 666.85 Td (cost ) Tj ET Q q 0 0 0 rg BT 529.50 666.85 Td (structure. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 656.05 Td (The ) Tj ET Q q 0 0 0 rg BT 63.04 656.05 Td (percentage ) Tj ET Q q 0 0 0 rg BT 110.61 656.05 Td (decrease ) Tj ET Q q 0 0 0 rg BT 150.17 656.05 Td (in ) Tj ET Q q 0 0 0 rg BT 159.71 656.05 Td (absolute ) Tj ET Q q 0 0 0 rg BT 196.27 656.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 236.34 656.05 Td (expenses ) Tj ET Q q 0 0 0 rg BT 277.40 656.05 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 318.96 656.05 Td (the ) Tj ET Q q 0 0 0 rg BT 334.01 656.05 Td (percentage ) Tj ET Q q 0 0 0 rg BT 381.58 656.05 Td (decrease ) Tj ET Q q 0 0 0 rg BT 421.14 656.05 Td (on ) Tj ET Q q 0 0 0 rg BT 433.68 656.05 Td (a ) Tj ET Q q 0 0 0 rg BT 441.22 656.05 Td (per ) Tj ET Q q 0 0 0 rg BT 456.77 656.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 474.32 656.05 Td (basis ) Tj ET Q q 0 0 0 rg BT 497.86 656.05 Td (due ) Tj ET Q q 0 0 0 rg BT 515.41 656.05 Td (to ) Tj ET Q q 0 0 0 rg BT 525.45 656.05 Td (the ) Tj ET Q q 0 0 0 rg BT 540.50 656.05 Td (impact ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 645.25 Td (of ) Tj ET Q q 0 0 0 rg BT 55.01 645.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 76.52 645.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 95.52 645.25 Td (components ) Tj ET Q q 0 0 0 rg BT 147.05 645.25 Td (within ) Tj ET Q q 0 0 0 rg BT 172.56 645.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 201.58 645.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 241.61 645.25 Td (expenditures.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 295.64 645.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 628.45 Td (Operating ) Tj ET Q q 0 0 0 rg BT 87.18 628.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 128.35 628.45 Td (for ) Tj ET Q q 0 0 0 rg BT 141.51 628.45 Td (the ) Tj ET Q q 0 0 0 rg BT 156.67 628.45 Td (three ) Tj ET Q q 0 0 0 rg BT 179.83 628.45 Td (months ) Tj ET Q q 0 0 0 rg BT 212.00 628.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.68 628.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 298.85 628.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.88 628.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.53 628.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.56 628.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.21 628.45 Td (15%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.22 628.45 Td ( ) Tj ET Q q 0 0 0 rg BT 386.87 628.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.03 628.45 Td ($36.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.55 628.45 Td ( ) Tj ET Q q 0 0 0 rg BT 422.20 628.45 Td (million ) Tj ET Q q 0 0 0 rg BT 450.36 628.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 493.03 628.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.19 628.45 Td ($43.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.71 628.45 Td ( ) Tj ET Q q 0 0 0 rg BT 528.36 628.45 Td (million ) Tj ET Q q 0 0 0 rg BT 556.51 628.45 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 617.65 Td (the ) Tj ET Q q 0 0 0 rg BT 61.00 617.65 Td (same ) Tj ET Q q 0 0 0 rg BT 86.49 617.65 Td (period ) Tj ET Q q 0 0 0 rg BT 114.99 617.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.99 617.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.01 617.65 Td (. ) Tj ET Q q 0 0 0 rg BT 151.99 617.65 Td (On ) Tj ET Q q 0 0 0 rg BT 167.49 617.65 Td (a ) Tj ET Q q 0 0 0 rg BT 175.98 617.65 Td (per ) Tj ET Q q 0 0 0 rg BT 192.47 617.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 210.97 617.65 Td (basis, ) Tj ET Q q 0 0 0 rg BT 237.97 617.65 Td (operating ) Tj ET Q q 0 0 0 rg BT 278.98 617.65 Td (expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.00 617.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.03 617.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.51 617.65 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.52 617.65 Td ( ) Tj ET Q q 0 0 0 rg BT 383.01 617.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.00 617.65 Td ($5.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.52 617.65 Td ( ) Tj ET Q q 0 0 0 rg BT 420.01 617.65 Td (per ) Tj ET Q q 0 0 0 rg BT 436.50 617.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 455.00 617.65 Td (for ) Tj ET Q q 0 0 0 rg BT 468.99 617.65 Td (the ) Tj ET Q q 0 0 0 rg BT 484.99 617.65 Td (three ) Tj ET Q q 0 0 0 rg BT 508.99 617.65 Td (months ) Tj ET Q q 0 0 0 rg BT 541.99 617.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 606.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 103.17 606.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.19 606.85 Td ( ) Tj ET Q q 0 0 0 rg BT 124.83 606.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 166.49 606.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.63 606.85 Td ($5.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.15 606.85 Td ( ) Tj ET Q q 0 0 0 rg BT 199.79 606.85 Td (per ) Tj ET Q q 0 0 0 rg BT 214.44 606.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 231.09 606.85 Td (for ) Tj ET Q q 0 0 0 rg BT 243.23 606.85 Td (the ) Tj ET Q q 0 0 0 rg BT 257.38 606.85 Td (comparable ) Tj ET Q q 0 0 0 rg BT 306.05 606.85 Td (period ) Tj ET Q q 0 0 0 rg BT 332.70 606.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.85 606.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.87 606.85 Td (. ) Tj ET Q q 0 0 0 rg BT 365.90 606.85 Td (The ) Tj ET Q q 0 0 0 rg BT 383.05 606.85 Td (decrease ) Tj ET Q q 0 0 0 rg BT 421.71 606.85 Td (in ) Tj ET Q q 0 0 0 rg BT 430.36 606.85 Td (operating ) Tj ET Q q 0 0 0 rg BT 469.52 606.85 Td (expenses ) Tj ET Q q 0 0 0 rg BT 509.69 606.85 Td (on ) Tj ET Q q 0 0 0 rg BT 521.34 606.85 Td (an ) Tj ET Q q 0 0 0 rg BT 532.99 606.85 Td (absolute ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 596.05 Td (and ) Tj ET Q q 0 0 0 rg BT 62.34 596.05 Td (per ) Tj ET Q q 0 0 0 rg BT 77.67 596.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 95.01 596.05 Td (basis ) Tj ET Q q 0 0 0 rg BT 118.35 596.05 Td (resulted ) Tj ET Q q 0 0 0 rg BT 152.69 596.05 Td (from ) Tj ET Q q 0 0 0 rg BT 173.02 596.05 Td (the ) Tj ET Q q 0 0 0 rg BT 187.85 596.05 Td (disposition ) Tj ET Q q 0 0 0 rg BT 232.70 596.05 Td (of ) Tj ET Q q 0 0 0 rg BT 242.53 596.05 Td (higher ) Tj ET Q q 0 0 0 rg BT 269.88 596.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 288.71 596.05 Td (non-core ) Tj ET Q q 0 0 0 rg BT 326.55 596.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 354.89 596.05 Td (in ) Tj ET Q q 0 0 0 rg BT 364.22 596.05 Td (addition ) Tj ET Q q 0 0 0 rg BT 398.07 596.05 Td (to ) Tj ET Q q 0 0 0 rg BT 407.90 596.05 Td (ef) Tj ET Q q 0 0 0 rg BT 415.24 596.05 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 454.58 596.05 Td (realized ) Tj ET Q q 0 0 0 rg BT 488.43 596.05 Td (through ) Tj ET Q q 0 0 0 rg BT 521.27 596.05 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 585.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 68.63 585.25 Td (concentration ) Tj ET Q q 0 0 0 rg BT 124.79 585.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 156.14 585.25 Td (. ) Tj ET Q q 0 0 0 rg BT 160.62 585.25 Td (These ) Tj ET Q q 0 0 0 rg BT 187.76 585.25 Td (decreases ) Tj ET Q q 0 0 0 rg BT 231.40 585.25 Td (were ) Tj ET Q q 0 0 0 rg BT 253.03 585.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 286.17 585.25 Td (of) Tj ET Q q 0 0 0 rg BT 293.51 585.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 310.14 585.25 Td (by ) Tj ET Q q 0 0 0 rg BT 321.77 585.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.40 585.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 365.03 585.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.66 585.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.29 585.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 433.94 585.25 Td (of ) Tj ET Q q 0 0 0 rg BT 443.57 585.25 Td (core ) Tj ET Q q 0 0 0 rg BT 463.20 585.25 Td (area ) Tj ET Q q 0 0 0 rg BT 483.33 585.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 525.47 585.25 Td (completed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 574.45 Td (in ) Tj ET Q q 0 0 0 rg BT 54.51 574.45 Td (the ) Tj ET Q q 0 0 0 rg BT 69.52 574.45 Td (fourth ) Tj ET Q q 0 0 0 rg BT 95.03 574.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 126.05 574.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.05 574.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.08 574.45 Td ( ) Tj ET Q q 0 0 0 rg BT 158.58 574.45 Td (as ) Tj ET Q q 0 0 0 rg BT 170.58 574.45 Td (detailed ) Tj ET Q q 0 0 0 rg BT 204.61 574.45 Td (above.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 557.65 Td (The ) Tj ET Q q 0 0 0 rg BT 63.01 557.65 Td (following ) Tj ET Q q 0 0 0 rg BT 100.53 557.65 Td (table ) Tj ET Q q 0 0 0 rg BT 122.55 557.65 Td (highlights ) Tj ET Q q 0 0 0 rg BT 163.07 557.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 211.32 557.65 Td (operating ) Tj ET Q q 0 0 0 rg BT 251.35 557.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 292.37 557.65 Td (by ) Tj ET Q q 0 0 0 rg BT 304.38 557.65 Td (product ) Tj ET Q q 0 0 0 rg BT 336.90 557.65 Td (for ) Tj ET Q q 0 0 0 rg BT 349.90 557.65 Td (the ) Tj ET Q q 0 0 0 rg BT 364.91 557.65 Td (three ) Tj ET Q q 0 0 0 rg BT 387.93 557.65 Td (months ) Tj ET Q q 0 0 0 rg BT 419.94 557.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.46 557.65 Td (years ) Tj ET Q q 0 0 0 rg BT 461.97 557.65 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.99 557.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.49 557.65 Td (December ) Tj ET Q q 0 0 0 rg BT 533.51 557.65 Td (31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.02 557.65 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 541.15 m 228.5 541.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 541.15 m 286.5 541.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 541.15 m 342.5 541.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 541.15 m 398.5 541.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 541.15 m 454.5 541.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 541.15 m 510.5 541.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 541.15 m 566.5 541.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 513.15 m 228.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 513.15 m 286.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 513.15 m 342.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 513.15 m 398.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 513.15 m 454.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 513.15 m 510.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 513.15 m 566.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 513.15 m 286.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 513.15 m 342.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 513.15 m 454.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 513.15 m 510.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 513.15 m 566.5 513.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 471.15 m 228.5 471.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 471.15 m 286.5 471.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 471.15 m 342.5 471.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 471.15 m 398.5 471.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 471.15 m 454.5 471.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 471.15 m 510.5 471.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 471.15 m 566.5 471.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 457.15 m 228.5 457.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 471.15 m 286.5 471.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 457.15 m 286.5 457.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 471.15 m 342.5 471.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 457.15 m 342.5 457.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 457.15 m 398.5 457.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 457.15 m 454.5 457.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 457.15 m 510.5 457.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 457.15 m 566.5 457.15 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.90 531.55 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.75 531.55 Td (Years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 517.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 517.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.95 517.55 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.95 517.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 517.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 517.55 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 503.55 Td (Natural gas \($/mcf\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 503.55 Td (0.90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 503.55 Td (0.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.95 503.55 Td (6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 503.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 503.55 Td (0.86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 503.55 Td (0.98) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 503.55 Td (\(12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 503.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 489.55 Td (Natural gas liquids \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 489.55 Td (5.88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 489.55 Td (5.79) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.95 489.55 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 489.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 489.55 Td (5.68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 489.55 Td (7.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 489.55 Td (\(21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 489.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 475.55 Td (Oil \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.45 475.55 Td (10.65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.45 475.55 Td (11.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 475.55 Td (\(3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 475.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.45 475.55 Td (10.88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.45 475.55 Td (11.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 475.55 Td (\(2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 475.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 461.55 Td (Total \($/boe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 461.55 Td (5.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 461.55 Td (5.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 461.55 Td (\(2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 461.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 461.55 Td (5.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 461.55 Td (6.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 461.55 Td (\(15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 461.55 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 440.85 Td (In ) Tj ET Q q 0 0 0 rg BT 54.78 440.85 Td (the ) Tj ET Q q 0 0 0 rg BT 69.56 440.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 94.85 440.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 125.64 440.85 Td (of ) Tj ET Q q 0 0 0 rg BT 135.42 440.85 Td (2015, ) Tj ET Q q 0 0 0 rg BT 160.22 440.85 Td (the ) Tj ET Q q 0 0 0 rg BT 175.00 440.85 Td (provincial ) Tj ET Q q 0 0 0 rg BT 215.29 440.85 Td (government ) Tj ET Q q 0 0 0 rg BT 265.09 440.85 Td (of ) Tj ET Q q 0 0 0 rg BT 274.42 440.85 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 305.21 440.85 Td (released ) Tj ET Q q 0 0 0 rg BT 342.01 440.85 Td (its ) Tj ET Q q 0 0 0 rg BT 353.28 440.85 Td (Climate ) Tj ET Q q 0 0 0 rg BT 386.06 440.85 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 432.87 440.85 Td (Plan ) Tj ET Q q 0 0 0 rg BT 453.15 440.85 Td (which ) Tj ET Q q 0 0 0 rg BT 478.44 440.85 Td (will ) Tj ET Q q 0 0 0 rg BT 493.21 440.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 521.99 440.85 Td (businesses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 430.05 Td (that ) Tj ET Q q 0 0 0 rg BT 62.25 430.05 Td (contribute ) Tj ET Q q 0 0 0 rg BT 104.02 430.05 Td (to ) Tj ET Q q 0 0 0 rg BT 113.77 430.05 Td (carbon ) Tj ET Q q 0 0 0 rg BT 143.53 430.05 Td (emissions ) Tj ET Q q 0 0 0 rg BT 185.78 430.05 Td (in ) Tj ET Q q 0 0 0 rg BT 194.58 430.05 Td (Alberta. ) Tj ET Q q 0 0 0 rg BT 227.69 430.05 Td (The ) Tj ET Q q 0 0 0 rg BT 245.44 430.05 Td (plan ) Tj ET Q q 0 0 0 rg BT 264.70 430.05 Td (includes ) Tj ET Q q 0 0 0 rg BT 299.96 430.05 Td (imposing ) Tj ET Q q 0 0 0 rg BT 338.22 430.05 Td (carbon ) Tj ET Q q 0 0 0 rg BT 367.98 430.05 Td (pricing ) Tj ET Q q 0 0 0 rg BT 396.74 430.05 Td (that ) Tj ET Q q 0 0 0 rg BT 413.99 430.05 Td (is ) Tj ET Q q 0 0 0 rg BT 422.73 430.05 Td (applied ) Tj ET Q q 0 0 0 rg BT 454.00 430.05 Td (across ) Tj ET Q q 0 0 0 rg BT 482.75 430.05 Td (all ) Tj ET Q q 0 0 0 rg BT 494.00 430.05 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 527.75 430.05 Td (starting ) Tj ET Q q 0 0 0 rg BT 559.50 430.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 419.25 Td ($20 ) Tj ET Q q 0 0 0 rg BT 62.37 419.25 Td (per ) Tj ET Q q 0 0 0 rg BT 77.73 419.25 Td (tonne ) Tj ET Q q 0 0 0 rg BT 102.61 419.25 Td (on ) Tj ET Q q 0 0 0 rg BT 114.97 419.25 Td (January ) Tj ET Q q 0 0 0 rg BT 149.35 419.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 159.21 419.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 181.58 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 198.95 419.25 Td (moving ) Tj ET Q q 0 0 0 rg BT 230.32 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 240.18 419.25 Td ($30 ) Tj ET Q q 0 0 0 rg BT 257.55 419.25 Td (per ) Tj ET Q q 0 0 0 rg BT 272.91 419.25 Td (tonne ) Tj ET Q q 0 0 0 rg BT 297.79 419.25 Td (on ) Tj ET Q q 0 0 0 rg BT 310.15 419.25 Td (January ) Tj ET Q q 0 0 0 rg BT 344.52 419.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 354.38 419.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 379.26 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.12 419.25 Td (phase-out ) Tj ET Q q 0 0 0 rg BT 436.51 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 446.37 419.25 Td (coal-fired ) Tj ET Q q 0 0 0 rg BT 485.74 419.25 Td (power ) Tj ET Q q 0 0 0 rg BT 512.60 419.25 Td (generation ) Tj ET Q q 0 0 0 rg BT 557.49 419.25 Td (by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 408.45 Td (2030, ) Tj ET Q q 0 0 0 rg BT 70.03 408.45 Td (a ) Tj ET Q q 0 0 0 rg BT 77.54 408.45 Td (cap ) Tj ET Q q 0 0 0 rg BT 94.56 408.45 Td (on ) Tj ET Q q 0 0 0 rg BT 107.08 408.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 118.59 408.45 Td (sands ) Tj ET Q q 0 0 0 rg BT 145.12 408.45 Td (emissions ) Tj ET Q q 0 0 0 rg BT 187.64 408.45 Td (production ) Tj ET Q q 0 0 0 rg BT 232.17 408.45 Td (of ) Tj ET Q q 0 0 0 rg BT 242.19 408.45 Td (100 ) Tj ET Q q 0 0 0 rg BT 259.71 408.45 Td (megatonnes, ) Tj ET Q q 0 0 0 rg BT 314.25 408.45 Td (and ) Tj ET Q q 0 0 0 rg BT 331.78 408.45 Td (a ) Tj ET Q q 0 0 0 rg BT 339.29 408.45 Td (45 ) Tj ET Q q 0 0 0 rg BT 351.81 408.45 Td (percent ) Tj ET Q q 0 0 0 rg BT 384.34 408.45 Td (reduction ) Tj ET Q q 0 0 0 rg BT 423.87 408.45 Td (in ) Tj ET Q q 0 0 0 rg BT 433.38 408.45 Td (methane ) Tj ET Q q 0 0 0 rg BT 470.91 408.45 Td (emissions ) Tj ET Q q 0 0 0 rg BT 513.43 408.45 Td (by ) Tj ET Q q 0 0 0 rg BT 525.45 408.45 Td (the ) Tj ET Q q 0 0 0 rg BT 540.47 408.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 551.98 408.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 397.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 61.55 397.65 Td (sector ) Tj ET Q q 0 0 0 rg BT 88.11 397.65 Td (by ) Tj ET Q q 0 0 0 rg BT 99.66 397.65 Td (2025. ) Tj ET Q q 0 0 0 rg BT 124.22 397.65 Td ( ) Tj ET Q q 0 0 0 rg BT 126.27 397.65 Td (Prior ) Tj ET Q q 0 0 0 rg BT 147.31 397.65 Td (to ) Tj ET Q q 0 0 0 rg BT 156.86 397.65 Td (2023, ) Tj ET Q q 0 0 0 rg BT 181.43 397.65 Td (the ) Tj ET Q q 0 0 0 rg BT 195.98 397.65 Td (plan ) Tj ET Q q 0 0 0 rg BT 215.04 397.65 Td (is ) Tj ET Q q 0 0 0 rg BT 223.59 397.65 Td (expected ) Tj ET Q q 0 0 0 rg BT 262.16 397.65 Td (to ) Tj ET Q q 0 0 0 rg BT 271.71 397.65 Td (have ) Tj ET Q q 0 0 0 rg BT 293.27 397.65 Td (a ) Tj ET Q q 0 0 0 rg BT 300.32 397.65 Td (minimal ) Tj ET Q q 0 0 0 rg BT 333.36 397.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 361.92 397.65 Td (on ) Tj ET Q q 0 0 0 rg BT 373.97 397.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 421.76 397.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 465.83 397.65 Td (as ) Tj ET Q q 0 0 0 rg BT 477.38 397.65 Td (carbon ) Tj ET Q q 0 0 0 rg BT 506.94 397.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 520.99 397.65 Td (exemptions ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 386.85 Td (are ) Tj ET Q q 0 0 0 rg BT 60.05 386.85 Td (available ) Tj ET Q q 0 0 0 rg BT 97.63 386.85 Td (for ) Tj ET Q q 0 0 0 rg BT 110.18 386.85 Td (fuel ) Tj ET Q q 0 0 0 rg BT 126.73 386.85 Td (that ) Tj ET Q q 0 0 0 rg BT 143.79 386.85 Td (is ) Tj ET Q q 0 0 0 rg BT 152.34 386.85 Td (used, ) Tj ET Q q 0 0 0 rg BT 176.40 386.85 Td (flared, ) Tj ET Q q 0 0 0 rg BT 203.46 386.85 Td (or ) Tj ET Q q 0 0 0 rg BT 213.51 386.85 Td (vented ) Tj ET Q q 0 0 0 rg BT 242.58 386.85 Td (in ) Tj ET Q q 0 0 0 rg BT 251.63 386.85 Td (a ) Tj ET Q q 0 0 0 rg BT 258.68 386.85 Td (production ) Tj ET Q q 0 0 0 rg BT 302.76 386.85 Td (process ) Tj ET Q q 0 0 0 rg BT 336.31 386.85 Td (and ) Tj ET Q q 0 0 0 rg BT 353.38 386.85 Td (sold ) Tj ET Q q 0 0 0 rg BT 371.93 386.85 Td (to ) Tj ET Q q 0 0 0 rg BT 381.49 386.85 Td (a ) Tj ET Q q 0 0 0 rg BT 388.54 386.85 Td (consumer ) Tj ET Q q 0 0 0 rg BT 430.10 386.85 Td (for ) Tj ET Q q 0 0 0 rg BT 442.65 386.85 Td (use ) Tj ET Q q 0 0 0 rg BT 459.21 386.85 Td (in ) Tj ET Q q 0 0 0 rg BT 468.26 386.85 Td (an ) Tj ET Q q 0 0 0 rg BT 480.31 386.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 491.37 386.85 Td (and ) Tj ET Q q 0 0 0 rg BT 508.43 386.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 524.99 386.85 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 376.05 Td (process. ) Tj ET Q q 0 0 0 rg BT 81.20 376.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 122.91 376.05 Td (is ) Tj ET Q q 0 0 0 rg BT 131.59 376.05 Td (continuing ) Tj ET Q q 0 0 0 rg BT 174.81 376.05 Td (to ) Tj ET Q q 0 0 0 rg BT 184.50 376.05 Td (monitor ) Tj ET Q q 0 0 0 rg BT 216.70 376.05 Td (developments ) Tj ET Q q 0 0 0 rg BT 274.92 376.05 Td (of ) Tj ET Q q 0 0 0 rg BT 284.61 376.05 Td (this ) Tj ET Q q 0 0 0 rg BT 300.80 376.05 Td (plan ) Tj ET Q q 0 0 0 rg BT 320.00 376.05 Td (for ) Tj ET Q q 0 0 0 rg BT 332.69 376.05 Td (periods ) Tj ET Q q 0 0 0 rg BT 364.39 376.05 Td (after ) Tj ET Q q 0 0 0 rg BT 384.59 376.05 Td (2023 ) Tj ET Q q 0 0 0 rg BT 406.80 376.05 Td (and ) Tj ET Q q 0 0 0 rg BT 424.00 376.05 Td (will ) Tj ET Q q 0 0 0 rg BT 438.68 376.05 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 474.89 376.05 Td (the ) Tj ET Q q 0 0 0 rg BT 489.59 376.05 Td (expected ) Tj ET Q q 0 0 0 rg BT 528.30 376.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 557.00 376.05 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 365.25 Td (its ) Tj ET Q q 0 0 0 rg BT 56.50 365.25 Td (operations.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 348.45 Td (In ) Tj ET Q q 0 0 0 rg BT 54.20 348.45 Td (the ) Tj ET Q q 0 0 0 rg BT 68.40 348.45 Td (third ) Tj ET Q q 0 0 0 rg BT 87.59 348.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 117.80 348.45 Td (of ) Tj ET Q q 0 0 0 rg BT 127.00 348.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 151.21 348.45 Td (the ) Tj ET Q q 0 0 0 rg BT 165.41 348.45 Td (Government ) Tj ET Q q 0 0 0 rg BT 216.62 348.45 Td (of ) Tj ET Q q 0 0 0 rg BT 225.82 348.45 Td (Canada ) Tj ET Q q 0 0 0 rg BT 259.03 348.45 Td (announced ) Tj ET Q q 0 0 0 rg BT 305.27 348.45 Td (its ) Tj ET Q q 0 0 0 rg BT 315.96 348.45 Td (proposed ) Tj ET Q q 0 0 0 rg BT 355.18 348.45 Td (plan ) Tj ET Q q 0 0 0 rg BT 373.88 348.45 Td (to ) Tj ET Q q 0 0 0 rg BT 383.08 348.45 Td (the ) Tj ET Q q 0 0 0 rg BT 397.28 348.45 Td (pricing ) Tj ET Q q 0 0 0 rg BT 425.48 348.45 Td (of ) Tj ET Q q 0 0 0 rg BT 434.68 348.45 Td (carbon ) Tj ET Q q 0 0 0 rg BT 463.88 348.45 Td (emissions ) Tj ET Q q 0 0 0 rg BT 505.59 348.45 Td (for ) Tj ET Q q 0 0 0 rg BT 517.78 348.45 Td (all ) Tj ET Q q 0 0 0 rg BT 528.47 348.45 Td (Canadian ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 337.65 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 96.57 337.65 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 337.65 Td (The ) Tj ET Q q 0 0 0 rg BT 116.06 337.65 Td (plan ) Tj ET Q q 0 0 0 rg BT 135.14 337.65 Td (includes ) Tj ET Q q 0 0 0 rg BT 170.21 337.65 Td (imposing ) Tj ET Q q 0 0 0 rg BT 208.29 337.65 Td (carbon ) Tj ET Q q 0 0 0 rg BT 237.86 337.65 Td (pricing ) Tj ET Q q 0 0 0 rg BT 266.43 337.65 Td (beginning ) Tj ET Q q 0 0 0 rg BT 307.53 337.65 Td (at ) Tj ET Q q 0 0 0 rg BT 317.09 337.65 Td (a ) Tj ET Q q 0 0 0 rg BT 324.15 337.65 Td (minimum ) Tj ET Q q 0 0 0 rg BT 362.71 337.65 Td (of ) Tj ET Q q 0 0 0 rg BT 372.27 337.65 Td ($10 ) Tj ET Q q 0 0 0 rg BT 389.35 337.65 Td (per ) Tj ET Q q 0 0 0 rg BT 404.41 337.65 Td (tonne ) Tj ET Q q 0 0 0 rg BT 428.99 337.65 Td (in ) Tj ET Q q 0 0 0 rg BT 438.05 337.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 460.13 337.65 Td (and ) Tj ET Q q 0 0 0 rg BT 477.21 337.65 Td (rising ) Tj ET Q q 0 0 0 rg BT 500.77 337.65 Td (by ) Tj ET Q q 0 0 0 rg BT 512.33 337.65 Td ($10 ) Tj ET Q q 0 0 0 rg BT 529.40 337.65 Td (per ) Tj ET Q q 0 0 0 rg BT 544.47 337.65 Td (tonne ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 326.85 Td (each ) Tj ET Q q 0 0 0 rg BT 67.11 326.85 Td (year ) Tj ET Q q 0 0 0 rg BT 87.22 326.85 Td (to ) Tj ET Q q 0 0 0 rg BT 97.32 326.85 Td ($50 ) Tj ET Q q 0 0 0 rg BT 114.93 326.85 Td (per ) Tj ET Q q 0 0 0 rg BT 130.53 326.85 Td (tonne ) Tj ET Q q 0 0 0 rg BT 155.65 326.85 Td (in ) Tj ET Q q 0 0 0 rg BT 165.25 326.85 Td (2022. ) Tj ET Q q 0 0 0 rg BT 190.37 326.85 Td (Provinces ) Tj ET Q q 0 0 0 rg BT 232.48 326.85 Td (and ) Tj ET Q q 0 0 0 rg BT 250.09 326.85 Td (territories ) Tj ET Q q 0 0 0 rg BT 290.19 326.85 Td (have ) Tj ET Q q 0 0 0 rg BT 312.31 326.85 Td (a ) Tj ET Q q 0 0 0 rg BT 319.91 326.85 Td (year ) Tj ET Q q 0 0 0 rg BT 340.01 326.85 Td (to ) Tj ET Q q 0 0 0 rg BT 350.11 326.85 Td (introduce ) Tj ET Q q 0 0 0 rg BT 389.73 326.85 Td (their ) Tj ET Q q 0 0 0 rg BT 409.84 326.85 Td (own ) Tj ET Q q 0 0 0 rg BT 428.94 326.85 Td (carbon ) Tj ET Q q 0 0 0 rg BT 459.06 326.85 Td (pricing ) Tj ET Q q 0 0 0 rg BT 488.16 326.85 Td (or ) Tj ET Q q 0 0 0 rg BT 498.76 326.85 Td (adopt ) Tj ET Q q 0 0 0 rg BT 523.88 326.85 Td (a ) Tj ET Q q 0 0 0 rg BT 531.48 326.85 Td (cap-and-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 316.05 Td (trade ) Tj ET Q q 0 0 0 rg BT 67.65 316.05 Td (system ) Tj ET Q q 0 0 0 rg BT 98.29 316.05 Td (that ) Tj ET Q q 0 0 0 rg BT 115.44 316.05 Td (meets ) Tj ET Q q 0 0 0 rg BT 142.09 316.05 Td (or ) Tj ET Q q 0 0 0 rg BT 152.23 316.05 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 187.89 316.05 Td (the ) Tj ET Q q 0 0 0 rg BT 202.54 316.05 Td (federal ) Tj ET Q q 0 0 0 rg BT 232.19 316.05 Td (benchmark. ) Tj ET Q q 0 0 0 rg BT 281.35 316.05 Td (If ) Tj ET Q q 0 0 0 rg BT 288.49 316.05 Td (provinces ) Tj ET Q q 0 0 0 rg BT 329.15 316.05 Td (and ) Tj ET Q q 0 0 0 rg BT 346.30 316.05 Td (territories ) Tj ET Q q 0 0 0 rg BT 385.94 316.05 Td (fail ) Tj ET Q q 0 0 0 rg BT 399.59 316.05 Td (to ) Tj ET Q q 0 0 0 rg BT 409.23 316.05 Td (implement ) Tj ET Q q 0 0 0 rg BT 452.88 316.05 Td (a ) Tj ET Q q 0 0 0 rg BT 460.03 316.05 Td (price ) Tj ET Q q 0 0 0 rg BT 481.67 316.05 Td (or ) Tj ET Q q 0 0 0 rg BT 491.81 316.05 Td (cap-and-trade ) Tj ET Q q 0 0 0 rg BT 549.98 316.05 Td (plan ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 305.25 Td (by ) Tj ET Q q 0 0 0 rg BT 56.86 305.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 81.74 305.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.60 305.25 Td (Government ) Tj ET Q q 0 0 0 rg BT 148.48 305.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.34 305.25 Td (Canada ) Tj ET Q q 0 0 0 rg BT 192.22 305.25 Td (will ) Tj ET Q q 0 0 0 rg BT 207.08 305.25 Td (implement ) Tj ET Q q 0 0 0 rg BT 250.95 305.25 Td (a ) Tj ET Q q 0 0 0 rg BT 258.31 305.25 Td (price ) Tj ET Q q 0 0 0 rg BT 280.17 305.25 Td (in ) Tj ET Q q 0 0 0 rg BT 289.53 305.25 Td (that ) Tj ET Q q 0 0 0 rg BT 306.90 305.25 Td (jurisdiction. ) Tj ET Q q 0 0 0 rg BT 354.27 305.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 396.15 305.25 Td (is ) Tj ET Q q 0 0 0 rg BT 405.00 305.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 441.87 305.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 486.24 305.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.11 305.25 Td (developments ) Tj ET Q q 0 0 0 rg BT 559.50 305.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 294.45 Td (this ) Tj ET Q q 0 0 0 rg BT 61.51 294.45 Td (plan ) Tj ET Q q 0 0 0 rg BT 81.02 294.45 Td (and ) Tj ET Q q 0 0 0 rg BT 98.54 294.45 Td (will ) Tj ET Q q 0 0 0 rg BT 113.54 294.45 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 150.06 294.45 Td (the ) Tj ET Q q 0 0 0 rg BT 165.08 294.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 204.10 294.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 233.11 294.45 Td (of ) Tj ET Q q 0 0 0 rg BT 243.12 294.45 Td (the ) Tj ET Q q 0 0 0 rg BT 258.13 294.45 Td (plan ) Tj ET Q q 0 0 0 rg BT 277.65 294.45 Td (on ) Tj ET Q q 0 0 0 rg BT 290.16 294.45 Td (its ) Tj ET Q q 0 0 0 rg BT 301.66 294.45 Td (operations.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 277.65 Td (T) Tj ET Q q 0 0 0 rg BT 50.33 277.65 Td (ransportation ) Tj ET Q q 0 0 0 rg BT 112.20 277.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 157.09 277.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.94 277.65 Td (For ) Tj ET Q q 0 0 0 rg BT 181.30 277.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.68 277.65 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.18 277.65 Td ( ) Tj ET Q q 0 0 0 rg BT 219.04 277.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.93 277.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 308.32 277.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.34 277.65 Td (, ) Tj ET Q q 0 0 0 rg BT 334.70 277.65 Td (transportation ) Tj ET Q q 0 0 0 rg BT 393.59 277.65 Td (expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.98 277.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.01 277.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.87 277.65 Td (38%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.88 277.65 Td ( ) Tj ET Q q 0 0 0 rg BT 503.74 277.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.11 277.65 Td ($22.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.63 277.65 Td ( ) Tj ET Q q 0 0 0 rg BT 541.49 277.65 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 266.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 87.77 266.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.02 266.85 Td ($36.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 120.54 266.85 Td ( ) Tj ET Q q 0 0 0 rg BT 123.29 266.85 Td (million ) Tj ET Q q 0 0 0 rg BT 151.54 266.85 Td (for ) Tj ET Q q 0 0 0 rg BT 164.79 266.85 Td (the ) Tj ET Q q 0 0 0 rg BT 180.05 266.85 Td (year ) Tj ET Q q 0 0 0 rg BT 200.31 266.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.08 266.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 287.35 266.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.38 266.85 Td (. ) Tj ET Q q 0 0 0 rg BT 312.62 266.85 Td (On ) Tj ET Q q 0 0 0 rg BT 327.38 266.85 Td (a ) Tj ET Q q 0 0 0 rg BT 335.13 266.85 Td (per ) Tj ET Q q 0 0 0 rg BT 350.88 266.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 368.65 266.85 Td (basis, ) Tj ET Q q 0 0 0 rg BT 394.90 266.85 Td (transportation ) Tj ET Q q 0 0 0 rg BT 452.68 266.85 Td (expenses ) Tj ET Q q 0 0 0 rg BT 493.96 266.85 Td (decreased ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.73 266.85 Td (29%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.75 266.85 Td ( ) Tj ET Q q 0 0 0 rg BT 559.49 266.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 256.05 Td ($0.90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.52 256.05 Td ( ) Tj ET Q q 0 0 0 rg BT 69.15 256.05 Td (per ) Tj ET Q q 0 0 0 rg BT 83.79 256.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 100.44 256.05 Td (for ) Tj ET Q q 0 0 0 rg BT 112.58 256.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.72 256.05 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.23 256.05 Td ( ) Tj ET Q q 0 0 0 rg BT 145.86 256.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.52 256.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 230.68 256.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.70 256.05 Td ( ) Tj ET Q q 0 0 0 rg BT 252.33 256.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 293.99 256.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.13 256.05 Td ($1.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.65 256.05 Td ( ) Tj ET Q q 0 0 0 rg BT 327.28 256.05 Td (per ) Tj ET Q q 0 0 0 rg BT 341.92 256.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 358.57 256.05 Td (for ) Tj ET Q q 0 0 0 rg BT 370.70 256.05 Td (the ) Tj ET Q q 0 0 0 rg BT 384.85 256.05 Td (year ) Tj ET Q q 0 0 0 rg BT 403.99 256.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.65 256.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 488.81 256.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.83 256.05 Td (. ) Tj ET Q q 0 0 0 rg BT 512.85 256.05 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.99 256.05 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 245.25 Td (in ) Tj ET Q q 0 0 0 rg BT 54.85 245.25 Td (transportation ) Tj ET Q q 0 0 0 rg BT 112.72 245.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 154.09 245.25 Td (on ) Tj ET Q q 0 0 0 rg BT 166.94 245.25 Td (both ) Tj ET Q q 0 0 0 rg BT 187.30 245.25 Td (an ) Tj ET Q q 0 0 0 rg BT 200.16 245.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 237.03 245.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.88 245.25 Td (per ) Tj ET Q q 0 0 0 rg BT 270.73 245.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 288.59 245.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 312.44 245.25 Td (was ) Tj ET Q q 0 0 0 rg BT 331.29 245.25 Td (largely ) Tj ET Q q 0 0 0 rg BT 360.65 245.25 Td (due ) Tj ET Q q 0 0 0 rg BT 378.50 245.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.85 245.25 Td (a ) Tj ET Q q 0 0 0 rg BT 396.70 245.25 Td (change ) Tj ET Q q 0 0 0 rg BT 429.07 245.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.92 245.25 Td (custody ) Tj ET Q q 0 0 0 rg BT 472.78 245.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 506.13 245.25 Td (points ) Tj ET Q q 0 0 0 rg BT 532.99 245.25 Td (resulting ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 234.45 Td (from ) Tj ET Q q 0 0 0 rg BT 66.08 234.45 Td (a ) Tj ET Q q 0 0 0 rg BT 74.16 234.45 Td (third-party ) Tj ET Q q 0 0 0 rg BT 117.75 234.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 135.34 234.45 Td (management ) Tj ET Q q 0 0 0 rg BT 190.94 234.45 Td (agreement ) Tj ET Q q 0 0 0 rg BT 237.05 234.45 Td (ef) Tj ET Q q 0 0 0 rg BT 244.39 234.45 Td (fective ) Tj ET Q q 0 0 0 rg BT 273.48 234.45 Td (January ) Tj ET Q q 0 0 0 rg BT 308.57 234.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 319.16 234.45 Td (2016 ) Tj ET Q q 0 0 0 rg BT 342.26 234.45 Td (in ) Tj ET Q q 0 0 0 rg BT 352.34 234.45 Td (addition ) Tj ET Q q 0 0 0 rg BT 386.94 234.45 Td (to ) Tj ET Q q 0 0 0 rg BT 397.52 234.45 Td (the ) Tj ET Q q 0 0 0 rg BT 413.11 234.45 Td (disposition ) Tj ET Q q 0 0 0 rg BT 458.71 234.45 Td (of ) Tj ET Q q 0 0 0 rg BT 469.30 234.45 Td (non-core ) Tj ET Q q 0 0 0 rg BT 507.89 234.45 Td (properties ) Tj ET Q q 0 0 0 rg BT 550.99 234.45 Td (with ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 223.65 Td (higher ) Tj ET Q q 0 0 0 rg BT 73.52 223.65 Td (associated ) Tj ET Q q 0 0 0 rg BT 120.05 223.65 Td (average ) Tj ET Q q 0 0 0 rg BT 156.08 223.65 Td (transportation ) Tj ET Q q 0 0 0 rg BT 214.62 223.65 Td (rates. ) Tj ET Q q 0 0 0 rg BT 240.40 223.65 Td (T) Tj ET Q q 0 0 0 rg BT 245.57 223.65 Td (ransportation ) Tj ET Q q 0 0 0 rg BT 301.60 223.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 343.63 223.65 Td (on ) Tj ET Q q 0 0 0 rg BT 357.15 223.65 Td (a ) Tj ET Q q 0 0 0 rg BT 365.66 223.65 Td (per ) Tj ET Q q 0 0 0 rg BT 382.17 223.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 400.69 223.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 425.20 223.65 Td (were ) Tj ET Q q 0 0 0 rg BT 448.21 223.65 Td (also ) Tj ET Q q 0 0 0 rg BT 468.23 223.65 Td (impacted ) Tj ET Q q 0 0 0 rg BT 508.25 223.65 Td (by ) Tj ET Q q 0 0 0 rg BT 521.26 223.65 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 212.85 Td (increased ) Tj ET Q q 0 0 0 rg BT 88.48 212.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 120.45 212.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 139.42 212.85 Td (and ) Tj ET Q q 0 0 0 rg BT 158.89 212.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 190.86 212.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 209.83 212.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 239.80 212.85 Td (production ) Tj ET Q q 0 0 0 rg BT 286.28 212.85 Td (profile ) Tj ET Q q 0 0 0 rg BT 315.25 212.85 Td (which ) Tj ET Q q 0 0 0 rg BT 342.72 212.85 Td (carry ) Tj ET Q q 0 0 0 rg BT 367.17 212.85 Td (lower ) Tj ET Q q 0 0 0 rg BT 393.13 212.85 Td (transportation ) Tj ET Q q 0 0 0 rg BT 452.62 212.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 478.08 212.85 Td (per ) Tj ET Q q 0 0 0 rg BT 495.54 212.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 515.01 212.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 559.49 212.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 202.05 Td (transportation ) Tj ET Q q 0 0 0 rg BT 102.53 202.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 126.04 202.05 Td (per ) Tj ET Q q 0 0 0 rg BT 141.55 202.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 159.06 202.05 Td (for ) Tj ET Q q 0 0 0 rg BT 172.07 202.05 Td (light ) Tj ET Q q 0 0 0 rg BT 191.08 202.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 202.58 202.05 Td (production.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 185.25 Td (T) Tj ET Q q 0 0 0 rg BT 50.16 185.25 Td (ransportation ) Tj ET Q q 0 0 0 rg BT 105.49 185.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 146.82 185.25 Td (for ) Tj ET Q q 0 0 0 rg BT 160.12 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.43 185.25 Td (three ) Tj ET Q q 0 0 0 rg BT 198.74 185.25 Td (months ) Tj ET Q q 0 0 0 rg BT 231.05 185.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.87 185.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 318.20 185.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.22 185.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.52 185.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.55 185.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.34 185.25 Td (39%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.36 185.25 Td ( ) Tj ET Q q 0 0 0 rg BT 409.15 185.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.46 185.25 Td ($5.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.97 185.25 Td ( ) Tj ET Q q 0 0 0 rg BT 439.77 185.25 Td (million ) Tj ET Q q 0 0 0 rg BT 468.07 185.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 510.89 185.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.20 185.25 Td ($9.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.71 185.25 Td ( ) Tj ET Q q 0 0 0 rg BT 541.51 185.25 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 174.45 Td (for ) Tj ET Q q 0 0 0 rg BT 57.66 174.45 Td (the ) Tj ET Q q 0 0 0 rg BT 72.33 174.45 Td (same ) Tj ET Q q 0 0 0 rg BT 96.50 174.45 Td (period ) Tj ET Q q 0 0 0 rg BT 123.68 174.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 133.34 174.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.37 174.45 Td (. ) Tj ET Q q 0 0 0 rg BT 158.03 174.45 Td (On ) Tj ET Q q 0 0 0 rg BT 172.19 174.45 Td (a ) Tj ET Q q 0 0 0 rg BT 179.36 174.45 Td (per ) Tj ET Q q 0 0 0 rg BT 194.52 174.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 211.70 174.45 Td (basis, ) Tj ET Q q 0 0 0 rg BT 237.37 174.45 Td (transportation ) Tj ET Q q 0 0 0 rg BT 294.56 174.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 335.25 174.45 Td (for ) Tj ET Q q 0 0 0 rg BT 347.91 174.45 Td (the ) Tj ET Q q 0 0 0 rg BT 362.58 174.45 Td (three ) Tj ET Q q 0 0 0 rg BT 385.26 174.45 Td (months ) Tj ET Q q 0 0 0 rg BT 416.93 174.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.12 174.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 502.80 174.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.82 174.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.98 174.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 163.65 Td (30%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.01 163.65 Td ( ) Tj ET Q q 0 0 0 rg BT 65.87 163.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 76.24 163.65 Td ($0.86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.76 163.65 Td ( ) Tj ET Q q 0 0 0 rg BT 101.62 163.65 Td (per ) Tj ET Q q 0 0 0 rg BT 117.48 163.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 135.36 163.65 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.22 163.65 Td ($1.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.74 163.65 Td ( ) Tj ET Q q 0 0 0 rg BT 181.60 163.65 Td (per ) Tj ET Q q 0 0 0 rg BT 197.46 163.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 215.34 163.65 Td (for ) Tj ET Q q 0 0 0 rg BT 228.70 163.65 Td (the ) Tj ET Q q 0 0 0 rg BT 244.07 163.65 Td (comparable ) Tj ET Q q 0 0 0 rg BT 293.95 163.65 Td (period ) Tj ET Q q 0 0 0 rg BT 321.83 163.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.19 163.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.21 163.65 Td (. ) Tj ET Q q 0 0 0 rg BT 357.39 163.65 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.75 163.65 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.78 163.65 Td ( ) Tj ET Q q 0 0 0 rg BT 415.64 163.65 Td (in ) Tj ET Q q 0 0 0 rg BT 425.50 163.65 Td (transportation ) Tj ET Q q 0 0 0 rg BT 483.39 163.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 507.25 163.65 Td (on ) Tj ET Q q 0 0 0 rg BT 520.12 163.65 Td (an ) Tj ET Q q 0 0 0 rg BT 532.99 163.65 Td (absolute ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 152.85 Td (and ) Tj ET Q q 0 0 0 rg BT 62.52 152.85 Td (per ) Tj ET Q q 0 0 0 rg BT 78.02 152.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 95.54 152.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 119.05 152.85 Td (during ) Tj ET Q q 0 0 0 rg BT 146.57 152.85 Td (the ) Tj ET Q q 0 0 0 rg BT 161.58 152.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 187.10 152.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 218.11 152.85 Td (of ) Tj ET Q q 0 0 0 rg BT 228.12 152.85 Td (2016 ) Tj ET Q q 0 0 0 rg BT 250.64 152.85 Td (was ) Tj ET Q q 0 0 0 rg BT 269.15 152.85 Td (due ) Tj ET Q q 0 0 0 rg BT 286.66 152.85 Td (to ) Tj ET Q q 0 0 0 rg BT 296.67 152.85 Td (the ) Tj ET Q q 0 0 0 rg BT 311.68 152.85 Td (same ) Tj ET Q q 0 0 0 rg BT 336.19 152.85 Td (factors ) Tj ET Q q 0 0 0 rg BT 365.70 152.85 Td (discussed ) Tj ET Q q 0 0 0 rg BT 408.22 152.85 Td (above. ) 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 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 19) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (The ) Tj ET Q q 0 0 0 rg BT 63.01 742.45 Td (following ) Tj ET Q q 0 0 0 rg BT 100.53 742.45 Td (table ) Tj ET Q q 0 0 0 rg BT 122.55 742.45 Td (highlights ) Tj ET Q q 0 0 0 rg BT 163.07 742.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 204.43 742.45 Td (s ) Tj ET Q q 0 0 0 rg BT 211.43 742.45 Td (transportation ) Tj ET Q q 0 0 0 rg BT 268.97 742.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 292.47 742.45 Td (by ) Tj ET Q q 0 0 0 rg BT 304.48 742.45 Td (product ) Tj ET Q q 0 0 0 rg BT 337.00 742.45 Td (for ) Tj ET Q q 0 0 0 rg BT 350.00 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 365.01 742.45 Td (three ) Tj ET Q q 0 0 0 rg BT 388.03 742.45 Td (months ) Tj ET Q q 0 0 0 rg BT 420.04 742.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.56 742.45 Td (years ) Tj ET Q q 0 0 0 rg BT 462.07 742.45 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.09 742.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.59 742.45 Td (December ) Tj ET Q q 0 0 0 rg BT 533.61 742.45 Td (31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.12 742.45 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 728.95 m 230.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 728.95 m 286.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 728.95 m 342.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 728.95 m 398.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 728.95 m 454.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 728.95 m 510.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 728.95 m 566.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 700.95 m 230.5 700.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 700.95 m 286.5 700.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 700.95 m 342.5 700.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 700.95 m 398.5 700.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 700.95 m 454.5 700.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 700.95 m 510.5 700.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 700.95 m 566.5 700.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 700.95 m 566.5 700.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 658.95 m 230.5 658.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 658.95 m 286.5 658.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 658.95 m 342.5 658.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 658.95 m 398.5 658.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 658.95 m 454.5 658.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 658.95 m 510.5 658.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 658.95 m 566.5 658.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 644.95 m 230.5 644.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 644.95 m 286.5 644.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 644.95 m 342.5 644.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 644.95 m 398.5 644.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 644.95 m 454.5 644.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 644.95 m 510.5 644.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 644.95 m 566.5 644.95 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.90 719.35 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.75 719.35 Td (Years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 705.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 705.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.95 705.35 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.95 705.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 705.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 705.35 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 691.35 Td (Natural gas \($/mcf\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 691.35 Td (0.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 691.35 Td (0.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 691.35 Td (\(32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 691.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 691.35 Td (0.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 691.35 Td (0.24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 691.35 Td (\(29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 691.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 677.35 Td (Natural gas liquids \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 677.35 Td (0.54) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 677.35 Td (0.34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 677.35 Td (59) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 677.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 677.35 Td (0.53) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 677.35 Td (0.48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 677.35 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 677.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 663.35 Td (Oil \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 663.35 Td (0.86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 663.35 Td (1.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 663.35 Td (\(54) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 663.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 663.35 Td (1.33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 663.35 Td (1.90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 663.35 Td (\(30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 663.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 649.35 Td (Total \($/boe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 649.35 Td (0.86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 649.35 Td (1.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 649.35 Td (\(30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 649.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 649.35 Td (0.90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 649.35 Td (1.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 649.35 Td (\(29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 649.35 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 628.65 Td (Operating ) Tj ET Q q 0 0 0 rg BT 90.50 628.65 Td (Netbacks ) Tj ET Q q 0 0 0 rg BT 133.52 628.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.52 628.65 Td (For ) Tj ET Q q 0 0 0 rg BT 156.02 628.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 171.53 628.65 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.04 628.65 Td ( ) Tj ET Q q 0 0 0 rg BT 192.04 628.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.07 628.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 279.59 628.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.62 628.65 Td (, ) Tj ET Q q 0 0 0 rg BT 305.12 628.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 353.86 628.65 Td (operating ) Tj ET Q q 0 0 0 rg BT 394.39 628.65 Td (netback ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.91 628.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.94 628.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.94 628.65 Td (17%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.95 628.65 Td ( ) Tj ET Q q 0 0 0 rg BT 494.95 628.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.46 628.65 Td ($13.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.99 628.65 Td ( ) Tj ET Q q 0 0 0 rg BT 535.99 628.65 Td (per ) Tj ET Q q 0 0 0 rg BT 551.99 628.65 Td (boe ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 617.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 87.71 617.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.91 617.85 Td ($16.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.44 617.85 Td ( ) Tj ET Q q 0 0 0 rg BT 128.13 617.85 Td (per ) Tj ET Q q 0 0 0 rg BT 143.84 617.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 161.54 617.85 Td (for ) Tj ET Q q 0 0 0 rg BT 174.74 617.85 Td (the ) Tj ET Q q 0 0 0 rg BT 189.95 617.85 Td (year ) Tj ET Q q 0 0 0 rg BT 210.15 617.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.87 617.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 297.09 617.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.11 617.85 Td (. ) Tj ET Q q 0 0 0 rg BT 322.30 617.85 Td (For ) Tj ET Q q 0 0 0 rg BT 338.50 617.85 Td (the ) Tj ET Q q 0 0 0 rg BT 353.70 617.85 Td (three ) Tj ET Q q 0 0 0 rg BT 376.91 617.85 Td (months ) Tj ET Q q 0 0 0 rg BT 409.11 617.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.83 617.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 496.06 617.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.08 617.85 Td (, ) Tj ET Q q 0 0 0 rg BT 521.27 617.85 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 607.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 85.98 607.05 Td (netback ) Tj ET Q q 0 0 0 rg BT 120.95 607.05 Td (decreased ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.42 607.05 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 179.43 607.05 Td ( ) Tj ET Q q 0 0 0 rg BT 182.88 607.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.83 607.05 Td ($15.14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.36 607.05 Td ( ) Tj ET Q q 0 0 0 rg BT 224.81 607.05 Td (per ) Tj ET Q q 0 0 0 rg BT 241.26 607.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 259.73 607.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 303.20 607.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.15 607.05 Td ($15.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.68 607.05 Td ( ) Tj ET Q q 0 0 0 rg BT 345.13 607.05 Td (per ) Tj ET Q q 0 0 0 rg BT 361.58 607.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 380.04 607.05 Td (for ) Tj ET Q q 0 0 0 rg BT 394.00 607.05 Td (the ) Tj ET Q q 0 0 0 rg BT 409.95 607.05 Td (same ) Tj ET Q q 0 0 0 rg BT 435.41 607.05 Td (period ) Tj ET Q q 0 0 0 rg BT 463.88 607.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.83 607.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.85 607.05 Td (. ) Tj ET Q q 0 0 0 rg BT 500.57 607.05 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.53 607.05 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.55 607.05 Td ( ) Tj ET Q q 0 0 0 rg BT 560.00 607.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 596.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 93.29 596.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 115.86 596.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 155.93 596.25 Td (netback ) Tj ET Q q 0 0 0 rg BT 190.00 596.25 Td (on ) Tj ET Q q 0 0 0 rg BT 202.56 596.25 Td (a ) Tj ET Q q 0 0 0 rg BT 210.11 596.25 Td (per ) Tj ET Q q 0 0 0 rg BT 225.67 596.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 243.23 596.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 266.79 596.25 Td (for ) Tj ET Q q 0 0 0 rg BT 279.84 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.90 596.25 Td (three ) Tj ET Q q 0 0 0 rg BT 317.96 596.25 Td (months ) Tj ET Q q 0 0 0 rg BT 350.02 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.58 596.25 Td (year ) Tj ET Q q 0 0 0 rg BT 387.63 596.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 415.21 596.25 Td (December ) Tj ET Q q 0 0 0 rg BT 459.27 596.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 474.33 596.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 496.90 596.25 Td (was ) Tj ET Q q 0 0 0 rg BT 515.45 596.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 552.00 596.25 Td (due ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 585.45 Td (to ) Tj ET Q q 0 0 0 rg BT 54.72 585.45 Td (lower ) Tj ET Q q 0 0 0 rg BT 78.43 585.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 112.16 585.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 157.88 585.45 Td (pricing. ) Tj ET Q q 0 0 0 rg BT 189.11 585.45 Td (In ) Tj ET Q q 0 0 0 rg BT 198.82 585.45 Td (spite ) Tj ET Q q 0 0 0 rg BT 220.05 585.45 Td (of ) Tj ET Q q 0 0 0 rg BT 229.76 585.45 Td (the ) Tj ET Q q 0 0 0 rg BT 244.49 585.45 Td (challenging ) Tj ET Q q 0 0 0 rg BT 292.23 585.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 337.95 585.45 Td (price ) Tj ET Q q 0 0 0 rg BT 359.67 585.45 Td (environment ) Tj ET Q q 0 0 0 rg BT 411.41 585.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 459.36 585.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 499.10 585.45 Td (margin) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 526.61 589.74 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.76 585.45 Td ( ) Tj ET Q q 0 0 0 rg BT 535.97 585.45 Td (showed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 574.65 Td (modest ) Tj ET Q q 0 0 0 rg BT 77.01 574.65 Td (improvement ) Tj ET Q q 0 0 0 rg BT 131.53 574.65 Td (to ) Tj ET Q q 0 0 0 rg BT 141.54 574.65 Td (63% ) Tj ET Q q 0 0 0 rg BT 162.05 574.65 Td (for ) Tj ET Q q 0 0 0 rg BT 175.06 574.65 Td (the ) Tj ET Q q 0 0 0 rg BT 190.07 574.65 Td (year ) Tj ET Q q 0 0 0 rg BT 210.08 574.65 Td (ended ) Tj ET Q q 0 0 0 rg BT 237.60 574.65 Td (December ) Tj ET Q q 0 0 0 rg BT 281.62 574.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 296.63 574.65 Td (2016 ) Tj ET Q q 0 0 0 rg BT 319.15 574.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 361.67 574.65 Td (to ) Tj ET Q q 0 0 0 rg BT 371.68 574.65 Td (62% ) Tj ET Q q 0 0 0 rg BT 392.19 574.65 Td (for ) Tj ET Q q 0 0 0 rg BT 405.20 574.65 Td (the ) Tj ET Q q 0 0 0 rg BT 420.21 574.65 Td (year ) Tj ET Q q 0 0 0 rg BT 440.22 574.65 Td (ended ) Tj ET Q q 0 0 0 rg BT 467.75 574.65 Td (December ) Tj ET Q q 0 0 0 rg BT 511.76 574.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 526.77 574.65 Td (2015.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 564.45 Td (\(1\)) Tj ET Q BT /F3 6.00 Tf ET BT /F3 3.90 Tf ET q 0 0 0 rg BT 52.33 567.31 Td ( ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 564.45 Td (Operating ) Tj ET Q q 0 0 0 rg BT 91.19 564.45 Td (margin ) Tj ET Q q 0 0 0 rg BT 111.36 564.45 Td (does ) Tj ET Q q 0 0 0 rg BT 126.21 564.45 Td (not ) Tj ET Q q 0 0 0 rg BT 136.39 564.45 Td (have ) Tj ET Q q 0 0 0 rg BT 151.23 564.45 Td (any ) Tj ET Q q 0 0 0 rg BT 162.74 564.45 Td (standardized ) Tj ET Q q 0 0 0 rg BT 198.94 564.45 Td (meaning ) Tj ET Q q 0 0 0 rg BT 223.79 564.45 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 253.64 564.45 Td (by ) Tj ET Q q 0 0 0 rg BT 261.81 564.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 277.32 564.45 Td (and ) Tj ET Q q 0 0 0 rg BT 289.16 564.45 Td (therefore ) Tj ET Q q 0 0 0 rg BT 315.01 564.45 Td (it ) Tj ET Q q 0 0 0 rg BT 319.85 564.45 Td (may ) Tj ET Q q 0 0 0 rg BT 333.02 564.45 Td (not ) Tj ET Q q 0 0 0 rg BT 343.20 564.45 Td (be ) Tj ET Q q 0 0 0 rg BT 351.71 564.45 Td (comparable ) Tj ET Q q 0 0 0 rg BT 384.90 564.45 Td (with ) Tj ET Q q 0 0 0 rg BT 397.40 564.45 Td (the ) Tj ET Q q 0 0 0 rg BT 407.58 564.45 Td (calculation ) Tj ET Q q 0 0 0 rg BT 437.77 564.45 Td (of ) Tj ET Q q 0 0 0 rg BT 444.61 564.45 Td (similar ) Tj ET Q q 0 0 0 rg BT 463.78 564.45 Td (measures ) Tj ET Q q 0 0 0 rg BT 491.96 564.45 Td (for ) Tj ET Q q 0 0 0 rg BT 500.79 564.45 Td (other ) Tj ET Q q 0 0 0 rg BT 516.31 564.45 Td (entities. ) Tj ET Q q 0 0 0 rg BT 538.82 564.45 Td ( ) Tj ET Q q 0 0 0 rg BT 540.66 564.45 Td (Bonavista ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 557.25 Td (has ) Tj ET Q q 0 0 0 rg BT 74.63 557.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 103.61 557.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 130.59 557.25 Td (margin ) Tj ET Q q 0 0 0 rg BT 150.89 557.25 Td (as ) Tj ET Q q 0 0 0 rg BT 159.19 557.25 Td (production ) Tj ET Q q 0 0 0 rg BT 189.17 557.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 215.81 557.25 Td (and ) Tj ET Q q 0 0 0 rg BT 227.78 557.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 250.75 557.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 267.06 557.25 Td (on ) Tj ET Q q 0 0 0 rg BT 275.69 557.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.66 557.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 332.63 557.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 363.60 557.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 389.90 557.25 Td (less ) Tj ET Q q 0 0 0 rg BT 402.53 557.25 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 428.50 557.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 455.48 557.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 471.45 557.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.42 557.25 Td (transportation ) Tj ET Q q 0 0 0 rg BT 522.06 557.25 Td (costs; ) Tj ET Q q 0 0 0 rg BT 539.70 557.25 Td (divided ) Tj ET Q q 0 0 0 rg BT 560.67 557.25 Td (by ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 550.05 Td (production ) Tj ET Q q 0 0 0 rg BT 92.69 550.05 Td (revenue ) Tj ET Q q 0 0 0 rg BT 116.04 550.05 Td (and ) Tj ET Q q 0 0 0 rg BT 127.71 550.05 Td (realized ) Tj ET Q q 0 0 0 rg BT 150.39 550.05 Td (gains ) Tj ET Q q 0 0 0 rg BT 166.40 550.05 Td (on ) Tj ET Q q 0 0 0 rg BT 174.74 550.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.42 550.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 228.10 550.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 258.78 550.05 Td (contracts.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 533.25 Td (The ) Tj ET Q q 0 0 0 rg BT 65.31 533.25 Td (following ) Tj ET Q q 0 0 0 rg BT 105.14 533.25 Td (tables ) Tj ET Q q 0 0 0 rg BT 133.96 533.25 Td (highlight ) Tj ET Q q 0 0 0 rg BT 172.29 533.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 222.84 533.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 265.17 533.25 Td (netbacks ) Tj ET Q q 0 0 0 rg BT 306.00 533.25 Td (per ) Tj ET Q q 0 0 0 rg BT 323.81 533.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 343.63 533.25 Td (by ) Tj ET Q q 0 0 0 rg BT 357.95 533.25 Td (core ) Tj ET Q q 0 0 0 rg BT 380.26 533.25 Td (area ) Tj ET Q q 0 0 0 rg BT 403.08 533.25 Td (for ) Tj ET Q q 0 0 0 rg BT 418.38 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.70 533.25 Td (three ) Tj ET Q q 0 0 0 rg BT 461.02 533.25 Td (months ) Tj ET Q q 0 0 0 rg BT 495.34 533.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.16 533.25 Td (years ) Tj ET Q q 0 0 0 rg BT 541.97 533.25 Td (ended) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 522.45 Td (December ) Tj ET Q q 0 0 0 rg BT 89.02 522.45 Td (31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.03 522.45 Td ( ) Tj ET Q q 0 0 0 rg BT 101.53 522.45 Td (\($/boe\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45 508.95 m 196 508.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 508.95 m 245 508.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 508.95 m 293 508.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 508.95 m 338 508.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 508.95 m 386 508.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 508.95 m 390 508.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 508.95 m 437 508.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 508.95 m 480 508.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 508.95 m 522 508.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 508.95 m 566 508.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 474.95 m 245 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 474.95 m 293 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 474.95 m 338 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 474.95 m 386 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 474.95 m 437 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 474.95 m 480 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 474.95 m 522 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 474.95 m 566 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 474.95 m 245 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 474.95 m 293 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 474.95 m 338 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 474.95 m 386 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 474.95 m 437 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 474.95 m 480 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 474.95 m 522 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 474.95 m 566 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 438.95 m 386 438.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 438.95 m 566 438.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 438.95 m 245 438.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 438.95 m 293 438.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 438.95 m 338 438.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 438.95 m 386 438.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 438.95 m 437 438.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 438.95 m 480 438.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 438.95 m 522 438.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 438.95 m 566 438.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 382.95 m 245 382.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i 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Tf ET q 0 0 0 rg BT 218.45 309.35 Td (18.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.45 309.35 Td (18.23) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.45 309.35 Td (13.79) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.45 309.35 Td (17.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.45 309.35 Td (21.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.45 309.35 Td (19.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.45 309.35 Td (21.50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 309.35 Td (20.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 295.90 Td (Realized gains on financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 286.90 Td (instrument commodity contracts) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 183.04 291.19 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.00 287.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.00 287.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.00 287.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.45 287.35 Td (3.66) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.00 287.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.00 287.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.00 287.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 287.35 Td (5.15) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.45 273.35 Td (18.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.45 273.35 Td (18.23) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.45 273.35 Td (13.79) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.45 273.35 Td (21.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.45 273.35 Td (21.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.45 273.35 Td (19.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.45 273.35 Td (21.50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 273.35 Td (25.88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 259.35 Td (Royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.45 259.35 Td (1.69) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.45 259.35 Td (0.86) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.45 259.35 Td (1.86) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.45 259.35 Td (1.47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.45 259.35 Td (2.04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.45 259.35 Td (1.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.45 259.35 Td (2.04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 259.35 Td (1.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 245.35 Td (Operating expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.45 245.35 Td (5.47) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.45 245.35 Td (4.21) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.45 245.35 Td (12.11) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.45 245.35 Td (5.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.45 245.35 Td (6.53) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.45 245.35 Td (4.70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.45 245.35 Td (11.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 245.35 Td (6.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 231.35 Td (Transportation expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.45 231.35 Td (0.65) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.45 231.35 Td (1.43) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.45 231.35 Td (1.02) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.45 231.35 Td (0.90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.45 231.35 Td (0.67) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.45 231.35 Td (1.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.45 231.35 Td (4.35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 231.35 Td (1.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 217.35 Td (T) Tj ET Q q 0 0 0 rg BT 51.50 217.35 Td (otal operating netback) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 140.06 221.64 Td (\(2\)\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 218.45 217.35 Td (10.19) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.45 217.35 Td (11.73) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 217.35 Td (\(1.20) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.00 217.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.45 217.35 Td (13.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.45 217.35 Td (11.93) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.45 217.35 Td (12.06) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.45 217.35 Td (3.88) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 217.35 Td (16.16) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 203.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.00 203.25 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 88.34 203.25 Td (are ) Tj ET Q q 0 0 0 rg BT 98.68 203.25 Td (not ) Tj ET Q q 0 0 0 rg BT 108.69 203.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 134.38 203.25 Td (by ) Tj ET Q q 0 0 0 rg BT 142.38 203.25 Td (area.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 196.05 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.00 196.05 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 88.34 196.05 Td (may ) Tj ET Q q 0 0 0 rg BT 101.35 196.05 Td (not ) Tj ET Q q 0 0 0 rg BT 111.35 196.05 Td (add ) Tj ET Q q 0 0 0 rg BT 123.03 196.05 Td (due ) Tj ET Q q 0 0 0 rg BT 134.71 196.05 Td (to ) Tj ET Q q 0 0 0 rg BT 141.38 196.05 Td (rounding.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 188.85 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 63.00 188.85 Td (Operating ) Tj ET Q q 0 0 0 rg BT 91.02 188.85 Td (netbacks ) Tj ET Q q 0 0 0 rg BT 116.70 188.85 Td (does ) Tj ET Q q 0 0 0 rg BT 131.38 188.85 Td (not ) Tj ET Q q 0 0 0 rg BT 141.38 188.85 Td (have ) Tj ET Q q 0 0 0 rg BT 156.06 188.85 Td (any ) Tj ET Q q 0 0 0 rg BT 167.40 188.85 Td (standardized ) Tj ET Q q 0 0 0 rg BT 203.43 188.85 Td (meaning ) Tj ET Q q 0 0 0 rg BT 228.11 188.85 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 257.79 188.85 Td (by ) Tj ET Q q 0 0 0 rg BT 265.79 188.85 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 281.13 188.85 Td (and ) Tj ET Q q 0 0 0 rg BT 292.80 188.85 Td (therefore ) Tj ET Q q 0 0 0 rg BT 318.49 188.85 Td (it ) Tj ET Q q 0 0 0 rg BT 323.15 188.85 Td (may ) Tj ET Q q 0 0 0 rg BT 336.16 188.85 Td (not ) Tj ET Q q 0 0 0 rg BT 346.16 188.85 Td (be ) Tj ET Q q 0 0 0 rg BT 354.50 188.85 Td (comparable ) Tj ET Q q 0 0 0 rg BT 387.52 188.85 Td (with ) Tj ET Q q 0 0 0 rg BT 399.86 188.85 Td (the ) Tj ET Q q 0 0 0 rg BT 409.87 188.85 Td (calculation ) Tj ET Q q 0 0 0 rg BT 439.88 188.85 Td (of ) Tj ET Q q 0 0 0 rg BT 446.55 188.85 Td (similar ) Tj ET Q q 0 0 0 rg BT 465.55 188.85 Td (measures ) Tj ET Q q 0 0 0 rg BT 493.56 188.85 Td (for ) Tj ET Q q 0 0 0 rg BT 502.23 188.85 Td (other ) Tj ET Q q 0 0 0 rg BT 517.58 188.85 Td (entities.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 172.05 Td (General ) Tj ET Q q 0 0 0 rg BT 80.80 172.05 Td (and ) Tj ET Q q 0 0 0 rg BT 99.08 172.05 Td (administrative ) Tj ET Q q 0 0 0 rg BT 162.39 172.05 Td (expenses ) Tj ET Q q 0 0 0 rg BT 205.69 172.05 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.97 172.05 Td (General ) Tj ET Q q 0 0 0 rg BT 245.27 172.05 Td (and ) Tj ET Q q 0 0 0 rg BT 262.57 172.05 Td (administrative ) Tj ET Q q 0 0 0 rg BT 320.37 172.05 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 363.68 172.05 Td (after ) Tj ET Q q 0 0 0 rg BT 383.97 172.05 Td (overhead ) Tj ET Q q 0 0 0 rg BT 423.78 172.05 Td (recoveries, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.08 172.05 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.11 172.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.39 172.05 Td (16%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.41 172.05 Td ( ) Tj ET Q q 0 0 0 rg BT 534.69 172.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.48 172.05 Td ($27.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 172.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 161.25 Td (million ) Tj ET Q q 0 0 0 rg BT 72.68 161.25 Td (for ) Tj ET Q q 0 0 0 rg BT 85.36 161.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 100.05 161.25 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.56 161.25 Td ( ) Tj ET Q q 0 0 0 rg BT 119.73 161.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.94 161.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 205.64 161.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.66 161.25 Td ( ) Tj ET Q q 0 0 0 rg BT 227.84 161.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 270.04 161.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.72 161.25 Td ($32.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.24 161.25 Td ( ) Tj ET Q q 0 0 0 rg BT 304.42 161.25 Td (million ) Tj ET Q q 0 0 0 rg BT 332.10 161.25 Td (for ) Tj ET Q q 0 0 0 rg BT 344.78 161.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.47 161.25 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.98 161.25 Td ( ) Tj ET Q q 0 0 0 rg BT 379.15 161.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.36 161.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 465.06 161.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.08 161.25 Td (. ) Tj ET Q q 0 0 0 rg BT 489.76 161.25 Td (On ) Tj ET Q q 0 0 0 rg BT 503.94 161.25 Td (a ) Tj ET Q q 0 0 0 rg BT 511.13 161.25 Td (per ) Tj ET Q q 0 0 0 rg BT 526.31 161.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 543.50 161.25 Td (basis, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 150.45 Td (general ) Tj ET Q q 0 0 0 rg BT 77.24 150.45 Td (and ) Tj ET Q q 0 0 0 rg BT 94.47 150.45 Td (administrative ) Tj ET Q q 0 0 0 rg BT 152.21 150.45 Td (expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 192.95 150.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.98 150.45 Td ( ) Tj ET Q q 0 0 0 rg BT 237.20 150.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.92 150.45 Td ($1.08) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.44 150.45 Td (perboe ) Tj ET Q q 0 0 0 rg BT 304.68 150.45 Td (for ) Tj ET Q q 0 0 0 rg BT 317.40 150.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.13 150.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.63 150.45 Td ( ) Tj ET Q q 0 0 0 rg BT 351.85 150.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.09 150.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 437.83 150.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.86 150.45 Td ( ) Tj ET Q q 0 0 0 rg BT 460.07 150.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 502.31 150.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.03 150.45 Td ($1.12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.55 150.45 Td ( ) Tj ET Q q 0 0 0 rg BT 536.77 150.45 Td (per ) Tj ET Q q 0 0 0 rg BT 551.99 150.45 Td (boe ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 139.65 Td (for ) Tj ET Q q 0 0 0 rg BT 58.68 139.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.37 139.65 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.88 139.65 Td ( ) Tj ET Q q 0 0 0 rg BT 95.06 139.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.26 139.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.97 139.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.99 139.65 Td (. ) Tj ET Q q 0 0 0 rg BT 208.46 139.65 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.15 139.65 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.17 139.65 Td ( ) Tj ET Q q 0 0 0 rg BT 267.35 139.65 Td (in ) Tj ET Q q 0 0 0 rg BT 277.53 139.65 Td (general ) Tj ET Q q 0 0 0 rg BT 310.73 139.65 Td (and ) Tj ET Q q 0 0 0 rg BT 328.93 139.65 Td (administration ) Tj ET Q q 0 0 0 rg BT 388.13 139.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 429.84 139.65 Td (on ) Tj ET Q q 0 0 0 rg BT 443.03 139.65 Td (an ) Tj ET Q q 0 0 0 rg BT 456.22 139.65 Td (absolute ) Tj ET Q q 0 0 0 rg BT 493.42 139.65 Td (and ) Tj ET Q q 0 0 0 rg BT 511.61 139.65 Td (per ) Tj ET Q q 0 0 0 rg BT 527.80 139.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 546.00 139.65 Td (basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 128.85 Td (resulted ) Tj ET Q q 0 0 0 rg BT 79.24 128.85 Td (from ) Tj ET Q q 0 0 0 rg BT 99.46 128.85 Td (a ) Tj ET Q q 0 0 0 rg BT 106.68 128.85 Td (decrease ) Tj ET Q q 0 0 0 rg BT 145.92 128.85 Td (in ) Tj ET Q q 0 0 0 rg BT 155.14 128.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 203.10 128.85 Td (administrative ) Tj ET Q q 0 0 0 rg BT 260.84 128.85 Td (cost ) Tj ET Q q 0 0 0 rg BT 279.57 128.85 Td (structure ) Tj ET Q q 0 0 0 rg BT 316.80 128.85 Td (and ) Tj ET Q q 0 0 0 rg BT 334.03 128.85 Td (reduced ) Tj ET Q q 0 0 0 rg BT 368.77 128.85 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 422.01 128.85 Td (spending ) Tj ET Q q 0 0 0 rg BT 460.76 128.85 Td (throughout ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.02 128.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.04 128.85 Td ( ) Tj ET Q q 0 0 0 rg BT 528.26 128.85 Td (relative ) Tj ET Q q 0 0 0 rg BT 559.49 128.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 118.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 118.05 Td (.) 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 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 20) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (General ) Tj ET Q q 0 0 0 rg BT 79.69 742.45 Td (and ) Tj ET Q q 0 0 0 rg BT 97.38 742.45 Td (administrative ) Tj ET Q q 0 0 0 rg BT 155.57 742.45 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 199.26 742.45 Td (after ) Tj ET Q q 0 0 0 rg BT 219.94 742.45 Td (overhead ) Tj ET Q q 0 0 0 rg BT 260.14 742.45 Td (recoveries, ) Tj ET Q q 0 0 0 rg BT 306.83 742.45 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.50 742.45 Td ($6.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.02 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 345.69 742.45 Td (million ) Tj ET Q q 0 0 0 rg BT 373.87 742.45 Td (for ) Tj ET Q q 0 0 0 rg BT 387.04 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 402.22 742.45 Td (three ) Tj ET Q q 0 0 0 rg BT 425.41 742.45 Td (months ) Tj ET Q q 0 0 0 rg BT 457.59 742.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.29 742.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 544.49 742.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.51 742.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 52.79 731.65 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.80 731.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.58 731.65 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 105.60 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 108.39 731.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 151.19 731.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.48 731.65 Td ($7.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 179.00 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 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ET Q q 0 0 0 rg BT 263.10 699.25 Td (and ) Tj ET Q q 0 0 0 rg BT 281.36 699.25 Td (administration ) Tj ET Q q 0 0 0 rg BT 340.64 699.25 Td (expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.41 699.25 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.44 699.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.68 699.25 Td (12%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.70 699.25 Td ( ) Tj ET Q q 0 0 0 rg BT 445.94 699.25 Td (to ) Tj ET Q q 0 0 0 rg BT 456.70 699.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.70 699.25 Td (1.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.22 699.25 Td ( ) Tj ET Q q 0 0 0 rg BT 482.47 699.25 Td (per ) Tj ET Q q 0 0 0 rg BT 498.72 699.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 516.99 699.25 Td (for ) Tj ET Q q 0 0 0 rg BT 530.74 699.25 Td (the ) Tj ET Q q 0 0 0 rg BT 546.50 699.25 Td (three ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 688.45 Td (months ) Tj ET Q q 0 0 0 rg BT 77.43 688.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 105.37 688.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 164.81 688.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.83 688.45 Td ( ) Tj ET Q q 0 0 0 rg BT 187.74 688.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 230.68 688.45 Td (to ) Tj ET Q q 0 0 0 rg BT 241.09 688.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.10 688.45 Td (0.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.62 688.45 Td ( ) Tj ET Q q 0 0 0 rg BT 266.53 688.45 Td (per ) Tj ET Q q 0 0 0 rg BT 282.45 688.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 300.38 688.45 Td (for ) Tj ET Q q 0 0 0 rg BT 313.80 688.45 Td (the ) Tj ET Q q 0 0 0 rg BT 329.22 688.45 Td (same ) Tj ET Q q 0 0 0 rg BT 354.14 688.45 Td (period ) Tj ET Q q 0 0 0 rg BT 382.07 688.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.49 688.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.51 688.45 Td (, ) Tj ET Q q 0 0 0 rg BT 417.93 688.45 Td (due ) Tj ET Q q 0 0 0 rg BT 435.85 688.45 Td (to ) Tj ET Q q 0 0 0 rg BT 446.27 688.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.19 688.45 Td (13%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.21 688.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.12 688.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.14 688.45 Td ( ) Tj ET Q q 0 0 0 rg BT 515.06 688.45 Td (in ) Tj ET Q q 0 0 0 rg BT 524.97 688.45 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 677.65 Td (volumes.) 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0 0 0 rg BT 526.99 628.45 Td (compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 617.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.01 617.65 Td ($1.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.52 617.65 Td ( ) Tj ET Q q 0 0 0 rg BT 75.02 617.65 Td (million ) Tj ET Q q 0 0 0 rg BT 103.03 617.65 Td (for ) Tj ET Q q 0 0 0 rg BT 116.03 617.65 Td (the ) Tj ET Q q 0 0 0 rg BT 131.04 617.65 Td (same ) Tj ET Q q 0 0 0 rg BT 155.55 617.65 Td (period ) Tj ET Q q 0 0 0 rg BT 183.07 617.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.08 617.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.10 617.65 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 600.85 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 98.89 600.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 157.28 600.85 Td (expense ) Tj ET Q q 0 0 0 rg BT 193.66 600.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 240.04 600.85 Td (for ) Tj ET Q q 0 0 0 rg BT 252.90 600.85 Td (the ) Tj ET Q q 0 0 0 rg BT 267.77 600.85 Td (three ) Tj ET Q q 0 0 0 rg BT 290.64 600.85 Td (months ) Tj ET Q q 0 0 0 rg BT 322.51 600.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.89 600.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 408.77 600.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.79 600.85 Td ( ) Tj ET Q q 0 0 0 rg BT 431.15 600.85 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.51 600.85 Td ($2.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.02 600.85 Td ( ) Tj ET Q q 0 0 0 rg BT 469.38 600.85 Td (million ) Tj ET Q q 0 0 0 rg BT 497.24 600.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 539.61 600.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.48 600.85 Td ($4.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 566.99 600.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 590.05 Td (million ) Tj ET Q q 0 0 0 rg BT 72.49 590.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 118.50 590.05 Td (for ) Tj ET Q q 0 0 0 rg BT 130.99 590.05 Td (the ) Tj ET Q q 0 0 0 rg BT 145.48 590.05 Td (same ) Tj ET Q q 0 0 0 rg BT 169.48 590.05 Td (period ) Tj ET Q q 0 0 0 rg BT 196.48 590.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.97 590.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.99 590.05 Td (. ) Tj ET Q q 0 0 0 rg BT 230.47 590.05 Td (For ) Tj ET Q q 0 0 0 rg BT 245.96 590.05 Td (the ) Tj ET Q q 0 0 0 rg BT 260.45 590.05 Td (three ) Tj ET Q q 0 0 0 rg BT 282.95 590.05 Td (months ) Tj ET Q q 0 0 0 rg BT 314.45 590.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.46 590.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 399.97 590.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.99 590.05 Td ( ) Tj ET Q q 0 0 0 rg BT 421.97 590.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.97 590.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 497.49 590.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.51 590.05 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.99 590.05 Td ($0.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.51 590.05 Td ( ) Tj ET Q q 0 0 0 rg BT 541.49 590.05 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 579.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.55 579.25 Td ($0.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.07 579.25 Td ( ) Tj ET Q q 0 0 0 rg BT 82.60 579.25 Td (million ) Tj ET Q q 0 0 0 rg BT 110.65 579.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.69 579.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 173.26 579.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 231.83 579.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 268.39 579.25 Td (was ) Tj ET Q q 0 0 0 rg BT 286.93 579.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 331.99 579.25 Td (to ) Tj ET Q q 0 0 0 rg BT 342.04 579.25 Td (property) Tj ET Q q 0 0 0 rg BT 374.38 579.25 Td (, ) Tj ET Q q 0 0 0 rg BT 379.42 579.25 Td (plant ) Tj ET Q q 0 0 0 rg BT 401.47 579.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.02 579.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 463.59 579.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 510.44 579.25 Td (. ) Tj ET Q q 0 0 0 rg BT 515.48 579.25 Td (Share-based ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 568.45 Td (compensation ) Tj ET Q q 0 0 0 rg BT 103.36 568.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 139.72 568.45 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.05 568.45 Td (lower) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 179.55 568.45 Td ( ) Tj ET Q q 0 0 0 rg BT 181.88 568.45 Td (for ) Tj ET Q q 0 0 0 rg BT 194.71 568.45 Td (the ) Tj ET Q q 0 0 0 rg BT 209.55 568.45 Td (three ) Tj ET Q q 0 0 0 rg BT 232.39 568.45 Td (months ) Tj ET Q q 0 0 0 rg BT 264.23 568.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.58 568.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.08 568.45 Td ( ) Tj ET Q q 0 0 0 rg BT 301.41 568.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.76 568.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 387.62 568.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.64 568.45 Td (, ) Tj ET Q q 0 0 0 rg BT 412.47 568.45 Td (when ) Tj ET Q q 0 0 0 rg BT 436.31 568.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 478.66 568.45 Td (to ) Tj ET Q q 0 0 0 rg BT 488.49 568.45 Td (the ) Tj ET Q q 0 0 0 rg BT 503.33 568.45 Td (same ) Tj ET Q q 0 0 0 rg BT 527.66 568.45 Td (periods ) Tj ET Q q 0 0 0 rg BT 559.51 568.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 557.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 557.65 Td ( ) Tj ET Q q 0 0 0 rg BT 68.23 557.65 Td (due ) Tj ET Q q 0 0 0 rg BT 86.46 557.65 Td (to ) Tj ET Q q 0 0 0 rg BT 97.17 557.65 Td (the ) Tj ET Q q 0 0 0 rg BT 112.89 557.65 Td (lower ) Tj ET Q q 0 0 0 rg BT 137.61 557.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 153.32 557.65 Td (value ) Tj ET Q q 0 0 0 rg BT 178.05 557.65 Td (associated ) Tj ET Q q 0 0 0 rg BT 224.29 557.65 Td (with ) Tj ET Q q 0 0 0 rg BT 243.50 557.65 Td (the ) Tj ET Q q 0 0 0 rg BT 259.22 557.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 308.97 557.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 349.19 557.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 387.92 557.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 420.14 557.65 Td (expensed ) Tj ET Q q 0 0 0 rg BT 462.39 557.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.60 557.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.62 557.65 Td ( ) Tj ET Q q 0 0 0 rg BT 495.83 557.65 Td (and ) Tj ET Q q 0 0 0 rg BT 514.06 557.65 Td (the ) Tj ET Q q 0 0 0 rg BT 529.78 557.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 559.50 557.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 546.85 Td (additional ) Tj ET Q q 0 0 0 rg BT 86.03 546.85 Td (expense ) Tj ET Q q 0 0 0 rg BT 122.56 546.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 169.09 546.85 Td (throughout ) Tj ET Q q 0 0 0 rg BT 214.62 546.85 Td (2015 ) Tj ET Q q 0 0 0 rg BT 237.15 546.85 Td (for ) Tj ET Q q 0 0 0 rg BT 250.15 546.85 Td (stock ) Tj ET Q q 0 0 0 rg BT 273.66 546.85 Td (options ) Tj ET Q q 0 0 0 rg BT 305.18 546.85 Td (voluntarily ) Tj ET Q q 0 0 0 rg BT 348.20 546.85 Td (surrendered ) Tj ET Q q 0 0 0 rg BT 399.23 546.85 Td (by ) Tj ET Q q 0 0 0 rg BT 411.23 546.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 459.47 546.85 Td (employees. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 530.05 Td (The ) Tj ET Q q 0 0 0 rg BT 63.77 530.05 Td (following ) Tj ET Q q 0 0 0 rg BT 102.04 530.05 Td (table ) Tj ET Q q 0 0 0 rg BT 124.82 530.05 Td (highlights ) Tj ET Q q 0 0 0 rg BT 166.10 530.05 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 207.46 530.05 Td (s ) Tj ET Q q 0 0 0 rg BT 215.22 530.05 Td (share-based ) Tj ET Q q 0 0 0 rg BT 268.51 530.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 327.80 530.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 365.08 530.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 412.37 530.05 Td (for ) Tj ET Q q 0 0 0 rg BT 426.13 530.05 Td (the ) Tj ET Q q 0 0 0 rg BT 441.90 530.05 Td (three ) Tj ET Q q 0 0 0 rg BT 465.67 530.05 Td (months ) Tj ET Q q 0 0 0 rg BT 498.44 530.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.71 530.05 Td (years ) Tj ET Q q 0 0 0 rg BT 541.98 530.05 Td (ended) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 519.25 Td (December ) Tj ET Q q 0 0 0 rg BT 89.02 519.25 Td (31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.53 519.25 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 508.75 m 262.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 508.75 m 338.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 508.75 m 414.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 508.75 m 490.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 508.75 m 566.5 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 480.75 m 262.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 480.75 m 338.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 480.75 m 414.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 480.75 m 490.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 480.75 m 566.5 480.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 440.75 m 262.5 440.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 440.75 m 338.5 440.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 440.75 m 414.5 440.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 440.75 m 490.5 440.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 440.75 m 566.5 440.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.90 499.15 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.75 499.15 Td (Years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.95 485.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 485.15 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.95 485.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 485.15 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 47.00 472.75 Td (\($ thousands, except for per boe amounts\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 459.15 Td (Share-based compensation expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.45 459.15 Td (2,058) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.45 459.15 Td (4,057) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.45 459.15 Td (8,994) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 459.15 Td (17,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 445.15 Td (Share-based compensation expense per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.45 445.15 Td (0.32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.45 445.15 Td (0.55) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.45 445.15 Td (0.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 445.15 Td (0.59) Tj ET Q BT /F1 10.00 Tf ET BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 424.45 Td (Depletion, ) Tj ET Q q 0 0 0 rg BT 93.37 424.45 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 154.25 424.45 Td (amortization ) Tj ET Q q 0 0 0 rg BT 212.63 424.45 Td (and ) Tj ET Q q 0 0 0 rg BT 233.50 424.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 286.88 424.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.75 424.45 Td (For ) Tj ET Q q 0 0 0 rg BT 313.12 424.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.50 424.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.01 424.45 Td ( ) Tj ET Q q 0 0 0 rg BT 352.88 424.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.77 424.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 444.17 424.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.19 424.45 Td (, ) Tj ET Q q 0 0 0 rg BT 471.56 424.45 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 515.46 424.45 Td (depreciation, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 412.45 Td (amortization ) Tj ET Q q 0 0 0 rg BT 96.12 412.45 Td (and ) Tj ET Q q 0 0 0 rg BT 113.24 412.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 159.85 412.45 Td (expense ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.98 412.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.01 412.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.11 412.45 Td (73%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.12 412.45 Td ( ) Tj ET Q q 0 0 0 rg BT 260.23 412.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.83 412.45 Td ($319.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.36 412.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.46 412.45 Td (million ) Tj ET Q q 0 0 0 rg BT 327.07 412.45 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.17 412.45 Td ($1,168.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.20 412.45 Td ( ) Tj ET Q q 0 0 0 rg BT 384.30 412.45 Td (million ) Tj ET Q q 0 0 0 rg BT 411.91 412.45 Td (for ) Tj ET Q q 0 0 0 rg BT 424.51 412.45 Td (the ) Tj ET Q q 0 0 0 rg BT 439.13 412.45 Td (year ) Tj ET Q q 0 0 0 rg BT 458.73 412.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.86 412.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 544.49 412.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.51 412.45 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 401.65 Td (On ) Tj ET Q q 0 0 0 rg BT 59.39 401.65 Td (a ) Tj ET Q q 0 0 0 rg BT 66.78 401.65 Td (per ) Tj ET Q q 0 0 0 rg BT 82.17 401.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 99.57 401.65 Td (basis, ) Tj ET Q q 0 0 0 rg BT 125.46 401.65 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 166.88 401.65 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 220.80 401.65 Td (amortization ) Tj ET Q q 0 0 0 rg BT 272.20 401.65 Td (and ) Tj ET Q q 0 0 0 rg BT 289.60 401.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 336.50 401.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 372.91 401.65 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.29 401.65 Td ($12.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.82 401.65 Td ( ) Tj ET Q q 0 0 0 rg BT 421.20 401.65 Td (per ) Tj ET Q q 0 0 0 rg BT 436.60 401.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 453.99 401.65 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.88 401.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.90 401.65 Td ( ) Tj ET Q q 0 0 0 rg BT 489.29 401.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.69 401.65 Td ($40.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.21 401.65 Td ( ) Tj ET Q q 0 0 0 rg BT 536.60 401.65 Td (per ) Tj ET Q q 0 0 0 rg BT 551.99 401.65 Td (boe ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 390.85 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.55 390.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.57 390.85 Td (. ) Tj ET Q q 0 0 0 rg BT 81.98 390.85 Td (The ) Tj ET Q q 0 0 0 rg BT 99.53 390.85 Td (significant ) Tj ET Q q 0 0 0 rg BT 141.59 390.85 Td (decrease ) Tj ET Q q 0 0 0 rg BT 180.66 390.85 Td (in ) Tj ET Q q 0 0 0 rg BT 189.71 390.85 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 230.78 390.85 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 284.36 390.85 Td (amortization ) Tj ET Q q 0 0 0 rg BT 335.42 390.85 Td (and ) Tj ET Q q 0 0 0 rg BT 352.48 390.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 399.03 390.85 Td (on ) Tj ET Q q 0 0 0 rg BT 411.09 390.85 Td (both ) Tj ET Q q 0 0 0 rg BT 430.65 390.85 Td (an ) Tj ET Q q 0 0 0 rg BT 442.70 390.85 Td (absolute ) Tj ET Q q 0 0 0 rg BT 478.77 390.85 Td (and ) Tj ET Q q 0 0 0 rg BT 495.83 390.85 Td (per ) Tj ET Q q 0 0 0 rg BT 510.88 390.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 527.94 390.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 550.99 390.85 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 380.05 Td (due ) Tj ET Q q 0 0 0 rg BT 62.37 380.05 Td (to ) Tj ET Q q 0 0 0 rg BT 72.22 380.05 Td (the ) Tj ET Q q 0 0 0 rg BT 87.08 380.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 115.94 380.05 Td (of ) Tj ET Q q 0 0 0 rg BT 125.80 380.05 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 138.16 380.05 Td ($812.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.69 380.05 Td ( ) Tj ET Q q 0 0 0 rg BT 168.04 380.05 Td (million ) Tj ET Q q 0 0 0 rg BT 195.89 380.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 242.75 380.05 Td (charge ) Tj ET Q q 0 0 0 rg BT 272.62 380.05 Td (recorded ) Tj ET Q q 0 0 0 rg BT 310.49 380.05 Td (for ) Tj ET Q q 0 0 0 rg BT 323.35 380.05 Td (the ) Tj ET Q q 0 0 0 rg BT 338.21 380.05 Td (year ) Tj ET Q q 0 0 0 rg BT 358.07 380.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.44 380.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 444.32 380.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.34 380.05 Td ( ) Tj ET Q q 0 0 0 rg BT 466.69 380.05 Td (and ) Tj ET Q q 0 0 0 rg BT 484.06 380.05 Td (to ) Tj ET Q q 0 0 0 rg BT 493.91 380.05 Td (a ) Tj ET Q q 0 0 0 rg BT 501.27 380.05 Td (lesser ) Tj ET Q q 0 0 0 rg BT 527.63 380.05 Td (extent ) Tj ET Q q 0 0 0 rg BT 554.49 380.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 369.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 74.01 369.25 Td (of ) Tj ET Q q 0 0 0 rg BT 84.01 369.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.52 369.25 Td (14%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.53 369.25 Td ( ) Tj ET Q q 0 0 0 rg BT 112.03 369.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 151.56 369.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.06 369.25 Td (production ) Tj ET Q q 0 0 0 rg BT 205.59 369.25 Td (volumes ) Tj ET Q q 0 0 0 rg BT 241.61 369.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.61 369.25 Td (which ) Tj ET Q q 0 0 0 rg BT 277.12 369.25 Td (depletion ) Tj ET Q q 0 0 0 rg BT 316.16 369.25 Td (is ) Tj ET Q q 0 0 0 rg BT 325.16 369.25 Td (based ) Tj ET Q q 0 0 0 rg BT 352.18 369.25 Td (upon. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 352.45 Td (In ) Tj ET Q q 0 0 0 rg BT 55.35 352.45 Td (the ) Tj ET Q q 0 0 0 rg BT 70.70 352.45 Td (second ) Tj ET Q q 0 0 0 rg BT 102.56 352.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 133.91 352.45 Td (of ) Tj ET Q q 0 0 0 rg BT 144.26 352.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 169.62 352.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 211.99 352.45 Td (had ) Tj ET Q q 0 0 0 rg BT 229.84 352.45 Td (classified ) Tj ET Q q 0 0 0 rg BT 269.70 352.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 299.55 352.45 Td (non-core ) Tj ET Q q 0 0 0 rg BT 337.91 352.45 Td (properties ) Tj ET Q q 0 0 0 rg BT 380.77 352.45 Td (in ) Tj ET Q q 0 0 0 rg BT 390.62 352.45 Td (its ) Tj ET Q q 0 0 0 rg BT 402.46 352.45 Td (Southern ) Tj ET Q q 0 0 0 rg BT 441.26 352.45 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 472.62 352.45 Td (CGU ) Tj ET Q q 0 0 0 rg BT 495.45 352.45 Td (as ) Tj ET Q q 0 0 0 rg BT 507.80 352.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 536.65 352.45 Td (held ) Tj ET Q q 0 0 0 rg BT 556.51 352.45 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 341.65 Td (sale, ) Tj ET Q q 0 0 0 rg BT 65.79 341.65 Td (as ) Tj ET Q q 0 0 0 rg BT 77.08 341.65 Td (a ) Tj ET Q q 0 0 0 rg BT 83.87 341.65 Td (result, ) Tj ET Q q 0 0 0 rg BT 110.15 341.65 Td (an ) Tj ET Q q 0 0 0 rg BT 121.95 341.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 168.24 341.65 Td (charge ) Tj ET Q q 0 0 0 rg BT 197.54 341.65 Td (of ) Tj ET Q q 0 0 0 rg BT 206.83 341.65 Td ($56.6 ) Tj ET Q q 0 0 0 rg BT 231.13 341.65 Td (million ) Tj ET Q q 0 0 0 rg BT 258.42 341.65 Td (was ) Tj ET Q q 0 0 0 rg BT 276.20 341.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 313.51 341.65 Td (using ) Tj ET Q q 0 0 0 rg BT 336.80 341.65 Td (the ) Tj ET Q q 0 0 0 rg BT 351.10 341.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 365.38 341.65 Td (value ) Tj ET Q q 0 0 0 rg BT 388.68 341.65 Td (less ) Tj ET Q q 0 0 0 rg BT 406.46 341.65 Td (cost ) Tj ET Q q 0 0 0 rg BT 424.75 341.65 Td (to ) Tj ET Q q 0 0 0 rg BT 434.04 341.65 Td (sell ) Tj ET Q q 0 0 0 rg BT 449.32 341.65 Td (model ) Tj ET Q q 0 0 0 rg BT 475.62 341.65 Td (based ) Tj ET Q q 0 0 0 rg BT 501.92 341.65 Td (on ) Tj ET Q q 0 0 0 rg BT 513.71 341.65 Td (the ) Tj ET Q q 0 0 0 rg BT 528.00 341.65 Td (estimated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 330.85 Td (consideration ) Tj ET Q q 0 0 0 rg BT 100.95 330.85 Td (to ) Tj ET Q q 0 0 0 rg BT 110.87 330.85 Td (be ) Tj ET Q q 0 0 0 rg BT 123.29 330.85 Td (received ) Tj ET Q q 0 0 0 rg BT 159.72 330.85 Td (according ) Tj ET Q q 0 0 0 rg BT 201.16 330.85 Td (to ) Tj ET Q q 0 0 0 rg BT 211.07 330.85 Td (the ) Tj ET Q q 0 0 0 rg BT 226.00 330.85 Td (purchase ) Tj ET Q q 0 0 0 rg BT 265.43 330.85 Td (and ) Tj ET Q q 0 0 0 rg BT 282.86 330.85 Td (sale ) Tj ET Q q 0 0 0 rg BT 301.79 330.85 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 349.57 330.85 Td (These ) Tj ET Q q 0 0 0 rg BT 377.00 330.85 Td (Southern ) Tj ET Q q 0 0 0 rg BT 415.46 330.85 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 446.38 330.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 474.81 330.85 Td (were ) Tj ET Q q 0 0 0 rg BT 496.73 330.85 Td (disposed ) Tj ET Q q 0 0 0 rg BT 535.17 330.85 Td (of ) Tj ET Q q 0 0 0 rg BT 545.09 330.85 Td (in ) Tj ET Q q 0 0 0 rg BT 554.50 330.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 320.05 Td (third ) Tj ET Q q 0 0 0 rg BT 64.64 320.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 95.29 320.05 Td (of ) Tj ET Q q 0 0 0 rg BT 104.93 320.05 Td (2016 ) Tj ET Q q 0 0 0 rg BT 127.08 320.05 Td (resulting ) Tj ET Q q 0 0 0 rg BT 163.23 320.05 Td (in ) Tj ET Q q 0 0 0 rg BT 172.37 320.05 Td (the ) Tj ET Q q 0 0 0 rg BT 187.02 320.05 Td (disposition ) Tj ET Q q 0 0 0 rg BT 231.67 320.05 Td (of ) Tj ET Q q 0 0 0 rg BT 241.31 320.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 289.19 320.05 Td (Southern ) Tj ET Q q 0 0 0 rg BT 327.42 320.05 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 358.07 320.05 Td (CGU ) Tj ET Q q 0 0 0 rg BT 380.21 320.05 Td (in ) Tj ET Q q 0 0 0 rg BT 389.34 320.05 Td (its ) Tj ET Q q 0 0 0 rg BT 400.48 320.05 Td (entirety) Tj ET Q q 0 0 0 rg BT 429.32 320.05 Td (. ) Tj ET Q q 0 0 0 rg BT 433.53 320.05 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.17 320.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 502.83 320.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.85 320.05 Td (, ) Tj ET Q q 0 0 0 rg BT 527.48 320.05 Td (Bonavista ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 309.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 86.31 309.25 Td (its ) Tj ET Q q 0 0 0 rg BT 97.58 309.25 Td (property) Tj ET Q q 0 0 0 rg BT 129.93 309.25 Td (, ) Tj ET Q q 0 0 0 rg BT 134.70 309.25 Td (plant ) Tj ET Q q 0 0 0 rg BT 156.49 309.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.78 309.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 218.08 309.25 Td (for ) Tj ET Q q 0 0 0 rg BT 230.86 309.25 Td (indicators ) Tj ET Q q 0 0 0 rg BT 271.65 309.25 Td (of ) Tj ET Q q 0 0 0 rg BT 281.43 309.25 Td (any ) Tj ET Q q 0 0 0 rg BT 298.21 309.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 334.51 309.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 381.30 309.25 Td (or ) Tj ET Q q 0 0 0 rg BT 391.58 309.25 Td (related ) Tj ET Q q 0 0 0 rg BT 421.37 309.25 Td (reversal. ) Tj ET Q q 0 0 0 rg BT 458.15 309.25 Td (No ) Tj ET Q q 0 0 0 rg BT 471.93 309.25 Td (indicators ) Tj ET Q q 0 0 0 rg BT 512.72 309.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.50 309.25 Td (impairment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 298.45 Td (were ) Tj ET Q q 0 0 0 rg BT 67.01 298.45 Td (identified ) Tj ET Q q 0 0 0 rg BT 105.53 298.45 Td (and ) Tj ET Q q 0 0 0 rg BT 123.05 298.45 Td (as ) Tj ET Q q 0 0 0 rg BT 135.06 298.45 Td (a ) Tj ET Q q 0 0 0 rg BT 142.56 298.45 Td (result ) Tj ET Q q 0 0 0 rg BT 167.07 298.45 Td (no ) Tj ET Q q 0 0 0 rg BT 179.58 298.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 226.60 298.45 Td (test ) Tj ET Q q 0 0 0 rg BT 243.60 298.45 Td (was ) Tj ET Q q 0 0 0 rg BT 262.11 298.45 Td (performed.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 281.65 Td (For ) Tj ET Q q 0 0 0 rg BT 60.20 281.65 Td (the ) Tj ET Q q 0 0 0 rg BT 74.41 281.65 Td (three ) Tj ET Q q 0 0 0 rg BT 96.62 281.65 Td (months ) Tj ET Q q 0 0 0 rg BT 127.84 281.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.56 281.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 212.79 281.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.81 281.65 Td (, ) Tj ET Q q 0 0 0 rg BT 237.01 281.65 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 277.74 281.65 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 330.98 281.65 Td (amortization ) Tj ET Q q 0 0 0 rg BT 381.70 281.65 Td (and ) Tj ET Q q 0 0 0 rg BT 398.42 281.65 Td (impairment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.63 281.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.66 281.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.36 281.65 Td (90%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.37 281.65 Td ( ) Tj ET Q q 0 0 0 rg BT 508.07 281.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.27 281.65 Td ($64.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.80 281.65 Td ( ) Tj ET Q q 0 0 0 rg BT 541.50 281.65 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 270.85 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.99 270.85 Td ($649.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.51 270.85 Td ( ) Tj ET Q q 0 0 0 rg BT 94.50 270.85 Td (million ) Tj ET Q q 0 0 0 rg BT 121.99 270.85 Td (for ) Tj ET Q q 0 0 0 rg BT 134.48 270.85 Td (the ) Tj ET Q q 0 0 0 rg BT 148.97 270.85 Td (same ) Tj ET Q q 0 0 0 rg BT 172.97 270.85 Td (period ) Tj ET Q q 0 0 0 rg BT 199.97 270.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.46 270.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.48 270.85 Td (. ) Tj ET Q q 0 0 0 rg BT 233.97 270.85 Td (On ) Tj ET Q q 0 0 0 rg BT 247.96 270.85 Td (a ) Tj ET Q q 0 0 0 rg BT 254.95 270.85 Td (per ) Tj ET Q q 0 0 0 rg BT 269.94 270.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 286.95 270.85 Td (basis, ) Tj ET Q q 0 0 0 rg BT 312.44 270.85 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 353.46 270.85 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 406.98 270.85 Td (amortization ) Tj ET Q q 0 0 0 rg BT 457.99 270.85 Td (and ) Tj ET Q q 0 0 0 rg BT 474.99 270.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 521.48 270.85 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.48 270.85 Td ($10.08) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 260.05 Td (per ) Tj ET Q q 0 0 0 rg BT 60.59 260.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 78.19 260.05 Td (for ) Tj ET Q q 0 0 0 rg BT 91.28 260.05 Td (the ) Tj ET Q q 0 0 0 rg BT 106.37 260.05 Td (three ) Tj ET Q q 0 0 0 rg BT 129.47 260.05 Td (months ) Tj ET Q q 0 0 0 rg BT 161.57 260.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.18 260.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 248.29 260.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.31 260.05 Td ( ) Tj ET Q q 0 0 0 rg BT 270.89 260.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 313.50 260.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.59 260.05 Td ($88.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.11 260.05 Td ( ) Tj ET Q q 0 0 0 rg BT 353.70 260.05 Td (per ) Tj ET Q q 0 0 0 rg BT 369.29 260.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 386.89 260.05 Td (for ) Tj ET Q q 0 0 0 rg BT 399.97 260.05 Td (the ) Tj ET Q q 0 0 0 rg BT 415.07 260.05 Td (same ) Tj ET Q q 0 0 0 rg BT 439.66 260.05 Td (period ) Tj ET Q q 0 0 0 rg BT 467.26 260.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.35 260.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.37 260.05 Td (. ) Tj ET Q q 0 0 0 rg BT 502.29 260.05 Td (The ) Tj ET Q q 0 0 0 rg BT 520.38 260.05 Td (decrease ) Tj ET Q q 0 0 0 rg BT 559.99 260.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 249.25 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 86.09 249.25 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 139.68 249.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 190.76 249.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.83 249.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 254.40 249.25 Td (on ) Tj ET Q q 0 0 0 rg BT 266.46 249.25 Td (both ) Tj ET Q q 0 0 0 rg BT 286.04 249.25 Td (an ) Tj ET Q q 0 0 0 rg BT 298.10 249.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 334.19 249.25 Td (and ) Tj ET Q q 0 0 0 rg BT 351.26 249.25 Td (per ) Tj ET Q q 0 0 0 rg BT 366.32 249.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 383.40 249.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 406.46 249.25 Td (was ) Tj ET Q q 0 0 0 rg BT 424.52 249.25 Td (largely ) Tj ET Q q 0 0 0 rg BT 453.09 249.25 Td (due ) Tj ET Q q 0 0 0 rg BT 470.16 249.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.73 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.29 249.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 522.86 249.25 Td (of ) Tj ET Q q 0 0 0 rg BT 532.42 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 546.99 249.25 Td (2015 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 238.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 92.01 238.45 Td (charge ) Tj ET Q q 0 0 0 rg BT 122.03 238.45 Td (discussed ) Tj ET Q q 0 0 0 rg BT 164.55 238.45 Td (above ) Tj ET Q q 0 0 0 rg BT 191.58 238.45 Td (in ) Tj ET Q q 0 0 0 rg BT 201.08 238.45 Td (addition ) Tj ET Q q 0 0 0 rg BT 235.11 238.45 Td (to ) Tj ET Q q 0 0 0 rg BT 245.11 238.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.62 238.45 Td (13%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.63 238.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.13 238.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.16 238.45 Td ( ) Tj ET Q q 0 0 0 rg BT 312.66 238.45 Td (in ) Tj ET Q q 0 0 0 rg BT 322.16 238.45 Td (production ) Tj ET Q q 0 0 0 rg BT 366.69 238.45 Td (volumes.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 221.65 Td (For ) Tj ET Q q 0 0 0 rg BT 62.11 221.65 Td (the ) Tj ET Q q 0 0 0 rg BT 78.24 221.65 Td (year ) Tj ET Q q 0 0 0 rg BT 99.36 221.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 128.00 221.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 188.14 221.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.16 221.65 Td (, ) Tj ET Q q 0 0 0 rg BT 214.28 221.65 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 256.92 221.65 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 309.57 221.65 Td (and ) Tj ET Q q 0 0 0 rg BT 328.20 221.65 Td (amortization ) Tj ET Q q 0 0 0 rg BT 380.84 221.65 Td (expense, ) Tj ET Q q 0 0 0 rg BT 420.98 221.65 Td (excluding ) Tj ET Q q 0 0 0 rg BT 462.62 221.65 Td (the ) Tj ET Q q 0 0 0 rg BT 478.74 221.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 508.86 221.65 Td (of ) Tj ET Q q 0 0 0 rg BT 519.98 221.65 Td (impairment, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 210.85 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.03 210.85 Td ( ) Tj ET Q q 0 0 0 rg BT 89.33 210.85 Td (26% ) Tj ET Q q 0 0 0 rg BT 109.64 210.85 Td (to ) Tj ET Q q 0 0 0 rg BT 119.45 210.85 Td ($263.2 ) Tj ET Q q 0 0 0 rg BT 149.28 210.85 Td (million ) Tj ET Q q 0 0 0 rg BT 177.08 210.85 Td (for ) Tj ET Q q 0 0 0 rg BT 189.89 210.85 Td (the ) Tj ET Q q 0 0 0 rg BT 204.70 210.85 Td (year ) Tj ET Q q 0 0 0 rg BT 224.51 210.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.83 210.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 310.66 210.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.68 210.85 Td ( ) Tj ET Q q 0 0 0 rg BT 332.98 210.85 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.28 210.85 Td ($356.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.81 210.85 Td ( ) Tj ET Q q 0 0 0 rg BT 383.11 210.85 Td (million ) Tj ET Q q 0 0 0 rg BT 410.92 210.85 Td (for ) Tj ET Q q 0 0 0 rg BT 423.72 210.85 Td (the ) Tj ET Q q 0 0 0 rg BT 438.53 210.85 Td (year ) Tj ET Q q 0 0 0 rg BT 458.34 210.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.67 210.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 544.49 210.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.51 210.85 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 200.05 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.80 200.05 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.83 200.05 Td ( ) Tj ET Q q 0 0 0 rg BT 102.12 200.05 Td (in ) Tj ET Q q 0 0 0 rg BT 111.42 200.05 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 152.74 200.05 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 204.07 200.05 Td (and ) Tj ET Q q 0 0 0 rg BT 221.38 200.05 Td (amortization ) Tj ET Q q 0 0 0 rg BT 272.69 200.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 309.01 200.05 Td (was ) Tj ET Q q 0 0 0 rg BT 327.31 200.05 Td (due ) Tj ET Q q 0 0 0 rg BT 344.62 200.05 Td (to ) Tj ET Q q 0 0 0 rg BT 354.42 200.05 Td (a ) Tj ET Q q 0 0 0 rg BT 361.72 200.05 Td (reduction ) Tj ET Q q 0 0 0 rg BT 401.03 200.05 Td (in ) Tj ET Q q 0 0 0 rg BT 410.33 200.05 Td (the ) Tj ET Q q 0 0 0 rg BT 425.13 200.05 Td (carrying ) Tj ET Q q 0 0 0 rg BT 459.44 200.05 Td (value ) Tj ET Q q 0 0 0 rg BT 483.25 200.05 Td (of ) Tj ET Q q 0 0 0 rg BT 493.04 200.05 Td (property) Tj ET Q q 0 0 0 rg BT 525.39 200.05 Td (, ) Tj ET Q q 0 0 0 rg BT 530.19 200.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 552.00 200.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 189.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 89.47 189.25 Td (as ) Tj ET Q q 0 0 0 rg BT 101.42 189.25 Td (a ) Tj ET Q q 0 0 0 rg BT 108.87 189.25 Td (result ) Tj ET Q q 0 0 0 rg BT 133.33 189.25 Td (of ) Tj ET Q q 0 0 0 rg BT 143.28 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.23 189.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 180.70 189.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 227.65 189.25 Td (charge ) Tj ET Q q 0 0 0 rg BT 257.62 189.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.08 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.03 189.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 318.98 189.25 Td (of ) Tj ET Q q 0 0 0 rg BT 328.93 189.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.38 189.25 Td (14%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.40 189.25 Td ( ) Tj ET Q q 0 0 0 rg BT 356.84 189.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 396.31 189.25 Td (in ) Tj ET Q q 0 0 0 rg BT 405.76 189.25 Td (production ) Tj ET Q q 0 0 0 rg BT 450.23 189.25 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 488.69 189.25 Td (On ) Tj ET Q q 0 0 0 rg BT 503.14 189.25 Td (a ) Tj ET Q q 0 0 0 rg BT 510.59 189.25 Td (per ) Tj ET Q q 0 0 0 rg BT 526.04 189.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 543.50 189.25 Td (basis, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 178.45 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 88.01 178.45 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 141.03 178.45 Td (and ) Tj ET Q q 0 0 0 rg BT 160.02 178.45 Td (amortization ) Tj ET Q q 0 0 0 rg BT 213.03 178.45 Td (expense, ) Tj ET Q q 0 0 0 rg BT 253.53 178.45 Td (excluding ) Tj ET Q q 0 0 0 rg BT 295.54 178.45 Td (the ) Tj ET Q q 0 0 0 rg BT 312.03 178.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 342.52 178.45 Td (of ) Tj ET Q q 0 0 0 rg BT 354.01 178.45 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 405.00 178.45 Td (for ) Tj ET Q q 0 0 0 rg BT 419.48 178.45 Td (the ) Tj ET Q q 0 0 0 rg BT 435.97 178.45 Td (year ) Tj ET Q q 0 0 0 rg BT 457.46 178.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.47 178.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 546.98 178.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 178.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 167.65 Td (decreased ) Tj ET Q q 0 0 0 rg BT 89.53 167.65 Td (to ) Tj ET Q q 0 0 0 rg BT 99.54 167.65 Td ($10.49 ) Tj ET Q q 0 0 0 rg BT 129.56 167.65 Td (per ) Tj ET Q q 0 0 0 rg BT 145.07 167.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 162.59 167.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 205.11 167.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.12 167.65 Td ($12.30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.64 167.65 Td ( ) Tj ET Q q 0 0 0 rg BT 245.14 167.65 Td (per ) Tj ET Q q 0 0 0 rg BT 260.65 167.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 278.17 167.65 Td (for ) Tj ET Q q 0 0 0 rg BT 291.17 167.65 Td (the ) Tj ET Q q 0 0 0 rg BT 306.18 167.65 Td (year ) Tj ET Q q 0 0 0 rg BT 326.19 167.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.72 167.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 412.75 167.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.77 167.65 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 150.85 Td (For ) Tj ET Q q 0 0 0 rg BT 59.86 150.85 Td (the ) Tj ET Q q 0 0 0 rg BT 73.72 150.85 Td (three ) Tj ET Q q 0 0 0 rg BT 95.59 150.85 Td (months ) Tj ET Q q 0 0 0 rg BT 126.46 150.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.85 150.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 210.73 150.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 230.75 150.85 Td (, ) Tj ET Q q 0 0 0 rg BT 234.61 150.85 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 275.00 150.85 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 325.39 150.85 Td (and ) Tj ET Q q 0 0 0 rg BT 341.76 150.85 Td (amortization ) Tj ET Q q 0 0 0 rg BT 392.14 150.85 Td (expense, ) Tj ET Q q 0 0 0 rg BT 430.02 150.85 Td (excluding ) Tj ET Q q 0 0 0 rg BT 469.40 150.85 Td (the ) Tj ET Q q 0 0 0 rg BT 483.27 150.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 511.14 150.85 Td (of ) Tj ET Q q 0 0 0 rg BT 520.00 150.85 Td (impairment, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 138.85 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.03 138.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.09 138.85 Td (26%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 107.10 138.85 Td ( ) Tj ET Q q 0 0 0 rg BT 109.16 138.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.73 138.85 Td ($64.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.25 138.85 Td ( ) Tj ET Q q 0 0 0 rg BT 143.31 138.85 Td (million ) Tj ET Q q 0 0 0 rg BT 170.87 138.85 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.93 138.85 Td ($86.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.46 138.85 Td ( ) Tj ET Q q 0 0 0 rg BT 215.52 138.85 Td (million ) Tj ET Q q 0 0 0 rg BT 243.08 138.85 Td (due ) Tj ET Q q 0 0 0 rg BT 260.16 138.85 Td (to ) Tj ET Q q 0 0 0 rg BT 269.72 138.85 Td (a ) Tj ET Q q 0 0 0 rg BT 276.79 138.85 Td (reduction ) Tj ET Q q 0 0 0 rg BT 315.87 138.85 Td (in ) Tj ET Q q 0 0 0 rg BT 324.93 138.85 Td (the ) Tj ET Q q 0 0 0 rg BT 339.51 138.85 Td (carrying ) Tj ET Q q 0 0 0 rg BT 373.57 138.85 Td (value ) Tj ET Q q 0 0 0 rg BT 397.15 138.85 Td (of ) Tj ET Q q 0 0 0 rg BT 406.72 138.85 Td (property) Tj ET Q q 0 0 0 rg BT 439.06 138.85 Td (, ) Tj ET Q q 0 0 0 rg BT 443.62 138.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 465.20 138.85 Td (and ) Tj ET Q q 0 0 0 rg BT 482.27 138.85 Td (equipment ) Tj ET Q q 0 0 0 rg BT 526.36 138.85 Td (as ) Tj ET Q q 0 0 0 rg BT 537.93 138.85 Td (a ) Tj ET Q q 0 0 0 rg BT 544.99 138.85 Td (result ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 128.05 Td (of ) Tj ET Q q 0 0 0 rg BT 54.73 128.05 Td (the ) Tj ET Q q 0 0 0 rg BT 69.46 128.05 Td (2015 ) Tj ET Q q 0 0 0 rg BT 91.71 128.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 138.44 128.05 Td (charge ) Tj ET Q q 0 0 0 rg BT 168.19 128.05 Td (and ) Tj ET Q q 0 0 0 rg BT 185.42 128.05 Td (the ) Tj ET Q q 0 0 0 rg BT 200.16 128.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 228.89 128.05 Td (of ) Tj ET Q q 0 0 0 rg BT 238.62 128.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.85 128.05 Td (13%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.86 128.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.08 128.05 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.11 128.05 Td ( ) Tj ET Q q 0 0 0 rg BT 305.33 128.05 Td (in ) Tj ET Q q 0 0 0 rg BT 314.56 128.05 Td (production ) Tj ET Q q 0 0 0 rg BT 358.81 128.05 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 397.05 128.05 Td (On ) Tj ET Q q 0 0 0 rg BT 411.28 128.05 Td (a ) Tj ET Q q 0 0 0 rg BT 418.50 128.05 Td (per ) Tj ET Q q 0 0 0 rg BT 433.74 128.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 450.98 128.05 Td (basis, ) Tj ET Q q 0 0 0 rg BT 476.71 128.05 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 517.96 128.05 Td (depreciation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 117.25 Td (and ) Tj ET Q q 0 0 0 rg BT 62.44 117.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 113.89 117.25 Td (expense, ) Tj ET Q q 0 0 0 rg BT 152.85 117.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 193.30 117.25 Td (the ) Tj ET Q q 0 0 0 rg BT 208.24 117.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 237.18 117.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.11 117.25 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 296.55 117.25 Td (for ) Tj ET Q q 0 0 0 rg BT 309.48 117.25 Td (the ) Tj ET Q q 0 0 0 rg BT 324.42 117.25 Td (three ) Tj ET Q q 0 0 0 rg BT 347.37 117.25 Td (months ) Tj ET Q q 0 0 0 rg BT 379.31 117.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.76 117.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 465.72 117.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.74 117.25 Td ( ) Tj ET Q q 0 0 0 rg BT 488.17 117.25 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.60 117.25 Td ($10.08) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.13 117.25 Td ( ) Tj ET Q q 0 0 0 rg BT 536.56 117.25 Td (per ) Tj ET Q q 0 0 0 rg BT 551.99 117.25 Td (boe ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 106.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 87.52 106.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.53 106.45 Td ($1) Tj ET Q q 0 0 0 rg BT 106.87 106.45 Td (1.83) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.39 106.45 Td ( ) Tj ET Q q 0 0 0 rg BT 126.89 106.45 Td (per ) Tj ET Q q 0 0 0 rg BT 142.40 106.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 159.91 106.45 Td (for ) Tj ET Q q 0 0 0 rg BT 172.92 106.45 Td (the ) Tj ET Q q 0 0 0 rg BT 187.93 106.45 Td (same ) Tj ET Q q 0 0 0 rg BT 212.44 106.45 Td (period ) Tj ET Q q 0 0 0 rg BT 239.95 106.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.96 106.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.98 106.45 Td ( ) Tj ET Q q 0 0 0 rg BT 272.48 106.45 Td (for ) Tj ET Q q 0 0 0 rg BT 285.49 106.45 Td (similar ) Tj ET Q q 0 0 0 rg BT 313.98 106.45 Td (reasons ) Tj ET Q q 0 0 0 rg BT 348.50 106.45 Td (as ) Tj ET Q q 0 0 0 rg BT 360.51 106.45 Td (discussed ) Tj ET Q q 0 0 0 rg BT 403.03 106.45 Td (above.) 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 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 21) Tj ET Q BT /F1 10.00 Tf ET BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (Net ) Tj ET Q q 0 0 0 rg BT 61.82 742.45 Td (financing ) Tj ET Q q 0 0 0 rg BT 104.13 742.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 129.95 742.45 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.95 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 135.26 742.45 Td (Net ) Tj ET Q q 0 0 0 rg BT 151.58 742.45 Td (financing ) Tj ET Q q 0 0 0 rg BT 189.92 742.45 Td (costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.24 742.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.27 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 257.58 742.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.40 742.45 Td ($44.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.92 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 292.24 742.45 Td (million ) Tj ET Q q 0 0 0 rg BT 320.06 742.45 Td (for ) Tj ET Q q 0 0 0 rg BT 332.87 742.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.70 742.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.21 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 367.52 742.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.86 742.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 453.70 742.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.72 742.45 Td (, ) Tj ET Q q 0 0 0 rg BT 478.54 742.45 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.85 742.45 Td ($166.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.38 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 528.69 742.45 Td (million ) Tj ET Q q 0 0 0 rg BT 556.51 742.45 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 58.97 731.65 Td (year ) Tj ET Q q 0 0 0 rg BT 77.94 731.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.42 731.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 162.41 731.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.43 731.65 Td (. ) Tj ET Q q 0 0 0 rg BT 186.29 731.65 Td (The ) Tj ET Q q 0 0 0 rg BT 203.26 731.65 Td (decrease ) Tj ET Q q 0 0 0 rg BT 241.75 731.65 Td (can ) Tj ET Q q 0 0 0 rg BT 257.71 731.65 Td (be ) Tj ET Q q 0 0 0 rg BT 269.18 731.65 Td (largely ) Tj ET Q q 0 0 0 rg BT 297.16 731.65 Td (attributed ) Tj ET Q q 0 0 0 rg BT 336.14 731.65 Td (to ) Tj ET Q q 0 0 0 rg BT 345.10 731.65 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 388.09 731.65 Td (foreign ) Tj ET Q q 0 0 0 rg BT 417.07 731.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 457.56 731.65 Td (gains ) Tj ET Q q 0 0 0 rg BT 480.54 731.65 Td (and ) Tj ET Q q 0 0 0 rg BT 497.01 731.65 Td (losses ) Tj ET Q q 0 0 0 rg BT 523.98 731.65 Td (associated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.85 Td (with ) Tj ET Q q 0 0 0 rg BT 64.09 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 79.68 720.85 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 126.80 720.85 Td (of ) Tj ET Q q 0 0 0 rg BT 137.39 720.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 186.21 720.85 Td (US ) Tj ET Q q 0 0 0 rg BT 201.80 720.85 Td (denominated ) Tj ET Q q 0 0 0 rg BT 256.92 720.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 284.52 720.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 329.63 720.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 354.73 720.85 Td (of) Tj ET Q q 0 0 0 rg BT 362.08 720.85 Td (fset ) Tj ET Q q 0 0 0 rg BT 379.67 720.85 Td (by ) Tj ET Q q 0 0 0 rg BT 392.26 720.85 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 436.87 720.85 Td (gains ) Tj ET Q q 0 0 0 rg BT 461.47 720.85 Td (and ) Tj ET Q q 0 0 0 rg BT 479.57 720.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 508.16 720.85 Td (on ) Tj ET Q q 0 0 0 rg BT 521.26 720.85 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 710.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 79.33 710.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 122.65 710.05 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 162.97 710.05 Td (For ) Tj ET Q q 0 0 0 rg BT 177.78 710.05 Td (the ) Tj ET Q q 0 0 0 rg BT 191.60 710.05 Td (year ) Tj ET Q q 0 0 0 rg BT 210.41 710.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.74 710.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 294.58 710.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.60 710.05 Td (, ) Tj ET Q q 0 0 0 rg BT 318.41 710.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.72 710.05 Td ($36.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.24 710.05 Td ( ) Tj ET Q q 0 0 0 rg BT 348.55 710.05 Td (million ) Tj ET Q q 0 0 0 rg BT 375.36 710.05 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 418.19 710.05 Td (foreign ) Tj ET Q q 0 0 0 rg BT 447.02 710.05 Td (exchange ) Tj ET Q q 0 0 0 rg BT 487.36 710.05 Td (gain ) Tj ET Q q 0 0 0 rg BT 505.68 710.05 Td (was ) Tj ET Q q 0 0 0 rg BT 522.99 710.05 Td (recognized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 699.25 Td (on ) Tj ET Q q 0 0 0 rg BT 56.81 699.25 Td (the ) Tj ET Q q 0 0 0 rg BT 71.13 699.25 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 116.96 699.25 Td (of ) Tj ET Q q 0 0 0 rg BT 126.27 699.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 173.82 699.25 Td (US ) Tj ET Q q 0 0 0 rg BT 188.12 699.25 Td (denominated ) Tj ET Q q 0 0 0 rg BT 241.96 699.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 268.28 699.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 312.11 699.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 335.93 699.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 377.76 699.25 Td (to ) Tj ET Q q 0 0 0 rg BT 387.07 699.25 Td (an ) Tj ET Q q 0 0 0 rg BT 398.88 699.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 442.21 699.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 471.53 699.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 512.37 699.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 530.18 699.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.49 699.25 Td ($157.9 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 688.45 Td (million ) Tj ET Q q 0 0 0 rg BT 73.07 688.45 Td (for ) Tj ET Q q 0 0 0 rg BT 86.13 688.45 Td (the ) Tj ET Q q 0 0 0 rg BT 101.20 688.45 Td (year ) Tj ET Q q 0 0 0 rg BT 121.27 688.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 148.86 688.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 207.94 688.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.97 688.45 Td (. ) Tj ET Q q 0 0 0 rg BT 233.03 688.45 Td (For ) Tj ET Q q 0 0 0 rg BT 249.09 688.45 Td (the ) Tj ET Q q 0 0 0 rg BT 264.16 688.45 Td (year ) Tj ET Q q 0 0 0 rg BT 284.23 688.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.82 688.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 370.90 688.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.92 688.45 Td (, ) Tj ET Q q 0 0 0 rg BT 395.99 688.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.55 688.45 Td ($66.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.07 688.45 Td ( ) Tj ET Q q 0 0 0 rg BT 428.63 688.45 Td (million ) Tj ET Q q 0 0 0 rg BT 456.70 688.45 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 500.79 688.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 519.35 688.45 Td (and ) Tj ET Q q 0 0 0 rg BT 536.93 688.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.50 688.45 Td ($48.1) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 677.65 Td (million ) Tj ET Q q 0 0 0 rg BT 72.20 677.65 Td (realized ) Tj ET Q q 0 0 0 rg BT 105.40 677.65 Td (gain ) Tj ET Q q 0 0 0 rg BT 124.11 677.65 Td (was ) Tj ET Q q 0 0 0 rg BT 141.80 677.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 187.52 677.65 Td (on ) Tj ET Q q 0 0 0 rg BT 199.22 677.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 233.93 677.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 277.64 677.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 315.84 677.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 357.55 677.65 Td (to ) Tj ET Q q 0 0 0 rg BT 366.75 677.65 Td (an ) Tj ET Q q 0 0 0 rg BT 378.45 677.65 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 421.67 677.65 Td (gain ) Tj ET Q q 0 0 0 rg BT 440.38 677.65 Td (on ) Tj ET Q q 0 0 0 rg BT 452.08 677.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.79 677.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 530.49 677.65 Td (contracts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 666.85 Td (of ) Tj ET Q q 0 0 0 rg BT 56.62 666.85 Td ($54.7 ) Tj ET Q q 0 0 0 rg BT 83.25 666.85 Td (million ) Tj ET Q q 0 0 0 rg BT 112.87 666.85 Td (for ) Tj ET Q q 0 0 0 rg BT 127.48 666.85 Td (the ) Tj ET Q q 0 0 0 rg BT 144.10 666.85 Td (year ) Tj ET Q q 0 0 0 rg BT 165.72 666.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.86 666.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 255.50 666.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.52 666.85 Td (. ) Tj ET Q q 0 0 0 rg BT 281.87 666.85 Td (The ) Tj ET Q q 0 0 0 rg BT 301.49 666.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 337.11 666.85 Td (gain ) Tj ET Q q 0 0 0 rg BT 358.24 666.85 Td (on ) Tj ET Q q 0 0 0 rg BT 372.36 666.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.50 666.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 455.62 666.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 496.25 666.85 Td (resulted ) Tj ET Q q 0 0 0 rg BT 532.38 666.85 Td (from ) Tj ET Q q 0 0 0 rg BT 554.49 666.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 656.05 Td (monetization ) Tj ET Q q 0 0 0 rg BT 99.18 656.05 Td (of ) Tj ET Q q 0 0 0 rg BT 109.84 656.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 152.51 656.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 188.69 656.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 233.85 656.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 273.52 656.05 Td (in ) Tj ET Q q 0 0 0 rg BT 283.67 656.05 Td (the ) Tj ET Q q 0 0 0 rg BT 299.34 656.05 Td (third ) Tj ET Q q 0 0 0 rg BT 320.00 656.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 351.66 656.05 Td (of ) Tj ET Q q 0 0 0 rg BT 362.32 656.05 Td (2016. ) Tj ET Q q 0 0 0 rg BT 387.99 656.05 Td (For ) Tj ET Q q 0 0 0 rg BT 404.65 656.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.31 656.05 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.82 656.05 Td ( ) Tj ET Q q 0 0 0 rg BT 440.97 656.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.15 656.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 528.82 656.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.85 656.05 Td (, ) Tj ET Q q 0 0 0 rg BT 554.50 656.05 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 645.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 83.53 645.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 107.05 645.25 Td (on ) Tj ET Q q 0 0 0 rg BT 119.56 645.25 Td (a ) Tj ET Q q 0 0 0 rg BT 127.08 645.25 Td (per ) Tj ET Q q 0 0 0 rg BT 142.59 645.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 160.11 645.25 Td (basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.63 645.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.66 645.25 Td ( ) Tj ET Q q 0 0 0 rg BT 228.17 645.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.18 645.25 Td ($1.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 260.70 645.25 Td ( ) Tj ET Q q 0 0 0 rg BT 263.21 645.25 Td (per ) Tj ET Q q 0 0 0 rg BT 278.72 645.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 296.25 645.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 338.77 645.25 Td (to ) Tj ET Q q 0 0 0 rg BT 348.79 645.25 Td (net ) Tj ET Q q 0 0 0 rg BT 363.80 645.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 402.34 645.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 425.85 645.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.86 645.25 Td ($5.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.38 645.25 Td ( ) Tj ET Q q 0 0 0 rg BT 460.89 645.25 Td (per ) Tj ET Q q 0 0 0 rg BT 476.41 645.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 493.93 645.25 Td (for ) Tj ET Q q 0 0 0 rg BT 506.94 645.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.96 645.25 Td (year ) Tj ET Q q 0 0 0 rg BT 541.97 645.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 634.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 104.03 634.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.05 634.45 Td ( ) Tj ET Q q 0 0 0 rg BT 126.55 634.45 Td (for ) Tj ET Q q 0 0 0 rg BT 139.55 634.45 Td (the ) Tj ET Q q 0 0 0 rg BT 154.56 634.45 Td (same ) Tj ET Q q 0 0 0 rg BT 179.07 634.45 Td (reason ) Tj ET Q q 0 0 0 rg BT 209.09 634.45 Td (as ) Tj ET Q q 0 0 0 rg BT 221.10 634.45 Td (stated ) Tj ET Q q 0 0 0 rg BT 248.12 634.45 Td (above. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 617.65 Td (Net ) Tj ET Q q 0 0 0 rg BT 62.17 617.65 Td (financing ) Tj ET Q q 0 0 0 rg BT 101.35 617.65 Td (costs, ) Tj ET Q q 0 0 0 rg BT 128.02 617.65 Td (excluding ) Tj ET Q q 0 0 0 rg BT 169.20 617.65 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 209.39 617.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 247.06 617.65 Td (and ) Tj ET Q q 0 0 0 rg BT 265.24 617.65 Td (the ) Tj ET Q q 0 0 0 rg BT 280.91 617.65 Td (realized ) Tj ET Q q 0 0 0 rg BT 315.59 617.65 Td (gain ) Tj ET Q q 0 0 0 rg BT 335.76 617.65 Td (on ) Tj ET Q q 0 0 0 rg BT 348.93 617.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 385.11 617.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 430.29 617.65 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.46 617.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.49 617.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.65 617.65 Td (8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.66 617.65 Td ( ) Tj ET Q q 0 0 0 rg BT 533.82 617.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.49 617.65 Td ($45.6) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 606.85 Td (million ) Tj ET Q q 0 0 0 rg BT 73.26 606.85 Td (for ) Tj ET Q q 0 0 0 rg BT 86.52 606.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.79 606.85 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 119.30 606.85 Td ( ) Tj ET Q q 0 0 0 rg BT 122.06 606.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.84 606.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 209.12 606.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.14 606.85 Td (, ) Tj ET Q q 0 0 0 rg BT 234.40 606.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 277.18 606.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.44 606.85 Td ($49.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.96 606.85 Td ( ) Tj ET Q q 0 0 0 rg BT 312.72 606.85 Td (million ) Tj ET Q q 0 0 0 rg BT 340.98 606.85 Td (for ) Tj ET Q q 0 0 0 rg BT 354.24 606.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.51 606.85 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.02 606.85 Td ( ) Tj ET Q q 0 0 0 rg BT 389.78 606.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.56 606.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 476.84 606.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.86 606.85 Td (. ) Tj ET Q q 0 0 0 rg BT 501.94 606.85 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.21 606.85 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.23 606.85 Td ( ) Tj ET Q q 0 0 0 rg BT 559.99 606.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 596.05 Td (net ) Tj ET Q q 0 0 0 rg BT 59.71 596.05 Td (financing ) Tj ET Q q 0 0 0 rg BT 97.93 596.05 Td (costs, ) Tj ET Q q 0 0 0 rg BT 123.63 596.05 Td (excluding ) Tj ET Q q 0 0 0 rg BT 163.85 596.05 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 203.07 596.05 Td (amounts ) Tj ET Q q 0 0 0 rg BT 239.78 596.05 Td (and ) Tj ET Q q 0 0 0 rg BT 257.00 596.05 Td (the ) Tj ET Q q 0 0 0 rg BT 271.70 596.05 Td (realized ) Tj ET Q q 0 0 0 rg BT 305.42 596.05 Td (gain ) Tj ET Q q 0 0 0 rg BT 324.63 596.05 Td (on ) Tj ET Q q 0 0 0 rg BT 336.83 596.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 372.05 596.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 416.26 596.05 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 457.47 596.05 Td (was ) Tj ET Q q 0 0 0 rg BT 475.67 596.05 Td (due ) Tj ET Q q 0 0 0 rg BT 492.88 596.05 Td (to ) Tj ET Q q 0 0 0 rg BT 502.58 596.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.78 596.05 Td (27%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.80 596.05 Td ( ) Tj ET Q q 0 0 0 rg BT 529.99 596.05 Td (reduction ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 585.25 Td (in ) Tj ET Q q 0 0 0 rg BT 54.24 585.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 102.22 585.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 142.47 585.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 162.23 585.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 198.48 585.25 Td (in ) Tj ET Q q 0 0 0 rg BT 207.73 585.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 231.47 585.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 276.74 585.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 308.49 585.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 334.23 585.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 350.47 585.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 388.74 585.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 411.98 585.25 Td (on ) Tj ET Q q 0 0 0 rg BT 424.23 585.25 Td (a ) Tj ET Q q 0 0 0 rg BT 431.47 585.25 Td (per ) Tj ET Q q 0 0 0 rg BT 446.72 585.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 463.97 585.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 489.72 585.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 529.99 585.25 Td (non-cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 574.45 Td (amounts ) Tj ET Q q 0 0 0 rg BT 82.42 574.45 Td (and ) Tj ET Q q 0 0 0 rg BT 100.35 574.45 Td (the ) Tj ET Q q 0 0 0 rg BT 115.76 574.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 150.19 574.45 Td (gain ) Tj ET Q q 0 0 0 rg BT 170.11 574.45 Td (on ) Tj ET Q q 0 0 0 rg BT 183.02 574.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.95 574.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 263.87 574.45 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.79 574.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.82 574.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.72 574.45 Td (6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.73 574.45 Td ( ) Tj ET Q q 0 0 0 rg BT 363.64 574.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.05 574.45 Td ($1.82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.57 574.45 Td ( ) Tj ET Q q 0 0 0 rg BT 399.48 574.45 Td (per ) Tj ET Q q 0 0 0 rg BT 415.39 574.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 433.31 574.45 Td (for ) Tj ET Q q 0 0 0 rg BT 446.72 574.45 Td (the ) Tj ET Q q 0 0 0 rg BT 462.14 574.45 Td (year ) Tj ET Q q 0 0 0 rg BT 482.55 574.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.48 574.45 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 562.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 562.45 Td ( ) Tj ET Q q 0 0 0 rg BT 67.52 562.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 110.04 562.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 120.05 562.45 Td ($1.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.57 562.45 Td ( ) Tj ET Q q 0 0 0 rg BT 145.07 562.45 Td (per ) Tj ET Q q 0 0 0 rg BT 160.58 562.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 178.10 562.45 Td (for ) Tj ET Q q 0 0 0 rg BT 191.10 562.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.11 562.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.62 562.45 Td ( ) Tj ET Q q 0 0 0 rg BT 226.12 562.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.65 562.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 312.68 562.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.70 562.45 Td (, ) Tj ET Q q 0 0 0 rg BT 337.70 562.45 Td (largely ) Tj ET Q q 0 0 0 rg BT 366.71 562.45 Td (due ) Tj ET Q q 0 0 0 rg BT 384.23 562.45 Td (to ) Tj ET Q q 0 0 0 rg BT 394.23 562.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.74 562.45 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.75 562.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.25 562.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.28 562.45 Td ( ) Tj ET Q q 0 0 0 rg BT 461.78 562.45 Td (in ) Tj ET Q q 0 0 0 rg BT 471.28 562.45 Td (production ) Tj ET Q q 0 0 0 rg BT 515.81 562.45 Td (volumes.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 545.65 Td (Net ) Tj ET Q q 0 0 0 rg BT 61.04 545.65 Td (financing ) Tj ET Q q 0 0 0 rg BT 99.10 545.65 Td (costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.14 545.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.17 545.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.21 545.65 Td (36%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.22 545.65 Td ( ) Tj ET Q q 0 0 0 rg BT 186.26 545.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.80 545.65 Td ($26.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.32 545.65 Td ( ) Tj ET Q q 0 0 0 rg BT 220.35 545.65 Td (million ) Tj ET Q q 0 0 0 rg BT 247.90 545.65 Td (for ) Tj ET Q q 0 0 0 rg BT 260.43 545.65 Td (the ) Tj ET Q q 0 0 0 rg BT 274.98 545.65 Td (three ) Tj ET Q q 0 0 0 rg BT 297.53 545.65 Td (months ) Tj ET Q q 0 0 0 rg BT 329.08 545.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.14 545.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 414.70 545.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.72 545.65 Td (, ) Tj ET Q q 0 0 0 rg BT 439.26 545.65 Td (from ) Tj ET Q q 0 0 0 rg BT 459.29 545.65 Td (net ) Tj ET Q q 0 0 0 rg BT 473.84 545.65 Td (financing ) Tj ET Q q 0 0 0 rg BT 511.90 545.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 534.94 545.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.48 545.65 Td ($42.1) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 534.85 Td (million ) Tj ET Q q 0 0 0 rg BT 73.23 534.85 Td (for ) Tj ET Q q 0 0 0 rg BT 86.45 534.85 Td (the ) Tj ET Q q 0 0 0 rg BT 101.68 534.85 Td (same ) Tj ET Q q 0 0 0 rg BT 126.40 534.85 Td (period ) Tj ET Q q 0 0 0 rg BT 154.14 534.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.37 534.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.39 534.85 Td (. ) Tj ET Q q 0 0 0 rg BT 189.43 534.85 Td (The ) Tj ET Q q 0 0 0 rg BT 207.66 534.85 Td (decrease ) Tj ET Q q 0 0 0 rg BT 247.40 534.85 Td (can ) Tj ET Q q 0 0 0 rg BT 264.63 534.85 Td (be ) Tj ET Q q 0 0 0 rg BT 277.36 534.85 Td (largely ) Tj ET Q q 0 0 0 rg BT 306.59 534.85 Td (attributed ) Tj ET Q q 0 0 0 rg BT 346.84 534.85 Td (to ) Tj ET Q q 0 0 0 rg BT 357.06 534.85 Td (a ) Tj ET Q q 0 0 0 rg BT 364.79 534.85 Td (lower ) Tj ET Q q 0 0 0 rg BT 389.01 534.85 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 433.26 534.85 Td (foreign ) Tj ET Q q 0 0 0 rg BT 463.50 534.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 505.25 534.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 523.97 534.85 Td (associated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 524.05 Td (with ) Tj ET Q q 0 0 0 rg BT 64.14 524.05 Td (the ) Tj ET Q q 0 0 0 rg BT 79.79 524.05 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 126.96 524.05 Td (of ) Tj ET Q q 0 0 0 rg BT 137.60 524.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 186.48 524.05 Td (US ) Tj ET Q q 0 0 0 rg BT 202.12 524.05 Td (denominated ) Tj ET Q q 0 0 0 rg BT 257.29 524.05 Td (senior ) Tj ET Q q 0 0 0 rg BT 284.94 524.05 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 330.11 524.05 Td (notes. ) Tj ET Q q 0 0 0 rg BT 357.76 524.05 Td (Similarly) Tj ET Q q 0 0 0 rg BT 391.09 524.05 Td (, ) Tj ET Q q 0 0 0 rg BT 396.73 524.05 Td (for ) Tj ET Q q 0 0 0 rg BT 410.37 524.05 Td (the ) Tj ET Q q 0 0 0 rg BT 426.02 524.05 Td (three ) Tj ET Q q 0 0 0 rg BT 449.67 524.05 Td (months ) Tj ET Q q 0 0 0 rg BT 482.32 524.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.48 524.05 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 513.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 513.25 Td (, ) Tj ET Q q 0 0 0 rg BT 70.31 513.25 Td (net ) Tj ET Q q 0 0 0 rg BT 85.61 513.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 124.43 513.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 148.23 513.25 Td (on ) Tj ET Q q 0 0 0 rg BT 161.03 513.25 Td (a ) Tj ET Q q 0 0 0 rg BT 168.82 513.25 Td (per ) Tj ET Q q 0 0 0 rg BT 184.62 513.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 202.43 513.25 Td (basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.23 513.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.26 513.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.05 513.25 Td (27%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.06 513.25 Td ( ) Tj ET Q q 0 0 0 rg BT 291.85 513.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.14 513.25 Td ($4.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.67 513.25 Td ( ) Tj ET Q q 0 0 0 rg BT 327.46 513.25 Td (per ) Tj ET Q q 0 0 0 rg BT 343.25 513.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 361.06 513.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 403.87 513.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.17 513.25 Td ($5.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.69 513.25 Td ( ) Tj ET Q q 0 0 0 rg BT 439.48 513.25 Td (per ) Tj ET Q q 0 0 0 rg BT 455.28 513.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 473.08 513.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 519.90 513.25 Td (in ) Tj ET Q q 0 0 0 rg BT 529.70 513.25 Td (the ) Tj ET Q q 0 0 0 rg BT 545.00 513.25 Td (same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 502.45 Td (period ) Tj ET Q q 0 0 0 rg BT 72.52 502.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.52 502.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.55 502.45 Td (, ) Tj ET Q q 0 0 0 rg BT 107.55 502.45 Td (for ) Tj ET Q q 0 0 0 rg BT 120.55 502.45 Td (similar ) Tj ET Q q 0 0 0 rg BT 149.05 502.45 Td (reasons ) Tj ET Q q 0 0 0 rg BT 183.57 502.45 Td (as ) Tj ET Q q 0 0 0 rg BT 195.57 502.45 Td (stated ) Tj ET Q q 0 0 0 rg BT 222.59 502.45 Td (above. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 485.65 Td (Net ) Tj ET Q q 0 0 0 rg BT 61.58 485.65 Td (financing ) Tj ET Q q 0 0 0 rg BT 100.17 485.65 Td (costs, ) Tj ET Q q 0 0 0 rg BT 126.25 485.65 Td (excluding ) Tj ET Q q 0 0 0 rg BT 166.85 485.65 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 206.44 485.65 Td (amounts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.04 485.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.06 485.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 290.64 485.65 Td (16%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.65 485.65 Td ( ) Tj ET Q q 0 0 0 rg BT 311.22 485.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.30 485.65 Td ($10.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.82 485.65 Td ( ) Tj ET Q q 0 0 0 rg BT 346.39 485.65 Td (million ) Tj ET Q q 0 0 0 rg BT 374.47 485.65 Td (for ) Tj ET Q q 0 0 0 rg BT 387.54 485.65 Td (the ) Tj ET Q q 0 0 0 rg BT 402.62 485.65 Td (three ) Tj ET Q q 0 0 0 rg BT 425.71 485.65 Td (months ) Tj ET Q q 0 0 0 rg BT 457.79 485.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.39 485.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 544.49 485.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.51 485.65 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 474.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 87.40 474.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.29 474.85 Td ($12.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 119.81 474.85 Td ( ) Tj ET Q q 0 0 0 rg BT 122.19 474.85 Td (million ) Tj ET Q q 0 0 0 rg BT 150.08 474.85 Td (for ) Tj ET Q q 0 0 0 rg BT 162.96 474.85 Td (the ) Tj ET Q q 0 0 0 rg BT 177.85 474.85 Td (three ) Tj ET Q q 0 0 0 rg BT 200.75 474.85 Td (months ) Tj ET Q q 0 0 0 rg BT 232.64 474.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 260.05 474.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 318.96 474.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.98 474.85 Td (. ) Tj ET Q q 0 0 0 rg BT 343.71 474.85 Td (The ) Tj ET Q q 0 0 0 rg BT 361.60 474.85 Td (decrease ) Tj ET Q q 0 0 0 rg BT 401.00 474.85 Td (in ) Tj ET Q q 0 0 0 rg BT 410.39 474.85 Td (net ) Tj ET Q q 0 0 0 rg BT 425.28 474.85 Td (financing ) Tj ET Q q 0 0 0 rg BT 463.69 474.85 Td (costs, ) Tj ET Q q 0 0 0 rg BT 489.57 474.85 Td (excluding ) Tj ET Q q 0 0 0 rg BT 529.98 474.85 Td (non-cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 464.05 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 84.20 464.05 Td (was ) Tj ET Q q 0 0 0 rg BT 102.38 464.05 Td (due ) Tj ET Q q 0 0 0 rg BT 119.57 464.05 Td (to ) Tj ET Q q 0 0 0 rg BT 129.25 464.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.43 464.05 Td (27%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.44 464.05 Td ( ) Tj ET Q q 0 0 0 rg BT 156.62 464.05 Td (reduction ) Tj ET Q q 0 0 0 rg BT 195.82 464.05 Td (in ) Tj ET Q q 0 0 0 rg BT 205.00 464.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 252.92 464.05 Td (long-term ) Tj ET Q q 0 0 0 rg BT 293.11 464.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 312.80 464.05 Td (resulting ) Tj ET Q q 0 0 0 rg BT 348.99 464.05 Td (in ) Tj ET Q q 0 0 0 rg BT 358.17 464.05 Td (lower ) Tj ET Q q 0 0 0 rg BT 381.86 464.05 Td (associated ) Tj ET Q q 0 0 0 rg BT 427.06 464.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 458.75 464.05 Td (costs. ) Tj ET Q q 0 0 0 rg BT 484.43 464.05 Td (For ) Tj ET Q q 0 0 0 rg BT 500.11 464.05 Td (the ) Tj ET Q q 0 0 0 rg BT 514.79 464.05 Td (three ) Tj ET Q q 0 0 0 rg BT 537.48 464.05 Td (months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 453.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.01 453.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 132.52 453.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.54 453.25 Td (, ) Tj ET Q q 0 0 0 rg BT 158.02 453.25 Td (net ) Tj ET Q q 0 0 0 rg BT 173.52 453.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 212.53 453.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 239.02 453.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 280.03 453.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 320.03 453.25 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 360.04 453.25 Td (on ) Tj ET Q q 0 0 0 rg BT 373.03 453.25 Td (a ) Tj ET Q q 0 0 0 rg BT 381.02 453.25 Td (per ) Tj ET Q q 0 0 0 rg BT 397.01 453.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 415.01 453.25 Td (basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.00 453.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.03 453.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.01 453.25 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.02 453.25 Td ( ) Tj ET Q q 0 0 0 rg BT 500.00 453.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.49 453.25 Td ($1.70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.01 453.25 Td ( ) Tj ET Q q 0 0 0 rg BT 536.00 453.25 Td (per ) Tj ET Q q 0 0 0 rg BT 551.99 453.25 Td (boe ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 442.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 88.08 442.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.64 442.45 Td ($1.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.16 442.45 Td ( ) Tj ET Q q 0 0 0 rg BT 124.22 442.45 Td (per ) Tj ET Q q 0 0 0 rg BT 140.29 442.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 158.36 442.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 205.44 442.45 Td (for ) Tj ET Q q 0 0 0 rg BT 219.00 442.45 Td (the ) Tj ET Q q 0 0 0 rg BT 234.57 442.45 Td (same ) Tj ET Q q 0 0 0 rg BT 259.64 442.45 Td (period ) Tj ET Q q 0 0 0 rg BT 287.71 442.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.28 442.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.30 442.45 Td (. ) Tj ET Q q 0 0 0 rg BT 323.85 442.45 Td (On ) Tj ET Q q 0 0 0 rg BT 338.92 442.45 Td (a ) Tj ET Q q 0 0 0 rg BT 346.98 442.45 Td (per ) Tj ET Q q 0 0 0 rg BT 363.05 442.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 381.12 442.45 Td (basis, ) Tj ET Q q 0 0 0 rg BT 407.69 442.45 Td (net ) Tj ET Q q 0 0 0 rg BT 423.25 442.45 Td (financing ) Tj ET Q q 0 0 0 rg BT 462.34 442.45 Td (costs, ) Tj ET Q q 0 0 0 rg BT 488.90 442.45 Td (excluding ) Tj ET Q q 0 0 0 rg BT 529.98 442.45 Td (non-cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 431.65 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 84.52 431.65 Td (decreased ) Tj ET Q q 0 0 0 rg BT 129.05 431.65 Td (to ) Tj ET Q q 0 0 0 rg BT 139.06 431.65 Td (a ) Tj ET Q q 0 0 0 rg BT 146.56 431.65 Td (lesser ) Tj ET Q q 0 0 0 rg BT 173.07 431.65 Td (extent ) Tj ET Q q 0 0 0 rg BT 200.09 431.65 Td (than ) Tj ET Q q 0 0 0 rg BT 220.10 431.65 Td (on ) Tj ET Q q 0 0 0 rg BT 232.62 431.65 Td (an ) Tj ET Q q 0 0 0 rg BT 245.13 431.65 Td (absolute ) Tj ET Q q 0 0 0 rg BT 281.65 431.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 305.17 431.65 Td (due ) Tj ET Q q 0 0 0 rg BT 322.68 431.65 Td (to ) Tj ET Q q 0 0 0 rg BT 332.69 431.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.19 431.65 Td (13%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.21 431.65 Td ( ) Tj ET Q q 0 0 0 rg BT 360.71 431.65 Td (decrease ) Tj ET Q q 0 0 0 rg BT 400.23 431.65 Td (in ) Tj ET Q q 0 0 0 rg BT 409.74 431.65 Td (production ) Tj ET Q q 0 0 0 rg BT 454.27 431.65 Td (volumes.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 414.85 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 85.21 414.85 Td (income ) Tj ET Q q 0 0 0 rg BT 119.92 414.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 136.13 414.85 Td (\(recovery\) ) Tj ET Q q 0 0 0 rg BT 182.85 414.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.04 414.85 Td (For ) Tj ET Q q 0 0 0 rg BT 205.74 414.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.45 414.85 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.96 414.85 Td ( ) Tj ET Q q 0 0 0 rg BT 242.15 414.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.38 414.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 330.10 414.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.12 414.85 Td (, ) Tj ET Q q 0 0 0 rg BT 355.82 414.85 Td (a ) Tj ET Q q 0 0 0 rg BT 364.03 414.85 Td (deferred ) Tj ET Q q 0 0 0 rg BT 400.74 414.85 Td (income ) Tj ET Q q 0 0 0 rg BT 432.96 414.85 Td (tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.16 414.85 Td (recovery) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.67 414.85 Td ( ) Tj ET Q q 0 0 0 rg BT 485.87 414.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.57 414.85 Td ($38.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.09 414.85 Td ( ) Tj ET Q q 0 0 0 rg BT 522.29 414.85 Td (million ) Tj ET Q q 0 0 0 rg BT 550.99 414.85 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 404.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 90.79 404.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 132.57 404.05 Td (to ) Tj ET Q q 0 0 0 rg BT 141.84 404.05 Td (a ) Tj ET Q q 0 0 0 rg BT 148.60 404.05 Td (deferred ) Tj ET Q q 0 0 0 rg BT 183.89 404.05 Td (income ) Tj ET Q q 0 0 0 rg BT 214.66 404.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 228.43 404.05 Td (recovery ) Tj ET Q q 0 0 0 rg BT 264.70 404.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.96 404.05 Td ($204.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.49 404.05 Td ( ) Tj ET Q q 0 0 0 rg BT 303.25 404.05 Td (million ) Tj ET Q q 0 0 0 rg BT 330.52 404.05 Td (for ) Tj ET Q q 0 0 0 rg BT 342.78 404.05 Td (the ) Tj ET Q q 0 0 0 rg BT 357.05 404.05 Td (year ) Tj ET Q q 0 0 0 rg BT 376.32 404.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.11 404.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 461.40 404.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.42 404.05 Td (. ) Tj ET Q q 0 0 0 rg BT 485.68 404.05 Td (For ) Tj ET Q q 0 0 0 rg BT 500.94 404.05 Td (the ) Tj ET Q q 0 0 0 rg BT 515.21 404.05 Td (three ) Tj ET Q q 0 0 0 rg BT 537.49 404.05 Td (months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 393.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.35 393.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 131.21 393.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.23 393.25 Td (, ) Tj ET Q q 0 0 0 rg BT 156.06 393.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.39 393.25 Td (provision) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.41 393.25 Td ( ) Tj ET Q q 0 0 0 rg BT 201.73 393.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.57 393.25 Td ($0.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.08 393.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.41 393.25 Td (million ) Tj ET Q q 0 0 0 rg BT 259.24 393.25 Td (was ) Tj ET Q q 0 0 0 rg BT 277.58 393.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 323.93 393.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 366.28 393.25 Td (to ) Tj ET Q q 0 0 0 rg BT 376.11 393.25 Td (a ) Tj ET Q q 0 0 0 rg BT 383.45 393.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 419.29 393.25 Td (income ) Tj ET Q q 0 0 0 rg BT 450.63 393.25 Td (tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.97 393.25 Td (recovery) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.48 393.25 Td ( ) Tj ET Q q 0 0 0 rg BT 501.80 393.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.64 393.25 Td ($155.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.17 393.25 Td ( ) Tj ET Q q 0 0 0 rg BT 541.49 393.25 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 382.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 91.38 382.45 Td (for ) Tj ET Q q 0 0 0 rg BT 104.23 382.45 Td (the ) Tj ET Q q 0 0 0 rg BT 119.10 382.45 Td (same ) Tj ET Q q 0 0 0 rg BT 143.46 382.45 Td (period ) Tj ET Q q 0 0 0 rg BT 170.83 382.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.68 382.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 200.71 382.45 Td (. ) Tj ET Q q 0 0 0 rg BT 205.40 382.45 Td (The ) Tj ET Q q 0 0 0 rg BT 223.26 382.45 Td (deferred ) Tj ET Q q 0 0 0 rg BT 259.14 382.45 Td (income ) Tj ET Q q 0 0 0 rg BT 290.50 382.45 Td (tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.86 382.45 Td (recovery) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.37 382.45 Td ( ) Tj ET Q q 0 0 0 rg BT 341.72 382.45 Td (for ) Tj ET Q q 0 0 0 rg BT 354.58 382.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.44 382.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.95 382.45 Td ( ) Tj ET Q q 0 0 0 rg BT 389.30 382.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.68 382.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 475.55 382.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.58 382.45 Td ( ) Tj ET Q q 0 0 0 rg BT 497.93 382.45 Td (was ) Tj ET Q q 0 0 0 rg BT 516.28 382.45 Td (less ) Tj ET Q q 0 0 0 rg BT 534.64 382.45 Td (than ) Tj ET Q q 0 0 0 rg BT 554.51 382.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 371.65 Td (recovery ) Tj ET Q q 0 0 0 rg BT 81.50 371.65 Td (calculated ) Tj ET Q q 0 0 0 rg BT 124.01 371.65 Td (using ) Tj ET Q q 0 0 0 rg BT 147.52 371.65 Td (the ) Tj ET Q q 0 0 0 rg BT 162.01 371.65 Td (statutory ) Tj ET Q q 0 0 0 rg BT 198.52 371.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 216.01 371.65 Td (as ) Tj ET Q q 0 0 0 rg BT 227.51 371.65 Td (a ) Tj ET Q q 0 0 0 rg BT 234.50 371.65 Td (result ) Tj ET Q q 0 0 0 rg BT 258.50 371.65 Td (of ) Tj ET Q q 0 0 0 rg BT 267.99 371.65 Td (the ) Tj ET Q q 0 0 0 rg BT 282.49 371.65 Td (income ) Tj ET Q q 0 0 0 rg BT 313.49 371.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 327.48 371.65 Td (treatment ) Tj ET Q q 0 0 0 rg BT 367.49 371.65 Td (of ) Tj ET Q q 0 0 0 rg BT 376.98 371.65 Td (net ) Tj ET Q q 0 0 0 rg BT 391.48 371.65 Td (foreign ) Tj ET Q q 0 0 0 rg BT 420.99 371.65 Td (currency ) Tj ET Q q 0 0 0 rg BT 457.48 371.65 Td (translation ) Tj ET Q q 0 0 0 rg BT 501.00 371.65 Td (gains ) Tj ET Q q 0 0 0 rg BT 524.50 371.65 Td (and ) Tj ET Q q 0 0 0 rg BT 541.50 371.65 Td (losses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 360.85 Td (on ) Tj ET Q q 0 0 0 rg BT 58.22 360.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 107.17 360.85 Td (US ) Tj ET Q q 0 0 0 rg BT 122.87 360.85 Td (denominated ) Tj ET Q q 0 0 0 rg BT 178.12 360.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 205.84 360.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 251.07 360.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 276.30 360.85 Td (and ) Tj ET Q q 0 0 0 rg BT 294.52 360.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 330.75 360.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 375.97 360.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 415.69 360.85 Td (and ) Tj ET Q q 0 0 0 rg BT 433.91 360.85 Td (the ) Tj ET Q q 0 0 0 rg BT 449.63 360.85 Td (income ) Tj ET Q q 0 0 0 rg BT 481.85 360.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 497.06 360.85 Td (treatment ) Tj ET Q q 0 0 0 rg BT 538.28 360.85 Td (of ) Tj ET Q q 0 0 0 rg BT 548.99 360.85 Td (non-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 350.05 Td (deductible ) Tj ET Q q 0 0 0 rg BT 88.56 350.05 Td (share-based ) Tj ET Q q 0 0 0 rg BT 141.11 350.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 199.67 350.05 Td (expense. ) Tj ET Q q 0 0 0 rg BT 238.56 350.05 Td (The ) Tj ET Q q 0 0 0 rg BT 256.59 350.05 Td (deferred ) Tj ET Q q 0 0 0 rg BT 292.63 350.05 Td (income ) Tj ET Q q 0 0 0 rg BT 324.17 350.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 338.70 350.05 Td (provision ) Tj ET Q q 0 0 0 rg BT 377.24 350.05 Td (for ) Tj ET Q q 0 0 0 rg BT 390.27 350.05 Td (the ) Tj ET Q q 0 0 0 rg BT 405.30 350.05 Td (three ) Tj ET Q q 0 0 0 rg BT 428.34 350.05 Td (months ) Tj ET Q q 0 0 0 rg BT 460.38 350.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.93 350.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 546.98 350.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 339.25 Td (was ) Tj ET Q q 0 0 0 rg BT 64.04 339.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 92.09 339.25 Td (than ) Tj ET Q q 0 0 0 rg BT 112.65 339.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.19 339.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 167.24 339.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 210.81 339.25 Td (using ) Tj ET Q q 0 0 0 rg BT 235.36 339.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.90 339.25 Td (statutory ) Tj ET Q q 0 0 0 rg BT 288.45 339.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 307.00 339.25 Td (due ) Tj ET Q q 0 0 0 rg BT 325.05 339.25 Td (to ) Tj ET Q q 0 0 0 rg BT 335.59 339.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.13 339.25 Td (same ) Tj ET Q q 0 0 0 rg BT 376.18 339.25 Td (reasons ) Tj ET Q q 0 0 0 rg BT 411.23 339.25 Td (noted ) Tj ET Q q 0 0 0 rg BT 436.79 339.25 Td (above. ) Tj ET Q q 0 0 0 rg BT 466.85 339.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 509.41 339.25 Td (made ) Tj ET Q q 0 0 0 rg BT 534.95 339.25 Td (no ) Tj ET Q q 0 0 0 rg BT 548.00 339.25 Td (cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 328.45 Td (payments ) Tj ET Q q 0 0 0 rg BT 86.52 328.45 Td (or ) Tj ET Q q 0 0 0 rg BT 97.02 328.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 111.53 328.45 Td (installments ) Tj ET Q q 0 0 0 rg BT 161.55 328.45 Td (for ) Tj ET Q q 0 0 0 rg BT 174.55 328.45 Td (the ) Tj ET Q q 0 0 0 rg BT 189.56 328.45 Td (three ) Tj ET Q q 0 0 0 rg BT 212.58 328.45 Td (months ) Tj ET Q q 0 0 0 rg BT 244.59 328.45 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.09 328.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.60 328.45 Td ( ) Tj ET Q q 0 0 0 rg BT 275.10 328.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.63 328.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 361.66 328.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.68 328.45 Td ( ) Tj ET Q q 0 0 0 rg BT 384.18 328.45 Td (or ) Tj ET Q q 0 0 0 rg BT 394.68 328.45 Td (for ) Tj ET Q q 0 0 0 rg BT 407.69 328.45 Td (the ) Tj ET Q q 0 0 0 rg BT 422.70 328.45 Td (comparative ) Tj ET Q q 0 0 0 rg BT 474.22 328.45 Td (periods ) Tj ET Q q 0 0 0 rg BT 506.24 328.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.24 328.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.26 328.45 Td (. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 311.65 Td (Funds ) Tj ET Q q 0 0 0 rg BT 75.66 311.65 Td (from ) Tj ET Q q 0 0 0 rg BT 99.33 311.65 Td (operations, ) Tj ET Q q 0 0 0 rg BT 151.50 311.65 Td (net ) Tj ET Q q 0 0 0 rg BT 168.66 311.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 190.34 311.65 Td (and ) Tj ET Q q 0 0 0 rg BT 210.00 311.65 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 279.69 311.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 301.37 311.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.03 311.65 Td (For ) Tj ET Q q 0 0 0 rg BT 325.20 311.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.37 311.65 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.88 311.65 Td ( ) Tj ET Q q 0 0 0 rg BT 362.54 311.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.24 311.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 451.43 311.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 311.65 Td (, ) Tj ET Q q 0 0 0 rg BT 477.62 311.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 503.30 311.65 Td (from ) Tj ET Q q 0 0 0 rg BT 524.96 311.65 Td (operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 300.85 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.03 300.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 88.52 300.85 Td (31%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.54 300.85 Td ( ) Tj ET Q q 0 0 0 rg BT 108.03 300.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.03 300.85 Td ($264.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.56 300.85 Td ( ) Tj ET Q q 0 0 0 rg BT 146.05 300.85 Td (million ) Tj ET Q q 0 0 0 rg BT 173.05 300.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.04 300.85 Td ($1.1) Tj ET Q q 0 0 0 rg BT 192.89 300.85 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.90 300.85 Td ( ) Tj ET Q q 0 0 0 rg BT 199.39 300.85 Td (pershare,basic\) ) Tj ET Q q 0 0 0 rg BT 267.91 300.85 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.41 300.85 Td ($385.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.94 300.85 Td ( ) Tj ET Q q 0 0 0 rg BT 316.43 300.85 Td (million ) Tj ET Q q 0 0 0 rg BT 343.43 300.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.42 300.85 Td ($1.77) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 300.85 Td ( ) Tj ET Q q 0 0 0 rg BT 370.44 300.85 Td (pershare,basic\) ) Tj ET Q q 0 0 0 rg BT 438.96 300.85 Td (for ) Tj ET Q q 0 0 0 rg BT 450.96 300.85 Td (the ) Tj ET Q q 0 0 0 rg BT 464.96 300.85 Td (year ) Tj ET Q q 0 0 0 rg BT 483.96 300.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.48 300.85 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 290.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 290.05 Td (. ) Tj ET Q q 0 0 0 rg BT 70.09 290.05 Td (The ) Tj ET Q q 0 0 0 rg BT 88.34 290.05 Td (decrease ) Tj ET Q q 0 0 0 rg BT 128.11 290.05 Td (in ) Tj ET Q q 0 0 0 rg BT 137.86 290.05 Td (funds ) Tj ET Q q 0 0 0 rg BT 162.62 290.05 Td (from ) Tj ET Q q 0 0 0 rg BT 183.37 290.05 Td (operations ) Tj ET Q q 0 0 0 rg BT 228.14 290.05 Td (was ) Tj ET Q q 0 0 0 rg BT 246.89 290.05 Td (primarily ) Tj ET Q q 0 0 0 rg BT 283.63 290.05 Td (due ) Tj ET Q q 0 0 0 rg BT 301.39 290.05 Td (to ) Tj ET Q q 0 0 0 rg BT 311.65 290.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.40 290.05 Td (28%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.41 290.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.15 290.05 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.18 290.05 Td ( ) Tj ET Q q 0 0 0 rg BT 379.92 290.05 Td (in ) Tj ET Q q 0 0 0 rg BT 389.67 290.05 Td (production ) Tj ET Q q 0 0 0 rg BT 434.44 290.05 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 476.71 290.05 Td (including ) Tj ET Q q 0 0 0 rg BT 514.98 290.05 Td (the ) Tj ET Q q 0 0 0 rg BT 530.24 290.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 559.49 290.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 279.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 78.17 279.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 101.34 279.25 Td (on ) Tj ET Q q 0 0 0 rg BT 113.00 279.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 147.68 279.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 191.35 279.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 236.51 279.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 277.18 279.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 309.84 279.25 Td (of) Tj ET Q q 0 0 0 rg BT 317.19 279.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 333.35 279.25 Td (by ) Tj ET Q q 0 0 0 rg BT 344.51 279.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.16 279.25 Td (32%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.18 279.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.83 279.25 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.85 279.25 Td ( ) Tj ET Q q 0 0 0 rg BT 409.51 279.25 Td (in ) Tj ET Q q 0 0 0 rg BT 418.17 279.25 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 455.83 279.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.49 279.25 Td (26%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.50 279.25 Td ( ) Tj ET Q q 0 0 0 rg BT 482.16 279.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 520.84 279.25 Td (in ) Tj ET Q q 0 0 0 rg BT 529.49 279.25 Td (operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 268.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 86.03 268.45 Td (and ) Tj ET Q q 0 0 0 rg BT 103.54 268.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 111.05 268.45 Td (38%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.06 268.45 Td ( ) Tj ET Q q 0 0 0 rg BT 131.56 268.45 Td (decrease ) Tj ET Q q 0 0 0 rg BT 171.09 268.45 Td (in ) Tj ET Q q 0 0 0 rg BT 180.59 268.45 Td (transportation ) Tj ET Q q 0 0 0 rg BT 238.13 268.45 Td (expenses.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 251.65 Td (For ) Tj ET Q q 0 0 0 rg BT 60.93 251.65 Td (the ) Tj ET Q q 0 0 0 rg BT 75.87 251.65 Td (three ) Tj ET Q q 0 0 0 rg BT 98.81 251.65 Td (months ) Tj ET Q q 0 0 0 rg BT 130.75 251.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.20 251.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 217.16 251.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.18 251.65 Td (, ) Tj ET Q q 0 0 0 rg BT 242.10 251.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 284.06 251.65 Td (experienced ) Tj ET Q q 0 0 0 rg BT 335.52 251.65 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.96 251.65 Td (18%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.97 251.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.40 251.65 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.42 251.65 Td ( ) Tj ET Q q 0 0 0 rg BT 407.85 251.65 Td (in ) Tj ET Q q 0 0 0 rg BT 417.28 251.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 441.72 251.65 Td (from ) Tj ET Q q 0 0 0 rg BT 462.15 251.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 506.61 251.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.54 251.65 Td ($78.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.06 251.65 Td ( ) Tj ET Q q 0 0 0 rg BT 541.49 251.65 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 240.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 240.85 Td ($0.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.52 240.85 Td ( ) Tj ET Q q 0 0 0 rg BT 72.31 240.85 Td (per ) Tj ET Q q 0 0 0 rg BT 87.10 240.85 Td (share, ) Tj ET Q q 0 0 0 rg BT 113.91 240.85 Td (basic\) ) Tj ET Q q 0 0 0 rg BT 139.70 240.85 Td (from ) Tj ET Q q 0 0 0 rg BT 159.49 240.85 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.50 240.85 Td (95.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.01 240.85 Td ( ) Tj ET Q q 0 0 0 rg BT 183.80 240.85 Td (million ) Tj ET Q q 0 0 0 rg BT 211.10 240.85 Td (\($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 219.10 240.85 Td (0.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.61 240.85 Td ( ) Tj ET Q q 0 0 0 rg BT 238.40 240.85 Td (per ) Tj ET Q q 0 0 0 rg BT 253.20 240.85 Td (share, ) Tj ET Q q 0 0 0 rg BT 280.00 240.85 Td (basic\) ) Tj ET Q q 0 0 0 rg BT 305.80 240.85 Td (for ) Tj ET Q q 0 0 0 rg BT 318.09 240.85 Td (the ) Tj ET Q q 0 0 0 rg BT 332.39 240.85 Td (same ) Tj ET Q q 0 0 0 rg BT 356.19 240.85 Td (period ) Tj ET Q q 0 0 0 rg BT 382.99 240.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.29 240.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.31 240.85 Td (. ) Tj ET Q q 0 0 0 rg BT 416.48 240.85 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.78 240.85 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.80 240.85 Td ( ) Tj ET Q q 0 0 0 rg BT 472.59 240.85 Td (in ) Tj ET Q q 0 0 0 rg BT 481.38 240.85 Td (funds ) Tj ET Q q 0 0 0 rg BT 505.19 240.85 Td (from ) Tj ET Q q 0 0 0 rg BT 524.98 240.85 Td (operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 230.05 Td (resulted ) Tj ET Q q 0 0 0 rg BT 78.45 230.05 Td (primarily ) Tj ET Q q 0 0 0 rg BT 113.88 230.05 Td (from ) Tj ET Q q 0 0 0 rg BT 133.31 230.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.75 230.05 Td (15%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 157.76 230.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.19 230.05 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.22 230.05 Td ( ) Tj ET Q q 0 0 0 rg BT 197.65 230.05 Td (in ) Tj ET Q q 0 0 0 rg BT 206.08 230.05 Td (production ) Tj ET Q q 0 0 0 rg BT 249.54 230.05 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 290.50 230.05 Td (including ) Tj ET Q q 0 0 0 rg BT 327.46 230.05 Td (the ) Tj ET Q q 0 0 0 rg BT 341.40 230.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 369.34 230.05 Td (of ) Tj ET Q q 0 0 0 rg BT 378.28 230.05 Td (realized ) Tj ET Q q 0 0 0 rg BT 411.22 230.05 Td (gains ) Tj ET Q q 0 0 0 rg BT 434.17 230.05 Td (on ) Tj ET Q q 0 0 0 rg BT 445.61 230.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 480.06 230.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 523.51 230.05 Td (commodity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 219.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 86.52 219.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 120.03 219.25 Td (of) Tj ET Q q 0 0 0 rg BT 127.37 219.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 144.38 219.25 Td (by ) Tj ET Q q 0 0 0 rg BT 156.38 219.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.89 219.25 Td (15%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.90 219.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.40 219.25 Td (improvement ) Tj ET Q q 0 0 0 rg BT 238.92 219.25 Td (in ) Tj ET Q q 0 0 0 rg BT 248.43 219.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 284.95 219.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 324.98 219.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 366.01 219.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.53 219.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.03 219.25 Td (39%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.05 219.25 Td ( ) Tj ET Q q 0 0 0 rg BT 411.55 219.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 451.07 219.25 Td (in ) Tj ET Q q 0 0 0 rg BT 460.58 219.25 Td (transportation ) Tj ET Q q 0 0 0 rg BT 518.11 219.25 Td (expenses.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 202.45 Td (The ) Tj ET Q q 0 0 0 rg BT 63.01 202.45 Td (following ) Tj ET Q q 0 0 0 rg BT 100.53 202.45 Td (table ) Tj ET Q q 0 0 0 rg BT 122.55 202.45 Td (is ) Tj ET Q q 0 0 0 rg BT 131.55 202.45 Td (a ) Tj ET Q q 0 0 0 rg BT 139.05 202.45 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 194.08 202.45 Td (of ) Tj ET Q q 0 0 0 rg BT 204.09 202.45 Td (a ) Tj ET Q q 0 0 0 rg BT 211.59 202.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 233.10 202.45 Td (flow ) Tj ET Q q 0 0 0 rg BT 251.61 202.45 Td (from ) Tj ET Q q 0 0 0 rg BT 272.11 202.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 312.14 202.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 349.15 202.45 Td (to ) Tj ET Q q 0 0 0 rg BT 359.16 202.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 383.67 202.45 Td (from ) Tj ET Q q 0 0 0 rg BT 404.17 202.45 Td (operations:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 188.95000000000005 m 262.5 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 188.95000000000005 m 338.5 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 188.95000000000005 m 414.5 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 188.95000000000005 m 490.5 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 188.95000000000005 m 566.5 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 160.95000000000005 m 262.5 160.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 160.95000000000005 m 338.5 160.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 160.95000000000005 m 414.5 160.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 160.95000000000005 m 490.5 160.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 160.95000000000005 m 566.5 160.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 93.95000000000005 m 262.5 93.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 93.95000000000005 m 338.5 93.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 93.95000000000005 m 414.5 93.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 93.95000000000005 m 490.5 93.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 93.95000000000005 m 566.5 93.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 79.95000000000005 m 262.5 79.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 79.95000000000005 m 338.5 79.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 79.95000000000005 m 414.5 79.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 79.95000000000005 m 490.5 79.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 79.95000000000005 m 566.5 79.95000000000005 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.90 179.35 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.75 179.35 Td (Years ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 165.35 Td (Calculation of Funds From Operations:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.95 165.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 165.35 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.95 165.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 165.35 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 47.00 153.35 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 140.35 Td (Cash flow from operating activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.45 140.35 Td (70,761) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 140.35 Td (126,735) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 140.35 Td (260,792) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 140.35 Td (406,290) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 126.35 Td (Interest expense) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 113.54 130.64 Td (\(1\)) Tj ET Q 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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 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 22) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 87.69 742.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 126.38 742.45 Td (a ) Tj ET Q q 0 0 0 rg BT 134.56 742.45 Td (net ) Tj ET Q q 0 0 0 rg BT 150.24 742.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 169.41 742.45 Td (and ) Tj ET Q q 0 0 0 rg BT 187.60 742.45 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 251.80 742.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 270.97 742.45 Td (for ) Tj ET Q q 0 0 0 rg BT 284.65 742.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.33 742.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.84 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 321.00 742.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.20 742.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 408.90 742.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.92 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 432.09 742.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.76 742.45 Td ($96.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.29 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 468.46 742.45 Td (million ) Tj ET Q q 0 0 0 rg BT 497.13 742.45 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.13 742.45 Td ($0.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.65 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 525.82 742.45 Td (per ) Tj ET Q q 0 0 0 rg BT 542.00 742.45 Td (share, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.65 Td (basic\) ) Tj ET Q q 0 0 0 rg BT 71.80 731.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 114.61 731.65 Td (to ) Tj ET Q q 0 0 0 rg BT 124.91 731.65 Td (a ) Tj ET Q q 0 0 0 rg BT 132.70 731.65 Td (net ) Tj ET Q q 0 0 0 rg BT 148.01 731.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 166.80 731.65 Td (and ) Tj ET Q q 0 0 0 rg BT 184.61 731.65 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 248.43 731.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 267.23 731.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.52 731.65 Td ($751.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.05 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 307.84 731.65 Td (million ) Tj ET Q q 0 0 0 rg BT 336.14 731.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.14 731.65 Td ($3.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.66 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 364.45 731.65 Td (per ) Tj ET Q q 0 0 0 rg BT 380.25 731.65 Td (share, ) Tj ET Q q 0 0 0 rg BT 408.05 731.65 Td (basic\) ) Tj ET Q q 0 0 0 rg BT 434.85 731.65 Td (for ) Tj ET Q q 0 0 0 rg BT 448.15 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 463.45 731.65 Td (same ) Tj ET Q q 0 0 0 rg BT 488.25 731.65 Td (period ) Tj ET Q q 0 0 0 rg BT 516.06 731.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.35 731.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.37 731.65 Td (. ) Tj ET Q q 0 0 0 rg BT 551.48 731.65 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.85 Td (net ) Tj ET Q q 0 0 0 rg BT 60.32 720.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 79.14 720.85 Td (and ) Tj ET Q q 0 0 0 rg BT 96.97 720.85 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 160.81 720.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 179.63 720.85 Td (was ) Tj ET Q q 0 0 0 rg BT 198.45 720.85 Td (higher ) Tj ET Q q 0 0 0 rg BT 226.28 720.85 Td (in ) Tj ET Q q 0 0 0 rg BT 236.09 720.85 Td (2015, ) Tj ET Q q 0 0 0 rg BT 261.43 720.85 Td (largely ) Tj ET Q q 0 0 0 rg BT 290.75 720.85 Td (as ) Tj ET Q q 0 0 0 rg BT 303.07 720.85 Td (a ) Tj ET Q q 0 0 0 rg BT 310.89 720.85 Td (result ) Tj ET Q q 0 0 0 rg BT 335.71 720.85 Td (of ) Tj ET Q q 0 0 0 rg BT 346.02 720.85 Td (an ) Tj ET Q q 0 0 0 rg BT 358.85 720.85 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.85 720.85 Td (812.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.37 720.85 Td ( ) Tj ET Q q 0 0 0 rg BT 389.19 720.85 Td (million ) Tj ET Q q 0 0 0 rg BT 417.50 720.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 464.83 720.85 Td (charge ) Tj ET Q q 0 0 0 rg BT 495.16 720.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 542.00 720.85 Td (during ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 710.05 Td (the ) Tj ET Q q 0 0 0 rg BT 60.01 710.05 Td (year) Tj ET Q q 0 0 0 rg BT 77.02 710.05 Td (, ) Tj ET Q q 0 0 0 rg BT 82.02 710.05 Td (as ) Tj ET Q q 0 0 0 rg BT 94.03 710.05 Td (a ) Tj ET Q q 0 0 0 rg BT 101.54 710.05 Td (result ) Tj ET Q q 0 0 0 rg BT 126.04 710.05 Td (of ) Tj ET Q q 0 0 0 rg BT 136.05 710.05 Td (a ) Tj ET Q q 0 0 0 rg BT 143.56 710.05 Td (sustained ) Tj ET Q q 0 0 0 rg BT 184.58 710.05 Td (decline ) Tj ET Q q 0 0 0 rg BT 215.60 710.05 Td (in ) Tj ET Q q 0 0 0 rg BT 225.11 710.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 271.12 710.05 Td (prices.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 693.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 87.30 693.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 125.59 693.25 Td (a ) Tj ET Q q 0 0 0 rg BT 133.37 693.25 Td (net ) Tj ET Q q 0 0 0 rg BT 148.66 693.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 167.44 693.25 Td (and ) Tj ET Q q 0 0 0 rg BT 185.23 693.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 249.03 693.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 267.81 693.25 Td (for ) Tj ET Q q 0 0 0 rg BT 281.09 693.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.37 693.25 Td (three ) Tj ET Q q 0 0 0 rg BT 319.66 693.25 Td (months ) Tj ET Q q 0 0 0 rg BT 351.95 693.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.75 693.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 439.05 693.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.07 693.25 Td ( ) Tj ET Q q 0 0 0 rg BT 461.84 693.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.12 693.25 Td ($12.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.65 693.25 Td ( ) Tj ET Q q 0 0 0 rg BT 497.42 693.25 Td (million ) Tj ET Q q 0 0 0 rg BT 525.70 693.25 Td (\($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.70 693.25 Td (0.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.22 693.25 Td ( ) Tj ET Q q 0 0 0 rg BT 553.99 693.25 Td (per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 682.45 Td (share, ) Tj ET Q q 0 0 0 rg BT 72.36 682.45 Td (basic\) ) Tj ET Q q 0 0 0 rg BT 98.71 682.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 141.07 682.45 Td (to ) Tj ET Q q 0 0 0 rg BT 150.92 682.45 Td (a ) Tj ET Q q 0 0 0 rg BT 158.27 682.45 Td (net ) Tj ET Q q 0 0 0 rg BT 173.13 682.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 191.48 682.45 Td (and ) Tj ET Q q 0 0 0 rg BT 208.84 682.45 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 272.21 682.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 290.56 682.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.41 682.45 Td ($454.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.94 682.45 Td ( ) Tj ET Q q 0 0 0 rg BT 330.29 682.45 Td (million ) Tj ET Q q 0 0 0 rg BT 358.14 682.45 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.13 682.45 Td ($2.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.65 682.45 Td ( ) Tj ET Q q 0 0 0 rg BT 386.00 682.45 Td (per ) Tj ET Q q 0 0 0 rg BT 401.35 682.45 Td (share, ) Tj ET Q q 0 0 0 rg BT 428.71 682.45 Td (basic\) ) Tj ET Q q 0 0 0 rg BT 455.06 682.45 Td (for ) Tj ET Q q 0 0 0 rg BT 467.91 682.45 Td (the ) Tj ET Q q 0 0 0 rg BT 482.76 682.45 Td (comparable ) Tj ET Q q 0 0 0 rg BT 532.13 682.45 Td (period ) Tj ET Q q 0 0 0 rg BT 559.50 682.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 671.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 671.65 Td (. ) Tj ET Q q 0 0 0 rg BT 69.68 671.65 Td (The ) Tj ET Q q 0 0 0 rg BT 87.49 671.65 Td (net ) Tj ET Q q 0 0 0 rg BT 102.30 671.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 120.61 671.65 Td (and ) Tj ET Q q 0 0 0 rg BT 137.93 671.65 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 201.27 671.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 219.58 671.65 Td (was ) Tj ET Q q 0 0 0 rg BT 237.88 671.65 Td (higher ) Tj ET Q q 0 0 0 rg BT 265.21 671.65 Td (in ) Tj ET Q q 0 0 0 rg BT 274.51 671.65 Td (2015, ) Tj ET Q q 0 0 0 rg BT 299.34 671.65 Td (largely ) Tj ET Q q 0 0 0 rg BT 328.16 671.65 Td (as ) Tj ET Q q 0 0 0 rg BT 339.96 671.65 Td (a ) Tj ET Q q 0 0 0 rg BT 347.27 671.65 Td (result ) Tj ET Q q 0 0 0 rg BT 371.59 671.65 Td (of ) Tj ET Q q 0 0 0 rg BT 381.40 671.65 Td (a ) Tj ET Q q 0 0 0 rg BT 388.70 671.65 Td ($562.0 ) Tj ET Q q 0 0 0 rg BT 418.54 671.65 Td (million ) Tj ET Q q 0 0 0 rg BT 446.34 671.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 493.16 671.65 Td (charge ) Tj ET Q q 0 0 0 rg BT 522.98 671.65 Td (recognized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 660.85 Td (during ) Tj ET Q q 0 0 0 rg BT 72.52 660.85 Td (the ) Tj ET Q q 0 0 0 rg BT 87.53 660.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 113.04 660.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 144.06 660.85 Td (of ) Tj ET Q q 0 0 0 rg BT 154.07 660.85 Td (2015 ) Tj ET Q q 0 0 0 rg BT 176.59 660.85 Td (as ) Tj ET Q q 0 0 0 rg BT 188.60 660.85 Td (a ) Tj ET Q q 0 0 0 rg BT 196.10 660.85 Td (result ) Tj ET Q q 0 0 0 rg BT 220.61 660.85 Td (of ) Tj ET Q q 0 0 0 rg BT 230.62 660.85 Td (a ) Tj ET Q q 0 0 0 rg BT 238.12 660.85 Td (sustained ) Tj ET Q q 0 0 0 rg BT 279.15 660.85 Td (decline ) Tj ET Q q 0 0 0 rg BT 310.17 660.85 Td (in ) Tj ET Q q 0 0 0 rg BT 319.68 660.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 365.69 660.85 Td (prices. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 644.05 Td (Capital ) Tj ET Q q 0 0 0 rg BT 78.02 644.05 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 137.05 644.05 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.04 644.05 Td ( ) Tj ET Q q 0 0 0 rg BT 143.06 644.05 Td (Capital ) Tj ET Q q 0 0 0 rg BT 174.08 644.05 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 228.63 644.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.65 644.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.67 644.05 Td ( ) Tj ET Q q 0 0 0 rg BT 261.68 644.05 Td (were ) Tj ET Q q 0 0 0 rg BT 284.20 644.05 Td (focused ) Tj ET Q q 0 0 0 rg BT 318.74 644.05 Td (on ) Tj ET Q q 0 0 0 rg BT 331.76 644.05 Td (the ) Tj ET Q q 0 0 0 rg BT 347.28 644.05 Td (development ) Tj ET Q q 0 0 0 rg BT 401.83 644.05 Td (of ) Tj ET Q q 0 0 0 rg BT 412.35 644.05 Td (the ) Tj ET Q q 0 0 0 rg BT 427.87 644.05 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 473.91 644.05 Td (and ) Tj ET Q q 0 0 0 rg BT 491.94 644.05 Td (Falher ) Tj ET Q q 0 0 0 rg BT 520.46 644.05 Td (plays ) Tj ET Q q 0 0 0 rg BT 544.48 644.05 Td (in ) Tj ET Q q 0 0 0 rg BT 554.50 644.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 633.25 Td (W) Tj ET Q q 0 0 0 rg BT 53.33 633.25 Td (est ) Tj ET Q q 0 0 0 rg BT 67.33 633.25 Td (Central ) Tj ET Q q 0 0 0 rg BT 98.34 633.25 Td (core ) Tj ET Q q 0 0 0 rg BT 117.84 633.25 Td (area ) Tj ET Q q 0 0 0 rg BT 137.84 633.25 Td (and ) Tj ET Q q 0 0 0 rg BT 154.85 633.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.35 633.25 Td (Wilrich ) Tj ET Q q 0 0 0 rg BT 198.34 633.25 Td (and ) Tj ET Q q 0 0 0 rg BT 215.35 633.25 Td (Bluesky ) Tj ET Q q 0 0 0 rg BT 248.86 633.25 Td (plays ) Tj ET Q q 0 0 0 rg BT 271.86 633.25 Td (in ) Tj ET Q q 0 0 0 rg BT 280.86 633.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.36 633.25 Td (Deep ) Tj ET Q q 0 0 0 rg BT 318.87 633.25 Td (Basin ) Tj ET Q q 0 0 0 rg BT 343.38 633.25 Td (core ) Tj ET Q q 0 0 0 rg BT 362.88 633.25 Td (area, ) Tj ET Q q 0 0 0 rg BT 385.38 633.25 Td (supporting ) Tj ET Q q 0 0 0 rg BT 429.41 633.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 477.14 633.25 Td (concentration ) Tj ET Q q 0 0 0 rg BT 533.17 633.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 564.51 633.25 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 622.45 Td (For ) Tj ET Q q 0 0 0 rg BT 60.76 622.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.54 622.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.05 622.45 Td ( ) Tj ET Q q 0 0 0 rg BT 95.31 622.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.60 622.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 181.40 622.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.42 622.45 Td (, ) Tj ET Q q 0 0 0 rg BT 206.18 622.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 254.19 622.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 299.97 622.45 Td (in ) Tj ET Q q 0 0 0 rg BT 309.24 622.45 Td (exploration ) Tj ET Q q 0 0 0 rg BT 355.54 622.45 Td (and ) Tj ET Q q 0 0 0 rg BT 372.82 622.45 Td (development ) Tj ET Q q 0 0 0 rg BT 426.62 622.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 463.39 622.45 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.66 622.45 Td ($153.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.19 622.45 Td ( ) Tj ET Q q 0 0 0 rg BT 511.45 622.45 Td (million, ) Tj ET Q q 0 0 0 rg BT 541.72 622.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.99 622.45 Td (51%) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 611.65 Td (reduction ) Tj ET Q q 0 0 0 rg BT 83.99 611.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 125.97 611.65 Td (to ) Tj ET Q q 0 0 0 rg BT 135.44 611.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.91 611.65 Td ($313.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.44 611.65 Td ( ) Tj ET Q q 0 0 0 rg BT 179.40 611.65 Td (million ) Tj ET Q q 0 0 0 rg BT 206.87 611.65 Td (spent ) Tj ET Q q 0 0 0 rg BT 230.85 611.65 Td (for ) Tj ET Q q 0 0 0 rg BT 243.31 611.65 Td (the ) Tj ET Q q 0 0 0 rg BT 257.78 611.65 Td (year ) Tj ET Q q 0 0 0 rg BT 277.25 611.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.24 611.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 362.73 611.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.75 611.65 Td (. ) Tj ET Q q 0 0 0 rg BT 387.09 611.65 Td (The ) Tj ET Q q 0 0 0 rg BT 404.56 611.65 Td (decrease ) Tj ET Q q 0 0 0 rg BT 443.54 611.65 Td (in ) Tj ET Q q 0 0 0 rg BT 452.51 611.65 Td (exploration ) Tj ET Q q 0 0 0 rg BT 498.50 611.65 Td (and ) Tj ET Q q 0 0 0 rg BT 515.48 611.65 Td (development ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 600.85 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 100.92 600.85 Td (aligns ) Tj ET Q q 0 0 0 rg BT 126.33 600.85 Td (with ) Tj ET Q q 0 0 0 rg BT 144.22 600.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 191.85 600.85 Td (objective ) Tj ET Q q 0 0 0 rg BT 229.26 600.85 Td (to ) Tj ET Q q 0 0 0 rg BT 238.66 600.85 Td (allocate ) Tj ET Q q 0 0 0 rg BT 271.57 600.85 Td (excess ) Tj ET Q q 0 0 0 rg BT 301.47 600.85 Td (funds ) Tj ET Q q 0 0 0 rg BT 325.37 600.85 Td (from ) Tj ET Q q 0 0 0 rg BT 345.26 600.85 Td (operations ) Tj ET Q q 0 0 0 rg BT 389.18 600.85 Td (in ) Tj ET Q q 0 0 0 rg BT 398.07 600.85 Td (2016 ) Tj ET Q q 0 0 0 rg BT 419.98 600.85 Td (to ) Tj ET Q q 0 0 0 rg BT 429.38 600.85 Td (reduce ) Tj ET Q q 0 0 0 rg BT 458.78 600.85 Td (long-term ) Tj ET Q q 0 0 0 rg BT 498.68 600.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 518.09 600.85 Td (and ) Tj ET Q q 0 0 0 rg BT 534.99 600.85 Td (improve ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 590.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 80.41 590.05 Td (flexibility) Tj ET Q q 0 0 0 rg BT 113.75 590.05 Td (. ) Tj ET Q q 0 0 0 rg BT 118.64 590.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 166.77 590.05 Td (exploration ) Tj ET Q q 0 0 0 rg BT 213.19 590.05 Td (and ) Tj ET Q q 0 0 0 rg BT 230.59 590.05 Td (development ) Tj ET Q q 0 0 0 rg BT 284.51 590.05 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 338.44 590.05 Td (represented ) Tj ET Q q 0 0 0 rg BT 388.86 590.05 Td (58% ) Tj ET Q q 0 0 0 rg BT 409.26 590.05 Td (of ) Tj ET Q q 0 0 0 rg BT 419.15 590.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 467.28 590.05 Td (funds ) Tj ET Q q 0 0 0 rg BT 491.69 590.05 Td (from ) Tj ET Q q 0 0 0 rg BT 512.08 590.05 Td (operations ) Tj ET Q q 0 0 0 rg BT 556.49 590.05 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 579.25 Td (the ) Tj ET Q q 0 0 0 rg BT 58.83 579.25 Td (year ) Tj ET Q q 0 0 0 rg BT 77.66 579.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 104.00 579.25 Td (December ) Tj ET Q q 0 0 0 rg BT 146.84 579.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 160.67 579.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 182.01 579.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 223.35 579.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.17 579.25 Td (81% ) Tj ET Q q 0 0 0 rg BT 251.50 579.25 Td (for ) Tj ET Q q 0 0 0 rg BT 263.33 579.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.16 579.25 Td (year ) Tj ET Q q 0 0 0 rg BT 295.98 579.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.33 579.25 Td (December ) Tj ET Q q 0 0 0 rg BT 365.16 579.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 378.99 579.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 402.83 579.25 Td (For ) Tj ET Q q 0 0 0 rg BT 417.65 579.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.48 579.25 Td (three ) Tj ET Q q 0 0 0 rg BT 453.31 579.25 Td (months ) Tj ET Q q 0 0 0 rg BT 484.15 579.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.49 579.25 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 568.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 568.45 Td (, ) Tj ET Q q 0 0 0 rg BT 69.65 568.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 117.51 568.45 Td (investment ) Tj ET Q q 0 0 0 rg BT 163.16 568.45 Td (in ) Tj ET Q q 0 0 0 rg BT 172.29 568.45 Td (exploration ) Tj ET Q q 0 0 0 rg BT 218.44 568.45 Td (and ) Tj ET Q q 0 0 0 rg BT 235.58 568.45 Td (development ) Tj ET Q q 0 0 0 rg BT 289.24 568.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 325.87 568.45 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.00 568.45 Td ($58.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.53 568.45 Td ( ) Tj ET Q q 0 0 0 rg BT 368.65 568.45 Td (million, ) Tj ET Q q 0 0 0 rg BT 398.78 568.45 Td (representing ) Tj ET Q q 0 0 0 rg BT 450.94 568.45 Td (74% ) Tj ET Q q 0 0 0 rg BT 471.08 568.45 Td (of ) Tj ET Q q 0 0 0 rg BT 480.71 568.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 504.85 568.45 Td (from ) Tj ET Q q 0 0 0 rg BT 524.97 568.45 Td (operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 557.65 Td (for ) Tj ET Q q 0 0 0 rg BT 57.09 557.65 Td (the ) Tj ET Q q 0 0 0 rg BT 71.18 557.65 Td (period ) Tj ET Q q 0 0 0 rg BT 97.78 557.65 Td (and ) Tj ET Q q 0 0 0 rg BT 114.38 557.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 120.97 557.65 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 133.97 557.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.56 557.65 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.57 557.65 Td ( ) Tj ET Q q 0 0 0 rg BT 171.16 557.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 212.76 557.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.85 557.65 Td ($56.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.37 557.65 Td ( ) Tj ET Q q 0 0 0 rg BT 245.95 557.65 Td (million ) Tj ET Q q 0 0 0 rg BT 273.04 557.65 Td (for ) Tj ET Q q 0 0 0 rg BT 285.13 557.65 Td (the ) Tj ET Q q 0 0 0 rg BT 299.22 557.65 Td (same ) Tj ET Q q 0 0 0 rg BT 322.81 557.65 Td (period ) Tj ET Q q 0 0 0 rg BT 349.41 557.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.50 557.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.52 557.65 Td (. ) Tj ET Q q 0 0 0 rg BT 382.50 557.65 Td (The ) Tj ET Q q 0 0 0 rg BT 399.59 557.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 444.69 557.65 Td (in ) Tj ET Q q 0 0 0 rg BT 453.28 557.65 Td (exploration ) Tj ET Q q 0 0 0 rg BT 498.89 557.65 Td (and ) Tj ET Q q 0 0 0 rg BT 515.49 557.65 Td (development ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 546.85 Td (activities ) Tj ET Q q 0 0 0 rg BT 81.63 546.85 Td (in ) Tj ET Q q 0 0 0 rg BT 90.75 546.85 Td (the ) Tj ET Q q 0 0 0 rg BT 105.38 546.85 Td (fourth ) Tj ET Q q 0 0 0 rg BT 130.51 546.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 161.14 546.85 Td (of ) Tj ET Q q 0 0 0 rg BT 170.77 546.85 Td (2016 ) Tj ET Q q 0 0 0 rg BT 192.90 546.85 Td (was ) Tj ET Q q 0 0 0 rg BT 211.03 546.85 Td (supported ) Tj ET Q q 0 0 0 rg BT 253.17 546.85 Td (by ) Tj ET Q q 0 0 0 rg BT 264.80 546.85 Td (net ) Tj ET Q q 0 0 0 rg BT 279.42 546.85 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 318.57 546.85 Td (received ) Tj ET Q q 0 0 0 rg BT 354.70 546.85 Td (from ) Tj ET Q q 0 0 0 rg BT 374.82 546.85 Td (non-core ) Tj ET Q q 0 0 0 rg BT 412.46 546.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 436.08 546.85 Td (dispositions, ) Tj ET Q q 0 0 0 rg BT 487.73 546.85 Td (as ) Tj ET Q q 0 0 0 rg BT 499.35 546.85 Td (discussed ) Tj ET Q q 0 0 0 rg BT 541.49 546.85 Td (below) Tj ET Q q 0 0 0 rg BT 564.51 546.85 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 536.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 86.99 536.05 Td (remains ) Tj ET Q q 0 0 0 rg BT 121.46 536.05 Td (focused ) Tj ET Q q 0 0 0 rg BT 155.45 536.05 Td (on ) Tj ET Q q 0 0 0 rg BT 167.93 536.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 196.41 536.05 Td (discipline ) Tj ET Q q 0 0 0 rg BT 235.89 536.05 Td (and ) Tj ET Q q 0 0 0 rg BT 253.37 536.05 Td (ef) Tj ET Q q 0 0 0 rg BT 260.72 536.05 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 293.19 536.05 Td (to ) Tj ET Q q 0 0 0 rg BT 303.16 536.05 Td (maintain ) Tj ET Q q 0 0 0 rg BT 339.64 536.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 368.12 536.05 Td (spending ) Tj ET Q q 0 0 0 rg BT 407.12 536.05 Td (that ) Tj ET Q q 0 0 0 rg BT 424.60 536.05 Td (is ) Tj ET Q q 0 0 0 rg BT 433.56 536.05 Td (lower ) Tj ET Q q 0 0 0 rg BT 457.53 536.05 Td (than ) Tj ET Q q 0 0 0 rg BT 477.52 536.05 Td (funds ) Tj ET Q q 0 0 0 rg BT 502.00 536.05 Td (from ) Tj ET Q q 0 0 0 rg BT 522.46 536.05 Td (operations.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 519.25 Td (For ) Tj ET Q q 0 0 0 rg BT 60.91 519.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.82 519.25 Td (year ) Tj ET Q q 0 0 0 rg BT 95.73 519.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.17 519.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.10 519.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.12 519.25 Td (, ) Tj ET Q q 0 0 0 rg BT 207.03 519.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 228.44 519.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 267.87 519.25 Td (from ) Tj ET Q q 0 0 0 rg BT 288.28 519.25 Td (non-core ) Tj ET Q q 0 0 0 rg BT 326.20 519.25 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 375.63 519.25 Td (totaled ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.06 519.25 Td ($180.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.59 519.25 Td ( ) Tj ET Q q 0 0 0 rg BT 434.99 519.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 465.41 519.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 501.83 519.25 Td (in ) Tj ET Q q 0 0 0 rg BT 511.24 519.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.65 519.25 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.67 519.25 Td ( ) Tj ET Q q 0 0 0 rg BT 538.07 519.25 Td (on ) Tj ET Q q 0 0 0 rg BT 550.49 519.25 Td (sale ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 508.45 Td (of ) Tj ET Q q 0 0 0 rg BT 55.13 508.45 Td (property) Tj ET Q q 0 0 0 rg BT 87.47 508.45 Td (, ) Tj ET Q q 0 0 0 rg BT 92.59 508.45 Td (plant ) Tj ET Q q 0 0 0 rg BT 114.73 508.45 Td (and ) Tj ET Q q 0 0 0 rg BT 132.37 508.45 Td (equipment ) Tj ET Q q 0 0 0 rg BT 177.02 508.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.14 508.45 Td ($34.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.66 508.45 Td ( ) Tj ET Q q 0 0 0 rg BT 212.28 508.45 Td (million ) Tj ET Q q 0 0 0 rg BT 240.41 508.45 Td (and ) Tj ET Q q 0 0 0 rg BT 258.05 508.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.67 508.45 Td ($1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.19 508.45 Td ( ) Tj ET Q q 0 0 0 rg BT 285.81 508.45 Td (million ) Tj ET Q q 0 0 0 rg BT 313.94 508.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 332.56 508.45 Td (on ) Tj ET Q q 0 0 0 rg BT 345.19 508.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 364.32 508.45 Td (of ) Tj ET Q q 0 0 0 rg BT 374.45 508.45 Td (exploration ) Tj ET Q q 0 0 0 rg BT 421.10 508.45 Td (and ) Tj ET Q q 0 0 0 rg BT 438.73 508.45 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 482.38 508.45 Td (assets. ) Tj ET Q q 0 0 0 rg BT 513.35 508.45 Td (The ) Tj ET Q q 0 0 0 rg BT 531.47 508.45 Td (non-core ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 497.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.36 497.65 Td (disposed ) Tj ET Q q 0 0 0 rg BT 115.74 497.65 Td (were ) Tj ET Q q 0 0 0 rg BT 139.59 497.65 Td (predominately ) Tj ET Q q 0 0 0 rg BT 200.47 497.65 Td (located ) Tj ET Q q 0 0 0 rg BT 233.85 497.65 Td (in ) Tj ET Q q 0 0 0 rg BT 245.20 497.65 Td (the ) Tj ET Q q 0 0 0 rg BT 262.06 497.65 Td (Willesden ) Tj ET Q q 0 0 0 rg BT 305.43 497.65 Td (Green, ) Tj ET Q q 0 0 0 rg BT 337.29 497.65 Td (Garrington ) Tj ET Q q 0 0 0 rg BT 384.16 497.65 Td (and ) Tj ET Q q 0 0 0 rg BT 403.53 497.65 Td (Lethbridge ) Tj ET Q q 0 0 0 rg BT 450.41 497.65 Td (areas ) Tj ET Q q 0 0 0 rg BT 477.27 497.65 Td (of ) Tj ET Q q 0 0 0 rg BT 488.26 497.65 Td (Alberta. ) Tj ET Q q 0 0 0 rg BT 523.63 497.65 Td (During ) Tj ET Q q 0 0 0 rg BT 554.49 497.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 486.85 Td (comparative ) Tj ET Q q 0 0 0 rg BT 96.19 486.85 Td (year ) Tj ET Q q 0 0 0 rg BT 115.87 486.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 143.06 486.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 201.76 486.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.78 486.85 Td (, ) Tj ET Q q 0 0 0 rg BT 226.45 486.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 268.14 486.85 Td (disposed ) Tj ET Q q 0 0 0 rg BT 306.33 486.85 Td (of ) Tj ET Q q 0 0 0 rg BT 316.01 486.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 345.19 486.85 Td (non-core ) Tj ET Q q 0 0 0 rg BT 382.88 486.85 Td (petroleum ) Tj ET Q q 0 0 0 rg BT 425.07 486.85 Td (and ) Tj ET Q q 0 0 0 rg BT 442.25 486.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 471.94 486.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 488.62 486.85 Td (rights ) Tj ET Q q 0 0 0 rg BT 512.80 486.85 Td (through ) Tj ET Q q 0 0 0 rg BT 545.49 486.85 Td (asset ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 476.05 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 91.18 476.05 Td (and ) Tj ET Q q 0 0 0 rg BT 108.84 476.05 Td (other ) Tj ET Q q 0 0 0 rg BT 131.99 476.05 Td (property ) Tj ET Q q 0 0 0 rg BT 167.65 476.05 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 217.32 476.05 Td (for ) Tj ET Q q 0 0 0 rg BT 230.47 476.05 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 270.14 476.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.29 476.05 Td ($100.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.81 476.05 Td ( ) Tj ET Q q 0 0 0 rg BT 310.46 476.05 Td (million, ) Tj ET Q q 0 0 0 rg BT 341.11 476.05 Td (resulting ) Tj ET Q q 0 0 0 rg BT 377.77 476.05 Td (in ) Tj ET Q q 0 0 0 rg BT 387.42 476.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.06 476.05 Td ($19.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.59 476.05 Td ( ) Tj ET Q q 0 0 0 rg BT 420.23 476.05 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.38 476.05 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.40 476.05 Td ( ) Tj ET Q q 0 0 0 rg BT 468.04 476.05 Td (on ) Tj ET Q q 0 0 0 rg BT 480.69 476.05 Td (sale ) Tj ET Q q 0 0 0 rg BT 499.85 476.05 Td (of ) Tj ET Q q 0 0 0 rg BT 510.00 476.05 Td (property) Tj ET Q q 0 0 0 rg BT 542.34 476.05 Td (, ) Tj ET Q q 0 0 0 rg BT 547.49 476.05 Td (plant ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 465.25 Td (and ) Tj ET Q q 0 0 0 rg BT 62.22 465.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 106.46 465.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.69 465.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.90 465.25 Td ($14.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.42 465.25 Td ( ) Tj ET Q q 0 0 0 rg BT 155.63 465.25 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.35 465.25 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 200.36 465.25 Td ( ) Tj ET Q q 0 0 0 rg BT 202.57 465.25 Td (on ) Tj ET Q q 0 0 0 rg BT 214.79 465.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.51 465.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 248.23 465.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.94 465.25 Td (exploration ) Tj ET Q q 0 0 0 rg BT 304.18 465.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.40 465.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 364.64 465.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 395.36 465.25 Td (During ) Tj ET Q q 0 0 0 rg BT 424.08 465.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.80 465.25 Td (year ) Tj ET Q q 0 0 0 rg BT 458.52 465.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.76 465.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 544.49 465.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.51 465.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 454.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 87.04 454.45 Td (also ) Tj ET Q q 0 0 0 rg BT 106.06 454.45 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 145.60 454.45 Td (through ) Tj ET Q q 0 0 0 rg BT 178.63 454.45 Td (property ) Tj ET Q q 0 0 0 rg BT 214.16 454.45 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 266.20 454.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 295.73 454.45 Td (properties ) Tj ET Q q 0 0 0 rg BT 338.26 454.45 Td (and ) Tj ET Q q 0 0 0 rg BT 355.79 454.45 Td (petroleum ) Tj ET Q q 0 0 0 rg BT 398.32 454.45 Td (and ) Tj ET Q q 0 0 0 rg BT 415.85 454.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 445.88 454.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 462.91 454.45 Td (rights ) Tj ET Q q 0 0 0 rg BT 487.43 454.45 Td (within ) Tj ET Q q 0 0 0 rg BT 512.95 454.45 Td (its ) Tj ET Q q 0 0 0 rg BT 524.46 454.45 Td (core ) Tj ET Q q 0 0 0 rg BT 544.48 454.45 Td (areas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 443.65 Td (for ) Tj ET Q q 0 0 0 rg BT 57.15 443.65 Td (a ) Tj ET Q q 0 0 0 rg BT 63.80 443.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 84.46 443.65 Td (consideration ) Tj ET Q q 0 0 0 rg BT 139.64 443.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 148.79 443.65 Td ($12.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 171.31 443.65 Td ( ) Tj ET Q q 0 0 0 rg BT 172.96 443.65 Td (million ) Tj ET Q q 0 0 0 rg BT 200.11 443.65 Td (for ) Tj ET Q q 0 0 0 rg BT 212.26 443.65 Td (the ) Tj ET Q q 0 0 0 rg BT 226.42 443.65 Td (year ) Tj ET Q q 0 0 0 rg BT 245.57 443.65 Td (ended ) Tj ET Q q 0 0 0 rg BT 272.24 443.65 Td (December ) Tj ET Q q 0 0 0 rg BT 315.40 443.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 329.56 443.65 Td (2016 ) Tj ET Q q 0 0 0 rg BT 351.23 443.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 392.89 443.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.05 443.65 Td ($69.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.57 443.65 Td ( ) Tj ET Q q 0 0 0 rg BT 426.21 443.65 Td (million ) Tj ET Q q 0 0 0 rg BT 453.37 443.65 Td (for ) Tj ET Q q 0 0 0 rg BT 465.52 443.65 Td (the ) Tj ET Q q 0 0 0 rg BT 479.67 443.65 Td (year ) Tj ET Q q 0 0 0 rg BT 498.83 443.65 Td (ended ) Tj ET Q q 0 0 0 rg BT 525.50 443.65 Td (December ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 432.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 59.42 432.85 Td (2015. ) Tj ET Q q 0 0 0 rg BT 83.73 432.85 Td (The ) Tj ET Q q 0 0 0 rg BT 101.14 432.85 Td (acquired ) Tj ET Q q 0 0 0 rg BT 137.57 432.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 165.49 432.85 Td (in ) Tj ET Q q 0 0 0 rg BT 174.41 432.85 Td (both ) Tj ET Q q 0 0 0 rg BT 193.83 432.85 Td (2016 ) Tj ET Q q 0 0 0 rg BT 215.76 432.85 Td (and ) Tj ET Q q 0 0 0 rg BT 232.69 432.85 Td (2015 ) Tj ET Q q 0 0 0 rg BT 254.61 432.85 Td (were ) Tj ET Q q 0 0 0 rg BT 276.03 432.85 Td (predominately ) Tj ET Q q 0 0 0 rg BT 334.47 432.85 Td (located ) Tj ET Q q 0 0 0 rg BT 365.40 432.85 Td (in ) Tj ET Q q 0 0 0 rg BT 374.31 432.85 Td (west ) Tj ET Q q 0 0 0 rg BT 394.73 432.85 Td (central ) Tj ET Q q 0 0 0 rg BT 423.27 432.85 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 453.69 432.85 Td (near ) Tj ET Q q 0 0 0 rg BT 473.61 432.85 Td (Edson ) Tj ET Q q 0 0 0 rg BT 501.04 432.85 Td (and ) Tj ET Q q 0 0 0 rg BT 517.59 432.85 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 544.01 432.85 Td (within ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 422.05 Td (the ) Tj ET Q q 0 0 0 rg BT 60.01 422.05 Td (Deep ) Tj ET Q q 0 0 0 rg BT 84.03 422.05 Td (Basin ) Tj ET Q q 0 0 0 rg BT 109.04 422.05 Td (core ) Tj ET Q q 0 0 0 rg BT 129.05 422.05 Td (area.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 405.25 Td (In ) Tj ET Q q 0 0 0 rg BT 55.38 405.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 81.26 405.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 112.65 405.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.03 405.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 148.42 405.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 190.82 405.25 Td (also ) Tj ET Q q 0 0 0 rg BT 210.20 405.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 254.60 405.25 Td (an ) Tj ET Q q 0 0 0 rg BT 267.48 405.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 291.86 405.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 333.76 405.25 Td (whereby ) Tj ET Q q 0 0 0 rg BT 370.65 405.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 400.54 405.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 443.43 405.25 Td (and ) Tj ET Q q 0 0 0 rg BT 461.32 405.25 Td (petroleum ) Tj ET Q q 0 0 0 rg BT 504.21 405.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.10 405.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 552.49 405.25 Td (gas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 394.45 Td (rights ) Tj ET Q q 0 0 0 rg BT 69.88 394.45 Td (were ) Tj ET Q q 0 0 0 rg BT 92.27 394.45 Td (acquired ) Tj ET Q q 0 0 0 rg BT 129.67 394.45 Td (within ) Tj ET Q q 0 0 0 rg BT 155.55 394.45 Td (the ) Tj ET Q q 0 0 0 rg BT 170.94 394.45 Td (Deep ) Tj ET Q q 0 0 0 rg BT 195.33 394.45 Td (Basin ) Tj ET Q q 0 0 0 rg BT 220.72 394.45 Td (and ) Tj ET Q q 0 0 0 rg BT 238.62 394.45 Td (W) Tj ET Q q 0 0 0 rg BT 246.95 394.45 Td (est ) Tj ET Q q 0 0 0 rg BT 261.83 394.45 Td (Central ) Tj ET Q q 0 0 0 rg BT 293.72 394.45 Td (core ) Tj ET Q q 0 0 0 rg BT 314.10 394.45 Td (areas ) Tj ET Q q 0 0 0 rg BT 339.49 394.45 Td (in ) Tj ET Q q 0 0 0 rg BT 349.38 394.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 391.28 394.45 Td (for ) Tj ET Q q 0 0 0 rg BT 404.66 394.45 Td (non-core ) Tj ET Q q 0 0 0 rg BT 443.06 394.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 471.95 394.45 Td (in ) Tj ET Q q 0 0 0 rg BT 481.83 394.45 Td (the ) Tj ET Q q 0 0 0 rg BT 497.22 394.45 Td (Blueberry ) Tj ET Q q 0 0 0 rg BT 538.61 394.45 Td (area ) Tj ET Q q 0 0 0 rg BT 559.50 394.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 383.65 Td (northeast ) Tj ET Q q 0 0 0 rg BT 84.83 383.65 Td (British ) Tj ET Q q 0 0 0 rg BT 112.14 383.65 Td (Columbia. ) Tj ET Q q 0 0 0 rg BT 154.81 383.65 Td (The ) Tj ET Q q 0 0 0 rg BT 172.62 383.65 Td (carrying ) Tj ET Q q 0 0 0 rg BT 206.93 383.65 Td (value ) Tj ET Q q 0 0 0 rg BT 230.75 383.65 Td (of ) Tj ET Q q 0 0 0 rg BT 240.56 383.65 Td (the ) Tj ET Q q 0 0 0 rg BT 255.38 383.65 Td (Blueberry ) Tj ET Q q 0 0 0 rg BT 296.20 383.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 324.52 383.65 Td (disposed ) Tj ET Q q 0 0 0 rg BT 362.85 383.65 Td (was ) Tj ET Q q 0 0 0 rg BT 381.15 383.65 Td ($83.9 ) Tj ET Q q 0 0 0 rg BT 405.98 383.65 Td (million ) Tj ET Q q 0 0 0 rg BT 433.79 383.65 Td (and ) Tj ET Q q 0 0 0 rg BT 451.11 383.65 Td (the ) Tj ET Q q 0 0 0 rg BT 465.92 383.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 480.73 383.65 Td (value ) Tj ET Q q 0 0 0 rg BT 504.55 383.65 Td (of ) Tj ET Q q 0 0 0 rg BT 514.36 383.65 Td (the ) Tj ET Q q 0 0 0 rg BT 529.17 383.65 Td (core ) Tj ET Q q 0 0 0 rg BT 548.99 383.65 Td (area ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 372.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 73.53 372.85 Td (acquired ) Tj ET Q q 0 0 0 rg BT 110.57 372.85 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.09 372.85 Td ($141.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.62 372.85 Td ( ) Tj ET Q q 0 0 0 rg BT 159.13 372.85 Td (million, ) Tj ET Q q 0 0 0 rg BT 189.66 372.85 Td (resulting ) Tj ET Q q 0 0 0 rg BT 226.19 372.85 Td (in ) Tj ET Q q 0 0 0 rg BT 235.71 372.85 Td (a ) Tj ET Q q 0 0 0 rg BT 243.23 372.85 Td (gain ) Tj ET Q q 0 0 0 rg BT 262.77 372.85 Td (on ) Tj ET Q q 0 0 0 rg BT 275.29 372.85 Td (the ) Tj ET Q q 0 0 0 rg BT 290.32 372.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 331.87 372.85 Td (of ) Tj ET Q q 0 0 0 rg BT 341.89 372.85 Td ($57.7 ) Tj ET Q q 0 0 0 rg BT 366.93 372.85 Td (million. ) Tj ET Q q 0 0 0 rg BT 397.29 372.85 Td (The ) Tj ET Q q 0 0 0 rg BT 415.32 372.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 439.34 372.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 480.89 372.85 Td (resulted ) Tj ET Q q 0 0 0 rg BT 515.43 372.85 Td (in ) Tj ET Q q 0 0 0 rg BT 524.95 372.85 Td (a ) Tj ET Q q 0 0 0 rg BT 532.47 372.85 Td (gain ) Tj ET Q q 0 0 0 rg BT 552.00 372.85 Td (due ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 362.05 Td (to ) Tj ET Q q 0 0 0 rg BT 54.72 362.05 Td (the ) Tj ET Q q 0 0 0 rg BT 69.45 362.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.17 362.05 Td (value ) Tj ET Q q 0 0 0 rg BT 107.90 362.05 Td (of ) Tj ET Q q 0 0 0 rg BT 117.63 362.05 Td (the ) Tj ET Q q 0 0 0 rg BT 132.36 362.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 160.58 362.05 Td (received ) Tj ET Q q 0 0 0 rg BT 196.82 362.05 Td (being ) Tj ET Q q 0 0 0 rg BT 221.06 362.05 Td (greater ) Tj ET Q q 0 0 0 rg BT 251.79 362.05 Td (than ) Tj ET Q q 0 0 0 rg BT 271.53 362.05 Td (the ) Tj ET Q q 0 0 0 rg BT 286.25 362.05 Td (carrying ) Tj ET Q q 0 0 0 rg BT 320.48 362.05 Td (value ) Tj ET Q q 0 0 0 rg BT 344.21 362.05 Td (of ) Tj ET Q q 0 0 0 rg BT 353.94 362.05 Td (the ) Tj ET Q q 0 0 0 rg BT 368.67 362.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 396.89 362.05 Td (disposed, ) Tj ET Q q 0 0 0 rg BT 437.64 362.05 Td (as ) Tj ET Q q 0 0 0 rg BT 449.36 362.05 Td (a ) Tj ET Q q 0 0 0 rg BT 456.58 362.05 Td (result ) Tj ET Q q 0 0 0 rg BT 480.81 362.05 Td (of ) Tj ET Q q 0 0 0 rg BT 490.53 362.05 Td (both ) Tj ET Q q 0 0 0 rg BT 510.27 362.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 552.01 362.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 351.25 Td (its ) Tj ET Q q 0 0 0 rg BT 56.50 351.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 109.03 351.25 Td (being ) Tj ET Q q 0 0 0 rg BT 133.55 351.25 Td (motivated ) Tj ET Q q 0 0 0 rg BT 175.07 351.25 Td (to ) Tj ET Q q 0 0 0 rg BT 185.08 351.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 217.09 351.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 245.61 351.25 Td (that ) Tj ET Q q 0 0 0 rg BT 263.12 351.25 Td (aligned ) Tj ET Q q 0 0 0 rg BT 294.64 351.25 Td (with ) Tj ET Q q 0 0 0 rg BT 313.15 351.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 349.66 351.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 392.19 351.25 Td (to ) Tj ET Q q 0 0 0 rg BT 402.19 351.25 Td (enhance ) Tj ET Q q 0 0 0 rg BT 439.22 351.25 Td (development ) Tj ET Q q 0 0 0 rg BT 493.26 351.25 Td (in ) Tj ET Q q 0 0 0 rg BT 502.77 351.25 Td (core ) Tj ET Q q 0 0 0 rg BT 522.77 351.25 Td (areas. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 334.45 Td (During ) Tj ET Q q 0 0 0 rg BT 74.15 334.45 Td (the ) Tj ET Q q 0 0 0 rg BT 89.30 334.45 Td (three ) Tj ET Q q 0 0 0 rg BT 112.45 334.45 Td (months ) Tj ET Q q 0 0 0 rg BT 144.61 334.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.27 334.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 231.44 334.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.46 334.45 Td (, ) Tj ET Q q 0 0 0 rg BT 256.60 334.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 298.76 334.45 Td (successfully ) Tj ET Q q 0 0 0 rg BT 349.91 334.45 Td (disposed ) Tj ET Q q 0 0 0 rg BT 388.58 334.45 Td (of ) Tj ET Q q 0 0 0 rg BT 398.72 334.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 428.38 334.45 Td (non-core ) Tj ET Q q 0 0 0 rg BT 466.54 334.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 495.19 334.45 Td (for ) Tj ET Q q 0 0 0 rg BT 508.33 334.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 529.98 334.45 Td (proceeds ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 323.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.97 323.65 Td ($120.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.49 323.65 Td ( ) Tj ET Q q 0 0 0 rg BT 84.95 323.65 Td (million ) Tj ET Q q 0 0 0 rg BT 112.92 323.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 155.40 323.65 Td (to ) Tj ET Q q 0 0 0 rg BT 165.37 323.65 Td (disposition ) Tj ET Q q 0 0 0 rg BT 210.35 323.65 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 249.84 323.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.80 323.65 Td ($7.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.32 323.65 Td ( ) Tj ET Q q 0 0 0 rg BT 279.78 323.65 Td (million ) Tj ET Q q 0 0 0 rg BT 307.74 323.65 Td (for ) Tj ET Q q 0 0 0 rg BT 320.71 323.65 Td (the ) Tj ET Q q 0 0 0 rg BT 335.68 323.65 Td (comparable ) Tj ET Q q 0 0 0 rg BT 385.16 323.65 Td (period ) Tj ET Q q 0 0 0 rg BT 412.64 323.65 Td (of ) Tj ET Q q 0 0 0 rg BT 422.61 323.65 Td (2015. ) Tj ET Q q 0 0 0 rg BT 447.59 323.65 Td (During ) Tj ET Q q 0 0 0 rg BT 476.56 323.65 Td (the ) Tj ET Q q 0 0 0 rg BT 491.53 323.65 Td (three ) Tj ET Q q 0 0 0 rg BT 514.51 323.65 Td (month ) Tj ET Q q 0 0 0 rg BT 541.98 323.65 Td (period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 312.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.56 312.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 131.63 312.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.65 312.85 Td (, ) Tj ET Q q 0 0 0 rg BT 156.69 312.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 198.75 312.85 Td (acquired ) Tj ET Q q 0 0 0 rg BT 235.81 312.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 263.86 312.85 Td (rich ) Tj ET Q q 0 0 0 rg BT 280.90 312.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 310.96 312.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 328.00 312.85 Td (weighted ) Tj ET Q q 0 0 0 rg BT 366.57 312.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 395.12 312.85 Td (in ) Tj ET Q q 0 0 0 rg BT 404.66 312.85 Td (its ) Tj ET Q q 0 0 0 rg BT 416.19 312.85 Td (core ) Tj ET Q q 0 0 0 rg BT 436.24 312.85 Td (areas ) Tj ET Q q 0 0 0 rg BT 461.29 312.85 Td (for ) Tj ET Q q 0 0 0 rg BT 474.33 312.85 Td (a ) Tj ET Q q 0 0 0 rg BT 481.87 312.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 503.42 312.85 Td (consideration ) Tj ET Q q 0 0 0 rg BT 559.49 312.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 302.05 Td ($2.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.52 302.05 Td ( ) Tj ET Q q 0 0 0 rg BT 64.98 302.05 Td (million ) Tj ET Q q 0 0 0 rg BT 92.95 302.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 135.44 302.05 Td (to ) Tj ET Q q 0 0 0 rg BT 145.40 302.05 Td (an ) Tj ET Q q 0 0 0 rg BT 157.88 302.05 Td (investment ) Tj ET Q q 0 0 0 rg BT 203.86 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291.25 Td (Basin ) Tj ET Q q 0 0 0 rg BT 106.08 291.25 Td (core ) Tj ET Q q 0 0 0 rg BT 126.28 291.25 Td (area ) Tj ET Q q 0 0 0 rg BT 146.98 291.25 Td (during ) Tj ET Q q 0 0 0 rg BT 174.68 291.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.87 291.25 Td (three ) Tj ET Q q 0 0 0 rg BT 213.07 291.25 Td (months ) Tj ET Q q 0 0 0 rg BT 245.27 291.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 272.98 291.25 Td (December ) Tj ET Q q 0 0 0 rg BT 317.18 291.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 332.38 291.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 357.59 291.25 Td (During ) Tj ET Q q 0 0 0 rg BT 386.78 291.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.98 291.25 Td (three ) Tj ET Q q 0 0 0 rg BT 425.18 291.25 Td (months ) Tj ET Q q 0 0 0 rg BT 457.38 291.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 485.09 291.25 Td (December ) Tj ET Q q 0 0 0 rg BT 529.29 291.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 544.49 291.25 Td (2016, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 280.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 87.02 280.45 Td (also ) Tj 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BT 131.09 252.85 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 184.87 252.85 Td (spending. ) Tj ET Q q 0 0 0 rg BT 226.66 252.85 Td (Head ) Tj ET Q q 0 0 0 rg BT 250.93 252.85 Td (of) Tj ET Q q 0 0 0 rg BT 258.27 252.85 Td (fice ) Tj ET Q q 0 0 0 rg BT 275.03 252.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 303.80 252.85 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 358.09 252.85 Td (for ) Tj ET Q q 0 0 0 rg BT 371.35 252.85 Td (the ) Tj ET Q q 0 0 0 rg BT 386.62 252.85 Td (three ) Tj ET Q q 0 0 0 rg BT 409.89 252.85 Td (months ) Tj ET Q q 0 0 0 rg BT 442.16 252.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.94 252.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 529.22 252.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.25 252.85 Td ( ) Tj ET Q q 0 0 0 rg BT 552.00 252.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 242.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 104.03 242.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.05 242.05 Td ( ) Tj ET Q q 0 0 0 rg BT 126.55 242.05 Td (were ) Tj ET Q q 0 0 0 rg BT 148.56 242.05 Td (consistent ) Tj ET Q q 0 0 0 rg BT 191.58 242.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.59 242.05 Td ($0.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 219.10 242.05 Td ( ) Tj ET Q q 0 0 0 rg BT 221.60 242.05 Td (million. ) 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 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 23) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (The ) Tj ET Q q 0 0 0 rg BT 63.01 742.45 Td (following ) Tj ET Q q 0 0 0 rg BT 100.53 742.45 Td (table ) Tj ET Q q 0 0 0 rg BT 122.55 742.45 Td (outlines ) Tj ET Q q 0 0 0 rg BT 156.07 742.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 184.58 742.45 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 238.62 742.45 Td (by ) Tj ET Q q 0 0 0 rg BT 250.62 742.45 Td (category ) Tj ET Q q 0 0 0 rg BT 287.64 742.45 Td (for ) Tj ET Q q 0 0 0 rg BT 300.65 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 315.66 742.45 Td (three ) Tj ET Q q 0 0 0 rg BT 338.67 742.45 Td (months ) Tj ET Q q 0 0 0 rg BT 370.69 742.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.20 742.45 Td (years ) Tj ET Q q 0 0 0 rg BT 412.71 742.45 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.74 742.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.24 742.45 Td (December ) Tj ET Q q 0 0 0 rg BT 484.26 742.45 Td (31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.77 742.45 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 728.95 m 262.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 728.95 m 338.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 728.95 m 414.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i 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553.95 m 566.5 553.95 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.90 719.35 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.75 719.35 Td (Years ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.95 704.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 704.35 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.95 704.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 704.35 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 47.00 692.35 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 678.35 Td (Land acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.45 678.35 Td (1,033) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.45 678.35 Td (1,507) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.45 678.35 Td (2,840) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 678.35 Td (7,823) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 663.35 Td (Geological and geophysical) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.45 663.35 Td (1,049) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.45 663.35 Td (1,233) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.45 663.35 Td (4,174) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 663.35 Td (9,759) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 648.35 Td (Drilling and completion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.45 648.35 Td (44,973) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 648.35 Td (40,413) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 648.35 Td (121,540) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 648.35 Td (230,724) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 633.35 Td (Production equipment and facilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.45 633.35 Td (11,519) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 633.35 Td (12,931) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.45 633.35 Td (25,317) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 633.35 Td (65,599) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 618.35 Td (Exploration and development 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Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.45 588.35 Td (\(7,112) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 588.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.45 588.35 Td (\(270,445) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 588.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 588.35 Td (\(100,128) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 588.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 573.35 Td (Head office expenditures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.95 573.35 Td (110) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.95 573.35 Td (74) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.95 573.35 Td (604) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 573.35 Td (1,203) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 558.35 Td (Net capital expenditures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.45 558.35 Td (\(58,982) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.00 558.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 558.35 Td (50,618) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.45 558.35 Td (\(13,430) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 558.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 558.35 Td (284,556) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 544.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.00 544.25 Td (Property ) Tj ET Q q 0 0 0 rg BT 87.34 544.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 120.36 544.25 Td (include ) Tj ET Q q 0 0 0 rg BT 141.04 544.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 160.05 544.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 196.08 544.25 Td (that ) Tj ET Q q 0 0 0 rg BT 207.75 544.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 232.76 544.25 Td (by ) Tj ET Q q 0 0 0 rg BT 240.76 544.25 Td (way ) Tj ET Q q 0 0 0 rg BT 253.10 544.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.77 544.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 274.11 544.25 Td (property ) Tj ET Q q 0 0 0 rg BT 297.79 544.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 330.81 544.25 Td (and ) Tj ET Q q 0 0 0 rg BT 342.49 544.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 368.84 544.25 Td (property ) Tj ET Q q 0 0 0 rg BT 392.51 544.25 Td (acquisitions.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 537.05 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.00 537.05 Td (Property ) Tj ET Q q 0 0 0 rg BT 87.34 537.05 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 120.36 537.05 Td (include ) Tj ET Q q 0 0 0 rg BT 141.04 537.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 160.05 537.05 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 186.40 537.05 Td (that ) Tj ET Q q 0 0 0 rg BT 198.08 537.05 Td (were ) Tj ET Q q 0 0 0 rg BT 212.75 537.05 Td (received ) Tj ET Q q 0 0 0 rg BT 237.09 537.05 Td (by ) Tj ET Q q 0 0 0 rg BT 245.10 537.05 Td (way ) Tj ET Q q 0 0 0 rg BT 257.43 537.05 Td (of ) Tj ET Q q 0 0 0 rg BT 264.11 537.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 278.45 537.05 Td (property ) Tj ET Q q 0 0 0 rg BT 302.12 537.05 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 335.14 537.05 Td (and ) Tj ET Q q 0 0 0 rg BT 346.82 537.05 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 373.17 537.05 Td (property ) Tj ET Q q 0 0 0 rg BT 396.85 537.05 Td (dispositions.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 520.25 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 84.81 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.12 520.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 133.94 520.25 Td (resources) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 176.97 520.25 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 179.28 520.25 Td (-) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 182.28 520.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.59 520.25 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.41 520.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 254.25 520.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.27 520.25 Td (, ) Tj ET Q q 0 0 0 rg BT 279.08 520.25 Td (net ) Tj ET Q q 0 0 0 rg BT 293.91 520.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 313.74 520.25 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.05 520.25 Td ($877.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.58 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 361.89 520.25 Td (million ) Tj ET Q q 0 0 0 rg BT 389.71 520.25 Td (with ) Tj ET Q q 0 0 0 rg BT 408.03 520.25 Td (a ) Tj ET Q q 0 0 0 rg BT 415.35 520.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 435.18 520.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.99 520.25 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.01 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 470.32 520.25 Td (quarter ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.15 520.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.17 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 523.48 520.25 Td (annualized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 509.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 68.58 509.45 Td (from ) Tj ET Q q 0 0 0 rg BT 88.14 509.45 Td (operations ) Tj ET Q q 0 0 0 rg BT 131.73 509.45 Td (ratio ) Tj ET Q q 0 0 0 rg BT 150.80 509.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.87 509.45 Td (2.8:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 179.88 509.45 Td (. ) Tj ET Q q 0 0 0 rg BT 183.84 509.45 Td (The ) Tj ET Q q 0 0 0 rg BT 200.91 509.45 Td (ratio ) Tj ET Q q 0 0 0 rg BT 219.98 509.45 Td (represents ) Tj ET Q q 0 0 0 rg BT 264.07 509.45 Td (the ) Tj ET Q q 0 0 0 rg BT 278.14 509.45 Td (time ) Tj ET Q q 0 0 0 rg BT 296.70 509.45 Td (period ) Tj ET Q q 0 0 0 rg BT 323.28 509.45 Td (it ) Tj ET Q q 0 0 0 rg BT 329.34 509.45 Td (would ) Tj ET Q q 0 0 0 rg BT 354.42 509.45 Td (take ) Tj ET Q q 0 0 0 rg BT 372.99 509.45 Td (to ) Tj ET Q q 0 0 0 rg BT 382.06 509.45 Td (pay ) Tj ET Q q 0 0 0 rg BT 398.13 509.45 Td (of) Tj ET Q q 0 0 0 rg BT 405.48 509.45 Td (f ) Tj ET Q q 0 0 0 rg BT 409.54 509.45 Td (the ) Tj ET Q q 0 0 0 rg BT 423.61 509.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 442.69 509.45 Td (if ) Tj ET Q q 0 0 0 rg BT 448.75 509.45 Td (no ) Tj ET Q q 0 0 0 rg BT 460.32 509.45 Td (further ) Tj ET Q q 0 0 0 rg BT 487.90 509.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 515.47 509.45 Td (expenditures ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 498.65 Td (were ) Tj ET Q q 0 0 0 rg BT 66.80 498.65 Td (incurred ) Tj ET Q q 0 0 0 rg BT 101.61 498.65 Td (and ) Tj ET Q q 0 0 0 rg BT 118.92 498.65 Td (if ) Tj ET Q q 0 0 0 rg BT 125.71 498.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 150.02 498.65 Td (from ) Tj ET Q q 0 0 0 rg BT 170.31 498.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 214.64 498.65 Td (remained ) Tj ET Q q 0 0 0 rg BT 254.45 498.65 Td (constant. ) Tj ET Q q 0 0 0 rg BT 293.12 498.65 Td (This ) Tj ET Q q 0 0 0 rg BT 312.41 498.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 332.21 498.65 Td (is ) Tj ET Q q 0 0 0 rg BT 341.00 498.65 Td (calculated ) Tj ET Q q 0 0 0 rg BT 383.82 498.65 Td (as ) Tj ET Q q 0 0 0 rg BT 395.62 498.65 Td (net ) Tj ET Q q 0 0 0 rg BT 410.43 498.65 Td (debt, ) Tj ET Q q 0 0 0 rg BT 432.74 498.65 Td (defined ) Tj ET Q q 0 0 0 rg BT 464.56 498.65 Td (as ) Tj ET Q q 0 0 0 rg BT 476.35 498.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 525.19 498.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 546.99 498.65 Td (debt, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 487.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 71.11 487.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 114.73 487.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 138.34 487.85 Td (and ) Tj ET Q q 0 0 0 rg BT 154.95 487.85 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 190.58 487.85 Td (working ) Tj ET Q q 0 0 0 rg BT 223.18 487.85 Td (capital, ) Tj ET Q q 0 0 0 rg BT 253.29 487.85 Td (divided ) Tj ET Q q 0 0 0 rg BT 283.41 487.85 Td (by ) Tj ET Q q 0 0 0 rg BT 294.51 487.85 Td (funds ) Tj ET Q q 0 0 0 rg BT 318.12 487.85 Td (from ) Tj ET Q q 0 0 0 rg BT 337.71 487.85 Td (operations ) Tj ET Q q 0 0 0 rg BT 381.34 487.85 Td (for ) Tj ET Q q 0 0 0 rg BT 393.44 487.85 Td (the ) Tj ET Q q 0 0 0 rg BT 407.54 487.85 Td (most ) Tj ET Q q 0 0 0 rg BT 428.64 487.85 Td (recent ) Tj ET Q q 0 0 0 rg BT 455.25 487.85 Td (calendar ) Tj ET Q q 0 0 0 rg BT 491.37 487.85 Td (quarter) Tj ET Q q 0 0 0 rg BT 519.39 487.85 Td (, ) Tj ET Q q 0 0 0 rg BT 523.48 487.85 Td (annualized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 477.05 Td (\(multiplied ) Tj ET Q q 0 0 0 rg BT 88.51 477.05 Td (by ) Tj ET Q q 0 0 0 rg BT 100.52 477.05 Td (four\). ) Tj ET Q q 0 0 0 rg BT 123.86 477.05 Td (This ) Tj ET Q q 0 0 0 rg BT 143.37 477.05 Td (ratio ) Tj ET Q q 0 0 0 rg BT 163.38 477.05 Td (may ) Tj ET Q q 0 0 0 rg BT 182.88 477.05 Td (increase ) Tj ET Q q 0 0 0 rg BT 219.40 477.05 Td (at ) Tj ET Q q 0 0 0 rg BT 229.40 477.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 258.92 477.05 Td (times ) Tj ET Q q 0 0 0 rg BT 282.92 477.05 Td (as ) Tj ET Q q 0 0 0 rg BT 294.93 477.05 Td (a ) Tj ET Q q 0 0 0 rg BT 302.43 477.05 Td (result ) Tj ET Q q 0 0 0 rg BT 326.94 477.05 Td (of ) Tj ET Q q 0 0 0 rg BT 336.95 477.05 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 386.47 477.05 Td (or ) Tj ET Q q 0 0 0 rg BT 396.98 477.05 Td (low ) Tj ET Q q 0 0 0 rg BT 412.98 477.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 458.99 477.05 Td (prices. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 460.25 Td (T) Tj ET Q q 0 0 0 rg BT 49.50 460.25 Td (o ) Tj ET Q q 0 0 0 rg BT 57.05 460.25 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 92.60 460.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.66 460.25 Td (management ) Tj ET Q q 0 0 0 rg BT 162.73 460.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.78 460.25 Td (this ) Tj ET Q q 0 0 0 rg BT 189.32 460.25 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 211.87 460.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 253.94 460.25 Td (prepares ) Tj ET Q q 0 0 0 rg BT 292.00 460.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 321.57 460.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 346.12 460.25 Td (from ) Tj ET Q q 0 0 0 rg BT 366.67 460.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 411.24 460.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.79 460.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 457.35 460.25 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 506.92 460.25 Td (budgets, ) Tj ET Q q 0 0 0 rg BT 543.99 460.25 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 449.45 Td (are ) Tj ET Q q 0 0 0 rg BT 60.23 449.45 Td (updated ) Tj ET Q q 0 0 0 rg BT 94.98 449.45 Td (as ) Tj ET Q q 0 0 0 rg BT 106.70 449.45 Td (necessary) Tj ET Q q 0 0 0 rg BT 147.05 449.45 Td (, ) Tj ET Q q 0 0 0 rg BT 151.77 449.45 Td (and ) Tj ET Q q 0 0 0 rg BT 169.00 449.45 Td (are ) Tj ET Q q 0 0 0 rg BT 184.22 449.45 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 222.46 449.45 Td (and ) Tj ET Q q 0 0 0 rg BT 239.69 449.45 Td (periodically ) Tj ET Q q 0 0 0 rg BT 286.93 449.45 Td (approved ) Tj ET Q q 0 0 0 rg BT 326.68 449.45 Td (by ) Tj ET Q q 0 0 0 rg BT 338.40 449.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 379.76 449.45 Td (s ) Tj ET Q q 0 0 0 rg BT 386.48 449.45 Td (Board ) Tj ET Q q 0 0 0 rg BT 412.71 449.45 Td (of ) Tj ET Q q 0 0 0 rg BT 422.44 449.45 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 463.01 449.45 Td (The ) Tj ET Q q 0 0 0 rg BT 480.74 449.45 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 529.98 449.45 Td (manages ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 438.65 Td (its ) Tj ET Q q 0 0 0 rg BT 55.27 438.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 82.55 438.65 Td (structure ) Tj ET Q q 0 0 0 rg BT 118.82 438.65 Td (and ) Tj ET Q q 0 0 0 rg BT 135.10 438.65 Td (makes ) Tj ET Q q 0 0 0 rg BT 162.88 438.65 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 212.67 438.65 Td (by ) Tj ET Q q 0 0 0 rg BT 223.44 438.65 Td (continually ) Tj ET Q q 0 0 0 rg BT 267.23 438.65 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 310.51 438.65 Td (its ) Tj ET Q q 0 0 0 rg BT 320.78 438.65 Td (business ) Tj ET Q q 0 0 0 rg BT 357.56 438.65 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 401.86 438.65 Td (including: ) Tj ET Q q 0 0 0 rg BT 441.15 438.65 Td (the ) Tj ET Q q 0 0 0 rg BT 454.92 438.65 Td (current ) Tj ET Q q 0 0 0 rg BT 484.20 438.65 Td (economic ) Tj ET Q q 0 0 0 rg BT 523.98 438.65 Td (conditions; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 427.85 Td (the ) Tj ET Q q 0 0 0 rg BT 59.80 427.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 76.08 427.85 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 135.88 427.85 Td (of ) Tj ET Q q 0 0 0 rg BT 145.67 427.85 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 187.03 427.85 Td (s ) Tj ET Q q 0 0 0 rg BT 193.81 427.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 205.10 427.85 Td (and ) Tj ET Q q 0 0 0 rg BT 222.40 427.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 252.20 427.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 269.00 427.85 Td (assets; ) Tj ET Q q 0 0 0 rg BT 299.79 427.85 Td (the ) Tj ET Q q 0 0 0 rg BT 314.59 427.85 Td (depth ) Tj ET Q q 0 0 0 rg BT 339.40 427.85 Td (of ) Tj ET Q q 0 0 0 rg BT 349.19 427.85 Td (its ) Tj ET Q q 0 0 0 rg BT 360.47 427.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 406.27 427.85 Td (opportunities; ) Tj ET Q q 0 0 0 rg BT 462.59 427.85 Td (current ) Tj ET Q q 0 0 0 rg BT 492.89 427.85 Td (and ) Tj ET Q q 0 0 0 rg BT 510.19 427.85 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 554.50 427.85 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 417.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 65.06 417.05 Td (levels; ) Tj ET Q q 0 0 0 rg BT 93.12 417.05 Td (current ) Tj ET Q q 0 0 0 rg BT 123.67 417.05 Td (and ) Tj ET Q q 0 0 0 rg BT 141.23 417.05 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 185.80 417.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 231.86 417.05 Td (prices; ) Tj ET Q q 0 0 0 rg BT 260.91 417.05 Td (and ) Tj ET Q q 0 0 0 rg BT 278.47 417.05 Td (other ) Tj ET Q q 0 0 0 rg BT 301.53 417.05 Td (factors ) Tj ET Q q 0 0 0 rg BT 331.08 417.05 Td (that ) Tj ET Q q 0 0 0 rg BT 348.64 417.05 Td (influence ) Tj ET Q q 0 0 0 rg BT 387.21 417.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 433.26 417.05 Td (prices ) Tj ET Q q 0 0 0 rg BT 459.81 417.05 Td (and ) Tj ET Q q 0 0 0 rg BT 477.37 417.05 Td (funds ) Tj ET Q q 0 0 0 rg BT 501.93 417.05 Td (from ) Tj ET Q q 0 0 0 rg BT 522.48 417.05 Td (operations, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 406.25 Td (such ) Tj ET Q q 0 0 0 rg BT 66.51 406.25 Td (as ) Tj ET Q q 0 0 0 rg BT 78.52 406.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 107.03 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.55 406.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 148.06 406.25 Td (dif) Tj ET Q q 0 0 0 rg BT 157.40 406.25 Td (ferentials, ) Tj ET Q q 0 0 0 rg BT 198.92 406.25 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 237.44 406.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 277.47 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 294.98 406.25 Td (transportation ) Tj ET Q q 0 0 0 rg BT 352.52 406.25 Td (costs.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 389.45 Td (T) Tj ET Q q 0 0 0 rg BT 49.50 389.45 Td (o ) Tj ET Q q 0 0 0 rg BT 56.72 389.45 Td (maintain ) Tj ET Q q 0 0 0 rg BT 92.95 389.45 Td (or ) Tj ET Q q 0 0 0 rg BT 103.16 389.45 Td (adjust ) Tj ET Q q 0 0 0 rg BT 129.39 389.45 Td (the ) Tj ET Q q 0 0 0 rg BT 144.12 389.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 172.34 389.45 Td (structure, ) Tj ET Q q 0 0 0 rg BT 212.07 389.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 253.80 389.45 Td (will ) Tj ET Q q 0 0 0 rg BT 268.51 389.45 Td (consider: ) Tj ET Q q 0 0 0 rg BT 307.25 389.45 Td (its ) Tj ET Q q 0 0 0 rg BT 318.46 389.45 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 362.70 389.45 Td (ratio ) Tj ET Q q 0 0 0 rg BT 382.42 389.45 Td (of ) Tj ET Q q 0 0 0 rg BT 392.13 389.45 Td (net ) Tj ET Q q 0 0 0 rg BT 406.86 389.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 426.59 389.45 Td (to ) Tj ET Q q 0 0 0 rg BT 436.30 389.45 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 480.54 389.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 504.77 389.45 Td (from ) Tj ET Q q 0 0 0 rg BT 524.98 389.45 Td (operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 378.65 Td (while ) Tj ET Q q 0 0 0 rg BT 68.30 378.65 Td (attempting ) Tj ET Q q 0 0 0 rg BT 113.12 378.65 Td (to ) Tj ET Q q 0 0 0 rg BT 123.42 378.65 Td (finance ) Tj ET Q q 0 0 0 rg BT 155.24 378.65 Td (an ) Tj ET Q q 0 0 0 rg BT 168.04 378.65 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 214.37 378.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 243.17 378.65 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 293.00 378.65 Td (program ) Tj ET Q q 0 0 0 rg BT 329.31 378.65 Td (including ) Tj ET Q q 0 0 0 rg BT 367.63 378.65 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 412.95 378.65 Td (opportunities; ) Tj ET Q q 0 0 0 rg BT 469.78 378.65 Td (the ) Tj ET Q q 0 0 0 rg BT 485.08 378.65 Td (current ) Tj ET Q q 0 0 0 rg BT 515.88 378.65 Td (level ) Tj ET Q q 0 0 0 rg BT 537.19 378.65 Td (of ) Tj ET Q q 0 0 0 rg BT 547.49 378.65 Td (bank ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 367.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 69.44 367.85 Td (available ) Tj ET Q q 0 0 0 rg BT 107.39 367.85 Td (from ) Tj ET Q q 0 0 0 rg BT 127.81 367.85 Td (the ) Tj ET Q q 0 0 0 rg BT 142.75 367.85 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 198.42 367.85 Td (lenders; ) Tj ET Q q 0 0 0 rg BT 232.87 367.85 Td (the ) Tj ET Q q 0 0 0 rg BT 247.81 367.85 Td (availability ) Tj ET Q q 0 0 0 rg BT 291.76 367.85 Td (of ) Tj ET Q q 0 0 0 rg BT 301.69 367.85 Td (other ) Tj ET Q q 0 0 0 rg BT 324.63 367.85 Td (sources ) Tj ET Q q 0 0 0 rg BT 358.57 367.85 Td (of ) Tj ET Q q 0 0 0 rg BT 368.50 367.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 388.45 367.85 Td (with ) Tj ET Q q 0 0 0 rg BT 406.88 367.85 Td (dif) Tj ET Q q 0 0 0 rg BT 416.22 367.85 Td (ferent ) Tj ET Q q 0 0 0 rg BT 441.66 367.85 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 501.61 367.85 Td (than ) Tj ET Q q 0 0 0 rg BT 521.55 367.85 Td (the ) Tj ET Q q 0 0 0 rg BT 536.49 367.85 Td (existing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 357.05 Td (bank ) Tj ET Q q 0 0 0 rg BT 66.98 357.05 Td (debt; ) Tj ET Q q 0 0 0 rg BT 89.45 357.05 Td (the ) Tj ET Q q 0 0 0 rg BT 104.42 357.05 Td (sale ) Tj ET Q q 0 0 0 rg BT 123.39 357.05 Td (of ) Tj ET Q q 0 0 0 rg BT 133.36 357.05 Td (assets; ) Tj ET Q q 0 0 0 rg BT 164.33 357.05 Td (the ) Tj ET Q q 0 0 0 rg BT 179.30 357.05 Td (monetization ) Tj ET Q q 0 0 0 rg BT 232.79 357.05 Td (of ) Tj ET Q q 0 0 0 rg BT 242.76 357.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.24 357.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 322.71 357.05 Td (contracts; ) Tj ET Q q 0 0 0 rg BT 364.19 357.05 Td (limiting ) Tj ET Q q 0 0 0 rg BT 394.66 357.05 Td (the ) Tj ET Q q 0 0 0 rg BT 409.63 357.05 Td (size ) Tj ET Q q 0 0 0 rg BT 428.09 357.05 Td (of ) Tj ET Q q 0 0 0 rg BT 438.06 357.05 Td (the ) Tj ET Q q 0 0 0 rg BT 453.03 357.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 481.50 357.05 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 531.00 357.05 Td (program; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 346.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 82.49 346.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.97 346.25 Td (new ) Tj ET Q q 0 0 0 rg BT 110.46 346.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 136.45 346.25 Td (if ) Tj ET Q q 0 0 0 rg BT 142.92 346.25 Td (available ) Tj ET Q q 0 0 0 rg BT 180.42 346.25 Td (on ) Tj ET Q q 0 0 0 rg BT 192.40 346.25 Td (favourable ) Tj ET Q q 0 0 0 rg BT 236.40 346.25 Td (terms; ) Tj ET Q q 0 0 0 rg BT 263.38 346.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.37 346.25 Td (its ) Tj ET Q q 0 0 0 rg BT 291.34 346.25 Td (level ) Tj ET Q q 0 0 0 rg BT 311.82 346.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.30 346.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 361.30 346.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 394.80 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 404.28 346.25 Td (its ) Tj ET Q q 0 0 0 rg BT 415.25 346.25 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 471.76 346.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 513.25 346.25 Td (shareholders' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 335.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 73.91 335.45 Td (is ) Tj ET Q q 0 0 0 rg BT 83.30 335.45 Td (not ) Tj ET Q q 0 0 0 rg BT 98.70 335.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 130.10 335.45 Td (to ) Tj ET Q q 0 0 0 rg BT 140.50 335.45 Td (external ) Tj ET Q q 0 0 0 rg BT 175.41 335.45 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 224.31 335.45 Td (however) Tj ET Q q 0 0 0 rg BT 257.83 335.45 Td (, ) Tj ET Q q 0 0 0 rg BT 263.22 335.45 Td (the ) Tj ET Q q 0 0 0 rg BT 278.62 335.45 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 334.76 335.45 Td (bank ) Tj ET Q q 0 0 0 rg BT 357.16 335.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 382.06 335.45 Td (facility ) Tj ET Q q 0 0 0 rg BT 409.96 335.45 Td (and ) Tj ET Q q 0 0 0 rg BT 427.86 335.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 455.26 335.45 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 500.18 335.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 525.09 335.45 Td (do ) Tj ET Q q 0 0 0 rg BT 537.99 335.45 Td (contain ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 324.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 80.52 324.65 Td (covenants ) Tj ET Q q 0 0 0 rg BT 124.05 324.65 Td (that ) Tj ET Q q 0 0 0 rg BT 141.56 324.65 Td (are ) Tj ET Q q 0 0 0 rg BT 157.07 324.65 Td (outlined ) Tj ET Q q 0 0 0 rg BT 191.10 324.65 Td (in ) Tj ET Q q 0 0 0 rg BT 200.60 324.65 Td (note ) Tj ET Q q 0 0 0 rg BT 220.62 324.65 Td (14 ) Tj ET Q q 0 0 0 rg BT 233.13 324.65 Td (of ) Tj ET Q q 0 0 0 rg BT 243.14 324.65 Td (the ) Tj ET Q q 0 0 0 rg BT 258.15 324.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 293.67 324.65 Td (statements. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 307.85 Td (The ) Tj ET Q q 0 0 0 rg BT 63.01 307.85 Td (following ) Tj ET Q q 0 0 0 rg BT 100.53 307.85 Td (table ) Tj ET Q q 0 0 0 rg BT 122.55 307.85 Td (represents ) Tj ET Q q 0 0 0 rg BT 167.57 307.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 215.81 307.85 Td (ratio ) Tj ET Q q 0 0 0 rg BT 235.82 307.85 Td (of ) Tj ET Q q 0 0 0 rg BT 245.83 307.85 Td (net ) Tj ET Q q 0 0 0 rg BT 260.84 307.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 280.85 307.85 Td (to ) Tj ET Q q 0 0 0 rg BT 290.86 307.85 Td (funds ) Tj ET Q q 0 0 0 rg BT 315.38 307.85 Td (from ) Tj ET Q q 0 0 0 rg BT 335.88 307.85 Td (operations ) Tj ET Q q 0 0 0 rg BT 380.41 307.85 Td (as ) Tj ET Q q 0 0 0 rg BT 392.41 307.85 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 294.35 m 360.5 294.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 272.35 m 360.5 272.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 294.35 m 468.5 294.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 272.35 m 468.5 272.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 294.35 m 566.5 294.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 272.35 m 566.5 272.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 233.35000000000002 m 468.5 233.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 233.35000000000002 m 566.5 233.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 233.35000000000002 m 360.5 233.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 233.35000000000002 m 468.5 233.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 233.35000000000002 m 566.5 233.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 163.35000000000002 m 360.5 163.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 163.35000000000002 m 468.5 163.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 163.35000000000002 m 566.5 163.35000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 276.75 Td (Net Debt to Funds from Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.95 285.30 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.90 276.30 Td (December 31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.25 285.30 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 276.30 Td (December 31, 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 47.00 264.75 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 251.75 Td (Long-Term Debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.45 251.75 Td (775,887) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.95 251.75 Td (1,231,031) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 237.75 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 186.57 242.04 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.45 237.75 Td (101,636) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 237.75 Td (79,632) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 223.75 Td (T) Tj ET Q q 0 0 0 rg BT 51.50 223.75 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 101.04 228.04 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.45 223.75 Td (877,523) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.95 223.75 Td (1,310,663) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 209.75 Td (Funds from operations fourth quarter annualized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.45 209.75 Td (314,968) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 209.75 Td (383,168) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 195.75 Td (Total net debt to funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 195.75 Td (2.8:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 195.75 Td (3.4:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 181.75 Td (Funds from operations for the year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.45 181.75 Td (264,391) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 181.75 Td (385,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 167.75 Td (Total net debt to funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 167.75 Td (3.3:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 167.75 Td (3.4:1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 153.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.00 153.65 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 87.90 153.65 Td (working ) Tj ET Q q 0 0 0 rg BT 110.12 153.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 129.01 153.65 Td (deficiency ) Tj ET Q q 0 0 0 rg BT 157.23 153.65 Td (as ) Tj ET Q q 0 0 0 rg BT 165.12 153.65 Td (presented ) Tj ET Q q 0 0 0 rg BT 193.35 153.65 Td (does ) Tj ET Q q 0 0 0 rg BT 207.90 153.65 Td (not ) Tj ET Q q 0 0 0 rg BT 217.79 153.65 Td (have ) Tj ET Q q 0 0 0 rg BT 232.35 153.65 Td (any ) Tj ET Q q 0 0 0 rg BT 243.57 153.65 Td (standardized ) Tj ET Q q 0 0 0 rg BT 279.47 153.65 Td (meaning ) Tj ET Q q 0 0 0 rg BT 304.03 153.65 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 333.59 153.65 Td (by ) Tj ET Q q 0 0 0 rg BT 341.47 153.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 356.69 153.65 Td (and ) Tj ET Q q 0 0 0 rg BT 368.24 153.65 Td (therefore ) Tj ET Q q 0 0 0 rg BT 393.80 153.65 Td (may ) Tj ET Q q 0 0 0 rg BT 406.68 153.65 Td (not ) Tj ET Q q 0 0 0 rg BT 416.57 153.65 Td (be ) Tj ET Q q 0 0 0 rg BT 424.79 153.65 Td (comparable ) Tj ET Q q 0 0 0 rg BT 457.69 153.65 Td (with ) Tj ET Q q 0 0 0 rg BT 469.90 153.65 Td (the ) Tj ET Q q 0 0 0 rg BT 479.79 153.65 Td (calculation ) Tj ET Q q 0 0 0 rg BT 509.69 153.65 Td (of ) Tj ET Q q 0 0 0 rg BT 516.24 153.65 Td (similar ) Tj ET Q q 0 0 0 rg BT 535.11 153.65 Td (measure ) Tj ET Q q 0 0 0 rg BT 560.00 153.65 Td (for ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 146.45 Td (other ) Tj ET Q q 0 0 0 rg BT 78.34 146.45 Td (entities. ) Tj ET Q q 0 0 0 rg BT 100.36 146.45 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 125.37 146.45 Td (working ) Tj ET Q q 0 0 0 rg BT 147.71 146.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 166.73 146.45 Td (deficiency ) Tj ET Q q 0 0 0 rg BT 195.07 146.45 Td (excludes ) Tj ET Q q 0 0 0 rg BT 220.42 146.45 Td (associated ) Tj ET Q q 0 0 0 rg BT 250.77 146.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 269.78 146.45 Td (or ) Tj ET Q q 0 0 0 rg BT 276.78 146.45 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 301.13 146.45 Td (for ) Tj ET Q q 0 0 0 rg BT 309.79 146.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 333.47 146.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 363.15 146.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 393.83 146.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 419.84 146.45 Td (and ) Tj ET Q q 0 0 0 rg BT 431.51 146.45 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 479.53 146.45 Td (liabilities.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 139.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.00 139.25 Td (T) Tj ET Q q 0 0 0 rg BT 66.00 139.25 Td (otal ) Tj ET Q q 0 0 0 rg BT 77.34 139.25 Td (net ) Tj ET Q q 0 0 0 rg BT 87.35 139.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 100.69 139.25 Td (as ) Tj ET Q q 0 0 0 rg BT 108.70 139.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 137.05 139.25 Td (does ) Tj ET Q q 0 0 0 rg BT 151.73 139.25 Td (not ) Tj ET Q q 0 0 0 rg BT 161.74 139.25 Td (have ) Tj ET Q q 0 0 0 rg BT 176.41 139.25 Td (any ) Tj ET Q q 0 0 0 rg BT 187.75 139.25 Td (standardized ) Tj ET Q q 0 0 0 rg BT 223.78 139.25 Td (meaning ) Tj ET Q q 0 0 0 rg BT 248.46 139.25 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 278.14 139.25 Td (by ) Tj ET Q q 0 0 0 rg BT 286.15 139.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 301.48 139.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.16 139.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 338.84 139.25 Td (may ) Tj ET Q q 0 0 0 rg BT 351.84 139.25 Td (not ) Tj ET Q q 0 0 0 rg BT 361.85 139.25 Td (be ) Tj ET Q q 0 0 0 rg BT 370.19 139.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 403.21 139.25 Td (with ) Tj ET Q q 0 0 0 rg BT 415.54 139.25 Td (the ) Tj ET Q q 0 0 0 rg BT 425.55 139.25 Td (calculation ) Tj ET Q q 0 0 0 rg BT 455.57 139.25 Td (of ) Tj ET Q q 0 0 0 rg BT 462.24 139.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 481.24 139.25 Td (a ) Tj ET Q q 0 0 0 rg BT 486.24 139.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 514.25 139.25 Td (with ) Tj ET Q q 0 0 0 rg BT 526.59 139.25 Td (other ) Tj ET Q q 0 0 0 rg BT 541.93 139.25 Td (entities.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 122.45 Td (As ) Tj ET Q q 0 0 0 rg BT 57.87 122.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.73 122.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 126.62 122.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.64 122.45 Td ( ) Tj ET Q q 0 0 0 rg BT 149.01 122.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 190.89 122.45 Td (was ) Tj ET Q q 0 0 0 rg BT 209.26 122.45 Td (not ) Tj ET Q q 0 0 0 rg BT 224.13 122.45 Td (drawn ) Tj ET Q q 0 0 0 rg BT 251.01 122.45 Td (on ) Tj ET Q q 0 0 0 rg BT 263.38 122.45 Td (the ) Tj ET Q q 0 0 0 rg BT 278.26 122.45 Td (bank ) Tj ET Q q 0 0 0 rg BT 300.13 122.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 324.50 122.45 Td (facility ) Tj ET Q q 0 0 0 rg BT 351.87 122.45 Td (providing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.76 122.45 Td ($600.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.28 122.45 Td ( ) Tj ET Q q 0 0 0 rg BT 420.65 122.45 Td (million ) Tj ET Q q 0 0 0 rg BT 448.51 122.45 Td (of ) Tj ET Q q 0 0 0 rg BT 458.38 122.45 Td (unused ) Tj ET Q q 0 0 0 rg BT 490.27 122.45 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 532.15 122.45 Td (capacity) Tj ET Q q 0 0 0 rg BT 564.50 122.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 111.65 Td (in ) Tj ET Q q 0 0 0 rg BT 54.76 111.65 Td (comparison ) Tj ET Q q 0 0 0 rg BT 104.04 111.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 114.30 111.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 173.58 111.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.60 111.65 Td ( ) Tj ET Q q 0 0 0 rg BT 196.36 111.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 244.86 111.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 294.15 111.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 316.42 111.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 336.70 111.65 Td (was ) Tj ET Q q 0 0 0 rg BT 355.46 111.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.46 111.65 Td (272.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.98 111.65 Td ( ) Tj ET Q q 0 0 0 rg BT 385.74 111.65 Td (million. ) Tj ET Q q 0 0 0 rg BT 416.32 111.65 Td (The ) Tj ET Q q 0 0 0 rg BT 434.59 111.65 Td (average ) Tj ET Q q 0 0 0 rg BT 469.87 111.65 Td (ef) Tj ET Q q 0 0 0 rg BT 477.21 111.65 Td (fective ) Tj ET Q q 0 0 0 rg BT 505.98 111.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 538.25 111.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 556.51 111.65 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 100.85 Td (bank ) Tj ET Q q 0 0 0 rg BT 66.05 100.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 85.11 100.85 Td (throughout ) Tj ET Q q 0 0 0 rg BT 129.68 100.85 Td (the ) Tj ET Q q 0 0 0 rg BT 143.73 100.85 Td (year ) Tj ET Q q 0 0 0 rg BT 162.78 100.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.35 100.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 247.41 100.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.43 100.85 Td ( ) Tj ET Q q 0 0 0 rg BT 268.97 100.85 Td (was ) Tj ET Q q 0 0 0 rg BT 286.51 100.85 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.08 100.85 Td (4.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.59 100.85 Td ( ) Tj ET Q q 0 0 0 rg BT 366.13 100.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 407.69 100.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.74 100.85 Td (3.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.25 100.85 Td ( ) Tj ET Q q 0 0 0 rg BT 438.79 100.85 Td (for ) Tj ET Q q 0 0 0 rg BT 450.83 100.85 Td (the ) Tj ET Q q 0 0 0 rg BT 464.88 100.85 Td (year ) Tj ET Q q 0 0 0 rg BT 483.93 100.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.49 100.85 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 90.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 90.05 Td (.) 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 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 24) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 92.88 742.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 119.52 742.45 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 163.69 742.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 187.84 742.45 Td (totaled ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.99 742.45 Td ($930.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.52 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 246.66 742.45 Td (million ) Tj ET Q q 0 0 0 rg BT 274.30 742.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.94 742.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 342.60 742.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.62 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 364.75 742.45 Td (consisting ) Tj ET Q q 0 0 0 rg BT 406.91 742.45 Td (of ) Tj ET Q q 0 0 0 rg BT 416.55 742.45 Td (US$) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.06 742.45 Td (680.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.58 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 458.71 742.45 Td (million ) Tj ET Q q 0 0 0 rg BT 486.35 742.45 Td (\(CDN$) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.85 742.45 Td (913.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.38 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 538.51 742.45 Td (million\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.65 Td (and ) Tj ET Q q 0 0 0 rg BT 62.70 731.65 Td (CDN$) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.21 731.65 Td (20.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.72 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 107.41 731.65 Td (million ) Tj ET Q q 0 0 0 rg BT 135.60 731.65 Td (of ) Tj ET Q q 0 0 0 rg BT 145.79 731.65 Td (which ) Tj ET Q q 0 0 0 rg BT 171.49 731.65 Td (US$) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.00 731.65 Td (25.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.51 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 209.20 731.65 Td (million ) Tj ET Q q 0 0 0 rg BT 237.39 731.65 Td (becomes ) Tj ET Q q 0 0 0 rg BT 276.60 731.65 Td (due ) Tj ET Q q 0 0 0 rg BT 294.30 731.65 Td (on ) Tj ET Q q 0 0 0 rg BT 306.99 731.65 Td (June ) Tj ET Q q 0 0 0 rg BT 329.20 731.65 Td (5, ) Tj ET Q q 0 0 0 rg BT 339.39 731.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 362.10 731.65 Td (and ) Tj ET Q q 0 0 0 rg BT 379.80 731.65 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.30 731.65 Td ($90.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.82 731.65 Td ( ) Tj ET Q q 0 0 0 rg BT 417.51 731.65 Td (million ) Tj ET Q q 0 0 0 rg BT 445.70 731.65 Td (becomes ) Tj ET Q q 0 0 0 rg BT 484.90 731.65 Td (due ) Tj ET Q q 0 0 0 rg BT 502.61 731.65 Td (on ) Tj ET Q q 0 0 0 rg BT 515.30 731.65 Td (November ) Tj ET Q q 0 0 0 rg BT 559.50 731.65 Td (2, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.85 Td (2017. ) Tj ET Q q 0 0 0 rg BT 70.11 720.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 112.22 720.85 Td (plans ) Tj ET Q q 0 0 0 rg BT 136.32 720.85 Td (to ) Tj ET Q q 0 0 0 rg BT 146.41 720.85 Td (repay ) Tj ET Q q 0 0 0 rg BT 171.51 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 186.61 720.85 Td (current ) Tj ET Q q 0 0 0 rg BT 217.20 720.85 Td (portion ) Tj ET Q q 0 0 0 rg BT 247.31 720.85 Td (of ) Tj ET Q q 0 0 0 rg BT 257.40 720.85 Td (its ) Tj ET Q q 0 0 0 rg BT 268.99 720.85 Td (long-term ) Tj ET Q q 0 0 0 rg BT 309.59 720.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 329.69 720.85 Td (through ) Tj ET Q q 0 0 0 rg BT 362.80 720.85 Td (a ) Tj ET Q q 0 0 0 rg BT 370.39 720.85 Td (combination ) Tj ET Q q 0 0 0 rg BT 421.50 720.85 Td (of ) Tj ET Q q 0 0 0 rg BT 431.60 720.85 Td (available ) Tj ET Q q 0 0 0 rg BT 469.71 720.85 Td (cash, ) Tj ET Q q 0 0 0 rg BT 493.80 720.85 Td (excess ) Tj ET Q q 0 0 0 rg BT 524.40 720.85 Td (funds ) Tj ET Q q 0 0 0 rg BT 549.00 720.85 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 710.05 Td (operations ) Tj ET Q q 0 0 0 rg BT 89.46 710.05 Td (and ) Tj ET Q q 0 0 0 rg BT 106.91 710.05 Td (its ) Tj ET Q q 0 0 0 rg BT 118.34 710.05 Td (bank ) Tj ET Q q 0 0 0 rg BT 140.29 710.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 164.73 710.05 Td (facility) Tj ET Q q 0 0 0 rg BT 189.07 710.05 Td (. ) Tj ET Q q 0 0 0 rg BT 194.00 710.05 Td ( ) Tj ET Q q 0 0 0 rg BT 195.95 710.05 Td (At ) Tj ET Q q 0 0 0 rg BT 206.88 710.05 Td (December ) Tj ET Q q 0 0 0 rg BT 250.83 710.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 265.77 710.05 Td (2016, ) Tj ET Q q 0 0 0 rg BT 290.73 710.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 332.69 710.05 Td (had ) Tj ET Q q 0 0 0 rg BT 350.13 710.05 Td (an ) Tj ET Q q 0 0 0 rg BT 362.58 710.05 Td (available ) Tj ET Q q 0 0 0 rg BT 400.53 710.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 421.98 710.05 Td (balance ) Tj ET Q q 0 0 0 rg BT 455.94 710.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.87 710.05 Td ($86.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.40 710.05 Td ( ) Tj ET Q q 0 0 0 rg BT 490.83 710.05 Td (million. ) Tj ET Q q 0 0 0 rg BT 521.27 710.05 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 699.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 72.00 699.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 116.51 699.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 141.01 699.25 Td (bear ) Tj ET Q q 0 0 0 rg BT 161.51 699.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 183.00 699.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 215.00 699.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 240.00 699.25 Td (with ) Tj ET Q q 0 0 0 rg BT 258.48 699.25 Td (a ) Tj ET Q q 0 0 0 rg BT 265.97 699.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 304.49 699.25 Td (average ) Tj ET Q q 0 0 0 rg BT 339.49 699.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 357.49 699.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.48 699.25 Td (4.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.99 699.25 Td ( ) Tj ET Q q 0 0 0 rg BT 390.47 699.25 Td (for ) Tj ET Q q 0 0 0 rg BT 403.46 699.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.46 699.25 Td (years ) Tj ET Q q 0 0 0 rg BT 442.95 699.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.46 699.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 529.47 699.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.49 699.25 Td ( ) Tj ET Q q 0 0 0 rg BT 551.98 699.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 688.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 688.45 Td (. ) Tj ET Q q 0 0 0 rg BT 69.98 688.45 Td (The ) Tj ET Q q 0 0 0 rg BT 88.12 688.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 115.26 688.45 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 159.92 688.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 184.57 688.45 Td (have ) Tj ET Q q 0 0 0 rg BT 206.71 688.45 Td (a ) Tj ET Q q 0 0 0 rg BT 214.35 688.45 Td (five ) Tj ET Q q 0 0 0 rg BT 230.98 688.45 Td (year ) Tj ET Q q 0 0 0 rg BT 251.12 688.45 Td (weighted ) Tj ET Q q 0 0 0 rg BT 289.78 688.45 Td (average ) Tj ET Q q 0 0 0 rg BT 324.93 688.45 Td (life ) Tj ET Q q 0 0 0 rg BT 339.07 688.45 Td (with ) Tj ET Q q 0 0 0 rg BT 357.70 688.45 Td (the ) Tj ET Q q 0 0 0 rg BT 372.84 688.45 Td (majority ) Tj ET Q q 0 0 0 rg BT 406.98 688.45 Td (of ) Tj ET Q q 0 0 0 rg BT 417.11 688.45 Td (the ) Tj ET Q q 0 0 0 rg BT 432.25 688.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 452.40 688.45 Td (repayments ) Tj ET Q q 0 0 0 rg BT 502.05 688.45 Td (due ) Tj ET Q q 0 0 0 rg BT 519.70 688.45 Td (in ) Tj ET Q q 0 0 0 rg BT 529.33 688.45 Td (2020 ) Tj ET Q q 0 0 0 rg BT 551.98 688.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 677.65 Td (thereafter) Tj ET Q q 0 0 0 rg BT 83.03 677.65 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 660.85 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.17 660.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 115.35 660.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.38 660.85 Td ( ) Tj ET Q q 0 0 0 rg BT 138.04 660.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 180.22 660.85 Td (was ) Tj ET Q q 0 0 0 rg BT 198.89 660.85 Td (in ) Tj ET Q q 0 0 0 rg BT 208.56 660.85 Td (compliance ) Tj ET Q q 0 0 0 rg BT 256.74 660.85 Td (with ) Tj ET Q q 0 0 0 rg BT 275.41 660.85 Td (all ) Tj ET Q q 0 0 0 rg BT 287.07 660.85 Td (covenants ) Tj ET Q q 0 0 0 rg BT 330.76 660.85 Td (under ) Tj ET Q q 0 0 0 rg BT 356.44 660.85 Td (its ) Tj ET Q q 0 0 0 rg BT 368.10 660.85 Td (bank ) Tj ET Q q 0 0 0 rg BT 390.28 660.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 414.95 660.85 Td (facility) Tj ET Q q 0 0 0 rg BT 439.29 660.85 Td (, ) Tj ET Q q 0 0 0 rg BT 444.45 660.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 471.62 660.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 516.31 660.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 540.99 660.85 Td (issued ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 650.05 Td (under ) Tj ET Q q 0 0 0 rg BT 71.20 650.05 Td (the ) Tj ET Q q 0 0 0 rg BT 86.88 650.05 Td (master ) Tj ET Q q 0 0 0 rg BT 117.57 650.05 Td (shelf ) Tj ET Q q 0 0 0 rg BT 139.75 650.05 Td (agreement ) Tj ET Q q 0 0 0 rg BT 185.96 650.05 Td (and ) Tj ET Q q 0 0 0 rg BT 204.15 650.05 Td (senior ) Tj ET Q q 0 0 0 rg BT 231.84 650.05 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 277.04 650.05 Td (notes ) Tj ET Q q 0 0 0 rg BT 302.24 650.05 Td (not ) Tj ET Q q 0 0 0 rg BT 317.93 650.05 Td (subject ) Tj ET Q q 0 0 0 rg BT 349.62 650.05 Td (to ) Tj ET Q q 0 0 0 rg BT 360.30 650.05 Td (the ) Tj ET Q q 0 0 0 rg BT 375.99 650.05 Td (master ) Tj ET Q q 0 0 0 rg BT 406.67 650.05 Td (shelf ) Tj ET Q q 0 0 0 rg BT 428.86 650.05 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 477.56 650.05 Td (refer ) Tj ET Q q 0 0 0 rg BT 499.25 650.05 Td (to ) Tj ET Q q 0 0 0 rg BT 509.93 650.05 Td (note ) Tj ET Q q 0 0 0 rg BT 530.62 650.05 Td (14 ) Tj ET Q q 0 0 0 rg BT 543.81 650.05 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 650.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 639.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 80.01 639.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 128.39 639.25 Td (T) Tj ET Q q 0 0 0 rg BT 132.89 639.25 Td (otal ) Tj ET Q q 0 0 0 rg BT 149.39 639.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 168.90 639.25 Td (to ) Tj ET Q q 0 0 0 rg BT 178.40 639.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 214.91 639.25 Td (before ) Tj ET Q q 0 0 0 rg BT 242.42 639.25 Td (interest, ) Tj ET Q q 0 0 0 rg BT 276.42 639.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 302.43 639.25 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 343.45 639.25 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 396.97 639.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 447.98 639.25 Td (and ) Tj ET Q q 0 0 0 rg BT 464.99 639.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 511.49 639.25 Td (\(EBITDA\) ) Tj ET Q q 0 0 0 rg BT 551.98 639.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 628.45 Td (total ) Tj ET Q q 0 0 0 rg BT 65.25 628.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 93.00 628.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 113.75 628.45 Td (to ) Tj ET Q q 0 0 0 rg BT 124.50 628.45 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 156.51 628.45 Td ( ) Tj ET Q q 0 0 0 rg BT 159.75 628.45 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.99 628.45 Td (2.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 628.45 Td ( ) Tj ET Q q 0 0 0 rg BT 194.74 628.45 Td (times ) Tj ET Q q 0 0 0 rg BT 219.48 628.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 262.74 628.45 Td (to ) Tj ET Q q 0 0 0 rg BT 273.48 628.45 Td (the ) Tj ET Q q 0 0 0 rg BT 289.23 628.45 Td (covenant ) Tj ET Q q 0 0 0 rg BT 328.99 628.45 Td (of ) Tj ET Q q 0 0 0 rg BT 339.74 628.45 Td (3.5 ) Tj ET Q q 0 0 0 rg BT 355.49 628.45 Td (times ) Tj ET Q q 0 0 0 rg BT 380.23 628.45 Td (and ) Tj ET Q q 0 0 0 rg BT 398.48 628.45 Td (total ) Tj ET Q q 0 0 0 rg BT 418.73 628.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 439.48 628.45 Td (to ) Tj ET Q q 0 0 0 rg BT 450.23 628.45 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 505.50 628.45 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.74 628.45 Td (0.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.26 628.45 Td ( ) Tj ET Q q 0 0 0 rg BT 545.49 628.45 Td (times ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 617.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 87.52 617.65 Td (to ) Tj ET Q q 0 0 0 rg BT 97.53 617.65 Td (the ) Tj ET Q q 0 0 0 rg BT 112.54 617.65 Td (covenant ) Tj ET Q q 0 0 0 rg BT 151.57 617.65 Td (of ) Tj ET Q q 0 0 0 rg BT 161.57 617.65 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 176.59 617.65 Td (times.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 600.85 Td (A) Tj ET Q q 0 0 0 rg BT 50.51 600.85 Td ( ) Tj ET Q q 0 0 0 rg BT 52.14 600.85 Td (disciplined ) Tj ET Q q 0 0 0 rg BT 95.79 600.85 Td (approach ) Tj ET Q q 0 0 0 rg BT 134.95 600.85 Td (to ) Tj ET Q q 0 0 0 rg BT 144.09 600.85 Td (enhance ) Tj ET Q q 0 0 0 rg BT 180.25 600.85 Td (operating ) Tj ET Q q 0 0 0 rg BT 219.41 600.85 Td (and ) Tj ET Q q 0 0 0 rg BT 236.05 600.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 263.70 600.85 Td (ef) Tj ET Q q 0 0 0 rg BT 271.04 600.85 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 309.69 600.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.32 600.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.34 600.85 Td ( ) Tj ET Q q 0 0 0 rg BT 339.97 600.85 Td (has ) Tj ET Q q 0 0 0 rg BT 356.11 600.85 Td (positioned ) Tj ET Q q 0 0 0 rg BT 398.78 600.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 439.93 600.85 Td (for ) Tj ET Q q 0 0 0 rg BT 452.06 600.85 Td (future ) Tj ET Q q 0 0 0 rg BT 476.71 600.85 Td (growth ) Tj ET Q q 0 0 0 rg BT 505.35 600.85 Td (while ) Tj ET Q q 0 0 0 rg BT 527.49 600.85 Td (remaining ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 590.05 Td (committed ) Tj ET Q q 0 0 0 rg BT 88.59 590.05 Td (to ) Tj ET Q q 0 0 0 rg BT 98.18 590.05 Td (enhancing ) Tj ET Q q 0 0 0 rg BT 141.81 590.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 176.91 590.05 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 213.00 590.05 Td (and ) Tj ET Q q 0 0 0 rg BT 230.10 590.05 Td (the ) Tj ET Q q 0 0 0 rg BT 244.70 590.05 Td (prudent ) Tj ET Q q 0 0 0 rg BT 277.31 590.05 Td (use ) Tj ET Q q 0 0 0 rg BT 293.90 590.05 Td (of ) Tj ET Q q 0 0 0 rg BT 303.49 590.05 Td (debt. ) Tj ET Q q 0 0 0 rg BT 325.59 590.05 Td (For ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.18 590.05 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.20 590.05 Td (, ) Tj ET Q q 0 0 0 rg BT 365.78 590.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 407.39 590.05 Td (plans ) Tj ET Q q 0 0 0 rg BT 430.99 590.05 Td (to ) Tj ET Q q 0 0 0 rg BT 440.58 590.05 Td (invest ) Tj ET Q q 0 0 0 rg BT 466.18 590.05 Td (between ) Tj ET Q q 0 0 0 rg BT 502.29 590.05 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.29 590.05 Td (280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.31 590.05 Td ( ) Tj ET Q q 0 0 0 rg BT 524.39 590.05 Td (million ) Tj ET Q q 0 0 0 rg BT 551.98 590.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 579.25 Td ($300) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 579.25 Td ( ) Tj ET Q q 0 0 0 rg BT 67.52 579.25 Td (million ) Tj ET Q q 0 0 0 rg BT 95.53 579.25 Td (on ) Tj ET Q q 0 0 0 rg BT 108.04 579.25 Td (its ) Tj ET Q q 0 0 0 rg BT 119.54 579.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 148.06 579.25 Td (program ) Tj ET Q q 0 0 0 rg BT 184.07 579.25 Td (within ) Tj ET Q q 0 0 0 rg BT 209.58 579.25 Td (its ) Tj ET Q q 0 0 0 rg BT 221.08 579.25 Td (core ) Tj ET Q q 0 0 0 rg BT 241.09 579.25 Td (regions, ) Tj ET Q q 0 0 0 rg BT 275.61 579.25 Td (to ) Tj ET Q q 0 0 0 rg BT 285.61 579.25 Td (drill ) Tj ET Q q 0 0 0 rg BT 302.12 579.25 Td (between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.64 579.25 Td (55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.65 579.25 Td ( ) Tj ET Q q 0 0 0 rg BT 351.15 579.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.67 579.25 Td (65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.68 579.25 Td ( ) Tj ET Q q 0 0 0 rg BT 381.18 579.25 Td (net ) Tj ET Q q 0 0 0 rg BT 396.19 579.25 Td (wells. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 562.45 Td (Shareholders) Tj ET Q q 0 0 0 rg BT 104.69 562.45 Td ( ) Tj ET Q q 0 0 0 rg BT 106.67 562.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 135.15 562.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.13 562.45 Td (As ) Tj ET Q q 0 0 0 rg BT 152.62 562.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.10 562.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 220.61 562.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.63 562.45 Td (, ) Tj ET Q q 0 0 0 rg BT 245.11 562.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 286.62 562.45 Td (had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.62 562.45 Td (253.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.14 562.45 Td ( ) Tj ET Q q 0 0 0 rg BT 328.12 562.45 Td (million ) Tj ET Q q 0 0 0 rg BT 355.61 562.45 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 398.62 562.45 Td (common ) Tj ET Q q 0 0 0 rg BT 435.11 562.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 464.11 562.45 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 515.00 562.45 Td (This ) Tj ET Q q 0 0 0 rg BT 533.98 562.45 Td (includes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 551.65 Td (3.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.51 551.65 Td ( ) Tj ET Q q 0 0 0 rg BT 58.90 551.65 Td (million ) Tj ET Q q 0 0 0 rg BT 85.79 551.65 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 143.23 551.65 Td (shares, ) Tj ET Q q 0 0 0 rg BT 174.13 551.65 Td (which ) Tj ET Q q 0 0 0 rg BT 198.52 551.65 Td (are ) Tj ET Q q 0 0 0 rg BT 212.92 551.65 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 270.35 551.65 Td (into ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.25 551.65 Td (4.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.76 551.65 Td ( ) Tj ET Q q 0 0 0 rg BT 300.15 551.65 Td (million ) Tj ET Q q 0 0 0 rg BT 327.04 551.65 Td (common ) Tj ET Q q 0 0 0 rg BT 362.94 551.65 Td (shares. ) Tj ET Q q 0 0 0 rg BT 393.75 551.65 Td (The ) Tj ET Q q 0 0 0 rg BT 410.65 551.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 451.07 551.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 469.96 551.65 Td (in ) Tj ET Q q 0 0 0 rg BT 478.35 551.65 Td (ef) Tj ET Q q 0 0 0 rg BT 485.70 551.65 Td (fect ) Tj ET Q q 0 0 0 rg BT 501.59 551.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.48 551.65 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 540.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 540.85 Td ( ) Tj ET Q q 0 0 0 rg BT 69.40 540.85 Td (for ) Tj ET Q q 0 0 0 rg BT 84.28 540.85 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 144.71 540.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 176.10 540.85 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.49 540.85 Td (1.42923) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.02 540.85 Td (:1. ) Tj ET Q q 0 0 0 rg BT 242.54 540.85 Td (As ) Tj ET Q q 0 0 0 rg BT 257.42 540.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.31 540.85 Td (March2, ) Tj ET Q q 0 0 0 rg BT 308.70 540.85 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.72 540.85 Td (, ) Tj ET Q q 0 0 0 rg BT 335.60 540.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 379.50 540.85 Td (had ) Tj ET Q q 0 0 0 rg BT 398.90 540.85 Td (254.6 ) Tj ET Q q 0 0 0 rg BT 425.80 540.85 Td (million ) Tj ET Q q 0 0 0 rg BT 455.69 540.85 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 501.10 540.85 Td (common ) Tj ET Q q 0 0 0 rg BT 539.99 540.85 Td (shares ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 530.05 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 96.17 530.05 Td (This ) Tj ET Q q 0 0 0 rg BT 115.46 530.05 Td (includes ) Tj ET Q q 0 0 0 rg BT 150.76 530.05 Td (3.3 ) Tj ET Q q 0 0 0 rg BT 165.55 530.05 Td (million ) Tj ET Q q 0 0 0 rg BT 193.34 530.05 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 251.67 530.05 Td (shares, ) Tj ET Q q 0 0 0 rg BT 283.46 530.05 Td (which ) Tj ET Q q 0 0 0 rg BT 308.76 530.05 Td (are ) Tj ET Q q 0 0 0 rg BT 324.05 530.05 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 382.38 530.05 Td (into ) Tj ET Q q 0 0 0 rg BT 399.17 530.05 Td (4.7 ) Tj ET Q q 0 0 0 rg BT 413.96 530.05 Td (million ) Tj ET Q q 0 0 0 rg BT 441.75 530.05 Td (common ) Tj ET Q q 0 0 0 rg BT 478.54 530.05 Td (shares. ) Tj ET Q q 0 0 0 rg BT 510.19 530.05 Td (The ) Tj ET Q q 0 0 0 rg BT 527.98 530.05 Td (exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 519.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 65.53 519.25 Td (in ) Tj ET Q q 0 0 0 rg BT 75.55 519.25 Td (ef) Tj ET Q q 0 0 0 rg BT 82.89 519.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 100.42 519.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.94 519.25 Td (March2, ) Tj ET Q q 0 0 0 rg BT 148.97 519.25 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.99 519.25 Td ( ) Tj ET Q q 0 0 0 rg BT 172.01 519.25 Td (for ) Tj ET Q q 0 0 0 rg BT 185.53 519.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 244.60 519.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 274.63 519.25 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.65 519.25 Td (1.43223) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.18 519.25 Td (:1. ) Tj ET Q q 0 0 0 rg BT 339.21 519.25 Td (In ) Tj ET Q q 0 0 0 rg BT 349.73 519.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 386.78 519.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 429.32 519.25 Td (has ) Tj ET Q q 0 0 0 rg BT 446.85 519.25 Td (0.1 ) Tj ET Q q 0 0 0 rg BT 462.38 519.25 Td (million ) Tj ET Q q 0 0 0 rg BT 490.90 519.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 514.92 519.25 Td (options ) Tj ET Q q 0 0 0 rg BT 546.96 519.25 Td (as ) Tj ET Q q 0 0 0 rg BT 559.49 519.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 508.45 Td (March2, ) Tj ET Q q 0 0 0 rg BT 82.02 508.45 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.04 508.45 Td (, ) Tj ET Q q 0 0 0 rg BT 106.56 508.45 Td (with ) Tj ET Q q 0 0 0 rg BT 124.57 508.45 Td (an ) Tj ET Q q 0 0 0 rg BT 136.60 508.45 Td (average ) Tj ET Q q 0 0 0 rg BT 171.13 508.45 Td (exercise ) Tj ET Q q 0 0 0 rg BT 206.66 508.45 Td (price ) Tj ET Q q 0 0 0 rg BT 228.18 508.45 Td (of ) Tj ET Q q 0 0 0 rg BT 237.70 508.45 Td ($17.09 ) Tj ET Q q 0 0 0 rg BT 267.24 508.45 Td (per ) Tj ET Q q 0 0 0 rg BT 282.26 508.45 Td (common ) Tj ET Q q 0 0 0 rg BT 318.78 508.45 Td (share ) Tj ET Q q 0 0 0 rg BT 343.30 508.45 Td (and ) Tj ET Q q 0 0 0 rg BT 360.33 508.45 Td (5.0 ) Tj ET Q q 0 0 0 rg BT 374.86 508.45 Td (million ) Tj ET Q q 0 0 0 rg BT 402.37 508.45 Td (restricted ) Tj ET Q q 0 0 0 rg BT 441.40 508.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 478.93 508.45 Td (awards ) Tj ET Q q 0 0 0 rg BT 509.95 508.45 Td (and ) Tj ET Q q 0 0 0 rg BT 526.98 508.45 Td (3.4 ) Tj ET Q q 0 0 0 rg BT 541.51 508.45 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 497.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 98.02 497.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 136.05 497.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 167.56 497.65 Td (outstanding.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 480.85 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 90.77 480.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.53 480.85 Td (For ) Tj ET Q q 0 0 0 rg BT 112.80 480.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 128.07 480.85 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.58 480.85 Td ( ) Tj ET Q q 0 0 0 rg BT 148.35 480.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.14 480.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 235.43 480.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.45 480.85 Td (, ) Tj ET Q q 0 0 0 rg BT 260.71 480.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 303.00 480.85 Td (declared ) Tj ET Q q 0 0 0 rg BT 340.29 480.85 Td (dividends ) Tj ET Q q 0 0 0 rg BT 381.08 480.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.35 480.85 Td ($13.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.87 480.85 Td ( ) Tj ET Q q 0 0 0 rg BT 416.64 480.85 Td (million ) Tj ET Q q 0 0 0 rg BT 444.91 480.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.90 480.85 Td ($0.06) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.43 480.85 Td (pershare\) ) Tj ET Q q 0 0 0 rg BT 516.71 480.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 559.49 480.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 470.05 Td ($76.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.52 470.05 Td ( ) Tj ET Q q 0 0 0 rg BT 70.45 470.05 Td (million ) Tj ET Q q 0 0 0 rg BT 98.89 470.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.89 470.05 Td ($0.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.41 470.05 Td ( ) Tj ET Q q 0 0 0 rg BT 127.34 470.05 Td (per ) Tj ET Q q 0 0 0 rg BT 143.28 470.05 Td (share\) ) Tj ET Q q 0 0 0 rg BT 171.72 470.05 Td (for ) Tj ET Q q 0 0 0 rg BT 185.16 470.05 Td (the ) Tj ET Q q 0 0 0 rg BT 200.60 470.05 Td (same ) Tj ET Q q 0 0 0 rg BT 225.54 470.05 Td (period ) Tj ET Q q 0 0 0 rg BT 253.49 470.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.93 470.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.95 470.05 Td (. ) Tj ET Q q 0 0 0 rg BT 289.38 470.05 Td (For ) Tj ET Q q 0 0 0 rg BT 305.81 470.05 Td (the ) Tj ET Q q 0 0 0 rg BT 321.26 470.05 Td (three ) Tj ET Q q 0 0 0 rg BT 344.70 470.05 Td (months ) Tj ET Q q 0 0 0 rg BT 377.15 470.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.10 470.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 464.56 470.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.58 470.05 Td (, ) Tj ET Q q 0 0 0 rg BT 490.02 470.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 532.47 470.05 Td (declared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 459.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 86.32 459.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.12 459.25 Td ($2.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 114.64 459.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.93 459.25 Td (million ) Tj ET Q q 0 0 0 rg BT 146.73 459.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.73 459.25 Td ($0.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.25 459.25 Td ( ) Tj ET Q q 0 0 0 rg BT 175.54 459.25 Td (per ) Tj ET Q q 0 0 0 rg BT 191.84 459.25 Td (share\) ) Tj ET Q q 0 0 0 rg BT 220.65 459.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 263.96 459.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.76 459.25 Td ($1) Tj ET Q q 0 0 0 rg BT 284.11 459.25 Td (1.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.62 459.25 Td ( ) Tj ET Q q 0 0 0 rg BT 299.91 459.25 Td (million ) Tj ET Q q 0 0 0 rg BT 328.71 459.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.71 459.25 Td ($0.055) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.24 459.25 Td ( ) Tj ET Q q 0 0 0 rg BT 362.53 459.25 Td (per ) Tj ET Q q 0 0 0 rg BT 378.83 459.25 Td (share\) ) Tj ET Q q 0 0 0 rg BT 407.64 459.25 Td (for ) Tj ET Q q 0 0 0 rg BT 421.43 459.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.24 459.25 Td (same ) Tj ET Q q 0 0 0 rg BT 462.54 459.25 Td (period ) Tj ET Q q 0 0 0 rg BT 490.85 459.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.65 459.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.67 459.25 Td (. ) Tj ET Q q 0 0 0 rg BT 527.47 459.25 Td (Bonavista ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 448.45 Td (announces ) Tj ET Q q 0 0 0 rg BT 91.02 448.45 Td (and ) Tj ET Q q 0 0 0 rg BT 108.02 448.45 Td (confirms ) Tj ET Q q 0 0 0 rg BT 144.01 448.45 Td (its ) Tj ET Q q 0 0 0 rg BT 155.00 448.45 Td (dividend ) Tj ET Q q 0 0 0 rg BT 190.51 448.45 Td (policy ) Tj ET Q q 0 0 0 rg BT 215.51 448.45 Td (on ) Tj ET Q q 0 0 0 rg BT 227.50 448.45 Td (a ) Tj ET Q q 0 0 0 rg BT 234.49 448.45 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 271.49 448.45 Td (basis. ) Tj ET Q q 0 0 0 rg BT 296.99 448.45 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 338.50 448.45 Td (are ) Tj ET Q q 0 0 0 rg BT 353.49 448.45 Td (approved ) Tj ET Q q 0 0 0 rg BT 393.00 448.45 Td (by ) Tj ET Q q 0 0 0 rg BT 404.49 448.45 Td (the ) Tj ET Q q 0 0 0 rg BT 418.99 448.45 Td (Board ) Tj ET Q q 0 0 0 rg BT 444.99 448.45 Td (of ) Tj ET Q q 0 0 0 rg BT 454.48 448.45 Td (Directors ) Tj ET Q q 0 0 0 rg BT 492.47 448.45 Td (and ) Tj ET Q q 0 0 0 rg BT 509.47 448.45 Td (are ) Tj ET Q q 0 0 0 rg BT 524.47 448.45 Td (dependent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 437.65 Td (upon ) Tj ET Q q 0 0 0 rg BT 68.20 437.65 Td (the ) Tj ET Q q 0 0 0 rg BT 83.89 437.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 130.58 437.65 Td (price ) Tj ET Q q 0 0 0 rg BT 153.27 437.65 Td (environment, ) Tj ET Q q 0 0 0 rg BT 208.47 437.65 Td (production ) Tj ET Q q 0 0 0 rg BT 253.68 437.65 Td (levels ) Tj ET Q q 0 0 0 rg BT 279.87 437.65 Td (and ) Tj ET Q q 0 0 0 rg BT 298.07 437.65 Td (the ) Tj ET Q q 0 0 0 rg BT 313.76 437.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 346.95 437.65 Td (of ) Tj ET Q q 0 0 0 rg BT 357.64 437.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 386.83 437.65 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 441.55 437.65 Td (to ) Tj ET Q q 0 0 0 rg BT 452.23 437.65 Td (be ) Tj ET Q q 0 0 0 rg BT 465.42 437.65 Td (financed ) Tj ET Q q 0 0 0 rg BT 502.63 437.65 Td (from ) Tj ET Q q 0 0 0 rg BT 523.81 437.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 549.00 437.65 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 426.85 Td (operations. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 410.05 Td (Annual ) Tj ET Q q 0 0 0 rg BT 77.65 410.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 116.32 410.05 Td (information ) Tj ET Q q 0 0 0 rg BT 167.96 410.05 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.12 410.05 Td (The ) Tj ET Q q 0 0 0 rg BT 190.78 410.05 Td (following ) Tj ET Q q 0 0 0 rg BT 227.95 410.05 Td (table ) Tj ET Q q 0 0 0 rg BT 249.62 410.05 Td (highlights ) Tj ET Q q 0 0 0 rg BT 289.80 410.05 Td (selected ) Tj ET Q q 0 0 0 rg BT 325.48 410.05 Td (annual ) Tj ET Q q 0 0 0 rg BT 354.66 410.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 389.83 410.05 Td (information ) Tj ET Q q 0 0 0 rg BT 436.51 410.05 Td (for ) Tj ET Q q 0 0 0 rg BT 449.16 410.05 Td (each ) Tj ET Q q 0 0 0 rg BT 470.83 410.05 Td (of ) Tj ET Q q 0 0 0 rg BT 480.49 410.05 Td (the ) Tj ET Q q 0 0 0 rg BT 495.16 410.05 Td (three ) Tj ET Q q 0 0 0 rg BT 517.82 410.05 Td (years ) Tj ET Q q 0 0 0 rg BT 541.99 410.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 399.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 104.03 399.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.05 399.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.05 399.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.07 399.25 Td ( ) Tj ET Q q 0 0 0 rg BT 151.57 399.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.09 399.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.11 399.25 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46 382.75 m 271 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46 368.75 m 271 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 382.75 m 369 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 368.75 m 369 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 382.75 m 467 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 368.75 m 467 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 382.75 m 565 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 368.75 m 565 368.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 46 242.75 m 271 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 271 242.75 m 369 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 369 242.75 m 467 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 467 242.75 m 565 242.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 46 144.75 m 271 144.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271 144.75 m 369 144.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369 144.75 m 467 144.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467 144.75 m 565 144.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 373.15 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.45 373.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.45 373.15 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 373.15 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.50 358.75 Td (\($ thousands, except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.50 345.15 Td (Consolidated Statement of Income \(Loss\) and Comprehensive Income \(Loss\) Information) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 331.15 Td (Production revenues, net of royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.95 331.15 Td (408,531) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.95 331.15 Td (545,798) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 331.15 Td (970,757) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 317.15 Td (Funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.95 317.15 Td (264,391) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.95 317.15 Td (385,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 317.15 Td (561,105) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.50 303.15 Td (per share - basic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.95 303.15 Td (1.11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.95 303.15 Td (1.77) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 303.15 Td (2.69) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.50 289.15 Td (per share - diluted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.95 289.15 Td (1.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.95 289.15 Td (1.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 289.15 Td (2.66) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 275.15 Td (Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.95 275.15 Td (\(95,998) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.50 275.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.95 275.15 Td (\(751,545) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.50 275.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 275.15 Td (4,847) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.50 261.15 Td (per share - basic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.95 261.15 Td (\(0.40) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.50 261.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.95 261.15 Td (\(3.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.50 261.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 261.15 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.50 247.15 Td (per share - diluted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.95 247.15 Td (\(0.40) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.50 247.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.95 247.15 Td (\(3.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.50 247.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 247.15 Td (0.02) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.50 233.15 Td (Consolidated Statement of Financial Position Information) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 219.15 Td (Net capital expenditures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.95 219.15 Td (\(13,430) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.50 219.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.95 219.15 Td (284,556) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 219.15 Td (535,801) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 205.15 Td (Total assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.45 205.15 Td (3,172,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.45 205.15 Td (3,523,716) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.45 205.15 Td (4,429,402) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 191.15 Td (W) Tj ET Q q 0 0 0 rg BT 56.83 191.15 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 152.38 195.44 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.95 191.15 Td (\(150,112) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.50 191.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.95 191.15 Td (\(16,230) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.50 191.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 191.15 Td (\(27,173) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 561.50 191.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 177.15 Td (Long-term debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.95 177.15 Td (775,887) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.45 177.15 Td (1,231,031) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 177.15 Td (989,671) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 163.15 Td (Shareholders' equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.45 163.15 Td (1,560,244) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.45 163.15 Td (1,548,266) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.45 163.15 Td (2,357,706) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 149.15 Td (Dividends declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.95 149.15 Td (13,891) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.95 149.15 Td (76,762) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.95 149.15 Td (164,750) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 135.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.00 135.05 Td (W) Tj ET Q q 0 0 0 rg BT 68.55 135.05 Td (orking capital deficiency excludes decommissioning liabilities.) 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 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 25) Tj ET Q BT /F1 10.00 Tf ET BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 87.79 742.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 127.08 742.45 Td (information ) Tj ET Q q 0 0 0 rg BT 179.35 742.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.12 742.45 Td (The ) Tj ET Q q 0 0 0 rg BT 203.41 742.45 Td (following ) Tj ET Q q 0 0 0 rg BT 241.21 742.45 Td (table ) Tj ET Q q 0 0 0 rg BT 263.50 742.45 Td (highlights ) Tj ET Q q 0 0 0 rg BT 304.30 742.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 345.66 742.45 Td (s ) Tj ET Q q 0 0 0 rg BT 352.94 742.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 406.24 742.45 Td (for ) Tj ET Q q 0 0 0 rg BT 419.52 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 434.81 742.45 Td (eight ) Tj ET Q q 0 0 0 rg BT 457.10 742.45 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 494.89 742.45 Td (periods ) Tj ET Q q 0 0 0 rg BT 527.18 742.45 Td (ending ) Tj ET Q q 0 0 0 rg BT 556.99 742.45 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.65 Td (March ) Tj ET Q q 0 0 0 rg BT 72.51 731.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 87.52 731.65 Td (2015 ) Tj ET Q q 0 0 0 rg BT 110.04 731.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 120.05 731.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 179.07 731.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.09 731.65 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 721.15 m 135.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135.5 721.15 m 194.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 721.15 m 252.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 721.15 m 298.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 721.15 m 351.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 721.15 m 410.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 721.15 m 468.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 721.15 m 514.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 721.15 m 567.5 721.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 699.15 m 135.5 699.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135.5 699.15 m 194.5 699.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 699.15 m 252.5 699.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 699.15 m 298.5 699.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 699.15 m 351.5 699.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 699.15 m 410.5 699.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 699.15 m 468.5 699.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 699.15 m 514.5 699.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 699.15 m 567.5 699.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 644.15 m 135.5 644.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 135.5 644.15 m 194.5 644.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 644.15 m 252.5 644.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 644.15 m 298.5 644.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 644.15 m 351.5 644.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 644.15 m 410.5 644.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 644.15 m 468.5 644.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 644.15 m 514.5 644.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 644.15 m 567.5 644.15 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.10 712.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.10 712.83 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 140.45 701.83 Td (December 31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 197.85 701.83 Td (September 30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 260.75 701.83 Td (June 30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.80 701.83 Td (March 31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.45 701.83 Td (December 31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.85 701.83 Td (September 30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 476.75 701.83 Td (June 30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.80 701.83 Td (March 31) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 48.00 692.28 Td (\($ thousands, except per share amounts\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 48.00 681.83 Td (Production revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 162.35 681.83 Td (141,842) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 220.35 681.83 Td (108,206) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 270.80 681.88 Td (90,908) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.30 681.83 Td (104,478) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.30 681.83 Td (137,260) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.30 681.83 Td (148,342) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.35 681.88 Td (150,110) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.35 681.88 Td (164,287) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 48.00 670.38 Td (Net ) Tj ET Q q 0 0 0 rg BT 62.67 670.38 Td (income ) Tj ET Q q 0 0 0 rg BT 90.68 670.38 Td (\(loss\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 164.15 670.38 Td (\(12,021) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 191.30 670.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 222.10 670.38 Td (\(29,386) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 249.30 670.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 263.70 670.38 Td (\(101,012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.30 670.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.80 670.43 Td (46,421) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 375.70 670.43 Td (\(454,616) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.30 670.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.70 670.43 Td (\(216,187) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.30 670.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.60 670.43 Td (\(1,882) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.30 670.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.15 670.38 Td (\(78,860) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 564.30 670.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 657.83 Td (Basic) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 173.05 657.83 Td (\(0.05) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 191.30 657.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.00 657.83 Td (\(0.11) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 249.30 657.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.05 657.88 Td (\(0.45) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.30 657.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.70 657.88 Td (0.21) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 389.05 657.88 Td (\(2.09) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.30 657.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.05 657.88 Td (\(0.99) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.30 657.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.05 657.88 Td (\(0.01) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.30 657.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 546.05 657.83 Td (\(0.36) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 564.30 657.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 646.83 Td (Diluted) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 173.05 646.83 Td (\(0.05) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 191.30 646.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.00 646.83 Td (\(0.11) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 249.30 646.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.05 646.88 Td (\(0.45) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.30 646.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.70 646.88 Td (0.21) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 389.05 646.88 Td (\(2.09) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.30 646.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.05 646.88 Td (\(0.99) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.30 646.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.05 646.88 Td (\(0.01) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.30 646.83 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 546.05 646.83 Td (\(0.36) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 564.30 646.83 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 630.85 Td (Production ) Tj ET Q q 0 0 0 rg BT 91.14 630.85 Td (revenues ) Tj ET Q q 0 0 0 rg BT 131.29 630.85 Td (over ) Tj ET Q q 0 0 0 rg BT 151.91 630.85 Td (the ) Tj ET Q q 0 0 0 rg BT 167.54 630.85 Td (past ) Tj ET Q q 0 0 0 rg BT 187.67 630.85 Td (eight ) Tj ET Q q 0 0 0 rg BT 210.30 630.85 Td (quarters ) Tj ET Q q 0 0 0 rg BT 246.43 630.85 Td (have ) Tj ET Q q 0 0 0 rg BT 269.07 630.85 Td (fluctuated ) Tj ET Q q 0 0 0 rg BT 311.21 630.85 Td (largely ) Tj ET Q q 0 0 0 rg BT 340.84 630.85 Td (due ) Tj ET Q q 0 0 0 rg BT 358.97 630.85 Td (to ) Tj ET Q q 0 0 0 rg BT 369.60 630.85 Td (the ) Tj ET Q q 0 0 0 rg BT 385.23 630.85 Td (volatility ) Tj ET Q q 0 0 0 rg BT 420.35 630.85 Td (of ) Tj ET Q q 0 0 0 rg BT 430.98 630.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 477.60 630.85 Td (prices ) Tj ET Q q 0 0 0 rg BT 504.73 630.85 Td (and ) Tj ET Q q 0 0 0 rg BT 522.86 630.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 560.01 630.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 620.05 Td (production ) Tj ET Q q 0 0 0 rg BT 89.45 620.05 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 127.88 620.05 Td (Net ) Tj ET Q q 0 0 0 rg BT 144.31 620.05 Td (income ) Tj ET Q q 0 0 0 rg BT 175.74 620.05 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 200.16 620.05 Td (in ) Tj ET Q q 0 0 0 rg BT 209.58 620.05 Td (the ) Tj ET Q q 0 0 0 rg BT 224.52 620.05 Td (past ) Tj ET Q q 0 0 0 rg BT 243.95 620.05 Td (eight ) Tj ET Q q 0 0 0 rg BT 265.88 620.05 Td (quarters ) Tj ET Q q 0 0 0 rg BT 301.32 620.05 Td (has ) Tj ET Q q 0 0 0 rg BT 318.25 620.05 Td (fluctuated ) Tj ET Q q 0 0 0 rg BT 359.70 620.05 Td (from ) Tj ET Q q 0 0 0 rg BT 380.12 620.05 Td (a ) Tj ET Q q 0 0 0 rg BT 387.54 620.05 Td (net ) Tj ET Q q 0 0 0 rg BT 402.47 620.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 420.90 620.05 Td (of ) Tj ET Q q 0 0 0 rg BT 430.82 620.05 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.83 620.05 Td (454.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.35 620.05 Td ( ) Tj ET Q q 0 0 0 rg BT 460.77 620.05 Td (million ) Tj ET Q q 0 0 0 rg BT 488.70 620.05 Td (in ) Tj ET Q q 0 0 0 rg BT 498.12 620.05 Td (the ) Tj ET Q q 0 0 0 rg BT 513.05 620.05 Td (fourth ) Tj ET Q q 0 0 0 rg BT 538.49 620.05 Td (quarter ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 609.25 Td (of ) Tj ET Q q 0 0 0 rg BT 54.95 609.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 77.42 609.25 Td (to ) Tj ET Q q 0 0 0 rg BT 87.37 609.25 Td (net ) Tj ET Q q 0 0 0 rg BT 102.32 609.25 Td (income ) Tj ET Q q 0 0 0 rg BT 133.78 609.25 Td (of ) Tj ET Q q 0 0 0 rg BT 143.73 609.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 148.73 609.25 Td (46.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.25 609.25 Td (million ) Tj ET Q q 0 0 0 rg BT 196.70 609.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.15 609.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.11 609.25 Td (first ) Tj ET Q q 0 0 0 rg BT 238.05 609.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 269.01 609.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.96 609.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 303.77 609.25 Td (These ) Tj ET Q q 0 0 0 rg BT 331.22 609.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 379.20 609.25 Td (are ) Tj ET Q q 0 0 0 rg BT 394.65 609.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 431.09 609.25 Td (influenced ) Tj ET Q q 0 0 0 rg BT 474.57 609.25 Td (by ) Tj ET Q q 0 0 0 rg BT 486.52 609.25 Td (production ) Tj ET Q q 0 0 0 rg BT 530.99 609.25 Td (volumes, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 598.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 91.55 598.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 121.10 598.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 155.66 598.45 Td (and ) Tj ET Q q 0 0 0 rg BT 173.72 598.45 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 218.29 598.45 Td (gains ) Tj ET Q q 0 0 0 rg BT 242.85 598.45 Td (and ) Tj ET Q q 0 0 0 rg BT 260.91 598.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 289.46 598.45 Td (on ) Tj ET Q q 0 0 0 rg BT 302.52 598.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 338.58 598.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 383.64 598.45 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 425.69 598.45 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 470.26 598.45 Td (gains ) Tj ET Q q 0 0 0 rg BT 494.82 598.45 Td (and ) Tj ET Q q 0 0 0 rg BT 512.88 598.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 541.43 598.45 Td (on ) Tj ET Q q 0 0 0 rg BT 554.49 598.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 587.65 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 92.26 587.65 Td (of ) Tj ET Q q 0 0 0 rg BT 103.00 587.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 151.98 587.65 Td (US ) Tj ET Q q 0 0 0 rg BT 167.72 587.65 Td (dollar ) Tj ET Q q 0 0 0 rg BT 192.96 587.65 Td (denominated ) Tj ET Q q 0 0 0 rg BT 248.24 587.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 275.99 587.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 321.25 587.65 Td (notes, ) Tj ET Q q 0 0 0 rg BT 349.00 587.65 Td (gains ) Tj ET Q q 0 0 0 rg BT 373.75 587.65 Td (and ) Tj ET Q q 0 0 0 rg BT 392.00 587.65 Td (losses ) Tj ET Q q 0 0 0 rg BT 420.75 587.65 Td (on ) Tj ET Q q 0 0 0 rg BT 433.99 587.65 Td (the ) Tj ET Q q 0 0 0 rg BT 449.74 587.65 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 495.50 587.65 Td (and ) Tj ET Q q 0 0 0 rg BT 513.75 587.65 Td (disposition ) Tj ET Q q 0 0 0 rg BT 559.51 587.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 576.85 Td (property) Tj ET Q q 0 0 0 rg BT 77.35 576.85 Td (, ) Tj ET Q q 0 0 0 rg BT 82.35 576.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 104.37 576.85 Td (and ) Tj ET Q q 0 0 0 rg BT 121.88 576.85 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 168.91 576.85 Td (gains ) Tj ET Q q 0 0 0 rg BT 192.93 576.85 Td (and ) Tj ET Q q 0 0 0 rg BT 210.45 576.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 228.95 576.85 Td (on ) Tj ET Q q 0 0 0 rg BT 241.46 576.85 Td (the ) Tj ET Q q 0 0 0 rg BT 256.47 576.85 Td (disposition ) Tj ET Q q 0 0 0 rg BT 301.50 576.85 Td (of ) Tj ET Q q 0 0 0 rg BT 311.51 576.85 Td (exploration ) Tj ET Q q 0 0 0 rg BT 358.04 576.85 Td (and ) Tj ET Q q 0 0 0 rg BT 375.55 576.85 Td (evaluations ) Tj ET Q q 0 0 0 rg BT 423.58 576.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 452.10 576.85 Td (and ) Tj ET Q q 0 0 0 rg BT 469.61 576.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 516.63 576.85 Td (charges. ) Tj ET Q q 0 0 0 rg BT 553.65 576.85 Td ( ) Tj ET Q q 0 0 0 rg BT 556.15 576.85 Td ( ) Tj ET Q q 0 0 0 rg BT 558.65 576.85 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 560.05 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 94.00 560.05 Td (controls ) Tj ET Q q 0 0 0 rg BT 132.49 560.05 Td (and ) Tj ET Q q 0 0 0 rg BT 151.48 560.05 Td (procedures ) Tj ET Q q 0 0 0 rg BT 203.48 560.05 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.48 560.05 Td ( ) Tj ET Q q 0 0 0 rg BT 209.46 560.05 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 254.46 560.05 Td (controls ) Tj ET Q q 0 0 0 rg BT 288.96 560.05 Td (and ) Tj ET Q q 0 0 0 rg BT 306.96 560.05 Td (procedures ) Tj ET Q q 0 0 0 rg BT 354.97 560.05 Td (have ) Tj ET Q q 0 0 0 rg BT 377.47 560.05 Td (been ) Tj ET Q q 0 0 0 rg BT 400.48 560.05 Td (designed ) Tj ET Q q 0 0 0 rg BT 440.00 560.05 Td (to ) Tj ET Q q 0 0 0 rg BT 450.49 560.05 Td (ensure ) Tj ET Q q 0 0 0 rg BT 480.99 560.05 Td (that ) Tj ET Q q 0 0 0 rg BT 498.99 560.05 Td (information ) Tj ET Q q 0 0 0 rg BT 546.50 560.05 Td (to ) Tj ET Q q 0 0 0 rg BT 556.99 560.05 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 549.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 84.03 549.25 Td (by ) Tj ET Q q 0 0 0 rg BT 95.05 549.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 136.09 549.25 Td (is ) Tj ET Q q 0 0 0 rg BT 144.11 549.25 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 196.65 549.25 Td (and ) Tj ET Q q 0 0 0 rg BT 213.18 549.25 Td (communicated ) Tj ET Q q 0 0 0 rg BT 273.22 549.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.24 549.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 338.79 549.25 Td (as ) Tj ET Q q 0 0 0 rg BT 349.81 549.25 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 399.35 549.25 Td (to ) Tj ET Q q 0 0 0 rg BT 408.37 549.25 Td (allow ) Tj ET Q q 0 0 0 rg BT 430.40 549.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 455.41 549.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 494.45 549.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 533.99 549.25 Td (required ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 538.45 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 94.40 538.45 Td (The ) Tj ET Q q 0 0 0 rg BT 111.92 538.45 Td (Chief ) Tj ET Q q 0 0 0 rg BT 134.94 538.45 Td (Executive ) Tj ET Q q 0 0 0 rg BT 175.97 538.45 Td (Of) Tj ET Q q 0 0 0 rg BT 185.31 538.45 Td (ficer ) Tj ET Q q 0 0 0 rg BT 204.32 538.45 Td (and ) Tj ET Q q 0 0 0 rg BT 221.35 538.45 Td (Chief ) Tj ET Q q 0 0 0 rg BT 244.37 538.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 282.40 538.45 Td (Of) Tj ET Q q 0 0 0 rg BT 291.73 538.45 Td (ficer ) Tj ET Q q 0 0 0 rg BT 310.75 538.45 Td (have ) Tj ET Q q 0 0 0 rg BT 332.27 538.45 Td (designed, ) Tj ET Q q 0 0 0 rg BT 373.32 538.45 Td (or ) Tj ET Q q 0 0 0 rg BT 383.33 538.45 Td (caused ) Tj ET Q q 0 0 0 rg BT 414.36 538.45 Td (to ) Tj ET Q q 0 0 0 rg BT 423.88 538.45 Td (be ) Tj ET Q q 0 0 0 rg BT 435.90 538.45 Td (designed ) Tj ET Q q 0 0 0 rg BT 474.44 538.45 Td (under ) Tj ET Q q 0 0 0 rg BT 499.47 538.45 Td (their ) Tj ET Q q 0 0 0 rg BT 518.99 538.45 Td (supervision, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 527.65 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 87.97 527.65 Td (controls ) Tj ET Q q 0 0 0 rg BT 121.93 527.65 Td (and ) Tj ET Q q 0 0 0 rg BT 139.40 527.65 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 189.38 527.65 Td (as ) Tj ET Q q 0 0 0 rg BT 201.34 527.65 Td (defined ) Tj ET Q q 0 0 0 rg BT 233.32 527.65 Td (by ) Tj ET Q q 0 0 0 rg BT 245.27 527.65 Td (National ) Tj ET Q q 0 0 0 rg BT 280.75 527.65 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 325.71 527.65 Td (52-109 ) Tj ET Q q 0 0 0 rg BT 356.19 527.65 Td (Certification, ) Tj ET Q q 0 0 0 rg BT 408.66 527.65 Td (to ) Tj ET Q q 0 0 0 rg BT 418.62 527.65 Td (provide ) Tj ET Q q 0 0 0 rg BT 450.59 527.65 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 497.57 527.65 Td (assurance ) Tj ET Q q 0 0 0 rg BT 541.55 527.65 Td (that ) Tj ET Q q 0 0 0 rg BT 559.01 527.65 Td (\(i\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 516.85 Td (material ) Tj ET Q q 0 0 0 rg BT 79.00 516.85 Td (information ) Tj ET Q q 0 0 0 rg BT 125.50 516.85 Td (relating ) Tj ET Q q 0 0 0 rg BT 157.01 516.85 Td (to ) Tj ET Q q 0 0 0 rg BT 166.50 516.85 Td (the ) Tj ET Q q 0 0 0 rg BT 181.00 516.85 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 230.01 516.85 Td (is ) Tj ET Q q 0 0 0 rg BT 238.50 516.85 Td (made ) Tj ET Q q 0 0 0 rg BT 263.00 516.85 Td (known ) Tj ET Q q 0 0 0 rg BT 291.00 516.85 Td (to ) Tj ET Q q 0 0 0 rg BT 300.49 516.85 Td (the ) Tj ET Q q 0 0 0 rg BT 314.99 516.85 Td (Corporation) Tj ET Q q 0 0 0 rg BT 363.85 516.85 Td (s ) Tj ET Q q 0 0 0 rg BT 370.34 516.85 Td (Chief ) Tj ET Q q 0 0 0 rg BT 393.33 516.85 Td (Executive ) Tj ET Q q 0 0 0 rg BT 434.34 516.85 Td (Of) Tj ET Q q 0 0 0 rg BT 443.68 516.85 Td (ficer ) Tj ET Q q 0 0 0 rg BT 462.67 516.85 Td (and ) Tj ET Q q 0 0 0 rg BT 479.67 516.85 Td (Chief ) Tj ET Q q 0 0 0 rg BT 502.66 516.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 540.67 516.85 Td (Of) Tj ET Q q 0 0 0 rg BT 550.01 516.85 Td (ficer ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 506.05 Td (by ) Tj ET Q q 0 0 0 rg BT 56.18 506.05 Td (others, ) Tj ET Q q 0 0 0 rg BT 85.38 506.05 Td (particularly ) Tj ET Q q 0 0 0 rg BT 130.57 506.05 Td (during ) Tj ET Q q 0 0 0 rg BT 157.26 506.05 Td (the ) Tj ET Q q 0 0 0 rg BT 171.45 506.05 Td (period ) Tj ET Q q 0 0 0 rg BT 198.15 506.05 Td (in ) Tj ET Q q 0 0 0 rg BT 206.83 506.05 Td (which ) Tj ET Q q 0 0 0 rg BT 231.52 506.05 Td (the ) Tj ET Q q 0 0 0 rg BT 245.71 506.05 Td (annual ) Tj ET Q q 0 0 0 rg BT 274.41 506.05 Td (and ) Tj ET Q q 0 0 0 rg BT 291.10 506.05 Td (interim ) Tj ET Q q 0 0 0 rg BT 319.79 506.05 Td (filings ) Tj ET Q q 0 0 0 rg BT 344.47 506.05 Td (are ) Tj ET Q q 0 0 0 rg BT 359.16 506.05 Td (prepared; ) Tj ET Q q 0 0 0 rg BT 399.36 506.05 Td (and ) Tj ET Q q 0 0 0 rg BT 416.06 506.05 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 427.73 506.05 Td (information ) Tj ET Q q 0 0 0 rg BT 473.93 506.05 Td (required ) Tj ET Q q 0 0 0 rg BT 508.63 506.05 Td (to ) Tj ET Q q 0 0 0 rg BT 517.81 506.05 Td (be ) Tj ET Q q 0 0 0 rg BT 529.50 506.05 Td (disclosed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 495.25 Td (by ) Tj ET Q q 0 0 0 rg BT 57.11 495.25 Td (the ) Tj ET Q q 0 0 0 rg BT 72.23 495.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 121.87 495.25 Td (in ) Tj ET Q q 0 0 0 rg BT 131.48 495.25 Td (its ) Tj ET Q q 0 0 0 rg BT 143.09 495.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 172.72 495.25 Td (filings, ) Tj ET Q q 0 0 0 rg BT 200.84 495.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 230.45 495.25 Td (filings ) Tj ET Q q 0 0 0 rg BT 256.07 495.25 Td (or ) Tj ET Q q 0 0 0 rg BT 266.68 495.25 Td (other ) Tj ET Q q 0 0 0 rg BT 289.80 495.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 320.42 495.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 339.54 495.25 Td (or ) Tj ET Q q 0 0 0 rg BT 350.15 495.25 Td (submitted ) Tj ET Q q 0 0 0 rg BT 391.78 495.25 Td (by ) Tj ET Q q 0 0 0 rg BT 403.89 495.25 Td (it ) Tj ET Q q 0 0 0 rg BT 411.00 495.25 Td (under ) Tj ET Q q 0 0 0 rg BT 436.62 495.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 477.24 495.25 Td (legislation ) Tj ET Q q 0 0 0 rg BT 519.88 495.25 Td (is ) Tj ET Q q 0 0 0 rg BT 528.98 495.25 Td (recorded, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 484.45 Td (processed, ) Tj ET Q q 0 0 0 rg BT 91.15 484.45 Td (summarized ) Tj ET Q q 0 0 0 rg BT 142.28 484.45 Td (and ) Tj ET Q q 0 0 0 rg BT 159.41 484.45 Td (reported ) Tj ET Q q 0 0 0 rg BT 195.06 484.45 Td (within ) Tj ET Q q 0 0 0 rg BT 220.19 484.45 Td (the ) Tj ET Q q 0 0 0 rg BT 234.82 484.45 Td (time ) Tj ET Q q 0 0 0 rg BT 253.94 484.45 Td (period ) Tj ET Q q 0 0 0 rg BT 281.08 484.45 Td (specified ) Tj ET Q q 0 0 0 rg BT 318.72 484.45 Td (in ) Tj ET Q q 0 0 0 rg BT 327.85 484.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 367.98 484.45 Td (legislation. ) Tj ET Q q 0 0 0 rg BT 412.21 484.45 Td (All ) Tj ET Q q 0 0 0 rg BT 424.33 484.45 Td (control ) Tj ET Q q 0 0 0 rg BT 453.46 484.45 Td (systems ) Tj ET Q q 0 0 0 rg BT 488.59 484.45 Td (by ) Tj ET Q q 0 0 0 rg BT 500.21 484.45 Td (their ) Tj ET Q q 0 0 0 rg BT 519.84 484.45 Td (nature ) Tj ET Q q 0 0 0 rg BT 547.48 484.45 Td (have ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 473.65 Td (inherent ) Tj ET Q q 0 0 0 rg BT 80.02 473.65 Td (limitations ) Tj ET Q q 0 0 0 rg BT 122.52 473.65 Td (and, ) Tj ET Q q 0 0 0 rg BT 142.53 473.65 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 183.54 473.65 Td (the ) Tj ET Q q 0 0 0 rg BT 198.54 473.65 Td (Corporation) Tj ET Q q 0 0 0 rg BT 247.41 473.65 Td (s ) Tj ET Q q 0 0 0 rg BT 254.40 473.65 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 297.41 473.65 Td (controls ) Tj ET Q q 0 0 0 rg BT 331.41 473.65 Td (and ) Tj ET Q q 0 0 0 rg BT 348.92 473.65 Td (procedures ) Tj ET Q q 0 0 0 rg BT 396.44 473.65 Td (are ) Tj ET Q q 0 0 0 rg BT 411.94 473.65 Td (believed ) Tj ET Q q 0 0 0 rg BT 447.96 473.65 Td (to ) Tj ET Q q 0 0 0 rg BT 457.95 473.65 Td (provide ) Tj ET Q q 0 0 0 rg BT 489.96 473.65 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 539.49 473.65 Td (but ) Tj ET Q q 0 0 0 rg BT 554.49 473.65 Td (not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 462.85 Td (absolute, ) Tj ET Q q 0 0 0 rg BT 84.03 462.85 Td (assurance ) Tj ET Q q 0 0 0 rg BT 128.05 462.85 Td (that ) Tj ET Q q 0 0 0 rg BT 145.56 462.85 Td (the ) Tj ET Q q 0 0 0 rg BT 160.58 462.85 Td (objectives ) Tj ET Q q 0 0 0 rg BT 203.10 462.85 Td (of ) Tj ET Q q 0 0 0 rg BT 213.10 462.85 Td (the ) Tj ET Q q 0 0 0 rg BT 228.12 462.85 Td (control ) Tj ET Q q 0 0 0 rg BT 257.63 462.85 Td (system ) Tj ET Q q 0 0 0 rg BT 288.63 462.85 Td (are ) Tj ET Q q 0 0 0 rg BT 304.14 462.85 Td (met.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 446.05 Td (Internal ) Tj ET Q q 0 0 0 rg BT 79.92 446.05 Td (control ) Tj ET Q q 0 0 0 rg BT 112.82 446.05 Td (over ) Tj ET Q q 0 0 0 rg BT 134.25 446.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 173.17 446.05 Td (reporting) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.66 446.05 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 215.07 446.05 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.07 446.05 Td ( ) Tj ET Q q 0 0 0 rg BT 220.32 446.05 Td (The ) Tj ET Q q 0 0 0 rg BT 238.24 446.05 Td (Corporation) Tj ET Q q 0 0 0 rg BT 287.11 446.05 Td (s ) Tj ET Q q 0 0 0 rg BT 294.02 446.05 Td (Chief ) Tj ET Q q 0 0 0 rg BT 317.44 446.05 Td (Executive ) Tj ET Q q 0 0 0 rg BT 358.87 446.05 Td (Of) Tj ET Q q 0 0 0 rg BT 368.20 446.05 Td (ficer ) Tj ET Q q 0 0 0 rg BT 387.62 446.05 Td (and ) Tj ET Q q 0 0 0 rg BT 405.04 446.05 Td (Chief ) Tj ET Q q 0 0 0 rg BT 428.46 446.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 466.89 446.05 Td (Of) Tj ET Q q 0 0 0 rg BT 476.23 446.05 Td (ficer ) Tj ET Q q 0 0 0 rg BT 495.64 446.05 Td (have ) Tj ET Q q 0 0 0 rg BT 517.57 446.05 Td (designed, ) Tj ET Q q 0 0 0 rg BT 559.01 446.05 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 435.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 76.74 435.25 Td (to ) Tj ET Q q 0 0 0 rg BT 86.96 435.25 Td (be ) Tj ET Q q 0 0 0 rg BT 99.69 435.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 138.94 435.25 Td (under ) Tj ET Q q 0 0 0 rg BT 164.68 435.25 Td (their ) Tj ET Q q 0 0 0 rg BT 184.90 435.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 235.64 435.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 267.88 435.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 302.11 435.25 Td (over ) Tj ET Q q 0 0 0 rg BT 322.34 435.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 358.07 435.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 398.81 435.25 Td (as ) Tj ET Q q 0 0 0 rg BT 411.04 435.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 443.28 435.25 Td (by ) Tj ET Q q 0 0 0 rg BT 455.50 435.25 Td (National ) Tj ET Q q 0 0 0 rg BT 491.24 435.25 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 536.48 435.25 Td (51-109. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 424.45 Td (Internal ) Tj ET Q q 0 0 0 rg BT 78.33 424.45 Td (controls ) Tj ET Q q 0 0 0 rg BT 113.14 424.45 Td (over ) Tj ET Q q 0 0 0 rg BT 133.96 424.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 170.29 424.45 Td (reporting ) Tj ET Q q 0 0 0 rg BT 209.11 424.45 Td (is ) Tj ET Q q 0 0 0 rg BT 218.92 424.45 Td (a ) Tj ET Q q 0 0 0 rg BT 227.23 424.45 Td (process ) Tj ET Q q 0 0 0 rg BT 262.05 424.45 Td (designed ) Tj ET Q q 0 0 0 rg BT 301.89 424.45 Td (to ) Tj ET Q q 0 0 0 rg BT 312.70 424.45 Td (provide ) Tj ET Q q 0 0 0 rg BT 345.52 424.45 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 393.36 424.45 Td (assurance ) Tj ET Q q 0 0 0 rg BT 438.19 424.45 Td (that ) Tj ET Q q 0 0 0 rg BT 456.51 424.45 Td (all ) Tj ET Q q 0 0 0 rg BT 468.82 424.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 498.14 424.45 Td (are ) Tj ET Q q 0 0 0 rg BT 514.45 424.45 Td (safeguarded, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 413.65 Td (transactions ) Tj ET Q q 0 0 0 rg BT 95.47 413.65 Td (are ) Tj ET Q q 0 0 0 rg BT 110.43 413.65 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 164.41 413.65 Td (authorized ) Tj ET Q q 0 0 0 rg BT 208.38 413.65 Td (and ) Tj ET Q q 0 0 0 rg BT 225.35 413.65 Td (to ) Tj ET Q q 0 0 0 rg BT 234.80 413.65 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 269.76 413.65 Td (the ) Tj ET Q q 0 0 0 rg BT 284.22 413.65 Td (preparation ) Tj ET Q q 0 0 0 rg BT 331.70 413.65 Td (of ) Tj ET Q q 0 0 0 rg BT 341.15 413.65 Td (relevant, ) Tj ET Q q 0 0 0 rg BT 377.62 413.65 Td (reliable ) Tj ET Q q 0 0 0 rg BT 408.58 413.65 Td (and ) Tj ET Q q 0 0 0 rg BT 425.55 413.65 Td (timely ) Tj ET Q q 0 0 0 rg BT 451.00 413.65 Td (information. ) Tj ET Q q 0 0 0 rg BT 499.58 413.65 Td (A) Tj ET Q q 0 0 0 rg BT 505.08 413.65 Td ( ) Tj ET Q q 0 0 0 rg BT 507.03 413.65 Td (control ) Tj ET Q q 0 0 0 rg BT 535.99 413.65 Td (system, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 402.85 Td (no ) Tj ET Q q 0 0 0 rg BT 58.15 402.85 Td (matter ) Tj ET Q q 0 0 0 rg BT 86.80 402.85 Td (how ) Tj ET Q q 0 0 0 rg BT 106.45 402.85 Td (well ) Tj ET Q q 0 0 0 rg BT 125.10 402.85 Td (conceived ) Tj ET Q q 0 0 0 rg BT 168.77 402.85 Td (or ) Tj ET Q q 0 0 0 rg BT 179.92 402.85 Td (operated, ) Tj ET Q q 0 0 0 rg BT 221.09 402.85 Td (can ) Tj ET Q q 0 0 0 rg BT 238.74 402.85 Td (provide ) Tj ET Q q 0 0 0 rg BT 271.40 402.85 Td (only ) Tj ET Q q 0 0 0 rg BT 291.05 402.85 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 341.23 402.85 Td (not ) Tj ET Q q 0 0 0 rg BT 356.89 402.85 Td (absolute, ) Tj ET Q q 0 0 0 rg BT 396.56 402.85 Td (assurance ) Tj ET Q q 0 0 0 rg BT 441.22 402.85 Td (that ) Tj ET Q q 0 0 0 rg BT 459.38 402.85 Td (the ) Tj ET Q q 0 0 0 rg BT 475.03 402.85 Td (objective ) Tj ET Q q 0 0 0 rg BT 513.69 402.85 Td (of ) Tj ET Q q 0 0 0 rg BT 524.34 402.85 Td (the ) Tj ET Q q 0 0 0 rg BT 540.00 402.85 Td (control ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 392.05 Td (system ) Tj ET Q q 0 0 0 rg BT 76.03 392.05 Td (is ) Tj ET Q q 0 0 0 rg BT 85.06 392.05 Td (met. ) Tj ET Q q 0 0 0 rg BT 104.93 392.05 Td (There ) Tj ET Q q 0 0 0 rg BT 130.97 392.05 Td (were ) Tj ET Q q 0 0 0 rg BT 153.00 392.05 Td (no ) Tj ET Q q 0 0 0 rg BT 165.54 392.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 202.10 392.05 Td (made ) Tj ET Q q 0 0 0 rg BT 227.14 392.05 Td (to ) Tj ET Q q 0 0 0 rg BT 237.18 392.05 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 278.54 392.05 Td (s ) Tj ET Q q 0 0 0 rg BT 285.57 392.05 Td (internal ) Tj ET Q q 0 0 0 rg BT 317.61 392.05 Td (controls ) Tj ET Q q 0 0 0 rg BT 351.65 392.05 Td (over ) Tj ET Q q 0 0 0 rg BT 371.69 392.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 407.24 392.05 Td (reporting ) Tj ET Q q 0 0 0 rg BT 445.29 392.05 Td (during ) Tj ET Q q 0 0 0 rg BT 472.84 392.05 Td (the ) Tj ET Q q 0 0 0 rg BT 487.88 392.05 Td (period ) Tj ET Q q 0 0 0 rg BT 515.42 392.05 Td (beginning ) Tj ET Q q 0 0 0 rg BT 556.99 392.05 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 381.25 Td (January ) Tj ET Q q 0 0 0 rg BT 80.10 381.25 Td (1, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.69 381.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.71 381.25 Td ( ) Tj ET Q q 0 0 0 rg BT 113.79 381.25 Td (and ) Tj ET Q q 0 0 0 rg BT 131.88 381.25 Td (ending ) Tj ET Q q 0 0 0 rg BT 161.99 381.25 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.08 381.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 234.69 381.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.71 381.25 Td ( ) Tj ET Q q 0 0 0 rg BT 257.79 381.25 Td (that ) Tj ET Q q 0 0 0 rg BT 275.88 381.25 Td (have ) Tj ET Q q 0 0 0 rg BT 298.48 381.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 340.07 381.25 Td (af) Tj ET Q q 0 0 0 rg BT 347.41 381.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 377.51 381.25 Td (or ) Tj ET Q q 0 0 0 rg BT 388.60 381.25 Td (are ) Tj ET Q q 0 0 0 rg BT 404.68 381.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 451.79 381.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 474.88 381.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.46 381.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 527.05 381.25 Td (af) Tj ET Q q 0 0 0 rg BT 534.40 381.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 554.48 381.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 370.45 Td (Corporation) Tj ET Q q 0 0 0 rg BT 93.86 370.45 Td (s ) Tj ET Q q 0 0 0 rg BT 101.45 370.45 Td (internal ) Tj ET Q q 0 0 0 rg BT 134.05 370.45 Td (controls ) Tj ET Q q 0 0 0 rg BT 168.65 370.45 Td (over ) Tj ET Q q 0 0 0 rg BT 189.24 370.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 225.34 370.45 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 266.45 370.45 Td (Management ) Tj ET Q q 0 0 0 rg BT 322.06 370.45 Td (has ) Tj ET Q q 0 0 0 rg BT 339.66 370.45 Td (concluded ) Tj ET Q q 0 0 0 rg BT 383.77 370.45 Td (that ) Tj ET Q q 0 0 0 rg BT 401.87 370.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 450.70 370.45 Td (internal ) Tj ET Q q 0 0 0 rg BT 483.30 370.45 Td (control ) Tj ET Q q 0 0 0 rg BT 513.40 370.45 Td (over ) Tj ET Q q 0 0 0 rg BT 533.99 370.45 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 359.65 Td (reporting ) Tj ET Q q 0 0 0 rg BT 83.90 359.65 Td (was ) Tj ET Q q 0 0 0 rg BT 103.28 359.65 Td (ef) Tj ET Q q 0 0 0 rg BT 110.62 359.65 Td (fective ) Tj ET Q q 0 0 0 rg BT 140.01 359.65 Td (as ) Tj ET Q q 0 0 0 rg BT 152.89 359.65 Td (of ) Tj ET Q q 0 0 0 rg BT 163.77 359.65 Td (December ) Tj ET Q q 0 0 0 rg BT 208.66 359.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 224.55 359.65 Td (2016. ) Tj ET Q q 0 0 0 rg BT 250.23 359.65 Td (This ) Tj ET Q q 0 0 0 rg BT 270.61 359.65 Td (assessment ) Tj ET Q q 0 0 0 rg BT 322.00 359.65 Td (was ) Tj ET Q q 0 0 0 rg BT 341.38 359.65 Td (based ) Tj ET Q q 0 0 0 rg BT 369.28 359.65 Td (on ) Tj ET Q q 0 0 0 rg BT 382.67 359.65 Td (the ) Tj ET Q q 0 0 0 rg BT 398.55 359.65 Td (framework ) Tj ET Q q 0 0 0 rg BT 443.94 359.65 Td (in ) Tj ET Q q 0 0 0 rg BT 454.32 359.65 Td (Internal ) Tj ET Q q 0 0 0 rg BT 487.71 359.65 Td (Control ) Tj ET Q q 0 0 0 rg BT 520.10 359.65 Td (- ) Tj ET Q q 0 0 0 rg BT 526.47 359.65 Td (Integrated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 348.85 Td (Framework ) Tj ET Q q 0 0 0 rg BT 92.50 348.85 Td (\(2013\) ) Tj ET Q q 0 0 0 rg BT 121.02 348.85 Td (issued ) Tj ET Q q 0 0 0 rg BT 149.54 348.85 Td (by ) Tj ET Q q 0 0 0 rg BT 161.54 348.85 Td (the ) Tj ET Q q 0 0 0 rg BT 176.55 348.85 Td (Committee ) Tj ET Q q 0 0 0 rg BT 222.57 348.85 Td (of ) Tj ET Q q 0 0 0 rg BT 232.57 348.85 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 280.60 348.85 Td (Organizations ) Tj ET Q q 0 0 0 rg BT 338.63 348.85 Td (of ) Tj ET Q q 0 0 0 rg BT 348.64 348.85 Td (the ) Tj ET Q q 0 0 0 rg BT 363.49 348.85 Td (T) Tj ET Q q 0 0 0 rg BT 368.65 348.85 Td (readway ) Tj ET Q q 0 0 0 rg BT 405.17 348.85 Td (Commission. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 332.05 Td (Future ) Tj ET Q q 0 0 0 rg BT 75.58 332.05 Td (accounting ) Tj ET Q q 0 0 0 rg BT 126.17 332.05 Td (policies ) Tj ET Q q 0 0 0 rg BT 162.27 332.05 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.86 332.05 Td (Below ) Tj ET Q q 0 0 0 rg BT 194.96 332.05 Td (is ) Tj ET Q q 0 0 0 rg BT 204.05 332.05 Td (a ) Tj ET Q q 0 0 0 rg BT 211.64 332.05 Td (description ) Tj ET Q q 0 0 0 rg BT 257.75 332.05 Td (of ) Tj ET Q q 0 0 0 rg BT 267.84 332.05 Td (new ) Tj ET Q q 0 0 0 rg BT 286.94 332.05 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 310.03 332.05 Td (standards ) Tj ET Q q 0 0 0 rg BT 352.14 332.05 Td (that ) Tj ET Q q 0 0 0 rg BT 369.74 332.05 Td (are ) Tj ET Q q 0 0 0 rg BT 385.33 332.05 Td (not ) Tj ET Q q 0 0 0 rg BT 400.43 332.05 Td (yet ) Tj ET Q q 0 0 0 rg BT 415.03 332.05 Td (ef) Tj ET Q q 0 0 0 rg BT 422.37 332.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 450.97 332.05 Td (and ) Tj ET Q q 0 0 0 rg BT 468.57 332.05 Td (have ) Tj ET Q q 0 0 0 rg BT 490.67 332.05 Td (not ) Tj ET Q q 0 0 0 rg BT 505.77 332.05 Td (been ) Tj ET Q q 0 0 0 rg BT 528.38 332.05 Td (applied ) Tj ET Q q 0 0 0 rg BT 560.00 332.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 321.25 Td (the ) Tj ET Q q 0 0 0 rg BT 60.40 321.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 108.82 321.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.21 321.25 Td (these ) Tj ET Q q 0 0 0 rg BT 144.12 321.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 180.03 321.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 229.25 321.25 Td (There ) Tj ET Q q 0 0 0 rg BT 255.65 321.25 Td (are ) Tj ET Q q 0 0 0 rg BT 271.55 321.25 Td (no ) Tj ET Q q 0 0 0 rg BT 284.45 321.25 Td (other ) Tj ET Q q 0 0 0 rg BT 307.85 321.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 350.26 321.25 Td (or ) Tj ET Q q 0 0 0 rg BT 361.15 321.25 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 421.07 321.25 Td (issued, ) Tj ET Q q 0 0 0 rg BT 452.48 321.25 Td (but ) Tj ET Q q 0 0 0 rg BT 467.88 321.25 Td (not ) Tj ET Q q 0 0 0 rg BT 483.28 321.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 498.17 321.25 Td (adopted, ) Tj ET Q q 0 0 0 rg BT 536.09 321.25 Td (that ) Tj ET Q q 0 0 0 rg BT 553.99 321.25 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 310.45 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 91.03 310.45 Td (to ) Tj ET Q q 0 0 0 rg BT 101.04 310.45 Td (have ) Tj ET Q q 0 0 0 rg BT 123.06 310.45 Td (a ) Tj ET Q q 0 0 0 rg BT 130.56 310.45 Td (material ) Tj ET Q q 0 0 0 rg BT 165.07 310.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 194.08 310.45 Td (on ) Tj ET Q q 0 0 0 rg BT 206.59 310.45 Td (the ) Tj ET Q q 0 0 0 rg BT 221.60 310.45 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 277.35 310.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.87 310.45 Td (statements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 293.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 293.65 Td (In ) Tj ET Q q 0 0 0 rg BT 72.34 293.65 Td (April ) Tj ET Q q 0 0 0 rg BT 92.63 293.65 Td (2016, ) Tj ET Q q 0 0 0 rg BT 117.44 293.65 Td (the ) Tj ET Q q 0 0 0 rg BT 132.24 293.65 Td (IASB ) Tj ET Q q 0 0 0 rg BT 155.03 293.65 Td (issued ) Tj ET Q q 0 0 0 rg BT 183.33 293.65 Td (its ) Tj ET Q q 0 0 0 rg BT 194.62 293.65 Td (final ) Tj ET Q q 0 0 0 rg BT 213.42 293.65 Td (amendments ) Tj ET Q q 0 0 0 rg BT 267.73 293.65 Td (to ) Tj ET Q q 0 0 0 rg BT 277.52 293.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 300.31 293.65 Td (15 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 312.61 293.65 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 350.92 293.65 Td (from ) Tj ET Q q 0 0 0 rg BT 371.21 293.65 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 412.01 293.65 Td (with ) Tj ET Q q 0 0 0 rg BT 430.30 293.65 Td (Customers,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.31 293.65 Td ( ) Tj ET Q q 0 0 0 rg BT 478.60 293.65 Td (which ) Tj ET Q q 0 0 0 rg BT 503.89 293.65 Td (replaces ) Tj ET Q q 0 0 0 rg BT 540.20 293.65 Td (IAS ) Tj ET Q q 0 0 0 rg BT 556.99 293.65 Td (18 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 282.85 Td (Revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.03 282.85 Td (, ) Tj ET Q q 0 0 0 rg BT 104.09 282.85 Td (IAS ) Tj ET Q q 0 0 0 rg BT 121.16 282.85 Td (1) Tj ET Q q 0 0 0 rg BT 125.49 282.85 Td (1 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 133.06 282.85 Td (Construction ) Tj ET Q q 0 0 0 rg BT 186.15 282.85 Td (Contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.66 282.85 Td (, ) Tj ET Q q 0 0 0 rg BT 229.72 282.85 Td (and ) Tj ET Q q 0 0 0 rg BT 247.30 282.85 Td (related ) Tj ET Q q 0 0 0 rg BT 277.38 282.85 Td (interpretations. ) Tj ET Q q 0 0 0 rg BT 339.31 282.85 Td (The ) Tj ET Q q 0 0 0 rg BT 357.38 282.85 Td (new ) Tj ET Q q 0 0 0 rg BT 376.45 282.85 Td (standard ) Tj ET Q q 0 0 0 rg BT 414.03 282.85 Td (contains ) Tj ET Q q 0 0 0 rg BT 450.12 282.85 Td (a ) Tj ET Q q 0 0 0 rg BT 457.68 282.85 Td (single ) Tj ET Q q 0 0 0 rg BT 483.76 282.85 Td (model ) Tj ET Q q 0 0 0 rg BT 510.84 282.85 Td (that ) Tj ET Q q 0 0 0 rg BT 528.41 282.85 Td (applies ) Tj ET Q q 0 0 0 rg BT 559.49 282.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 272.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 102.86 272.05 Td (with ) Tj ET Q q 0 0 0 rg BT 122.22 272.05 Td (customers ) Tj ET Q q 0 0 0 rg BT 167.08 272.05 Td (and ) Tj ET Q q 0 0 0 rg BT 185.44 272.05 Td (two ) Tj ET Q q 0 0 0 rg BT 202.80 272.05 Td (approaches ) Tj ET Q q 0 0 0 rg BT 253.18 272.05 Td (to ) Tj ET Q q 0 0 0 rg BT 264.04 272.05 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 313.41 272.05 Td (revenue: ) Tj ET Q q 0 0 0 rg BT 351.79 272.05 Td (at ) Tj ET Q q 0 0 0 rg BT 362.64 272.05 Td (a ) Tj ET Q q 0 0 0 rg BT 371.00 272.05 Td (point ) Tj ET Q q 0 0 0 rg BT 393.86 272.05 Td (in ) Tj ET Q q 0 0 0 rg BT 404.22 272.05 Td (time ) Tj ET Q q 0 0 0 rg BT 424.57 272.05 Td (or ) Tj ET Q q 0 0 0 rg BT 435.92 272.05 Td (over ) Tj ET Q q 0 0 0 rg BT 456.78 272.05 Td (time. ) Tj ET Q q 0 0 0 rg BT 479.41 272.05 Td (The ) Tj ET Q q 0 0 0 rg BT 498.27 272.05 Td (model ) Tj ET Q q 0 0 0 rg BT 526.13 272.05 Td (features ) Tj ET Q q 0 0 0 rg BT 562.00 272.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 261.25 Td (contract-based ) Tj ET Q q 0 0 0 rg BT 125.13 261.25 Td (five-step ) Tj ET Q q 0 0 0 rg BT 161.75 261.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 196.87 261.25 Td (of ) Tj ET Q q 0 0 0 rg BT 206.98 261.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 258.10 261.25 Td (to ) Tj ET Q q 0 0 0 rg BT 268.21 261.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 310.83 261.25 Td (whether) Tj ET Q q 0 0 0 rg BT 342.35 261.25 Td (, ) Tj ET Q q 0 0 0 rg BT 347.46 261.25 Td (how ) Tj ET Q q 0 0 0 rg BT 366.57 261.25 Td (much ) Tj ET Q q 0 0 0 rg BT 391.18 261.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.80 261.25 Td (when ) Tj ET Q q 0 0 0 rg BT 432.92 261.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 468.04 261.25 Td (is ) Tj ET Q q 0 0 0 rg BT 477.14 261.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.25 261.25 Td (be ) Tj ET Q q 0 0 0 rg BT 499.86 261.25 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 549.00 261.25 Td (New ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 250.45 Td (estimates ) Tj ET Q q 0 0 0 rg BT 103.77 250.45 Td (and ) Tj ET Q q 0 0 0 rg BT 121.04 250.45 Td (judgmental ) Tj ET Q q 0 0 0 rg BT 167.33 250.45 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 211.11 250.45 Td (have ) Tj ET Q q 0 0 0 rg BT 232.89 250.45 Td (been ) Tj ET Q q 0 0 0 rg BT 255.16 250.45 Td (introduced, ) Tj ET Q q 0 0 0 rg BT 301.95 250.45 Td (which ) Tj ET Q q 0 0 0 rg BT 327.22 250.45 Td (may ) Tj ET Q q 0 0 0 rg BT 346.48 250.45 Td (af) Tj ET Q q 0 0 0 rg BT 353.82 250.45 Td (fect ) Tj ET Q q 0 0 0 rg BT 370.58 250.45 Td (the ) Tj ET Q q 0 0 0 rg BT 385.35 250.45 Td (amount ) Tj ET Q q 0 0 0 rg BT 417.63 250.45 Td (and ) Tj ET Q q 0 0 0 rg BT 434.90 250.45 Td (timing ) Tj ET Q q 0 0 0 rg BT 461.17 250.45 Td (of ) Tj ET Q q 0 0 0 rg BT 470.93 250.45 Td (the ) Tj ET Q q 0 0 0 rg BT 485.70 250.45 Td (revenue ) Tj ET Q q 0 0 0 rg BT 520.48 250.45 Td (recognized. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 239.65 Td (The ) Tj ET Q q 0 0 0 rg BT 80.94 239.65 Td (new ) Tj ET Q q 0 0 0 rg BT 99.88 239.65 Td (standard ) Tj ET Q q 0 0 0 rg BT 137.33 239.65 Td (applies ) Tj ET Q q 0 0 0 rg BT 168.29 239.65 Td (to ) Tj ET Q q 0 0 0 rg BT 178.22 239.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 217.17 239.65 Td (with ) Tj ET Q q 0 0 0 rg BT 235.60 239.65 Td (customers ) Tj ET Q q 0 0 0 rg BT 279.54 239.65 Td (and ) Tj ET Q q 0 0 0 rg BT 296.99 239.65 Td (does ) Tj ET Q q 0 0 0 rg BT 318.94 239.65 Td (not ) Tj ET Q q 0 0 0 rg BT 333.88 239.65 Td (apply ) Tj ET Q q 0 0 0 rg BT 357.83 239.65 Td (to ) Tj ET Q q 0 0 0 rg BT 367.76 239.65 Td (insurance ) Tj ET Q q 0 0 0 rg BT 409.22 239.65 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 450.66 239.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.11 239.65 Td (instruments ) Tj ET Q q 0 0 0 rg BT 535.06 239.65 Td (or ) Tj ET Q q 0 0 0 rg BT 545.49 239.65 Td (lease ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 228.85 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 103.90 228.85 Td (The ) Tj ET Q q 0 0 0 rg BT 121.43 228.85 Td (new ) Tj ET Q q 0 0 0 rg BT 139.96 228.85 Td (standard ) Tj ET Q q 0 0 0 rg BT 177.00 228.85 Td (is ) Tj ET Q q 0 0 0 rg BT 185.52 228.85 Td (to ) Tj ET Q q 0 0 0 rg BT 195.05 228.85 Td (be ) Tj ET Q q 0 0 0 rg BT 207.08 228.85 Td (adopted ) Tj ET Q q 0 0 0 rg BT 241.63 228.85 Td (either ) Tj ET Q q 0 0 0 rg BT 266.16 228.85 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 326.20 228.85 Td (or ) Tj ET Q q 0 0 0 rg BT 336.23 228.85 Td (using ) Tj ET Q q 0 0 0 rg BT 359.76 228.85 Td (a ) Tj ET Q q 0 0 0 rg BT 366.79 228.85 Td (modified ) Tj ET Q q 0 0 0 rg BT 402.82 228.85 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 456.37 228.85 Td (approach ) Tj ET Q q 0 0 0 rg BT 495.91 228.85 Td (for ) Tj ET Q q 0 0 0 rg BT 508.44 228.85 Td (annual ) Tj ET Q q 0 0 0 rg BT 537.48 228.85 Td (periods ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 218.05 Td (beginning ) Tj ET Q q 0 0 0 rg BT 104.30 218.05 Td (on ) Tj ET Q q 0 0 0 rg BT 116.57 218.05 Td (or ) Tj ET Q q 0 0 0 rg BT 126.83 218.05 Td (after ) Tj ET Q q 0 0 0 rg BT 147.10 218.05 Td (January ) Tj ET Q q 0 0 0 rg BT 181.38 218.05 Td (1, ) Tj ET Q q 0 0 0 rg BT 191.15 218.05 Td (2018, ) Tj ET Q q 0 0 0 rg BT 215.93 218.05 Td (with ) Tj ET Q q 0 0 0 rg BT 234.20 218.05 Td (early ) Tj ET Q q 0 0 0 rg BT 255.97 218.05 Td (adoption ) Tj ET Q q 0 0 0 rg BT 292.76 218.05 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 335.04 218.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 376.83 218.05 Td (intends ) Tj ET Q q 0 0 0 rg BT 408.11 218.05 Td (to ) Tj ET Q q 0 0 0 rg BT 417.88 218.05 Td (adopt ) Tj ET Q q 0 0 0 rg BT 442.66 218.05 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 465.42 218.05 Td (9 ) Tj ET Q q 0 0 0 rg BT 472.69 218.05 Td (on ) Tj ET Q q 0 0 0 rg BT 484.96 218.05 Td (a ) Tj ET Q q 0 0 0 rg BT 492.23 218.05 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 546.01 218.05 Td (basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 207.25 Td (on ) Tj ET Q q 0 0 0 rg BT 75.05 207.25 Td (January ) Tj ET Q q 0 0 0 rg BT 109.11 207.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 118.66 207.25 Td (2018. ) Tj ET Q q 0 0 0 rg BT 143.22 207.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 184.79 207.25 Td (is ) Tj ET Q q 0 0 0 rg BT 193.33 207.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 229.88 207.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.93 207.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.48 207.25 Td (process ) Tj ET Q q 0 0 0 rg BT 287.04 207.25 Td (of ) Tj ET Q q 0 0 0 rg BT 296.58 207.25 Td (identifying ) Tj ET Q q 0 0 0 rg BT 339.15 207.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 382.72 207.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 417.29 207.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 455.84 207.25 Td (with ) Tj ET Q q 0 0 0 rg BT 473.89 207.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 517.44 207.25 Td (to ) Tj ET Q q 0 0 0 rg BT 526.99 207.25 Td (determine ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 196.45 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 196.45 Td (impact, ) Tj ET Q q 0 0 0 rg BT 109.52 196.45 Td (if ) Tj ET Q q 0 0 0 rg BT 116.52 196.45 Td (any) Tj ET Q q 0 0 0 rg BT 130.36 196.45 Td (, ) Tj ET Q q 0 0 0 rg BT 135.36 196.45 Td (that ) Tj ET Q q 0 0 0 rg BT 152.88 196.45 Td (the ) Tj ET Q q 0 0 0 rg BT 167.89 196.45 Td (adoption ) Tj ET Q q 0 0 0 rg BT 204.92 196.45 Td (of ) Tj ET Q q 0 0 0 rg BT 214.93 196.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 237.93 196.45 Td (15 ) Tj ET Q q 0 0 0 rg BT 250.44 196.45 Td (will ) Tj ET Q q 0 0 0 rg BT 265.44 196.45 Td (have ) Tj ET Q q 0 0 0 rg BT 287.46 196.45 Td (on ) Tj ET Q q 0 0 0 rg BT 299.97 196.45 Td (its ) Tj ET Q q 0 0 0 rg BT 311.47 196.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.99 196.45 Td (statements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 179.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 179.65 Td (In ) Tj ET Q q 0 0 0 rg BT 73.10 179.65 Td (July ) Tj ET Q q 0 0 0 rg BT 91.71 179.65 Td (2014, ) Tj ET Q q 0 0 0 rg BT 116.83 179.65 Td (the ) Tj ET Q q 0 0 0 rg BT 131.94 179.65 Td (IASB ) Tj ET Q q 0 0 0 rg BT 155.04 179.65 Td (issued ) Tj ET Q q 0 0 0 rg BT 183.66 179.65 Td (the ) Tj ET Q q 0 0 0 rg BT 198.77 179.65 Td (complete ) Tj ET Q q 0 0 0 rg BT 237.88 179.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 260.98 179.65 Td (9 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 268.59 179.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 307.20 179.65 Td (Instruments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.22 179.65 Td ( ) Tj ET Q q 0 0 0 rg BT 356.82 179.65 Td (to ) Tj ET Q q 0 0 0 rg BT 366.92 179.65 Td (replace ) Tj ET Q q 0 0 0 rg BT 399.04 179.65 Td (IAS ) Tj ET Q q 0 0 0 rg BT 416.14 179.65 Td (39 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 428.75 179.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 467.37 179.65 Td (Instruments: ) Tj ET Q q 0 0 0 rg BT 519.48 179.65 Td (Recognition ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 168.85 Td (and ) Tj ET Q q 0 0 0 rg BT 81.06 168.85 Td (Measurement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.09 168.85 Td (. ) Tj ET Q q 0 0 0 rg BT 141.63 168.85 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 165.18 168.85 Td (9, ) Tj ET Q q 0 0 0 rg BT 175.73 168.85 Td (includes ) Tj ET Q q 0 0 0 rg BT 211.80 168.85 Td (a ) Tj ET Q q 0 0 0 rg BT 219.85 168.85 Td (principle-based ) Tj ET Q q 0 0 0 rg BT 283.93 168.85 Td (approach ) Tj ET Q q 0 0 0 rg BT 324.51 168.85 Td (for ) Tj ET Q q 0 0 0 rg BT 338.06 168.85 Td (the ) Tj ET Q q 0 0 0 rg BT 353.62 168.85 Td (classification ) Tj ET Q q 0 0 0 rg BT 407.68 168.85 Td (and ) Tj ET Q q 0 0 0 rg BT 425.75 168.85 Td (measurement ) Tj ET Q q 0 0 0 rg BT 483.82 168.85 Td (of ) Tj ET Q q 0 0 0 rg BT 494.37 168.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.43 168.85 Td (assets, ) Tj ET Q q 0 0 0 rg BT 561.99 168.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 158.05 Td (single ) Tj ET Q q 0 0 0 rg BT 88.30 158.05 Td ('expected ) Tj ET Q q 0 0 0 rg BT 128.32 158.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 152.11 158.05 Td (loss' ) Tj ET Q q 0 0 0 rg BT 171.62 158.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 217.91 158.05 Td (model ) Tj ET Q q 0 0 0 rg BT 244.20 158.05 Td (and ) Tj ET Q q 0 0 0 rg BT 261.00 158.05 Td (a ) Tj ET Q q 0 0 0 rg BT 267.79 158.05 Td (new ) Tj ET Q q 0 0 0 rg BT 286.08 158.05 Td (hedge ) Tj ET Q q 0 0 0 rg BT 312.89 158.05 Td (accounting ) Tj ET Q q 0 0 0 rg BT 358.20 158.05 Td (standard ) Tj ET Q q 0 0 0 rg BT 395.01 158.05 Td (which ) Tj ET Q q 0 0 0 rg BT 419.80 158.05 Td (aligns ) Tj ET Q q 0 0 0 rg BT 445.09 158.05 Td (hedge ) Tj ET Q q 0 0 0 rg BT 471.90 158.05 Td (accounting ) Tj ET Q q 0 0 0 rg BT 517.22 158.05 Td (more ) Tj ET Q q 0 0 0 rg BT 539.50 158.05 Td (closely ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 147.25 Td (with ) Tj ET Q q 0 0 0 rg BT 81.66 147.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 98.31 147.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 155.82 147.25 Td (The ) Tj ET Q q 0 0 0 rg BT 173.99 147.25 Td (new ) Tj ET Q q 0 0 0 rg BT 193.15 147.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 230.83 147.25 Td (is ) Tj ET Q q 0 0 0 rg BT 239.98 147.25 Td (to ) Tj ET Q q 0 0 0 rg BT 250.14 147.25 Td (be ) Tj ET Q q 0 0 0 rg BT 262.81 147.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 298.00 147.25 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 358.67 147.25 Td (with ) Tj ET Q q 0 0 0 rg BT 377.33 147.25 Td (some ) Tj ET Q q 0 0 0 rg BT 401.99 147.25 Td (exemptions ) Tj ET Q q 0 0 0 rg BT 450.67 147.25 Td (for ) Tj ET Q q 0 0 0 rg BT 463.83 147.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 493.51 147.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 525.68 147.25 Td (on ) Tj ET Q q 0 0 0 rg BT 538.35 147.25 Td (or ) Tj ET Q q 0 0 0 rg BT 549.00 147.25 Td (after ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 136.45 Td (January ) Tj ET Q q 0 0 0 rg BT 97.43 136.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 107.34 136.45 Td (2018, ) Tj ET Q q 0 0 0 rg BT 132.28 136.45 Td (with ) Tj ET Q q 0 0 0 rg BT 150.69 136.45 Td (early ) Tj ET Q q 0 0 0 rg BT 172.61 136.45 Td (adoption ) Tj ET Q q 0 0 0 rg BT 209.55 136.45 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 251.98 136.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 293.91 136.45 Td (intends ) Tj ET Q q 0 0 0 rg BT 325.34 136.45 Td (to ) Tj ET Q q 0 0 0 rg BT 335.26 136.45 Td (adopt ) Tj ET Q q 0 0 0 rg BT 360.19 136.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 383.10 136.45 Td (9 ) Tj ET Q q 0 0 0 rg BT 390.52 136.45 Td (on ) Tj ET Q q 0 0 0 rg BT 402.94 136.45 Td (a ) Tj ET Q q 0 0 0 rg BT 410.36 136.45 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 464.29 136.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 487.71 136.45 Td (on ) Tj ET Q q 0 0 0 rg BT 500.13 136.45 Td (January ) Tj ET Q q 0 0 0 rg BT 534.56 136.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 544.47 136.45 Td (2018. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 125.65 Td (The ) Tj ET Q q 0 0 0 rg BT 81.27 125.65 Td (extent ) Tj ET Q q 0 0 0 rg BT 108.55 125.65 Td (of ) Tj ET Q q 0 0 0 rg BT 118.82 125.65 Td (the ) Tj ET Q q 0 0 0 rg BT 134.10 125.65 Td (adoption ) Tj ET Q q 0 0 0 rg BT 171.39 125.65 Td (of ) Tj ET Q q 0 0 0 rg BT 181.66 125.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 204.92 125.65 Td (9 ) Tj ET Q q 0 0 0 rg BT 212.69 125.65 Td (on ) Tj ET Q q 0 0 0 rg BT 225.47 125.65 Td (the ) Tj ET Q q 0 0 0 rg BT 240.74 125.65 Td (classification ) Tj ET Q q 0 0 0 rg BT 294.52 125.65 Td (and ) Tj ET Q q 0 0 0 rg BT 312.30 125.65 Td (measurement ) Tj ET Q q 0 0 0 rg BT 370.09 125.65 Td (of ) Tj ET Q q 0 0 0 rg BT 380.36 125.65 Td (the ) Tj ET Q q 0 0 0 rg BT 395.63 125.65 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 451.64 125.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 487.42 125.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 516.20 125.65 Td (and ) Tj ET Q q 0 0 0 rg BT 533.98 125.65 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 114.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 98.69 114.85 Td (and ) Tj ET Q q 0 0 0 rg BT 115.39 114.85 Td (related ) Tj ET Q q 0 0 0 rg BT 144.58 114.85 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 191.28 114.85 Td (has ) Tj ET Q q 0 0 0 rg BT 207.47 114.85 Td (not ) Tj ET Q q 0 0 0 rg BT 221.65 114.85 Td (yet ) Tj ET Q q 0 0 0 rg BT 235.34 114.85 Td (been ) Tj ET Q q 0 0 0 rg BT 257.04 114.85 Td (determined. ) Tj ET Q q 0 0 0 rg BT 306.24 114.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 347.44 114.85 Td (does ) Tj ET Q q 0 0 0 rg BT 368.64 114.85 Td (not ) Tj ET Q q 0 0 0 rg BT 382.83 114.85 Td (currently ) Tj ET Q q 0 0 0 rg BT 419.01 114.85 Td (apply ) Tj ET Q q 0 0 0 rg BT 442.21 114.85 Td (hedge ) Tj ET Q q 0 0 0 rg BT 468.91 114.85 Td (accounting ) Tj ET Q q 0 0 0 rg BT 514.12 114.85 Td (to ) Tj ET Q q 0 0 0 rg BT 523.31 114.85 Td (its ) Tj ET Q q 0 0 0 rg BT 533.98 114.85 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 104.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 107.89 104.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 147.28 104.05 Td (and ) Tj ET Q q 0 0 0 rg BT 165.17 104.05 Td (does ) Tj ET Q q 0 0 0 rg BT 187.56 104.05 Td (not ) Tj ET Q q 0 0 0 rg BT 202.94 104.05 Td (currently ) Tj ET Q q 0 0 0 rg BT 240.33 104.05 Td (intend ) Tj ET Q q 0 0 0 rg BT 267.72 104.05 Td (to ) Tj ET Q q 0 0 0 rg BT 278.10 104.05 Td (apply ) Tj ET Q q 0 0 0 rg BT 302.49 104.05 Td (hedge ) Tj ET Q q 0 0 0 rg BT 330.39 104.05 Td (accounting ) Tj ET Q q 0 0 0 rg BT 376.80 104.05 Td (to ) Tj ET Q q 0 0 0 rg BT 387.18 104.05 Td (any ) Tj ET Q q 0 0 0 rg BT 404.56 104.05 Td (of ) Tj ET Q q 0 0 0 rg BT 414.94 104.05 Td (its ) Tj ET Q q 0 0 0 rg BT 426.82 104.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.71 104.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 507.60 104.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 546.99 104.05 Td (upon ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 93.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 100.03 93.25 Td (of ) Tj ET Q q 0 0 0 rg BT 110.04 93.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 133.04 93.25 Td (9.) 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 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 26) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 742.45 Td (In ) Tj ET Q q 0 0 0 rg BT 71.85 742.45 Td (January ) Tj ET Q q 0 0 0 rg BT 105.20 742.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 129.06 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 142.92 742.45 Td (IASB ) Tj ET Q q 0 0 0 rg BT 164.76 742.45 Td (issued ) Tj ET Q q 0 0 0 rg BT 192.12 742.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 213.96 742.45 Td (16 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 225.31 742.45 Td (Leases) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.33 742.45 Td (, ) Tj ET Q q 0 0 0 rg BT 258.17 742.45 Td (which ) Tj ET Q q 0 0 0 rg BT 282.52 742.45 Td (replaces ) Tj ET Q q 0 0 0 rg BT 317.88 742.45 Td (IAS ) Tj ET Q q 0 0 0 rg BT 333.72 742.45 Td (17 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 345.07 742.45 Td (Leases) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.09 742.45 Td (. ) Tj ET Q q 0 0 0 rg BT 377.85 742.45 Td (The ) Tj ET Q q 0 0 0 rg BT 394.69 742.45 Td (new ) Tj ET Q q 0 0 0 rg BT 412.54 742.45 Td (standard ) Tj ET Q q 0 0 0 rg BT 448.91 742.45 Td (introduces ) Tj ET Q q 0 0 0 rg BT 491.77 742.45 Td (a ) Tj ET Q q 0 0 0 rg BT 498.12 742.45 Td (single ) Tj ET Q q 0 0 0 rg BT 522.97 742.45 Td (recognition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 731.65 Td (and ) Tj ET Q q 0 0 0 rg BT 80.73 731.65 Td (measurement ) Tj ET Q q 0 0 0 rg BT 138.47 731.65 Td (model ) Tj ET Q q 0 0 0 rg BT 165.69 731.65 Td (for ) Tj ET Q q 0 0 0 rg BT 178.91 731.65 Td (leases, ) Tj ET Q q 0 0 0 rg BT 210.14 731.65 Td (which ) Tj ET Q q 0 0 0 rg BT 235.86 731.65 Td (would ) Tj ET Q q 0 0 0 rg BT 262.09 731.65 Td (require ) Tj ET Q q 0 0 0 rg BT 292.81 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 308.04 731.65 Td (recognition ) Tj ET Q q 0 0 0 rg BT 354.78 731.65 Td (of ) Tj ET Q q 0 0 0 rg BT 365.00 731.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 393.72 731.65 Td (and ) Tj ET Q q 0 0 0 rg BT 411.45 731.65 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 448.18 731.65 Td (for ) Tj ET Q q 0 0 0 rg BT 461.40 731.65 Td (most ) Tj ET Q q 0 0 0 rg BT 483.61 731.65 Td (leases ) Tj ET Q q 0 0 0 rg BT 512.34 731.65 Td (with ) Tj ET Q q 0 0 0 rg BT 531.06 731.65 Td (a ) Tj ET Q q 0 0 0 rg BT 538.78 731.65 Td (term ) Tj ET Q q 0 0 0 rg BT 559.49 731.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 720.85 Td (more ) Tj ET Q q 0 0 0 rg BT 85.63 720.85 Td (than ) Tj ET Q q 0 0 0 rg BT 105.27 720.85 Td (twelve ) Tj ET Q q 0 0 0 rg BT 132.91 720.85 Td (months. ) Tj ET Q q 0 0 0 rg BT 166.91 720.85 Td (The ) Tj ET Q q 0 0 0 rg BT 184.54 720.85 Td (new ) Tj ET Q q 0 0 0 rg BT 203.18 720.85 Td (standard ) Tj ET Q q 0 0 0 rg BT 240.33 720.85 Td (is ) Tj ET Q q 0 0 0 rg BT 248.95 720.85 Td (ef) Tj ET Q q 0 0 0 rg BT 256.30 720.85 Td (fective ) Tj ET Q q 0 0 0 rg BT 284.43 720.85 Td (for ) Tj ET Q q 0 0 0 rg BT 297.06 720.85 Td (annual ) Tj ET Q q 0 0 0 rg BT 326.21 720.85 Td (periods ) Tj ET Q q 0 0 0 rg BT 357.86 720.85 Td (beginning ) Tj ET Q q 0 0 0 rg BT 399.02 720.85 Td (on ) Tj ET Q q 0 0 0 rg BT 411.16 720.85 Td (or ) Tj ET Q q 0 0 0 rg BT 421.28 720.85 Td (after ) Tj ET Q q 0 0 0 rg BT 441.42 720.85 Td (January ) Tj ET Q q 0 0 0 rg BT 475.56 720.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 485.19 720.85 Td (2019. ) Tj ET Q q 0 0 0 rg BT 509.84 720.85 Td (Early ) Tj ET Q q 0 0 0 rg BT 532.47 720.85 Td (adoption ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 710.05 Td (is ) Tj ET Q q 0 0 0 rg BT 71.23 710.05 Td (permitted ) Tj ET Q q 0 0 0 rg BT 110.47 710.05 Td (for ) Tj ET Q q 0 0 0 rg BT 122.70 710.05 Td (entities ) Tj ET Q q 0 0 0 rg BT 152.94 710.05 Td (that ) Tj ET Q q 0 0 0 rg BT 169.68 710.05 Td (apply ) Tj ET Q q 0 0 0 rg BT 192.92 710.05 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 215.15 710.05 Td (15 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 226.89 710.05 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 264.64 710.05 Td (from ) Tj ET Q q 0 0 0 rg BT 284.37 710.05 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 324.61 710.05 Td (with ) Tj ET Q q 0 0 0 rg BT 342.34 710.05 Td (Customers) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.85 710.05 Td ( ) Tj ET Q q 0 0 0 rg BT 387.57 710.05 Td (at ) Tj ET Q q 0 0 0 rg BT 396.81 710.05 Td (or ) Tj ET Q q 0 0 0 rg BT 406.54 710.05 Td (before ) Tj ET Q q 0 0 0 rg BT 433.78 710.05 Td (the ) Tj ET Q q 0 0 0 rg BT 448.02 710.05 Td (initial ) Tj ET Q q 0 0 0 rg BT 470.25 710.05 Td (adoption ) Tj ET Q q 0 0 0 rg BT 506.51 710.05 Td (date ) Tj ET Q q 0 0 0 rg BT 525.76 710.05 Td (of ) Tj ET Q q 0 0 0 rg BT 534.99 710.05 Td (January ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 699.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 73.15 699.25 Td (2018. ) Tj ET Q q 0 0 0 rg BT 98.14 699.25 Td (The ) Tj ET Q q 0 0 0 rg BT 116.29 699.25 Td (new ) Tj ET Q q 0 0 0 rg BT 135.44 699.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 173.11 699.25 Td (is ) Tj ET Q q 0 0 0 rg BT 182.25 699.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.40 699.25 Td (be ) Tj ET Q q 0 0 0 rg BT 205.05 699.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 240.23 699.25 Td (either ) Tj ET Q q 0 0 0 rg BT 265.38 699.25 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 326.04 699.25 Td (or ) Tj ET Q q 0 0 0 rg BT 336.69 699.25 Td (using ) Tj ET Q q 0 0 0 rg BT 360.85 699.25 Td (a ) Tj ET Q q 0 0 0 rg BT 368.49 699.25 Td (modified ) Tj ET Q q 0 0 0 rg BT 405.15 699.25 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 459.32 699.25 Td (approach. ) Tj ET Q q 0 0 0 rg BT 501.82 699.25 Td (The ) Tj ET Q q 0 0 0 rg BT 519.97 699.25 Td (Corporation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 688.45 Td (intends ) Tj ET Q q 0 0 0 rg BT 94.24 688.45 Td (to ) Tj ET Q q 0 0 0 rg BT 103.97 688.45 Td (adopt ) Tj ET Q q 0 0 0 rg BT 128.71 688.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 151.43 688.45 Td (16 ) Tj ET Q q 0 0 0 rg BT 163.66 688.45 Td (in ) Tj ET Q q 0 0 0 rg BT 172.88 688.45 Td (its ) Tj ET Q q 0 0 0 rg BT 184.10 688.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 219.34 688.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 265.58 688.45 Td (for ) Tj ET Q q 0 0 0 rg BT 278.31 688.45 Td (the ) Tj ET Q q 0 0 0 rg BT 293.04 688.45 Td (annual ) Tj ET Q q 0 0 0 rg BT 322.28 688.45 Td (period ) Tj ET Q q 0 0 0 rg BT 349.52 688.45 Td (beginning ) Tj ET Q q 0 0 0 rg BT 390.78 688.45 Td (on ) Tj ET Q q 0 0 0 rg BT 403.01 688.45 Td (January ) Tj ET Q q 0 0 0 rg BT 437.25 688.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 446.97 688.45 Td (2019. ) Tj ET Q q 0 0 0 rg BT 471.57 688.45 Td (The ) Tj ET Q q 0 0 0 rg BT 489.30 688.45 Td (extent ) Tj ET Q q 0 0 0 rg BT 516.03 688.45 Td (of ) Tj ET Q q 0 0 0 rg BT 525.76 688.45 Td (the ) Tj ET Q q 0 0 0 rg BT 540.49 688.45 Td (impact ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 677.65 Td (of ) Tj ET Q q 0 0 0 rg BT 73.01 677.65 Td (the ) Tj ET Q q 0 0 0 rg BT 88.02 677.65 Td (adoption ) Tj ET Q q 0 0 0 rg BT 125.05 677.65 Td (of ) Tj ET Q q 0 0 0 rg BT 135.06 677.65 Td (the ) Tj ET Q q 0 0 0 rg BT 150.07 677.65 Td (standard ) Tj ET Q q 0 0 0 rg BT 187.59 677.65 Td (has ) Tj ET Q q 0 0 0 rg BT 204.60 677.65 Td (not ) Tj ET Q q 0 0 0 rg BT 219.62 677.65 Td (yet ) Tj ET Q q 0 0 0 rg BT 234.12 677.65 Td (been ) Tj ET Q q 0 0 0 rg BT 256.65 677.65 Td (determined.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 660.85 Td (Critical ) Tj ET Q q 0 0 0 rg BT 77.20 660.85 Td (accounting ) Tj ET Q q 0 0 0 rg BT 126.90 660.85 Td (estimates ) Tj ET Q BT /F6 9.00 Tf ET q 0 0 0 rg BT 170.12 660.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.64 660.85 Td (The ) Tj ET Q q 0 0 0 rg BT 191.84 660.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 244.07 660.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.78 660.85 Td (statements ) Tj ET Q q 0 0 0 rg BT 324.50 660.85 Td (have ) Tj ET Q q 0 0 0 rg BT 345.71 660.85 Td (been ) Tj ET Q q 0 0 0 rg BT 367.42 660.85 Td (prepared ) Tj ET Q q 0 0 0 rg BT 405.14 660.85 Td (in ) Tj ET Q q 0 0 0 rg BT 413.84 660.85 Td (accordance ) Tj ET Q q 0 0 0 rg BT 462.06 660.85 Td (with ) Tj ET Q q 0 0 0 rg BT 479.76 660.85 Td (International ) Tj ET Q q 0 0 0 rg BT 530.99 660.85 Td (Financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 650.05 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 86.47 650.05 Td (Standards ) Tj ET Q q 0 0 0 rg BT 129.93 650.05 Td (\("IFRS"\). ) Tj ET Q q 0 0 0 rg BT 167.28 650.05 Td (A) Tj ET Q q 0 0 0 rg BT 172.78 650.05 Td ( ) Tj ET Q q 0 0 0 rg BT 175.22 650.05 Td (summary ) Tj ET Q q 0 0 0 rg BT 214.67 650.05 Td (of ) Tj ET Q q 0 0 0 rg BT 224.62 650.05 Td (the ) Tj ET Q q 0 0 0 rg BT 239.57 650.05 Td (significant ) Tj ET Q q 0 0 0 rg BT 282.03 650.05 Td (accounting ) Tj ET Q q 0 0 0 rg BT 328.01 650.05 Td (policies ) Tj ET Q q 0 0 0 rg BT 360.46 650.05 Td (are ) Tj ET Q q 0 0 0 rg BT 375.91 650.05 Td (presented ) Tj ET Q q 0 0 0 rg BT 418.38 650.05 Td (in ) Tj ET Q q 0 0 0 rg BT 427.83 650.05 Td (note ) Tj ET Q q 0 0 0 rg BT 447.79 650.05 Td (3 ) Tj ET Q q 0 0 0 rg BT 455.24 650.05 Td (of ) Tj ET Q q 0 0 0 rg BT 465.18 650.05 Td (the ) Tj ET Q q 0 0 0 rg BT 480.14 650.05 Td (Notes ) Tj ET Q q 0 0 0 rg BT 506.09 650.05 Td (to ) Tj ET Q q 0 0 0 rg BT 516.04 650.05 Td (the ) Tj ET Q q 0 0 0 rg BT 530.99 650.05 Td (Financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 639.25 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 95.37 639.25 Td (The ) Tj ET Q q 0 0 0 rg BT 113.40 639.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 139.41 639.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 187.46 639.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.48 639.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 245.74 639.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.27 639.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 327.80 639.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 362.83 639.25 Td (management ) Tj ET Q q 0 0 0 rg BT 417.88 639.25 Td (to ) Tj ET Q q 0 0 0 rg BT 427.90 639.25 Td (make ) Tj ET Q q 0 0 0 rg BT 452.42 639.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 481.95 639.25 Td (judgments, ) Tj ET Q q 0 0 0 rg BT 528.49 639.25 Td (estimates ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 628.45 Td (and ) Tj ET Q q 0 0 0 rg BT 63.70 628.45 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 120.17 628.45 Td (These ) Tj ET Q q 0 0 0 rg BT 148.87 628.45 Td (estimates ) Tj ET Q q 0 0 0 rg BT 191.07 628.45 Td (and ) Tj ET Q q 0 0 0 rg BT 209.77 628.45 Td (judgments ) Tj ET Q q 0 0 0 rg BT 254.98 628.45 Td (are ) Tj ET Q q 0 0 0 rg BT 271.67 628.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 303.87 628.45 Td (to ) Tj ET Q q 0 0 0 rg BT 315.06 628.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 352.77 628.45 Td (and ) Tj ET Q q 0 0 0 rg BT 371.47 628.45 Td (actual ) Tj ET Q q 0 0 0 rg BT 399.17 628.45 Td (results ) Tj ET Q q 0 0 0 rg BT 429.36 628.45 Td (could ) Tj ET Q q 0 0 0 rg BT 454.56 628.45 Td (dif) Tj ET Q q 0 0 0 rg BT 463.91 628.45 Td (fer ) Tj ET Q q 0 0 0 rg BT 478.10 628.45 Td (from ) Tj ET Q q 0 0 0 rg BT 499.78 628.45 Td (those ) Tj ET Q q 0 0 0 rg BT 525.48 628.45 Td (estimated. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 617.65 Td (Significant ) Tj ET Q q 0 0 0 rg BT 89.02 617.65 Td (judgments ) Tj ET Q q 0 0 0 rg BT 133.05 617.65 Td (and ) Tj ET Q q 0 0 0 rg BT 150.57 617.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 191.58 617.65 Td (made ) Tj ET Q q 0 0 0 rg BT 216.59 617.65 Td (by ) Tj ET Q q 0 0 0 rg BT 228.60 617.65 Td (management ) Tj ET Q q 0 0 0 rg BT 283.63 617.65 Td (in ) Tj ET Q q 0 0 0 rg BT 293.14 617.65 Td (the ) Tj ET Q q 0 0 0 rg BT 308.15 617.65 Td (preparation ) Tj ET Q q 0 0 0 rg BT 356.18 617.65 Td (of ) Tj ET Q q 0 0 0 rg BT 366.19 617.65 Td (the ) Tj ET Q q 0 0 0 rg BT 381.20 617.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.72 617.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 463.24 617.65 Td (are ) Tj ET Q q 0 0 0 rg BT 478.75 617.65 Td (outlined ) Tj ET Q q 0 0 0 rg BT 512.78 617.65 Td (below) Tj ET Q q 0 0 0 rg BT 535.79 617.65 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 600.85 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 600.85 Td (Determination ) Tj ET Q q 0 0 0 rg BT 120.80 600.85 Td (of ) Tj ET Q q 0 0 0 rg BT 130.09 600.85 Td (a ) Tj ET Q q 0 0 0 rg BT 136.87 600.85 Td (Cash ) Tj ET Q q 0 0 0 rg BT 159.66 600.85 Td (Generating ) Tj ET Q q 0 0 0 rg BT 205.97 600.85 Td (Unit ) Tj ET Q q 0 0 0 rg BT 223.75 600.85 Td (\(CGU\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.74 600.85 Td ( ) Tj ET Q q 0 0 0 rg BT 257.52 600.85 Td (- ) Tj ET Q q 0 0 0 rg BT 262.18 600.85 Td (The ) Tj ET Q q 0 0 0 rg BT 279.47 600.85 Td (determination ) Tj ET Q q 0 0 0 rg BT 335.78 600.85 Td (of ) Tj ET Q q 0 0 0 rg BT 345.06 600.85 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 386.43 600.85 Td (s ) Tj ET Q q 0 0 0 rg BT 392.70 600.85 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 418.98 600.85 Td (is ) Tj ET Q q 0 0 0 rg BT 427.26 600.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 457.56 600.85 Td (to ) Tj ET Q q 0 0 0 rg BT 466.84 600.85 Td (management) Tj ET Q q 0 0 0 rg BT 521.21 600.85 Td (s ) Tj ET Q q 0 0 0 rg BT 527.49 600.85 Td (judgment. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 590.05 Td (In ) Tj ET Q q 0 0 0 rg BT 73.33 590.05 Td (determining ) Tj ET Q q 0 0 0 rg BT 123.18 590.05 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 164.54 590.05 Td (s ) Tj ET Q q 0 0 0 rg BT 171.87 590.05 Td (CGUs, ) Tj ET Q q 0 0 0 rg BT 201.69 590.05 Td (management ) Tj ET Q q 0 0 0 rg BT 257.05 590.05 Td (assessed ) Tj ET Q q 0 0 0 rg BT 297.90 590.05 Td (what ) Tj ET Q q 0 0 0 rg BT 319.73 590.05 Td (constituted ) Tj ET Q q 0 0 0 rg BT 366.09 590.05 Td (independent ) Tj ET Q q 0 0 0 rg BT 418.46 590.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 440.30 590.05 Td (flows ) Tj ET Q q 0 0 0 rg BT 463.63 590.05 Td (and ) Tj ET Q q 0 0 0 rg BT 481.47 590.05 Td (how ) Tj ET Q q 0 0 0 rg BT 500.80 590.05 Td (to ) Tj ET Q q 0 0 0 rg BT 511.13 590.05 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 554.49 590.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 579.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 106.46 579.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 137.25 579.25 Td (The ) Tj ET Q q 0 0 0 rg BT 155.20 579.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 179.15 579.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 229.62 579.25 Td (of ) Tj ET Q q 0 0 0 rg BT 239.56 579.25 Td (each ) Tj ET Q q 0 0 0 rg BT 261.52 579.25 Td (CGU ) Tj ET Q q 0 0 0 rg BT 283.96 579.25 Td (can ) Tj ET Q q 0 0 0 rg BT 300.91 579.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 331.86 579.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 360.81 579.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.76 579.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 426.22 579.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.16 579.25 Td (the ) Tj ET Q q 0 0 0 rg BT 451.12 579.25 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 506.58 579.25 Td (of ) Tj ET Q q 0 0 0 rg BT 516.52 579.25 Td (those ) Tj ET Q q 0 0 0 rg BT 540.98 579.25 Td (assets ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 568.45 Td (included ) Tj ET Q q 0 0 0 rg BT 98.87 568.45 Td (within ) Tj ET Q q 0 0 0 rg BT 124.22 568.45 Td (each ) Tj ET Q q 0 0 0 rg BT 146.08 568.45 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 170.92 568.45 Td (During ) Tj ET Q q 0 0 0 rg BT 199.78 568.45 Td (the ) Tj ET Q q 0 0 0 rg BT 214.63 568.45 Td (third ) Tj ET Q q 0 0 0 rg BT 234.48 568.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 265.34 568.45 Td (of ) Tj ET Q q 0 0 0 rg BT 275.19 568.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 300.05 568.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 341.92 568.45 Td (disposed ) Tj ET Q q 0 0 0 rg BT 380.29 568.45 Td (of ) Tj ET Q q 0 0 0 rg BT 390.14 568.45 Td (all ) Tj ET Q q 0 0 0 rg BT 401.49 568.45 Td (of ) Tj ET Q q 0 0 0 rg BT 411.34 568.45 Td (the ) Tj ET Q q 0 0 0 rg BT 426.19 568.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 454.54 568.45 Td (in ) Tj ET Q q 0 0 0 rg BT 463.89 568.45 Td (its ) Tj ET Q q 0 0 0 rg BT 475.23 568.45 Td (Southern ) Tj ET Q q 0 0 0 rg BT 513.64 568.45 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 544.50 568.45 Td (CGU. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 557.65 Td (There ) Tj ET Q q 0 0 0 rg BT 89.01 557.65 Td (were ) Tj ET Q q 0 0 0 rg BT 111.02 557.65 Td (no ) Tj ET Q q 0 0 0 rg BT 123.53 557.65 Td (other ) Tj ET Q q 0 0 0 rg BT 146.54 557.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 183.07 557.65 Td (to ) Tj ET Q q 0 0 0 rg BT 193.08 557.65 Td (the ) Tj ET Q q 0 0 0 rg BT 208.09 557.65 Td (composition ) Tj ET Q q 0 0 0 rg BT 258.61 557.65 Td (of ) Tj ET Q q 0 0 0 rg BT 268.62 557.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 316.86 557.65 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 343.86 557.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.37 557.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.39 557.65 Td ( ) Tj ET Q q 0 0 0 rg BT 375.89 557.65 Td (or ) Tj ET Q q 0 0 0 rg BT 386.39 557.65 Td (in ) Tj ET Q q 0 0 0 rg BT 395.90 557.65 Td (the ) Tj ET Q q 0 0 0 rg BT 410.91 557.65 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.43 557.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.45 557.65 Td ( ) Tj ET Q q 0 0 0 rg BT 484.95 557.65 Td (year) Tj ET Q q 0 0 0 rg BT 501.97 557.65 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 540.85 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 540.85 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 110.04 540.85 Td (testing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.56 540.85 Td ( ) Tj ET Q q 0 0 0 rg BT 138.59 540.85 Td (- ) Tj ET Q q 0 0 0 rg BT 143.61 540.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 185.16 540.85 Td (assesses ) Tj ET Q q 0 0 0 rg BT 224.71 540.85 Td (its ) Tj ET Q q 0 0 0 rg BT 235.73 540.85 Td (property) Tj ET Q q 0 0 0 rg BT 268.08 540.85 Td (, ) Tj ET Q q 0 0 0 rg BT 272.61 540.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 294.15 540.85 Td (and ) Tj ET Q q 0 0 0 rg BT 311.20 540.85 Td (equipment ) Tj ET Q q 0 0 0 rg BT 355.26 540.85 Td (for ) Tj ET Q q 0 0 0 rg BT 367.79 540.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 414.33 540.85 Td (when ) Tj ET Q q 0 0 0 rg BT 437.87 540.85 Td (events ) Tj ET Q q 0 0 0 rg BT 466.41 540.85 Td (or ) Tj ET Q q 0 0 0 rg BT 476.44 540.85 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 535.99 540.85 Td (indicate ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 530.05 Td (that ) Tj ET Q q 0 0 0 rg BT 81.32 530.05 Td (the ) Tj ET Q q 0 0 0 rg BT 97.13 530.05 Td (carrying ) Tj ET Q q 0 0 0 rg BT 132.44 530.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 165.77 530.05 Td (of ) Tj ET Q q 0 0 0 rg BT 176.58 530.05 Td (its ) Tj ET Q q 0 0 0 rg BT 188.88 530.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 218.19 530.05 Td (may ) Tj ET Q q 0 0 0 rg BT 238.50 530.05 Td (not ) Tj ET Q q 0 0 0 rg BT 254.32 530.05 Td (be ) Tj ET Q q 0 0 0 rg BT 267.63 530.05 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 320.46 530.05 Td (If ) Tj ET Q q 0 0 0 rg BT 328.77 530.05 Td (any ) Tj ET Q q 0 0 0 rg BT 346.58 530.05 Td (indication ) Tj ET Q q 0 0 0 rg BT 387.91 530.05 Td (of ) Tj ET Q q 0 0 0 rg BT 398.72 530.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 446.53 530.05 Td (exists, ) Tj ET Q q 0 0 0 rg BT 475.34 530.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 518.17 530.05 Td (performs ) Tj ET Q q 0 0 0 rg BT 556.98 530.05 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 519.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 110.39 519.25 Td (test ) Tj ET Q q 0 0 0 rg BT 127.78 519.25 Td (on ) Tj ET Q q 0 0 0 rg BT 140.67 519.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.06 519.25 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 181.44 519.25 Td (which ) Tj ET Q q 0 0 0 rg BT 207.32 519.25 Td (is ) Tj ET Q q 0 0 0 rg BT 216.70 519.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.09 519.25 Td (lowest ) Tj ET Q q 0 0 0 rg BT 260.48 519.25 Td (level ) Tj ET Q q 0 0 0 rg BT 281.87 519.25 Td (at ) Tj ET Q q 0 0 0 rg BT 292.25 519.25 Td (which ) Tj ET Q q 0 0 0 rg BT 318.14 519.25 Td (there ) Tj ET Q q 0 0 0 rg BT 341.54 519.25 Td (are ) Tj ET Q q 0 0 0 rg BT 357.42 519.25 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 403.33 519.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 425.22 519.25 Td (flows. ) Tj ET Q q 0 0 0 rg BT 450.92 519.25 Td (The ) Tj ET Q q 0 0 0 rg BT 469.31 519.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 504.20 519.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 537.09 519.25 Td (of ) Tj ET Q q 0 0 0 rg BT 547.48 519.25 Td (each ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 508.45 Td (CGU ) Tj ET Q q 0 0 0 rg BT 85.29 508.45 Td (is ) Tj ET Q q 0 0 0 rg BT 94.08 508.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 136.39 508.45 Td (to ) Tj ET Q q 0 0 0 rg BT 146.19 508.45 Td (its ) Tj ET Q q 0 0 0 rg BT 157.48 508.45 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 206.79 508.45 Td (amount ) Tj ET Q q 0 0 0 rg BT 239.10 508.45 Td (which ) Tj ET Q q 0 0 0 rg BT 264.40 508.45 Td (is ) Tj ET Q q 0 0 0 rg BT 273.19 508.45 Td (defined ) Tj ET Q q 0 0 0 rg BT 305.01 508.45 Td (as ) Tj ET Q q 0 0 0 rg BT 316.81 508.45 Td (the ) Tj ET Q q 0 0 0 rg BT 331.61 508.45 Td (greater ) Tj ET Q q 0 0 0 rg BT 362.42 508.45 Td (of ) Tj ET Q q 0 0 0 rg BT 372.21 508.45 Td (its ) Tj ET Q q 0 0 0 rg BT 383.50 508.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 398.30 508.45 Td (value ) Tj ET Q q 0 0 0 rg BT 422.10 508.45 Td (less ) Tj ET Q q 0 0 0 rg BT 440.40 508.45 Td (cost ) Tj ET Q q 0 0 0 rg BT 459.19 508.45 Td (to ) Tj ET Q q 0 0 0 rg BT 468.99 508.45 Td (sell ) Tj ET Q q 0 0 0 rg BT 484.79 508.45 Td (and ) Tj ET Q q 0 0 0 rg BT 502.09 508.45 Td (value ) Tj ET Q q 0 0 0 rg BT 525.90 508.45 Td (in ) Tj ET Q q 0 0 0 rg BT 535.19 508.45 Td (use ) Tj ET Q q 0 0 0 rg BT 552.00 508.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 497.65 Td (is ) Tj ET Q q 0 0 0 rg BT 73.47 497.65 Td (subject ) Tj ET Q q 0 0 0 rg BT 105.95 497.65 Td (to ) Tj ET Q q 0 0 0 rg BT 117.42 497.65 Td (management ) Tj ET Q q 0 0 0 rg BT 173.92 497.65 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 218.90 497.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 262.39 497.65 Td (also ) Tj ET Q q 0 0 0 rg BT 282.87 497.65 Td (assesses ) Tj ET Q q 0 0 0 rg BT 324.35 497.65 Td (its ) Tj ET Q q 0 0 0 rg BT 337.32 497.65 Td (property) Tj ET Q q 0 0 0 rg BT 369.66 497.65 Td (, ) Tj ET Q q 0 0 0 rg BT 376.13 497.65 Td (plant ) Tj ET Q q 0 0 0 rg BT 399.61 497.65 Td (and ) Tj ET Q q 0 0 0 rg BT 418.60 497.65 Td (equipment ) Tj ET Q q 0 0 0 rg BT 464.59 497.65 Td (to ) Tj ET Q q 0 0 0 rg BT 476.06 497.65 Td (determine ) Tj ET Q q 0 0 0 rg BT 520.05 497.65 Td (if ) Tj ET Q q 0 0 0 rg BT 528.52 497.65 Td (events ) Tj ET Q q 0 0 0 rg BT 559.00 497.65 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 486.85 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 122.00 486.85 Td (would ) Tj ET Q q 0 0 0 rg BT 147.00 486.85 Td (support ) Tj ET Q q 0 0 0 rg BT 178.51 486.85 Td (the ) Tj ET Q q 0 0 0 rg BT 192.50 486.85 Td (reversal ) Tj ET Q q 0 0 0 rg BT 226.00 486.85 Td (of ) Tj ET Q q 0 0 0 rg BT 234.99 486.85 Td (any ) Tj ET Q q 0 0 0 rg BT 250.99 486.85 Td (previously ) Tj ET Q q 0 0 0 rg BT 292.99 486.85 Td (recorded ) Tj ET Q q 0 0 0 rg BT 330.00 486.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 376.00 486.85 Td (charges. ) Tj ET Q q 0 0 0 rg BT 412.00 486.85 Td ( ) Tj ET Q q 0 0 0 rg BT 413.49 486.85 Td (In ) Tj ET Q q 0 0 0 rg BT 422.48 486.85 Td (this ) Tj ET Q q 0 0 0 rg BT 437.97 486.85 Td (assessment ) Tj ET Q q 0 0 0 rg BT 487.48 486.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 528.49 486.85 Td (considers ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 476.05 Td (the ) Tj ET Q q 0 0 0 rg BT 77.52 476.05 Td (facts ) Tj ET Q q 0 0 0 rg BT 98.54 476.05 Td (and ) Tj ET Q q 0 0 0 rg BT 115.57 476.05 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 175.10 476.05 Td (that ) Tj ET Q q 0 0 0 rg BT 192.12 476.05 Td (caused ) Tj ET Q q 0 0 0 rg BT 223.16 476.05 Td (the ) Tj ET Q q 0 0 0 rg BT 237.68 476.05 Td (original ) Tj ET Q q 0 0 0 rg BT 268.71 476.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 315.23 476.05 Td (charge ) Tj ET Q q 0 0 0 rg BT 344.76 476.05 Td (to ) Tj ET Q q 0 0 0 rg BT 354.28 476.05 Td (be ) Tj ET Q q 0 0 0 rg BT 366.30 476.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 412.35 476.05 Td (and ) Tj ET Q q 0 0 0 rg BT 429.37 476.05 Td (whether ) Tj ET Q q 0 0 0 rg BT 463.40 476.05 Td (there ) Tj ET Q q 0 0 0 rg BT 485.93 476.05 Td (is ) Tj ET Q q 0 0 0 rg BT 494.44 476.05 Td (a ) Tj ET Q q 0 0 0 rg BT 501.46 476.05 Td (sustained ) Tj ET Q q 0 0 0 rg BT 542.00 476.05 Td (period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 465.25 Td (in ) Tj ET Q q 0 0 0 rg BT 72.51 465.25 Td (which ) Tj ET Q q 0 0 0 rg BT 98.02 465.25 Td (those ) Tj ET Q q 0 0 0 rg BT 122.53 465.25 Td (facts ) Tj ET Q q 0 0 0 rg BT 144.04 465.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.56 465.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 221.57 465.25 Td (changed.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 448.45 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.24 448.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.50 448.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.53 448.45 Td (, ) Tj ET Q q 0 0 0 rg BT 158.76 448.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 201.03 448.45 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 242.80 448.45 Td (each ) Tj ET Q q 0 0 0 rg BT 265.05 448.45 Td (of ) Tj ET Q q 0 0 0 rg BT 275.29 448.45 Td (its ) Tj ET Q q 0 0 0 rg BT 287.03 448.45 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 314.27 448.45 Td (for ) Tj ET Q q 0 0 0 rg BT 327.51 448.45 Td (indicators ) Tj ET Q q 0 0 0 rg BT 368.76 448.45 Td (of ) Tj ET Q q 0 0 0 rg BT 379.00 448.45 Td (potential ) Tj ET Q q 0 0 0 rg BT 415.77 448.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 463.02 448.45 Td (or ) Tj ET Q q 0 0 0 rg BT 473.76 448.45 Td (a ) Tj ET Q q 0 0 0 rg BT 481.50 448.45 Td (reversal ) Tj ET Q q 0 0 0 rg BT 516.25 448.45 Td (of ) Tj ET Q q 0 0 0 rg BT 526.49 448.45 Td (previously ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 437.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 100.90 437.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 147.79 437.65 Td (charges. ) Tj ET Q q 0 0 0 rg BT 184.53 437.65 Td (There ) Tj ET Q q 0 0 0 rg BT 210.42 437.65 Td (were ) Tj ET Q q 0 0 0 rg BT 232.31 437.65 Td (no ) Tj ET Q q 0 0 0 rg BT 244.70 437.65 Td (indicators ) Tj ET Q q 0 0 0 rg BT 285.59 437.65 Td (of ) Tj ET Q q 0 0 0 rg BT 295.48 437.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 342.37 437.65 Td (identified ) Tj ET Q q 0 0 0 rg BT 380.77 437.65 Td (and ) Tj ET Q q 0 0 0 rg BT 398.17 437.65 Td (as ) Tj ET Q q 0 0 0 rg BT 410.05 437.65 Td (such ) Tj ET Q q 0 0 0 rg BT 431.44 437.65 Td (no ) Tj ET Q q 0 0 0 rg BT 443.83 437.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 490.72 437.65 Td (test ) Tj ET Q q 0 0 0 rg BT 507.60 437.65 Td (was ) Tj ET Q q 0 0 0 rg BT 525.99 437.65 Td (performed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 426.85 Td (at ) Tj ET Q q 0 0 0 rg BT 73.96 426.85 Td (December ) Tj ET Q q 0 0 0 rg BT 118.94 426.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 134.90 426.85 Td (2016. ) Tj ET Q q 0 0 0 rg BT 160.88 426.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 203.87 426.85 Td (further ) Tj ET Q q 0 0 0 rg BT 233.33 426.85 Td (determined ) Tj ET Q q 0 0 0 rg BT 281.82 426.85 Td (that ) Tj ET Q q 0 0 0 rg BT 300.29 426.85 Td (there ) Tj ET Q q 0 0 0 rg BT 324.26 426.85 Td (were ) Tj ET Q q 0 0 0 rg BT 347.22 426.85 Td (no ) Tj ET Q q 0 0 0 rg BT 360.69 426.85 Td (sustained ) Tj ET Q q 0 0 0 rg BT 402.68 426.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 440.16 426.85 Td (to ) Tj ET Q q 0 0 0 rg BT 451.12 426.85 Td (factors ) Tj ET Q q 0 0 0 rg BT 481.59 426.85 Td (that ) Tj ET Q q 0 0 0 rg BT 500.06 426.85 Td (led ) Tj ET Q q 0 0 0 rg BT 515.53 426.85 Td (to ) Tj ET Q q 0 0 0 rg BT 526.49 426.85 Td (previously ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 416.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 109.28 416.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 156.04 416.05 Td (to ) Tj ET Q q 0 0 0 rg BT 165.79 416.05 Td (support ) Tj ET Q q 0 0 0 rg BT 198.06 416.05 Td (a ) Tj ET Q q 0 0 0 rg BT 205.31 416.05 Td (reversal. ) Tj ET Q q 0 0 0 rg BT 242.07 416.05 Td (If ) Tj ET Q q 0 0 0 rg BT 249.32 416.05 Td (an ) Tj ET Q q 0 0 0 rg BT 261.57 416.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 308.33 416.05 Td (test ) Tj ET Q q 0 0 0 rg BT 325.09 416.05 Td (had ) Tj ET Q q 0 0 0 rg BT 342.35 416.05 Td (been ) Tj ET Q q 0 0 0 rg BT 364.62 416.05 Td (conducted, ) Tj ET Q q 0 0 0 rg BT 410.90 416.05 Td (management ) Tj ET Q q 0 0 0 rg BT 465.68 416.05 Td (would ) Tj ET Q q 0 0 0 rg BT 491.44 416.05 Td (have ) Tj ET Q q 0 0 0 rg BT 513.21 416.05 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 554.49 416.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 405.25 Td (net ) Tj ET Q q 0 0 0 rg BT 78.00 405.25 Td (present ) Tj ET Q q 0 0 0 rg BT 110.50 405.25 Td (values ) Tj ET Q q 0 0 0 rg BT 139.01 405.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.00 405.25 Td (each ) Tj ET Q q 0 0 0 rg BT 171.00 405.25 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 195.99 405.25 Td (Key ) Tj ET Q q 0 0 0 rg BT 213.98 405.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 254.98 405.25 Td (used ) Tj ET Q q 0 0 0 rg BT 276.99 405.25 Td (in ) Tj ET Q q 0 0 0 rg BT 286.48 405.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.48 405.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 358.50 405.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.49 405.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 389.99 405.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 412.98 405.25 Td (used ) Tj ET Q q 0 0 0 rg BT 434.98 405.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.97 405.25 Td (calculate ) Tj ET Q q 0 0 0 rg BT 482.98 405.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.98 405.25 Td (net ) Tj ET Q q 0 0 0 rg BT 512.98 405.25 Td (present ) Tj ET Q q 0 0 0 rg BT 545.48 405.25 Td (value ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 394.45 Td (of ) Tj ET Q q 0 0 0 rg BT 73.21 394.45 Td (a ) Tj ET Q q 0 0 0 rg BT 80.92 394.45 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 106.12 394.45 Td (include: ) Tj ET Q q 0 0 0 rg BT 139.84 394.45 Td (quantities ) Tj ET Q q 0 0 0 rg BT 181.07 394.45 Td (of ) Tj ET Q q 0 0 0 rg BT 191.28 394.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 228.50 394.45 Td (and ) Tj ET Q q 0 0 0 rg BT 246.22 394.45 Td (future ) Tj ET Q q 0 0 0 rg BT 271.93 394.45 Td (production; ) Tj ET Q q 0 0 0 rg BT 319.17 394.45 Td (future ) Tj ET Q q 0 0 0 rg BT 344.88 394.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 391.10 394.45 Td (pricing; ) Tj ET Q q 0 0 0 rg BT 422.81 394.45 Td (development ) Tj ET Q q 0 0 0 rg BT 477.05 394.45 Td (costs; ) Tj ET Q q 0 0 0 rg BT 503.26 394.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 543.49 394.45 Td (costs; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 383.65 Td (royalty ) Tj ET Q q 0 0 0 rg BT 92.23 383.65 Td (obligations; ) Tj ET Q q 0 0 0 rg BT 140.49 383.65 Td (and ) Tj ET Q q 0 0 0 rg BT 158.23 383.65 Td (discount ) Tj ET Q q 0 0 0 rg BT 194.48 383.65 Td (rates. ) Tj ET Q q 0 0 0 rg BT 219.17 383.65 Td (Any ) Tj ET Q q 0 0 0 rg BT 237.40 383.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 274.16 383.65 Td (in ) Tj ET Q q 0 0 0 rg BT 283.89 383.65 Td (these ) Tj ET Q q 0 0 0 rg BT 308.63 383.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 349.87 383.65 Td (may ) Tj ET Q q 0 0 0 rg BT 369.59 383.65 Td (have ) Tj ET Q q 0 0 0 rg BT 391.83 383.65 Td (an ) Tj ET Q q 0 0 0 rg BT 404.57 383.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 433.80 383.65 Td (on ) Tj ET Q q 0 0 0 rg BT 446.54 383.65 Td (the ) Tj ET Q q 0 0 0 rg BT 461.78 383.65 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 511.53 383.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 544.27 383.65 Td (of ) Tj ET Q q 0 0 0 rg BT 554.50 383.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 372.85 Td (CGU. ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 356.05 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 356.05 Td (Proved ) Tj ET Q q 0 0 0 rg BT 94.03 356.05 Td (plus ) Tj ET Q q 0 0 0 rg BT 113.05 356.05 Td (probable ) Tj ET Q q 0 0 0 rg BT 150.59 356.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 162.11 356.05 Td (and ) Tj ET Q q 0 0 0 rg BT 179.64 356.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 209.67 356.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 226.69 356.05 Td (reserves ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.72 356.05 Td (- ) Tj ET Q q 0 0 0 rg BT 269.23 356.05 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 305.25 356.05 Td (estimates ) Tj ET Q q 0 0 0 rg BT 346.28 356.05 Td (are ) Tj ET Q q 0 0 0 rg BT 361.80 356.05 Td (based ) Tj ET Q q 0 0 0 rg BT 388.83 356.05 Td (on ) Tj ET Q q 0 0 0 rg BT 401.36 356.05 Td (engineering ) Tj ET Q q 0 0 0 rg BT 450.91 356.05 Td (data, ) Tj ET Q q 0 0 0 rg BT 473.44 356.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 514.97 356.05 Td (future ) Tj ET Q q 0 0 0 rg BT 540.50 356.05 Td (prices, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 345.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 102.51 345.25 Td (future ) Tj ET Q q 0 0 0 rg BT 128.51 345.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 151.51 345.25 Td (of ) Tj ET Q q 0 0 0 rg BT 162.00 345.25 Td (production ) Tj ET Q q 0 0 0 rg BT 207.01 345.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.01 345.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.51 345.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 267.50 345.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.99 345.25 Td (future ) Tj ET Q q 0 0 0 rg BT 303.99 345.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 332.99 345.25 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 390.01 345.25 Td (all ) Tj ET Q q 0 0 0 rg BT 402.00 345.25 Td (of ) Tj ET Q q 0 0 0 rg BT 412.50 345.25 Td (which ) Tj ET Q q 0 0 0 rg BT 438.49 345.25 Td (are ) Tj ET Q q 0 0 0 rg BT 454.48 345.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 485.99 345.25 Td (to ) Tj ET Q q 0 0 0 rg BT 496.48 345.25 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 551.99 345.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 334.45 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 106.36 334.45 Td (. ) Tj ET Q q 0 0 0 rg BT 111.56 334.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 153.78 334.45 Td (expects ) Tj ET Q q 0 0 0 rg BT 187.50 334.45 Td (that ) Tj ET Q q 0 0 0 rg BT 205.21 334.45 Td (over ) Tj ET Q q 0 0 0 rg BT 225.42 334.45 Td (time ) Tj ET Q q 0 0 0 rg BT 245.12 334.45 Td (its ) Tj ET Q q 0 0 0 rg BT 256.82 334.45 Td (reserve ) Tj ET Q q 0 0 0 rg BT 289.54 334.45 Td (estimates ) Tj ET Q q 0 0 0 rg BT 330.75 334.45 Td (will ) Tj ET Q q 0 0 0 rg BT 345.95 334.45 Td (be ) Tj ET Q q 0 0 0 rg BT 358.66 334.45 Td (revised ) Tj ET Q q 0 0 0 rg BT 390.37 334.45 Td (either ) Tj ET Q q 0 0 0 rg BT 415.59 334.45 Td (upward ) Tj ET Q q 0 0 0 rg BT 447.81 334.45 Td (or ) Tj ET Q q 0 0 0 rg BT 458.51 334.45 Td (downward ) Tj ET Q q 0 0 0 rg BT 502.23 334.45 Td (depending ) Tj ET Q q 0 0 0 rg BT 546.98 334.45 Td (upon ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 323.65 Td (the ) Tj ET Q q 0 0 0 rg BT 78.21 323.65 Td (factors ) Tj ET Q q 0 0 0 rg BT 107.92 323.65 Td (as ) Tj ET Q q 0 0 0 rg BT 120.13 323.65 Td (stated ) Tj ET Q q 0 0 0 rg BT 147.35 323.65 Td (above. ) Tj ET Q q 0 0 0 rg BT 176.90 323.65 Td (These ) Tj ET Q q 0 0 0 rg BT 204.62 323.65 Td (reserve ) Tj ET Q q 0 0 0 rg BT 237.33 323.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 278.54 323.65 Td (can ) Tj ET Q q 0 0 0 rg BT 295.76 323.65 Td (have ) Tj ET Q q 0 0 0 rg BT 317.97 323.65 Td (a ) Tj ET Q q 0 0 0 rg BT 325.68 323.65 Td (significant ) Tj ET Q q 0 0 0 rg BT 368.41 323.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 397.62 323.65 Td (on ) Tj ET Q q 0 0 0 rg BT 410.33 323.65 Td (net ) Tj ET Q q 0 0 0 rg BT 425.54 323.65 Td (income, ) Tj ET Q q 0 0 0 rg BT 459.76 323.65 Td (as ) Tj ET Q q 0 0 0 rg BT 471.96 323.65 Td (it ) Tj ET Q q 0 0 0 rg BT 479.17 323.65 Td (is ) Tj ET Q q 0 0 0 rg BT 488.37 323.65 Td (a ) Tj ET Q q 0 0 0 rg BT 496.08 323.65 Td (key ) Tj ET Q q 0 0 0 rg BT 512.78 323.65 Td (component ) Tj ET Q q 0 0 0 rg BT 560.02 323.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 312.85 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 312.85 Td (calculation ) Tj ET Q q 0 0 0 rg BT 123.04 312.85 Td (of ) Tj ET Q q 0 0 0 rg BT 133.04 312.85 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 174.58 312.85 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 226.11 312.85 Td (and ) Tj ET Q q 0 0 0 rg BT 243.63 312.85 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 297.65 312.85 Td (and ) Tj ET Q q 0 0 0 rg BT 315.17 312.85 Td (also ) Tj ET Q q 0 0 0 rg BT 334.18 312.85 Td (for ) Tj ET Q q 0 0 0 rg BT 347.18 312.85 Td (the ) Tj ET Q q 0 0 0 rg BT 362.19 312.85 Td (determination ) Tj ET Q q 0 0 0 rg BT 419.23 312.85 Td (of ) Tj ET Q q 0 0 0 rg BT 429.23 312.85 Td (potential ) Tj ET Q q 0 0 0 rg BT 465.76 312.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 489.77 312.85 Td (impairments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 296.05 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 296.05 Td (Depreciation, ) Tj ET Q q 0 0 0 rg BT 119.09 296.05 Td (depletion ) Tj ET Q q 0 0 0 rg BT 158.68 296.05 Td (and ) Tj ET Q q 0 0 0 rg BT 176.76 296.05 Td (amortization ) Tj ET Q q 0 0 0 rg BT 228.84 296.05 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.89 296.05 Td (Property) Tj ET Q q 0 0 0 rg BT 268.24 296.05 Td (, ) Tj ET Q q 0 0 0 rg BT 273.80 296.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 296.37 296.05 Td (and ) Tj ET Q q 0 0 0 rg BT 314.45 296.05 Td (equipment ) Tj ET Q q 0 0 0 rg BT 359.54 296.05 Td (is ) Tj ET Q q 0 0 0 rg BT 369.10 296.05 Td (measured ) Tj ET Q q 0 0 0 rg BT 412.18 296.05 Td (at ) Tj ET Q q 0 0 0 rg BT 422.74 296.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 442.31 296.05 Td (less ) Tj ET Q q 0 0 0 rg BT 461.37 296.05 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 515.46 296.05 Td (depreciation, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 285.25 Td (depletion ) Tj ET Q q 0 0 0 rg BT 102.86 285.25 Td (and ) Tj ET Q q 0 0 0 rg BT 121.20 285.25 Td (amortization. ) Tj ET Q q 0 0 0 rg BT 176.04 285.25 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 217.40 285.25 Td (s ) Tj ET Q q 0 0 0 rg BT 225.23 285.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 237.56 285.25 Td (and ) Tj ET Q q 0 0 0 rg BT 255.90 285.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 286.74 285.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 304.58 285.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 347.92 285.25 Td (are ) Tj ET Q q 0 0 0 rg BT 364.26 285.25 Td (depleted ) Tj ET Q q 0 0 0 rg BT 402.11 285.25 Td (using ) Tj ET Q q 0 0 0 rg BT 426.95 285.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.79 285.25 Td (unit-of-production ) Tj ET Q q 0 0 0 rg BT 516.15 285.25 Td (method ) Tj ET Q q 0 0 0 rg BT 549.50 285.25 Td (over ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 274.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 92.48 274.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 110.95 274.45 Td (probable ) Tj ET Q q 0 0 0 rg BT 147.94 274.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 184.41 274.45 Td (for ) Tj ET Q q 0 0 0 rg BT 196.88 274.45 Td (each ) Tj ET Q q 0 0 0 rg BT 218.35 274.45 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 242.69 274.45 Td (The ) Tj ET Q q 0 0 0 rg BT 260.16 274.45 Td (unit-of-production ) Tj ET Q q 0 0 0 rg BT 332.16 274.45 Td (method ) Tj ET Q q 0 0 0 rg BT 364.14 274.45 Td (takes ) Tj ET Q q 0 0 0 rg BT 387.61 274.45 Td (into ) Tj ET Q q 0 0 0 rg BT 404.08 274.45 Td (account ) Tj ET Q q 0 0 0 rg BT 437.56 274.45 Td (estimates ) Tj ET Q q 0 0 0 rg BT 478.04 274.45 Td (of ) Tj ET Q q 0 0 0 rg BT 487.50 274.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 515.48 274.45 Td (expenditures ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 263.65 Td (incurred ) Tj ET Q q 0 0 0 rg BT 98.02 263.65 Td (to ) Tj ET Q q 0 0 0 rg BT 108.02 263.65 Td (date ) Tj ET Q q 0 0 0 rg BT 128.04 263.65 Td (along ) Tj ET Q q 0 0 0 rg BT 152.56 263.65 Td (with ) Tj ET Q q 0 0 0 rg BT 171.07 263.65 Td (future ) Tj ET Q q 0 0 0 rg BT 196.58 263.65 Td (development ) Tj ET Q q 0 0 0 rg BT 250.62 263.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 279.13 263.65 Td (required ) Tj ET Q q 0 0 0 rg BT 314.65 263.65 Td (to ) Tj ET Q q 0 0 0 rg BT 324.66 263.65 Td (develop ) Tj ET Q q 0 0 0 rg BT 358.69 263.65 Td (both ) Tj ET Q q 0 0 0 rg BT 378.70 263.65 Td (proved ) Tj ET Q q 0 0 0 rg BT 408.72 263.65 Td (plus ) Tj ET Q q 0 0 0 rg BT 427.73 263.65 Td (probable ) Tj ET Q q 0 0 0 rg BT 465.26 263.65 Td (reserves. ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 246.85 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 246.85 Td (Decommissioning ) Tj ET Q q 0 0 0 rg BT 135.50 246.85 Td (liability ) Tj ET Q q 0 0 0 rg BT 163.98 246.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.45 246.85 Td (The ) Tj ET Q q 0 0 0 rg BT 185.43 246.85 Td (provision ) Tj ET Q q 0 0 0 rg BT 222.92 246.85 Td (for ) Tj ET Q q 0 0 0 rg BT 234.90 246.85 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 305.90 246.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 341.38 246.85 Td (is ) Tj ET Q q 0 0 0 rg BT 349.36 246.85 Td (based ) Tj ET Q q 0 0 0 rg BT 375.35 246.85 Td (on ) Tj ET Q q 0 0 0 rg BT 386.83 246.85 Td (management's ) Tj ET Q q 0 0 0 rg BT 447.06 246.85 Td (estimates ) Tj ET Q q 0 0 0 rg BT 487.04 246.85 Td (of ) Tj ET Q q 0 0 0 rg BT 496.02 246.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 518.50 246.85 Td (and ) Tj ET Q q 0 0 0 rg BT 534.99 246.85 Td (planned ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 236.05 Td (remediation ) Tj ET Q q 0 0 0 rg BT 111.75 236.05 Td (projects. ) Tj ET Q q 0 0 0 rg BT 147.14 236.05 Td (Actual ) Tj ET Q q 0 0 0 rg BT 173.87 236.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 196.60 236.05 Td (may ) Tj ET Q q 0 0 0 rg BT 215.32 236.05 Td (dif) Tj ET Q q 0 0 0 rg BT 224.66 236.05 Td (fer ) Tj ET Q q 0 0 0 rg BT 236.89 236.05 Td (from ) Tj ET Q q 0 0 0 rg BT 256.61 236.05 Td (those ) Tj ET Q q 0 0 0 rg BT 280.34 236.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 321.08 236.05 Td (due ) Tj ET Q q 0 0 0 rg BT 337.82 236.05 Td (to ) Tj ET Q q 0 0 0 rg BT 347.05 236.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 382.79 236.05 Td (in ) Tj ET Q q 0 0 0 rg BT 391.52 236.05 Td (governing ) Tj ET Q q 0 0 0 rg BT 432.77 236.05 Td (environment ) Tj ET Q q 0 0 0 rg BT 484.01 236.05 Td (laws ) Tj ET Q q 0 0 0 rg BT 503.74 236.05 Td (and ) Tj ET Q q 0 0 0 rg BT 520.47 236.05 Td (regulations, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 225.25 Td (technological ) Tj ET Q q 0 0 0 rg BT 118.04 225.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 157.06 225.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.58 225.25 Td (market ) Tj ET Q q 0 0 0 rg BT 204.59 225.25 Td (conditions. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 208.45 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 208.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 101.69 208.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 146.38 208.45 Td (contracts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.57 208.45 Td (- ) Tj ET Q q 0 0 0 rg BT 191.07 208.45 Td (The ) Tj ET Q q 0 0 0 rg BT 209.25 208.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 250.94 208.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 266.12 208.45 Td (value ) Tj ET Q q 0 0 0 rg BT 290.31 208.45 Td (of ) Tj ET Q q 0 0 0 rg BT 300.49 208.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 336.18 208.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 380.87 208.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 427.06 208.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 466.24 208.45 Td (are ) Tj ET Q q 0 0 0 rg BT 481.92 208.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 513.11 208.45 Td (to ) Tj ET Q q 0 0 0 rg BT 523.29 208.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 560.00 208.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 197.65 Td (forward ) Tj ET Q q 0 0 0 rg BT 95.76 197.65 Td (looking ) Tj ET Q q 0 0 0 rg BT 127.03 197.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 173.29 197.65 Td (prices, ) Tj ET Q q 0 0 0 rg BT 202.54 197.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 234.81 197.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 253.06 197.65 Td (curves, ) Tj ET Q q 0 0 0 rg BT 284.82 197.65 Td (volatility ) Tj ET Q q 0 0 0 rg BT 319.58 197.65 Td (curves ) Tj ET Q q 0 0 0 rg BT 348.83 197.65 Td (and ) Tj ET Q q 0 0 0 rg BT 366.60 197.65 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 419.37 197.65 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 490.66 197.65 Td (risk. ) Tj ET Q q 0 0 0 rg BT 509.73 197.65 Td (The ) Tj ET Q q 0 0 0 rg BT 527.98 197.65 Td (estimated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 186.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 78.00 186.85 Td (values ) Tj ET Q q 0 0 0 rg BT 106.52 186.85 Td (of ) Tj ET Q q 0 0 0 rg BT 116.53 186.85 Td (the ) Tj ET Q q 0 0 0 rg BT 131.54 186.85 Td (Corporation) Tj ET Q q 0 0 0 rg BT 180.40 186.85 Td (s ) Tj ET Q q 0 0 0 rg BT 187.40 186.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.92 186.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 267.44 186.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 306.45 186.85 Td (are ) Tj ET Q q 0 0 0 rg BT 321.96 186.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 352.98 186.85 Td (to ) Tj ET Q q 0 0 0 rg BT 362.98 186.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 399.51 186.85 Td (in ) Tj ET Q q 0 0 0 rg BT 409.02 186.85 Td (foreign ) Tj ET Q q 0 0 0 rg BT 439.04 186.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 480.57 186.85 Td (rates.) 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 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 27) Tj ET Q BT /F1 10.00 Tf ET BT /F5 9.00 Tf ET q 0 0 0 rg BT 54.00 742.45 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 100.16 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 103.62 742.45 Td (Measures ) Tj ET Q q 0 0 0 rg BT 148.60 742.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 155.06 742.45 Td (Throughout ) Tj ET Q q 0 0 0 rg BT 204.55 742.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 253.76 742.45 Td (MD&A) Tj ET Q q 0 0 0 rg BT 279.26 742.45 Td ( ) Tj ET Q q 0 0 0 rg BT 282.72 742.45 Td (and ) Tj ET Q q 0 0 0 rg BT 301.20 742.45 Td (Message ) Tj ET Q q 0 0 0 rg BT 341.18 742.45 Td (to ) Tj ET Q q 0 0 0 rg BT 352.14 742.45 Td (Shareholders, ) Tj ET Q q 0 0 0 rg BT 411.64 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 427.61 742.45 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 478.09 742.45 Td (uses ) Tj ET Q q 0 0 0 rg BT 500.56 742.45 Td (terms ) Tj ET Q q 0 0 0 rg BT 526.52 742.45 Td (that ) Tj ET Q q 0 0 0 rg BT 545.00 742.45 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 731.65 Td (commonly ) Tj ET Q q 0 0 0 rg BT 96.77 731.65 Td (used ) Tj ET Q q 0 0 0 rg BT 118.04 731.65 Td (in ) Tj ET Q q 0 0 0 rg BT 126.80 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 141.07 731.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 151.83 731.65 Td (and ) Tj ET Q q 0 0 0 rg BT 168.60 731.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 197.88 731.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 214.15 731.65 Td (industry) Tj ET Q q 0 0 0 rg BT 244.99 731.65 Td (, ) Tj ET Q q 0 0 0 rg BT 249.25 731.65 Td (but ) Tj ET Q q 0 0 0 rg BT 263.52 731.65 Td (do ) Tj ET Q q 0 0 0 rg BT 275.28 731.65 Td (not ) Tj ET Q q 0 0 0 rg BT 289.55 731.65 Td (have ) Tj ET Q q 0 0 0 rg BT 310.83 731.65 Td (any ) Tj ET Q q 0 0 0 rg BT 327.09 731.65 Td (standardized ) Tj ET Q q 0 0 0 rg BT 380.38 731.65 Td (meaning ) Tj ET Q q 0 0 0 rg BT 416.67 731.65 Td (as ) Tj ET Q q 0 0 0 rg BT 427.93 731.65 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 471.70 731.65 Td (by ) Tj ET Q q 0 0 0 rg BT 482.97 731.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 505.22 731.65 Td (and ) Tj ET Q q 0 0 0 rg BT 522.00 731.65 Td (therefore ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 720.85 Td (may ) Tj ET Q q 0 0 0 rg BT 73.61 720.85 Td (not ) Tj ET Q q 0 0 0 rg BT 88.72 720.85 Td (be ) Tj ET Q q 0 0 0 rg BT 101.33 720.85 Td (comparable ) Tj ET Q q 0 0 0 rg BT 150.96 720.85 Td (with ) Tj ET Q q 0 0 0 rg BT 169.57 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 184.68 720.85 Td (calculations ) Tj ET Q q 0 0 0 rg BT 234.31 720.85 Td (of ) Tj ET Q q 0 0 0 rg BT 244.42 720.85 Td (similar ) Tj ET Q q 0 0 0 rg BT 273.02 720.85 Td (measures ) Tj ET Q q 0 0 0 rg BT 315.14 720.85 Td (for ) Tj ET Q q 0 0 0 rg BT 328.25 720.85 Td (other ) Tj ET Q q 0 0 0 rg BT 351.36 720.85 Td (entities. ) Tj ET Q q 0 0 0 rg BT 384.98 720.85 Td (Management ) Tj ET Q q 0 0 0 rg BT 440.12 720.85 Td (believes ) Tj ET Q q 0 0 0 rg BT 475.74 720.85 Td (that ) Tj ET Q q 0 0 0 rg BT 493.36 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 508.47 720.85 Td (presentation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 710.05 Td (of ) Tj ET Q q 0 0 0 rg BT 64.97 710.05 Td (these ) Tj ET Q q 0 0 0 rg BT 90.45 710.05 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 134.80 710.05 Td ( ) Tj ET Q q 0 0 0 rg BT 138.26 710.05 Td (measures ) Tj ET Q q 0 0 0 rg BT 181.24 710.05 Td (provide ) Tj ET Q q 0 0 0 rg BT 214.22 710.05 Td (useful ) Tj ET Q q 0 0 0 rg BT 241.69 710.05 Td (information ) Tj ET Q q 0 0 0 rg BT 289.68 710.05 Td (to ) Tj ET Q q 0 0 0 rg BT 300.64 710.05 Td (investors ) Tj ET Q q 0 0 0 rg BT 340.12 710.05 Td (and ) Tj ET Q q 0 0 0 rg BT 358.60 710.05 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 414.09 710.05 Td (as ) Tj ET Q q 0 0 0 rg BT 427.06 710.05 Td (the ) Tj ET Q q 0 0 0 rg BT 443.03 710.05 Td (measures ) Tj ET Q q 0 0 0 rg BT 486.01 710.05 Td (provide ) Tj ET Q q 0 0 0 rg BT 518.99 710.05 Td (increased ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 699.25 Td (transparency ) Tj ET Q q 0 0 0 rg BT 108.53 699.25 Td (and ) Tj ET Q q 0 0 0 rg BT 126.04 699.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.06 699.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 166.57 699.25 Td (to ) Tj ET Q q 0 0 0 rg BT 176.57 699.25 Td (better ) Tj ET Q q 0 0 0 rg BT 202.09 699.25 Td (analyze ) Tj ET Q q 0 0 0 rg BT 235.61 699.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 288.63 699.25 Td (against ) Tj ET Q q 0 0 0 rg BT 320.15 699.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 340.66 699.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 372.68 699.25 Td (on ) Tj ET Q q 0 0 0 rg BT 385.19 699.25 Td (a ) Tj ET Q q 0 0 0 rg BT 392.70 699.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 442.22 699.25 Td (basis.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 682.45 Td (Management ) Tj ET Q q 0 0 0 rg BT 109.29 682.45 Td (uses ) Tj ET Q q 0 0 0 rg BT 131.05 682.45 Td (the ) Tj ET Q q 0 0 0 rg BT 146.31 682.45 Td (following ) Tj ET Q q 0 0 0 rg BT 184.09 682.45 Td (terms ) Tj ET Q q 0 0 0 rg BT 209.34 682.45 Td (to ) Tj ET Q q 0 0 0 rg BT 219.60 682.45 Td (analyze ) Tj ET Q q 0 0 0 rg BT 253.38 682.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 293.66 682.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 346.94 682.45 Td (on ) Tj ET Q q 0 0 0 rg BT 359.70 682.45 Td (a ) Tj ET Q q 0 0 0 rg BT 367.46 682.45 Td (comparable ) Tj ET Q q 0 0 0 rg BT 417.24 682.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 441.00 682.45 Td (with ) Tj ET Q q 0 0 0 rg BT 459.76 682.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 480.52 682.45 Td (periods. ) Tj ET Q q 0 0 0 rg BT 515.29 682.45 Td ("Operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 671.65 Td (netbacks" ) Tj ET Q q 0 0 0 rg BT 96.81 671.65 Td (is ) Tj ET Q q 0 0 0 rg BT 106.91 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Td (outstanding ) Tj ET Q q 0 0 0 rg BT 208.90 563.65 Td (and ) Tj ET Q q 0 0 0 rg BT 225.68 563.65 Td (includes ) Tj ET Q q 0 0 0 rg BT 260.46 563.65 Td (the ) Tj ET Q q 0 0 0 rg BT 274.74 563.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 312.53 563.65 Td (average ) Tj ET Q q 0 0 0 rg BT 346.81 563.65 Td (number ) Tj ET Q q 0 0 0 rg BT 379.09 563.65 Td (of ) Tj ET Q q 0 0 0 rg BT 388.36 563.65 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 446.17 563.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 474.95 563.65 Td (which ) Tj ET Q q 0 0 0 rg BT 499.72 563.65 Td (are ) Tj ET Q q 0 0 0 rg BT 514.49 563.65 Td (convertible ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 552.85 Td (into ) Tj ET Q q 0 0 0 rg BT 71.01 552.85 Td (common ) Tj ET Q q 0 0 0 rg BT 108.02 552.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 137.54 552.85 Td (on ) Tj ET Q q 0 0 0 rg BT 150.05 552.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 179.56 552.85 Td (terms ) Tj ET Q q 0 0 0 rg BT 204.56 552.85 Td (and ) Tj ET Q q 0 0 0 rg BT 222.08 552.85 Td (conditions.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 54.00 536.05 Td (Other ) Tj ET Q q 0 0 0 rg BT 80.75 536.05 Td (Management ) Tj ET Q q 0 0 0 rg BT 138.51 536.05 Td (Performance ) Tj ET Q q 0 0 0 rg BT 196.28 536.05 Td (Measures ) Tj ET Q q 0 0 0 rg BT 240.55 536.05 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.29 536.05 Td (In ) Tj ET Q q 0 0 0 rg BT 256.55 536.05 Td (addition ) Tj ET Q q 0 0 0 rg BT 290.82 536.05 Td (to ) Tj ET Q q 0 0 0 rg BT 301.07 536.05 Td (the ) Tj ET Q q 0 0 0 rg BT 316.33 536.05 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 360.69 536.05 Td ( ) Tj ET Q q 0 0 0 rg BT 363.43 536.05 Td (Measures ) Tj ET Q q 0 0 0 rg BT 405.70 536.05 Td (described ) Tj ET Q q 0 0 0 rg BT 447.47 536.05 Td (above, ) Tj ET Q q 0 0 0 rg BT 477.23 536.05 Td (there ) Tj ET Q q 0 0 0 rg BT 500.50 536.05 Td (are ) Tj ET Q q 0 0 0 rg BT 516.25 536.05 Td (also ) Tj ET Q q 0 0 0 rg BT 535.51 536.05 Td (terms ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 525.25 Td (that ) Tj ET Q q 0 0 0 rg BT 70.97 525.25 Td (have ) Tj ET Q q 0 0 0 rg BT 92.44 525.25 Td (been ) Tj ET Q q 0 0 0 rg BT 114.41 525.25 Td (reconciled ) Tj ET Q q 0 0 0 rg BT 157.39 525.25 Td (in ) Tj ET Q q 0 0 0 rg BT 166.35 525.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 214.04 525.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 249.02 525.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 294.99 525.25 Td (to ) Tj ET Q q 0 0 0 rg BT 304.45 525.25 Td (their ) Tj ET Q q 0 0 0 rg BT 323.91 525.25 Td (most ) Tj ET Q q 0 0 0 rg BT 345.37 525.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 394.35 525.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 416.80 525.25 Td (measures. ) Tj ET Q q 0 0 0 rg BT 460.64 525.25 Td (These ) Tj ET Q q 0 0 0 rg BT 487.61 525.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 512.06 525.25 Td (do ) Tj ET Q q 0 0 0 rg BT 524.03 525.25 Td (not ) Tj ET Q q 0 0 0 rg BT 538.49 525.25 Td (have ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 514.45 Td (any ) Tj ET Q q 0 0 0 rg BT 71.17 514.45 Td (standardized ) Tj ET Q q 0 0 0 rg BT 125.37 514.45 Td (meaning ) Tj ET Q q 0 0 0 rg BT 162.56 514.45 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 207.24 514.45 Td (by ) Tj ET Q q 0 0 0 rg BT 219.41 514.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 242.57 514.45 Td (and ) Tj ET Q q 0 0 0 rg BT 260.25 514.45 Td (therefore ) Tj ET Q q 0 0 0 rg BT 298.94 514.45 Td (may ) Tj ET Q q 0 0 0 rg BT 318.60 514.45 Td (not ) Tj ET Q q 0 0 0 rg BT 333.78 514.45 Td (be ) Tj ET Q q 0 0 0 rg BT 346.45 514.45 Td (comparable ) Tj ET Q q 0 0 0 rg BT 396.14 514.45 Td (with ) Tj ET Q q 0 0 0 rg BT 414.81 514.45 Td (the ) Tj ET Q q 0 0 0 rg BT 429.98 514.45 Td (calculations ) Tj ET Q q 0 0 0 rg BT 479.67 514.45 Td (of ) Tj ET Q q 0 0 0 rg BT 489.84 514.45 Td (similar ) Tj ET Q q 0 0 0 rg BT 518.50 514.45 Td (measures ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 503.65 Td (for ) Tj ET Q q 0 0 0 rg BT 68.48 503.65 Td (other ) Tj ET Q q 0 0 0 rg BT 92.97 503.65 Td (entities. ) Tj ET Q q 0 0 0 rg BT 127.71 503.65 Td (These ) Tj ET Q q 0 0 0 rg BT 156.70 503.65 Td (terms ) Tj ET Q q 0 0 0 rg BT 183.18 503.65 Td (have ) Tj ET Q q 0 0 0 rg BT 206.67 503.65 Td (been ) Tj ET Q q 0 0 0 rg BT 230.67 503.65 Td (referenced ) Tj ET Q q 0 0 0 rg BT 277.68 503.65 Td (in ) Tj ET Q q 0 0 0 rg BT 288.66 503.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 337.59 503.65 Td (Annual ) Tj ET Q q 0 0 0 rg BT 369.59 503.65 Td (Report. ) Tj ET Q q 0 0 0 rg BT 402.83 503.65 Td (These ) Tj ET Q q 0 0 0 rg BT 431.82 503.65 Td (terms ) Tj ET Q q 0 0 0 rg BT 458.29 503.65 Td (are ) Tj ET Q q 0 0 0 rg BT 475.28 503.65 Td (used ) Tj ET Q q 0 0 0 rg BT 498.77 503.65 Td (by ) Tj ET Q q 0 0 0 rg BT 512.26 503.65 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 492.85 Td (management ) Tj ET Q q 0 0 0 rg BT 109.99 492.85 Td (to ) Tj ET Q q 0 0 0 rg BT 120.95 492.85 Td (analyze ) Tj ET Q q 0 0 0 rg BT 155.43 492.85 Td (operating ) Tj ET Q q 0 0 0 rg BT 196.41 492.85 Td (performance ) Tj ET Q q 0 0 0 rg BT 250.40 492.85 Td (on ) Tj ET Q q 0 0 0 rg BT 263.86 492.85 Td (a ) Tj ET Q q 0 0 0 rg BT 272.32 492.85 Td (comparable ) Tj ET Q q 0 0 0 rg BT 322.81 492.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 347.27 492.85 Td (with ) Tj ET Q q 0 0 0 rg BT 366.73 492.85 Td (prior ) Tj ET Q q 0 0 0 rg BT 388.20 492.85 Td (periods ) Tj ET Q q 0 0 0 rg BT 421.17 492.85 Td (and ) Tj ET Q q 0 0 0 rg BT 439.64 492.85 Td (to ) Tj ET Q q 0 0 0 rg BT 450.61 492.85 Td (analyze ) Tj ET Q q 0 0 0 rg BT 485.08 492.85 Td (the ) Tj ET Q q 0 0 0 rg BT 501.05 492.85 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 534.52 492.85 Td (of ) Tj ET Q q 0 0 0 rg BT 545.48 492.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 482.05 Td (Corporation.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 465.25 Td ("Funds ) Tj ET Q q 0 0 0 rg BT 84.15 465.25 Td (from ) Tj ET Q q 0 0 0 rg BT 104.10 465.25 Td (operations" ) Tj ET Q q 0 0 0 rg BT 151.27 465.25 Td (is ) Tj ET Q q 0 0 0 rg BT 159.71 465.25 Td (not ) Tj ET Q q 0 0 0 rg BT 174.17 465.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 210.64 465.25 Td (to ) Tj ET Q q 0 0 0 rg BT 220.10 465.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 260.06 465.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 299.54 465.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 320.49 465.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 338.44 465.25 Td (or ) Tj ET Q q 0 0 0 rg BT 348.39 465.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 387.86 465.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 414.32 465.25 Td (for ) Tj ET Q q 0 0 0 rg BT 426.76 465.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.22 465.25 Td (period ) Tj ET Q q 0 0 0 rg BT 468.18 465.25 Td (nor ) Tj ET Q q 0 0 0 rg BT 483.13 465.25 Td (should ) Tj ET Q q 0 0 0 rg BT 511.60 465.25 Td (it ) Tj ET Q q 0 0 0 rg BT 518.05 465.25 Td (be ) Tj ET Q q 0 0 0 rg BT 530.00 465.25 Td (viewed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 454.45 Td (as ) Tj ET Q q 0 0 0 rg BT 66.83 454.45 Td (an ) Tj ET Q q 0 0 0 rg BT 80.16 454.45 Td (alternative ) Tj ET Q q 0 0 0 rg BT 125.00 454.45 Td (to ) Tj ET Q q 0 0 0 rg BT 135.83 454.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 158.16 454.45 Td (flow ) Tj ET Q q 0 0 0 rg BT 177.48 454.45 Td (from ) Tj ET Q q 0 0 0 rg BT 198.80 454.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 239.65 454.45 Td (activities, ) Tj ET Q q 0 0 0 rg BT 279.98 454.45 Td (net ) Tj ET Q q 0 0 0 rg BT 295.81 454.45 Td (income ) Tj ET Q q 0 0 0 rg BT 328.14 454.45 Td (or ) Tj ET Q q 0 0 0 rg BT 339.47 454.45 Td (other ) Tj ET Q q 0 0 0 rg BT 363.30 454.45 Td (measures ) Tj ET Q q 0 0 0 rg BT 406.13 454.45 Td (of ) Tj ET Q q 0 0 0 rg BT 416.96 454.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 453.30 454.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 507.14 454.45 Td (calculated ) Tj ET Q q 0 0 0 rg BT 550.99 454.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 443.65 Td (accordance ) Tj ET Q q 0 0 0 rg BT 103.77 443.65 Td (with ) Tj ET Q q 0 0 0 rg BT 123.02 443.65 Td (IFRS. ) Tj ET Q q 0 0 0 rg BT 148.62 443.65 Td (All ) Tj ET Q q 0 0 0 rg BT 161.87 443.65 Td (references ) Tj ET Q q 0 0 0 rg BT 207.63 443.65 Td (to ) Tj ET Q q 0 0 0 rg BT 218.38 443.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 243.65 443.65 Td (from ) Tj ET Q q 0 0 0 rg BT 264.89 443.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 310.16 443.65 Td (throughout ) Tj ET Q q 0 0 0 rg BT 356.44 443.65 Td (this ) Tj ET Q q 0 0 0 rg BT 373.69 443.65 Td (report ) Tj ET Q q 0 0 0 rg BT 400.45 443.65 Td (are ) Tj ET Q q 0 0 0 rg BT 416.70 443.65 Td (based ) Tj ET Q q 0 0 0 rg BT 444.46 443.65 Td (on ) Tj ET Q q 0 0 0 rg BT 457.72 443.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 479.97 443.65 Td (flow ) Tj ET Q q 0 0 0 rg BT 499.22 443.65 Td (from ) Tj ET Q q 0 0 0 rg BT 520.47 443.65 Td (operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 432.85 Td (activities ) Tj ET Q q 0 0 0 rg BT 91.33 432.85 Td (before ) Tj ET Q q 0 0 0 rg BT 119.67 432.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 156.52 432.85 Td (in ) Tj ET Q q 0 0 0 rg BT 166.35 432.85 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 206.20 432.85 Td (working ) Tj ET Q q 0 0 0 rg BT 240.03 432.85 Td (capital, ) Tj ET Q q 0 0 0 rg BT 271.37 432.85 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 343.73 432.85 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 398.08 432.85 Td (and ) Tj ET Q q 0 0 0 rg BT 415.92 432.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 448.26 432.85 Td (expense. ) Tj ET Q q 0 0 0 rg BT 487.61 432.85 Td ("T) Tj ET Q q 0 0 0 rg BT 495.30 432.85 Td (otal ) Tj ET Q q 0 0 0 rg BT 512.64 432.85 Td (net ) Tj ET Q q 0 0 0 rg BT 527.97 432.85 Td (debt" ) Tj ET Q q 0 0 0 rg BT 551.50 432.85 Td (is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 422.05 Td (equal ) Tj ET Q q 0 0 0 rg BT 78.64 422.05 Td (to ) Tj ET Q q 0 0 0 rg BT 88.77 422.05 Td (the ) Tj ET Q q 0 0 0 rg BT 103.90 422.05 Td (long-term ) Tj ET Q q 0 0 0 rg BT 144.53 422.05 Td (portion ) Tj ET Q q 0 0 0 rg BT 174.67 422.05 Td (of ) Tj ET Q q 0 0 0 rg BT 184.80 422.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 233.16 422.05 Td (bank ) Tj ET Q q 0 0 0 rg BT 255.29 422.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 275.43 422.05 Td (and ) Tj ET Q q 0 0 0 rg BT 293.07 422.05 Td (senior ) Tj ET Q q 0 0 0 rg BT 320.20 422.05 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 364.85 422.05 Td (notes, ) Tj ET Q q 0 0 0 rg BT 391.99 422.05 Td (net ) Tj ET Q q 0 0 0 rg BT 407.12 422.05 Td (of ) Tj ET Q q 0 0 0 rg BT 417.24 422.05 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 453.89 422.05 Td (working ) Tj ET Q q 0 0 0 rg BT 487.52 422.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 516.16 422.05 Td (deficiency) Tj ET Q q 0 0 0 rg BT 555.51 422.05 Td (. ) Tj ET Q q 0 0 0 rg BT 560.51 422.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 411.25 Td ("Adjusted ) Tj ET Q q 0 0 0 rg BT 95.18 411.25 Td (working ) Tj ET Q q 0 0 0 rg BT 129.15 411.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 158.12 411.25 Td (deficiency" ) Tj ET Q q 0 0 0 rg BT 204.29 411.25 Td (excludes ) Tj ET Q q 0 0 0 rg BT 242.77 411.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.24 411.25 Td (current ) Tj ET Q q 0 0 0 rg BT 289.21 411.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 318.17 411.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.15 411.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 373.12 411.25 Td (from ) Tj ET Q q 0 0 0 rg BT 394.07 411.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 430.05 411.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 475.02 411.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 521.49 411.25 Td (contracts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 400.45 Td (and ) Tj ET Q q 0 0 0 rg BT 70.76 400.45 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 142.03 400.45 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 180.28 400.45 Td ("T) Tj ET Q q 0 0 0 rg BT 187.98 400.45 Td (otal ) Tj ET Q q 0 0 0 rg BT 204.23 400.45 Td (net ) Tj ET Q q 0 0 0 rg BT 218.48 400.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 237.74 400.45 Td (to ) Tj ET Q q 0 0 0 rg BT 246.99 400.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 270.75 400.45 Td (from ) Tj ET Q q 0 0 0 rg BT 290.49 400.45 Td (operations" ) Tj ET Q q 0 0 0 rg BT 337.45 400.45 Td (is ) Tj ET Q q 0 0 0 rg BT 345.69 400.45 Td (equal ) Tj ET Q q 0 0 0 rg BT 369.46 400.45 Td (to ) Tj ET Q q 0 0 0 rg BT 378.70 400.45 Td (total ) Tj ET Q q 0 0 0 rg BT 397.46 400.45 Td (net ) Tj ET Q q 0 0 0 rg BT 411.71 400.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 430.97 400.45 Td (divided ) Tj ET Q q 0 0 0 rg BT 461.23 400.45 Td (by ) Tj ET Q q 0 0 0 rg BT 472.47 400.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 496.23 400.45 Td (from ) Tj ET Q q 0 0 0 rg BT 515.97 400.45 Td (operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 389.65 Td (for ) Tj ET Q q 0 0 0 rg BT 66.30 389.65 Td (the ) Tj ET Q q 0 0 0 rg BT 80.61 389.65 Td (relevant ) Tj ET Q q 0 0 0 rg BT 114.42 389.65 Td (period. ) Tj ET Q q 0 0 0 rg BT 143.73 389.65 Td ("Annualized ) Tj ET Q q 0 0 0 rg BT 193.26 389.65 Td (current ) Tj ET Q q 0 0 0 rg BT 223.07 389.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 253.38 389.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 277.19 389.65 Td (from ) Tj ET Q q 0 0 0 rg BT 296.99 389.65 Td (operations" ) Tj ET Q q 0 0 0 rg BT 344.01 389.65 Td (is ) Tj ET Q q 0 0 0 rg BT 352.30 389.65 Td (equal ) Tj ET Q q 0 0 0 rg BT 376.12 389.65 Td (to ) Tj ET Q q 0 0 0 rg BT 385.42 389.65 Td (the ) Tj ET Q q 0 0 0 rg BT 399.73 389.65 Td (identified ) Tj ET Q q 0 0 0 rg BT 437.55 389.65 Td (quarters ) Tj ET Q q 0 0 0 rg BT 472.36 389.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 496.17 389.65 Td (from ) Tj ET Q q 0 0 0 rg BT 515.97 389.65 Td (operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 378.85 Td (annualized ) Tj ET Q q 0 0 0 rg BT 100.04 378.85 Td (for ) Tj ET Q q 0 0 0 rg BT 113.04 378.85 Td (the ) Tj ET Q q 0 0 0 rg BT 128.05 378.85 Td (year) Tj ET Q q 0 0 0 rg BT 145.06 378.85 Td (. ) Tj ET Q q 0 0 0 rg BT 150.06 378.85 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 54.00 362.05 Td (Oil ) Tj ET Q q 0 0 0 rg BT 68.79 362.05 Td (and ) Tj ET Q q 0 0 0 rg BT 87.58 362.05 Td (Gas ) Tj ET Q q 0 0 0 rg BT 107.01 362.05 Td (Advisories ) Tj ET Q q 0 0 0 rg BT 155.81 362.05 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.81 362.05 Td ( ) Tj ET Q q 0 0 0 rg BT 161.60 362.05 Td (In ) Tj ET Q q 0 0 0 rg BT 171.89 362.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 219.87 362.05 Td (Annual ) Tj ET Q q 0 0 0 rg BT 250.68 362.05 Td (Report ) Tj ET Q q 0 0 0 rg BT 280.49 362.05 Td (management ) Tj ET Q q 0 0 0 rg BT 335.81 362.05 Td (also ) Tj ET Q q 0 0 0 rg BT 355.11 362.05 Td (makes ) Tj ET Q q 0 0 0 rg BT 384.40 362.05 Td (reference ) Tj ET Q q 0 0 0 rg BT 425.21 362.05 Td (to ) Tj ET Q q 0 0 0 rg BT 435.51 362.05 Td (the ) Tj ET Q q 0 0 0 rg BT 450.81 362.05 Td (following ) Tj ET Q q 0 0 0 rg BT 488.62 362.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 500.41 362.05 Td (and ) Tj ET Q q 0 0 0 rg BT 518.21 362.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 535.51 362.05 Td (terms ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 351.25 Td ("finding ) Tj ET Q q 0 0 0 rg BT 86.55 351.25 Td (and ) Tj ET Q q 0 0 0 rg BT 104.40 351.25 Td (development ) Tj ET Q q 0 0 0 rg BT 158.78 351.25 Td (costs" ) Tj ET Q q 0 0 0 rg BT 185.81 351.25 Td (\("F&D ) Tj ET Q q 0 0 0 rg BT 212.84 351.25 Td (costs"\) ) Tj ET Q q 0 0 0 rg BT 242.88 351.25 Td (and ) Tj ET Q q 0 0 0 rg BT 260.73 351.25 Td ("finding, ) Tj ET Q q 0 0 0 rg BT 295.78 351.25 Td (development ) Tj ET Q q 0 0 0 rg BT 350.15 351.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.00 351.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 413.37 351.25 Td (costs" ) Tj ET Q q 0 0 0 rg BT 440.40 351.25 Td (\("FD&A) Tj ET Q q 0 0 0 rg BT 470.10 351.25 Td ( ) Tj ET Q q 0 0 0 rg BT 472.94 351.25 Td (costs"\), ) Tj ET Q q 0 0 0 rg BT 505.47 351.25 Td ("F&D ) Tj ET Q q 0 0 0 rg BT 529.50 351.25 Td (recycle ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 340.45 Td (ratio", ) Tj ET Q q 0 0 0 rg BT 80.05 340.45 Td ("FD&A) Tj ET Q q 0 0 0 rg BT 106.75 340.45 Td ( ) Tj ET Q q 0 0 0 rg BT 109.60 340.45 Td (recycle ) Tj ET Q q 0 0 0 rg BT 140.95 340.45 Td (ratio" ) Tj ET Q q 0 0 0 rg BT 164.50 340.45 Td (and ) Tj ET Q q 0 0 0 rg BT 182.37 340.45 Td ("reserve ) Tj ET Q q 0 0 0 rg BT 218.42 340.45 Td (life ) Tj ET Q q 0 0 0 rg BT 232.77 340.45 Td (index" ) Tj ET Q q 0 0 0 rg BT 260.33 340.45 Td (which ) Tj ET Q q 0 0 0 rg BT 286.19 340.45 Td (have ) Tj ET Q q 0 0 0 rg BT 308.55 340.45 Td (been ) Tj ET Q q 0 0 0 rg BT 331.42 340.45 Td (prepared ) Tj ET Q q 0 0 0 rg BT 370.29 340.45 Td (by ) Tj ET Q q 0 0 0 rg BT 382.64 340.45 Td (management ) Tj ET Q q 0 0 0 rg BT 438.02 340.45 Td (and ) Tj ET Q q 0 0 0 rg BT 455.89 340.45 Td (do ) Tj ET Q q 0 0 0 rg BT 468.74 340.45 Td (not ) Tj ET Q q 0 0 0 rg BT 484.10 340.45 Td (have ) Tj ET Q q 0 0 0 rg BT 506.47 340.45 Td (standardized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 329.65 Td (meanings ) Tj ET Q q 0 0 0 rg BT 96.33 329.65 Td (or ) Tj ET Q q 0 0 0 rg BT 107.64 329.65 Td (standard ) Tj ET Q q 0 0 0 rg BT 145.98 329.65 Td (calculations ) Tj ET Q q 0 0 0 rg BT 196.31 329.65 Td (and ) Tj ET Q q 0 0 0 rg BT 214.64 329.65 Td (therefore ) Tj ET Q q 0 0 0 rg BT 253.97 329.65 Td (such ) Tj ET Q q 0 0 0 rg BT 276.29 329.65 Td (measures ) Tj ET Q q 0 0 0 rg BT 319.11 329.65 Td (may ) Tj ET Q q 0 0 0 rg BT 339.42 329.65 Td (not ) Tj ET Q q 0 0 0 rg BT 355.24 329.65 Td (be ) Tj ET Q q 0 0 0 rg BT 368.56 329.65 Td (comparable ) Tj ET Q q 0 0 0 rg BT 418.89 329.65 Td (to ) Tj ET Q q 0 0 0 rg BT 429.71 329.65 Td (similar ) Tj ET Q q 0 0 0 rg BT 459.02 329.65 Td (measures ) Tj ET Q q 0 0 0 rg BT 501.84 329.65 Td (used ) Tj ET Q q 0 0 0 rg BT 524.66 329.65 Td (by ) Tj ET Q q 0 0 0 rg BT 537.48 329.65 Td (other ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 318.85 Td (entities. ) Tj ET Q q 0 0 0 rg BT 88.42 318.85 Td (These ) Tj ET Q q 0 0 0 rg BT 117.06 318.85 Td (terms ) Tj ET Q q 0 0 0 rg BT 143.20 318.85 Td (are ) Tj ET Q q 0 0 0 rg BT 159.84 318.85 Td (used ) Tj ET Q q 0 0 0 rg BT 182.99 318.85 Td (by ) Tj ET Q q 0 0 0 rg BT 196.13 318.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 245.51 318.85 Td (management ) Tj ET Q q 0 0 0 rg BT 301.68 318.85 Td (to ) Tj ET Q q 0 0 0 rg BT 312.82 318.85 Td (measure ) Tj ET Q q 0 0 0 rg BT 351.47 318.85 Td (the ) Tj ET Q q 0 0 0 rg BT 367.61 318.85 Td (success ) Tj ET Q q 0 0 0 rg BT 403.76 318.85 Td (of ) Tj ET Q q 0 0 0 rg BT 414.90 318.85 Td (replacing ) Tj ET Q q 0 0 0 rg BT 455.06 318.85 Td (reserves ) Tj ET Q q 0 0 0 rg BT 493.20 318.85 Td (and ) Tj ET Q q 0 0 0 rg BT 511.85 318.85 Td (to ) Tj ET Q q 0 0 0 rg BT 522.99 318.85 Td (compare ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 308.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 93.20 308.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 145.39 308.05 Td (to ) Tj ET Q q 0 0 0 rg BT 154.57 308.05 Td (previous ) Tj ET Q q 0 0 0 rg BT 190.26 308.05 Td (periods ) Tj ET Q q 0 0 0 rg BT 221.45 308.05 Td (on ) Tj ET Q q 0 0 0 rg BT 233.13 308.05 Td (a ) Tj ET Q q 0 0 0 rg BT 239.80 308.05 Td (comparable ) Tj ET Q q 0 0 0 rg BT 288.50 308.05 Td (basis. ) Tj ET Q q 0 0 0 rg BT 313.68 308.05 Td (For ) Tj ET Q q 0 0 0 rg BT 328.85 308.05 Td (additional ) Tj ET Q q 0 0 0 rg BT 369.05 308.05 Td (information ) Tj ET Q q 0 0 0 rg BT 415.25 308.05 Td (on ) Tj ET Q q 0 0 0 rg BT 426.93 308.05 Td (these ) Tj ET Q q 0 0 0 rg BT 450.61 308.05 Td (measures ) Tj ET Q q 0 0 0 rg BT 491.80 308.05 Td (reference ) Tj ET Q q 0 0 0 rg BT 531.49 308.05 Td (should ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 297.25 Td (also ) Tj ET Q q 0 0 0 rg BT 73.76 297.25 Td (be ) Tj ET Q q 0 0 0 rg BT 87.01 297.25 Td (made ) Tj ET Q q 0 0 0 rg BT 112.77 297.25 Td (to ) Tj ET Q q 0 0 0 rg BT 123.52 297.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 171.86 297.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 203.13 297.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 251.40 297.25 Td (Form. ) Tj ET Q q 0 0 0 rg BT 278.14 297.25 Td (Finding ) Tj ET Q q 0 0 0 rg BT 310.91 297.25 Td (and ) Tj ET Q q 0 0 0 rg BT 329.17 297.25 Td (development ) Tj ET Q q 0 0 0 rg BT 383.95 297.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 408.20 297.25 Td (are ) Tj ET Q q 0 0 0 rg BT 424.45 297.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 468.22 297.25 Td (on ) Tj ET Q q 0 0 0 rg BT 481.48 297.25 Td (a ) Tj ET Q q 0 0 0 rg BT 489.73 297.25 Td (per ) Tj ET Q q 0 0 0 rg BT 505.98 297.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 524.24 297.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 548.50 297.25 Td (by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 286.45 Td (dividing ) Tj ET Q q 0 0 0 rg BT 87.03 286.45 Td (the ) Tj ET Q q 0 0 0 rg BT 102.05 286.45 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 145.10 286.45 Td (of ) Tj ET Q q 0 0 0 rg BT 155.12 286.45 Td (the ) Tj ET Q q 0 0 0 rg BT 170.14 286.45 Td (change ) Tj ET Q q 0 0 0 rg BT 202.18 286.45 Td (in ) Tj ET Q q 0 0 0 rg BT 211.70 286.45 Td (future ) Tj ET Q q 0 0 0 rg BT 237.22 286.45 Td (development ) Tj ET Q q 0 0 0 rg BT 291.27 286.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 314.79 286.45 Td (from ) Tj ET Q q 0 0 0 rg BT 335.30 286.45 Td (the ) Tj ET Q q 0 0 0 rg BT 350.32 286.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 370.84 286.45 Td (year ) Tj ET Q q 0 0 0 rg BT 390.86 286.45 Td (for ) Tj ET Q q 0 0 0 rg BT 403.87 286.45 Td (the ) Tj ET Q q 0 0 0 rg BT 418.90 286.45 Td (particular ) Tj ET Q q 0 0 0 rg BT 458.42 286.45 Td (reserve ) Tj ET Q q 0 0 0 rg BT 490.94 286.45 Td (category ) Tj ET Q q 0 0 0 rg BT 527.97 286.45 Td (and ) Tj ET Q q 0 0 0 rg BT 545.50 286.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 275.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 77.21 275.65 Td (incurred ) Tj ET Q q 0 0 0 rg BT 111.93 275.65 Td (on ) Tj ET Q q 0 0 0 rg BT 124.14 275.65 Td (development ) Tj ET Q q 0 0 0 rg BT 177.88 275.65 Td (and ) Tj ET Q q 0 0 0 rg BT 195.10 275.65 Td (exploration ) Tj ET Q q 0 0 0 rg BT 241.33 275.65 Td (activities ) Tj ET Q q 0 0 0 rg BT 278.04 275.65 Td (in ) Tj ET Q q 0 0 0 rg BT 287.25 275.65 Td (the ) Tj ET Q q 0 0 0 rg BT 301.96 275.65 Td (year ) Tj ET Q q 0 0 0 rg BT 321.67 275.65 Td (by ) Tj ET Q q 0 0 0 rg BT 333.38 275.65 Td (the ) Tj ET Q q 0 0 0 rg BT 348.09 275.65 Td (change ) Tj ET Q q 0 0 0 rg BT 379.82 275.65 Td (in ) Tj ET Q q 0 0 0 rg BT 389.03 275.65 Td (reserves ) Tj ET Q q 0 0 0 rg BT 425.74 275.65 Td (from ) Tj ET Q q 0 0 0 rg BT 445.95 275.65 Td (the ) Tj ET Q q 0 0 0 rg BT 460.66 275.65 Td (prior ) Tj ET Q q 0 0 0 rg BT 480.87 275.65 Td (year ) Tj ET Q q 0 0 0 rg BT 500.58 275.65 Td (for ) Tj ET Q q 0 0 0 rg BT 513.28 275.65 Td (the ) Tj ET Q q 0 0 0 rg BT 528.00 275.65 Td (reserve ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 264.85 Td (category) Tj ET Q q 0 0 0 rg BT 87.85 264.85 Td (. ) Tj ET Q q 0 0 0 rg BT 92.87 264.85 Td (Finding ) Tj ET Q q 0 0 0 rg BT 124.91 264.85 Td (development ) Tj ET Q q 0 0 0 rg BT 178.96 264.85 Td (and ) Tj ET Q q 0 0 0 rg BT 196.50 264.85 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 241.54 264.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 265.07 264.85 Td (are ) Tj ET Q q 0 0 0 rg BT 280.59 264.85 Td (calculated ) Tj ET Q q 0 0 0 rg BT 323.64 264.85 Td (on ) Tj ET Q q 0 0 0 rg BT 336.17 264.85 Td (a ) Tj ET Q q 0 0 0 rg BT 343.69 264.85 Td (per ) Tj ET Q q 0 0 0 rg BT 359.22 264.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 376.75 264.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 400.28 264.85 Td (by ) Tj ET Q q 0 0 0 rg BT 412.31 264.85 Td (dividing ) Tj ET Q q 0 0 0 rg BT 445.35 264.85 Td (the ) Tj ET Q q 0 0 0 rg BT 460.38 264.85 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 503.43 264.85 Td (of ) Tj ET Q q 0 0 0 rg BT 513.46 264.85 Td (the ) Tj ET Q q 0 0 0 rg BT 528.49 264.85 Td (change ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 254.05 Td (in ) Tj ET Q q 0 0 0 rg BT 63.81 254.05 Td (future ) Tj ET Q q 0 0 0 rg BT 89.63 254.05 Td (development ) Tj ET Q q 0 0 0 rg BT 143.96 254.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 167.77 254.05 Td (from ) Tj ET Q q 0 0 0 rg BT 188.58 254.05 Td (the ) Tj ET Q q 0 0 0 rg BT 203.89 254.05 Td (prior ) Tj ET Q q 0 0 0 rg BT 224.70 254.05 Td (year ) Tj ET Q q 0 0 0 rg BT 245.01 254.05 Td (for ) Tj ET Q q 0 0 0 rg BT 258.31 254.05 Td (the ) Tj ET Q q 0 0 0 rg BT 273.63 254.05 Td (particular ) Tj ET Q q 0 0 0 rg BT 313.45 254.05 Td (reserve ) Tj ET Q q 0 0 0 rg BT 346.26 254.05 Td (category ) Tj ET Q q 0 0 0 rg BT 383.58 254.05 Td (and ) Tj ET Q q 0 0 0 rg BT 401.40 254.05 Td (the ) Tj ET Q q 0 0 0 rg BT 416.72 254.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 440.53 254.05 Td (incurred ) Tj ET Q q 0 0 0 rg BT 475.84 254.05 Td (on ) Tj ET Q q 0 0 0 rg BT 488.66 254.05 Td (development ) Tj ET Q q 0 0 0 rg BT 543.00 254.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 243.25 Td (exploration ) Tj ET Q q 0 0 0 rg BT 100.84 243.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 138.17 243.25 Td (and ) Tj ET Q q 0 0 0 rg BT 155.99 243.25 Td (property ) Tj ET Q q 0 0 0 rg BT 191.82 243.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 241.66 243.25 Td (\(net ) Tj ET Q q 0 0 0 rg BT 259.98 243.25 Td (of ) Tj ET Q q 0 0 0 rg BT 270.30 243.25 Td (dispositions\) ) Tj ET Q q 0 0 0 rg BT 323.14 243.25 Td (in ) Tj ET Q q 0 0 0 rg BT 332.96 243.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.28 243.25 Td (year ) Tj ET Q q 0 0 0 rg BT 368.60 243.25 Td (by ) Tj ET Q q 0 0 0 rg BT 380.92 243.25 Td (the ) Tj ET Q q 0 0 0 rg BT 396.24 243.25 Td (change ) Tj ET Q q 0 0 0 rg BT 428.58 243.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.40 243.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 475.72 243.25 Td (from ) Tj ET Q q 0 0 0 rg BT 496.54 243.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.86 243.25 Td (year ) Tj ET Q q 0 0 0 rg BT 532.18 243.25 Td (for ) Tj ET Q q 0 0 0 rg BT 545.50 243.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 232.45 Td (reserve ) Tj ET Q q 0 0 0 rg BT 86.53 232.45 Td (category) Tj ET Q q 0 0 0 rg BT 120.39 232.45 Td (. ) Tj ET Q q 0 0 0 rg BT 125.41 232.45 Td (Both ) Tj ET Q q 0 0 0 rg BT 146.45 232.45 Td (finding ) Tj ET Q q 0 0 0 rg BT 175.49 232.45 Td (and ) Tj ET Q q 0 0 0 rg BT 193.03 232.45 Td (development ) Tj ET Q q 0 0 0 rg BT 247.09 232.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 270.62 232.45 Td (and ) Tj ET Q q 0 0 0 rg BT 288.16 232.45 Td (finding ) Tj ET Q q 0 0 0 rg BT 317.21 232.45 Td (development ) Tj ET Q q 0 0 0 rg BT 371.26 232.45 Td (and ) Tj ET Q q 0 0 0 rg BT 388.80 232.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 433.85 232.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 457.38 232.45 Td (take ) Tj ET Q q 0 0 0 rg BT 476.92 232.45 Td (into ) Tj ET Q q 0 0 0 rg BT 493.95 232.45 Td (account ) Tj ET Q q 0 0 0 rg BT 528.00 232.45 Td (reserve ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 221.65 Td (revisions ) Tj ET Q q 0 0 0 rg BT 91.80 221.65 Td (during ) Tj ET Q q 0 0 0 rg BT 119.11 221.65 Td (the ) Tj ET Q q 0 0 0 rg BT 133.91 221.65 Td (year ) Tj ET Q q 0 0 0 rg BT 153.71 221.65 Td (on ) Tj ET Q q 0 0 0 rg BT 166.01 221.65 Td (a ) Tj ET Q q 0 0 0 rg BT 173.31 221.65 Td (per ) Tj ET Q q 0 0 0 rg BT 188.61 221.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 205.91 221.65 Td (basis. ) Tj ET Q q 0 0 0 rg BT 231.57 221.65 Td (The ) Tj ET Q q 0 0 0 rg BT 249.36 221.65 Td (F&D ) Tj ET Q q 0 0 0 rg BT 269.66 221.65 Td (recycle ) Tj ET Q q 0 0 0 rg BT 300.45 221.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 320.25 221.65 Td (is ) Tj ET Q q 0 0 0 rg BT 329.04 221.65 Td (calculated ) Tj ET Q q 0 0 0 rg BT 371.86 221.65 Td (by ) Tj ET Q q 0 0 0 rg BT 383.65 221.65 Td (dividing ) Tj ET Q q 0 0 0 rg BT 416.46 221.65 Td (the ) Tj ET Q q 0 0 0 rg BT 431.27 221.65 Td (operating ) Tj ET Q q 0 0 0 rg BT 471.09 221.65 Td (netback ) Tj ET Q q 0 0 0 rg BT 504.90 221.65 Td (\(refer ) Tj ET Q q 0 0 0 rg BT 528.69 221.65 Td (to ) Tj ET Q q 0 0 0 rg BT 538.49 221.65 Td (Non-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 210.85 Td (GAAP) Tj ET Q q 0 0 0 rg BT 78.85 210.85 Td ( ) Tj ET Q q 0 0 0 rg BT 81.09 210.85 Td (Measures\) ) Tj ET Q q 0 0 0 rg BT 125.85 210.85 Td (for ) Tj ET Q q 0 0 0 rg BT 138.59 210.85 Td (the ) Tj ET Q q 0 0 0 rg BT 153.35 210.85 Td (period ) Tj ET Q q 0 0 0 rg BT 180.61 210.85 Td (by ) Tj ET Q q 0 0 0 rg BT 192.36 210.85 Td (the ) Tj ET Q q 0 0 0 rg BT 207.12 210.85 Td (F&D ) Tj ET Q q 0 0 0 rg BT 227.36 210.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 250.61 210.85 Td (per ) Tj ET Q q 0 0 0 rg BT 265.86 210.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 283.12 210.85 Td (for ) Tj ET Q q 0 0 0 rg BT 295.87 210.85 Td (the ) Tj ET Q q 0 0 0 rg BT 310.63 210.85 Td (particular ) Tj ET Q q 0 0 0 rg BT 349.89 210.85 Td (reserve ) Tj ET Q q 0 0 0 rg BT 382.14 210.85 Td (category) Tj ET Q q 0 0 0 rg BT 415.99 210.85 Td (. ) Tj ET Q q 0 0 0 rg BT 420.74 210.85 Td (FD&A) Tj ET Q q 0 0 0 rg BT 444.24 210.85 Td ( ) Tj ET Q q 0 0 0 rg BT 446.49 210.85 Td (recycle ) Tj ET Q q 0 0 0 rg BT 477.24 210.85 Td (ratio ) Tj ET Q q 0 0 0 rg BT 496.99 210.85 Td (is ) Tj ET Q q 0 0 0 rg BT 505.73 210.85 Td (calculated ) Tj ET Q q 0 0 0 rg BT 548.50 210.85 Td (by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 200.05 Td (dividing ) Tj ET Q q 0 0 0 rg BT 86.69 200.05 Td (the ) Tj ET Q q 0 0 0 rg BT 101.37 200.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 141.07 200.05 Td (netback ) Tj ET Q q 0 0 0 rg BT 174.77 200.05 Td (\(refer ) Tj ET Q q 0 0 0 rg BT 198.44 200.05 Td (to ) Tj ET Q q 0 0 0 rg BT 208.12 200.05 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 252.47 200.05 Td ( ) Tj ET Q q 0 0 0 rg BT 254.64 200.05 Td (Measures\) ) Tj ET Q q 0 0 0 rg BT 299.32 200.05 Td (for ) Tj ET Q q 0 0 0 rg BT 312.00 200.05 Td (the ) Tj ET Q q 0 0 0 rg BT 326.68 200.05 Td (period ) Tj ET Q q 0 0 0 rg BT 353.87 200.05 Td (by ) Tj ET Q q 0 0 0 rg BT 365.55 200.05 Td (the ) Tj ET Q q 0 0 0 rg BT 380.23 200.05 Td (FD&A) Tj ET Q q 0 0 0 rg BT 403.73 200.05 Td ( ) Tj ET Q q 0 0 0 rg BT 405.91 200.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 429.08 200.05 Td (per ) Tj ET Q q 0 0 0 rg BT 444.26 200.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 461.45 200.05 Td (for ) Tj ET Q q 0 0 0 rg BT 474.12 200.05 Td (the ) Tj ET Q q 0 0 0 rg BT 488.80 200.05 Td (particular ) Tj ET Q q 0 0 0 rg BT 527.99 200.05 Td (reserve ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 189.25 Td (category) Tj ET Q q 0 0 0 rg BT 87.85 189.25 Td (. ) Tj ET Q q 0 0 0 rg BT 92.08 189.25 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 127.33 189.25 Td (life ) Tj ET Q q 0 0 0 rg BT 140.56 189.25 Td (index ) Tj ET Q q 0 0 0 rg BT 163.81 189.25 Td (is ) Tj ET Q q 0 0 0 rg BT 172.04 189.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 214.30 189.25 Td (based ) Tj ET Q q 0 0 0 rg BT 240.55 189.25 Td (on ) Tj ET Q q 0 0 0 rg BT 252.29 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.54 189.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 298.29 189.25 Td (for ) Tj ET Q q 0 0 0 rg BT 310.52 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 324.76 189.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 358.51 189.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 390.26 189.25 Td (category ) Tj ET Q q 0 0 0 rg BT 426.51 189.25 Td (divided ) Tj ET Q q 0 0 0 rg BT 456.76 189.25 Td (by ) Tj ET Q q 0 0 0 rg BT 468.00 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.24 189.25 Td (production ) Tj ET Q q 0 0 0 rg BT 526.00 189.25 Td (forecast ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 178.45 Td (as ) Tj ET Q q 0 0 0 rg BT 66.01 178.45 Td (prepared ) Tj ET Q q 0 0 0 rg BT 104.53 178.45 Td (by ) Tj ET Q q 0 0 0 rg BT 116.54 178.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 164.78 178.45 Td (reserve ) Tj ET Q q 0 0 0 rg BT 197.29 178.45 Td (engineers ) Tj ET Q q 0 0 0 rg BT 239.32 178.45 Td (GLJ.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 161.65 Td (The ) Tj ET Q q 0 0 0 rg BT 71.86 161.65 Td (Annual ) Tj ET Q q 0 0 0 rg BT 102.83 161.65 Td (Report ) Tj ET Q q 0 0 0 rg BT 132.78 161.65 Td (also ) Tj ET Q q 0 0 0 rg BT 152.23 161.65 Td (refers ) Tj ET Q q 0 0 0 rg BT 178.18 161.65 Td (to ) Tj ET Q q 0 0 0 rg BT 188.62 161.65 Td (IRR ) Tj ET Q q 0 0 0 rg BT 207.06 161.65 Td (\(internal ) Tj ET Q q 0 0 0 rg BT 242.52 161.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 260.97 161.65 Td (of ) Tj ET Q q 0 0 0 rg BT 271.41 161.65 Td (return\) ) Tj ET Q q 0 0 0 rg BT 300.86 161.65 Td (and ) Tj ET Q q 0 0 0 rg BT 318.81 161.65 Td (payout ) Tj ET Q q 0 0 0 rg BT 348.78 161.65 Td (which ) Tj ET Q q 0 0 0 rg BT 374.73 161.65 Td (have ) Tj ET Q q 0 0 0 rg BT 397.18 161.65 Td (been ) Tj ET Q q 0 0 0 rg BT 420.14 161.65 Td (prepared ) Tj ET Q q 0 0 0 rg BT 459.11 161.65 Td (by ) Tj ET Q q 0 0 0 rg BT 471.56 161.65 Td (management ) Tj ET Q q 0 0 0 rg BT 527.03 161.65 Td (and ) Tj ET Q q 0 0 0 rg BT 544.98 161.65 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 150.85 Td (used ) Tj ET Q q 0 0 0 rg BT 75.36 150.85 Td (to ) Tj ET Q q 0 0 0 rg BT 84.71 150.85 Td (measure ) Tj ET Q q 0 0 0 rg BT 121.57 150.85 Td (performance. ) Tj ET Q q 0 0 0 rg BT 176.32 150.85 Td (These ) Tj ET Q q 0 0 0 rg BT 203.17 150.85 Td (terms ) Tj ET Q q 0 0 0 rg BT 227.52 150.85 Td (do ) Tj ET Q q 0 0 0 rg BT 239.37 150.85 Td (not ) Tj ET Q q 0 0 0 rg BT 253.73 150.85 Td (have ) Tj ET Q q 0 0 0 rg BT 275.09 150.85 Td (standardized ) Tj ET Q q 0 0 0 rg BT 328.47 150.85 Td (meanings ) Tj ET Q q 0 0 0 rg BT 369.33 150.85 Td (or ) Tj ET Q q 0 0 0 rg BT 379.18 150.85 Td (standard ) Tj ET Q q 0 0 0 rg BT 416.05 150.85 Td (calculations ) Tj ET Q q 0 0 0 rg BT 464.92 150.85 Td (and ) Tj ET Q q 0 0 0 rg BT 481.78 150.85 Td (are ) Tj ET Q q 0 0 0 rg BT 496.63 150.85 Td (not ) Tj ET Q q 0 0 0 rg BT 510.98 150.85 Td (comparable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 140.05 Td (to ) Tj ET Q q 0 0 0 rg BT 64.00 140.05 Td (similar ) Tj ET Q q 0 0 0 rg BT 92.48 140.05 Td (measures ) Tj ET Q q 0 0 0 rg BT 134.49 140.05 Td (used ) Tj ET Q q 0 0 0 rg BT 156.49 140.05 Td (by ) Tj ET Q q 0 0 0 rg BT 168.49 140.05 Td (other ) Tj ET Q q 0 0 0 rg BT 191.49 140.05 Td (entities. ) Tj ET Q q 0 0 0 rg BT 225.00 140.05 Td (In ) Tj ET Q q 0 0 0 rg BT 234.99 140.05 Td (this ) Tj ET Q q 0 0 0 rg BT 251.49 140.05 Td (document ) Tj ET Q q 0 0 0 rg BT 293.50 140.05 Td (internal ) Tj ET Q q 0 0 0 rg BT 325.51 140.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 343.50 140.05 Td (of ) Tj ET Q q 0 0 0 rg BT 353.50 140.05 Td (return ) Tj ET Q q 0 0 0 rg BT 379.50 140.05 Td (refers ) Tj ET Q q 0 0 0 rg BT 404.99 140.05 Td (to ) Tj ET Q q 0 0 0 rg BT 414.99 140.05 Td (the ) Tj ET Q q 0 0 0 rg BT 429.99 140.05 Td (discount ) Tj ET Q q 0 0 0 rg BT 466.00 140.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 484.00 140.05 Td (that ) Tj ET Q q 0 0 0 rg BT 501.50 140.05 Td (makes ) Tj ET Q q 0 0 0 rg BT 530.50 140.05 Td (the ) Tj ET Q q 0 0 0 rg BT 545.50 140.05 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 129.25 Td (present ) Tj ET Q q 0 0 0 rg BT 86.25 129.25 Td (value ) Tj ET Q q 0 0 0 rg BT 109.99 129.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.72 129.25 Td (all ) Tj ET Q q 0 0 0 rg BT 130.95 129.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 152.19 129.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 174.92 129.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.66 129.25 Td (a ) Tj ET Q q 0 0 0 rg BT 191.89 129.25 Td (project ) Tj ET Q q 0 0 0 rg BT 221.13 129.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 245.38 129.25 Td (zero ) Tj ET Q q 0 0 0 rg BT 265.11 129.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.35 129.25 Td (payout ) Tj ET Q q 0 0 0 rg BT 311.60 129.25 Td (refers ) Tj ET Q q 0 0 0 rg BT 336.84 129.25 Td (to ) Tj ET Q q 0 0 0 rg BT 346.57 129.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.31 129.25 Td (time ) Tj ET Q q 0 0 0 rg BT 380.54 129.25 Td (required ) Tj ET Q q 0 0 0 rg BT 415.78 129.25 Td (to ) Tj ET Q q 0 0 0 rg BT 425.52 129.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 442.25 129.25 Td (back ) Tj ET Q q 0 0 0 rg BT 463.49 129.25 Td (the ) Tj ET Q q 0 0 0 rg BT 478.23 129.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 506.47 129.25 Td (expenditures ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 118.45 Td (\(on ) Tj ET Q q 0 0 0 rg BT 69.71 118.45 Td (a ) Tj ET Q q 0 0 0 rg BT 77.41 118.45 Td (before ) Tj ET Q q 0 0 0 rg BT 105.63 118.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 120.34 118.45 Td (basis\) ) Tj ET Q q 0 0 0 rg BT 147.05 118.45 Td (of ) Tj ET Q q 0 0 0 rg BT 157.26 118.45 Td (a ) Tj ET Q q 0 0 0 rg BT 164.96 118.45 Td (project. ) Tj ET Q q 0 0 0 rg BT 197.00 118.45 Td (The ) Tj ET Q q 0 0 0 rg BT 214.67 118.45 Td (Annual ) Tj ET Q q 0 0 0 rg BT 245.40 118.45 Td (Report ) Tj ET Q q 0 0 0 rg BT 275.11 118.45 Td (also ) Tj ET Q q 0 0 0 rg BT 294.32 118.45 Td (refers ) Tj ET Q q 0 0 0 rg BT 320.03 118.45 Td (to ) Tj ET Q q 0 0 0 rg BT 330.23 118.45 Td (production ) Tj ET Q q 0 0 0 rg BT 374.96 118.45 Td (ef) Tj ET Q q 0 0 0 rg BT 382.31 118.45 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 415.02 118.45 Td (which ) Tj ET Q q 0 0 0 rg BT 440.73 118.45 Td (is ) Tj ET Q q 0 0 0 rg BT 449.93 118.45 Td (defined ) Tj ET Q q 0 0 0 rg BT 482.16 118.45 Td (as ) Tj ET Q q 0 0 0 rg BT 494.36 118.45 Td (a ) Tj ET Q q 0 0 0 rg BT 502.07 118.45 Td (type ) Tj ET Q q 0 0 0 rg BT 521.78 118.45 Td (of ) Tj ET Q q 0 0 0 rg BT 531.99 118.45 Td (capital ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 107.65 Td (ef) Tj ET Q q 0 0 0 rg BT 61.34 107.65 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 94.68 107.65 Td (that ) Tj ET Q q 0 0 0 rg BT 113.02 107.65 Td (measures ) Tj ET Q q 0 0 0 rg BT 155.87 107.65 Td (the ) Tj ET Q q 0 0 0 rg BT 171.70 107.65 Td (cost ) Tj ET Q q 0 0 0 rg BT 191.54 107.65 Td (to ) Tj ET Q q 0 0 0 rg BT 202.37 107.65 Td (add ) Tj ET Q q 0 0 0 rg BT 220.72 107.65 Td (an ) Tj ET Q q 0 0 0 rg BT 234.06 107.65 Td (incremental ) Tj ET Q q 0 0 0 rg BT 283.90 107.65 Td (barrel ) Tj ET Q q 0 0 0 rg BT 310.24 107.65 Td (of ) Tj ET Q q 0 0 0 rg BT 321.08 107.65 Td (flowing ) Tj ET Q q 0 0 0 rg BT 352.42 107.65 Td (production. ) Tj ET Q q 0 0 0 rg BT 400.28 107.65 Td (Specifically) Tj ET Q q 0 0 0 rg BT 444.63 107.65 Td (, ) Tj ET Q q 0 0 0 rg BT 450.46 107.65 Td (for ) Tj ET Q q 0 0 0 rg BT 464.29 107.65 Td (the ) Tj ET Q q 0 0 0 rg BT 480.13 107.65 Td (average ) Tj ET Q q 0 0 0 rg BT 515.98 107.65 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 96.85 Td (ef) Tj ET Q q 0 0 0 rg BT 61.34 96.85 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 100.73 96.85 Td (of ) Tj ET Q q 0 0 0 rg BT 110.60 96.85 Td (our ) Tj ET Q q 0 0 0 rg BT 125.98 96.85 Td (plays, ) Tj ET Q q 0 0 0 rg BT 151.86 96.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 193.76 96.85 Td (uses ) Tj ET Q q 0 0 0 rg BT 215.14 96.85 Td (the ) Tj ET Q q 0 0 0 rg BT 230.02 96.85 Td (total ) Tj ET Q q 0 0 0 rg BT 249.40 96.85 Td (actual/projected ) Tj ET Q q 0 0 0 rg BT 315.31 96.85 Td (drill, ) Tj ET Q q 0 0 0 rg BT 334.18 96.85 Td (complete ) Tj ET Q q 0 0 0 rg BT 373.07 96.85 Td (and ) Tj ET Q q 0 0 0 rg BT 390.45 96.85 Td (tie-in ) Tj ET Q q 0 0 0 rg BT 412.33 96.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 440.71 96.85 Td (divided ) Tj ET Q q 0 0 0 rg BT 471.60 96.85 Td (by ) Tj ET Q q 0 0 0 rg BT 483.48 96.85 Td (the ) Tj ET Q q 0 0 0 rg BT 498.36 96.85 Td (total ) Tj ET Q q 0 0 0 rg BT 517.74 96.85 Td (of ) Tj ET Q q 0 0 0 rg BT 527.62 96.85 Td (the ) Tj ET Q q 0 0 0 rg BT 542.50 96.85 Td (well ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 86.05 Td (initial ) Tj ET Q q 0 0 0 rg BT 77.01 86.05 Td (twelve ) Tj ET Q q 0 0 0 rg BT 105.02 86.05 Td (month ) Tj ET Q q 0 0 0 rg BT 132.53 86.05 Td (production ) Tj ET Q q 0 0 0 rg BT 177.06 86.05 Td (rate.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 69.25 Td (T) Tj ET Q q 0 0 0 rg BT 58.50 69.25 Td (o ) Tj ET Q q 0 0 0 rg BT 67.87 69.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 101.76 69.25 Td (a ) Tj ET Q q 0 0 0 rg BT 111.13 69.25 Td (single ) Tj ET Q q 0 0 0 rg BT 139.01 69.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 157.89 69.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.76 69.25 Td (production ) Tj ET Q q 0 0 0 rg BT 216.16 69.25 Td (for ) Tj ET Q q 0 0 0 rg BT 231.03 69.25 Td (analytical ) Tj ET Q q 0 0 0 rg BT 272.91 69.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 316.80 69.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 348.69 69.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 367.57 69.25 Td (production ) Tj ET Q q 0 0 0 rg BT 413.96 69.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.35 69.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 472.22 69.25 Td (volumes ) Tj ET Q q 0 0 0 rg BT 510.10 69.25 Td (are ) Tj ET Q q 0 0 0 rg BT 527.48 69.25 Td (converted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 58.45 Td (mathematically ) Tj ET Q q 0 0 0 rg BT 116.68 58.45 Td (to ) Tj ET Q q 0 0 0 rg BT 126.85 58.45 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 170.54 58.45 Td (barrels ) Tj ET Q q 0 0 0 rg BT 200.71 58.45 Td (of ) Tj ET Q q 0 0 0 rg BT 210.88 58.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 222.55 58.45 Td (\(boe\). ) Tj ET Q q 0 0 0 rg BT 248.72 58.45 Td (W) Tj ET Q q 0 0 0 rg BT 257.05 58.45 Td (e ) Tj ET Q q 0 0 0 rg BT 264.72 58.45 Td (use ) Tj ET Q q 0 0 0 rg BT 281.89 58.45 Td (the ) Tj ET Q q 0 0 0 rg BT 297.06 58.45 Td (industry-accepted ) Tj ET Q q 0 0 0 rg BT 370.76 58.45 Td (standard ) Tj ET Q q 0 0 0 rg BT 408.45 58.45 Td (conversion ) Tj ET Q q 0 0 0 rg BT 454.63 58.45 Td (of ) Tj ET Q q 0 0 0 rg BT 464.80 58.45 Td (six ) Tj ET Q q 0 0 0 rg BT 478.46 58.45 Td (thousand ) Tj ET Q q 0 0 0 rg BT 518.16 58.45 Td (cubic ) Tj ET Q q 0 0 0 rg BT 541.83 58.45 Td (feet ) Tj ET Q q 0 0 0 rg BT 559.50 58.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 47.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 84.21 47.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 101.42 47.65 Td (to ) Tj ET Q q 0 0 0 rg BT 111.62 47.65 Td (one ) Tj ET Q q 0 0 0 rg BT 129.33 47.65 Td (barrel ) Tj ET Q q 0 0 0 rg BT 155.04 47.65 Td (of ) Tj ET Q q 0 0 0 rg BT 165.24 47.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 176.94 47.65 Td (\(6 ) Tj ET Q q 0 0 0 rg BT 187.63 47.65 Td (Mcf ) Tj ET Q q 0 0 0 rg BT 204.82 47.65 Td (= ) Tj ET Q q 0 0 0 rg BT 212.78 47.65 Td (1 ) Tj ET Q q 0 0 0 rg BT 220.48 47.65 Td (bbl\). ) Tj ET Q q 0 0 0 rg BT 240.50 47.65 Td (The ) Tj ET Q q 0 0 0 rg BT 258.71 47.65 Td (6:1 ) Tj ET Q q 0 0 0 rg BT 273.91 47.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 291.62 47.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 311.83 47.65 Td (is ) Tj ET Q q 0 0 0 rg BT 321.02 47.65 Td (based ) Tj ET Q q 0 0 0 rg BT 348.24 47.65 Td (on ) Tj ET Q q 0 0 0 rg BT 360.94 47.65 Td (an ) Tj ET Q q 0 0 0 rg BT 373.65 47.65 Td (energy ) Tj ET Q q 0 0 0 rg BT 403.86 47.65 Td (equivalency ) Tj ET Q q 0 0 0 rg BT 454.09 47.65 Td (conversion ) Tj ET Q q 0 0 0 rg BT 500.31 47.65 Td (method ) Tj ET Q q 0 0 0 rg BT 533.02 47.65 Td (primarily ) 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 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 28) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 742.45 Td (applicable ) Tj ET Q q 0 0 0 rg BT 96.87 742.45 Td (at ) Tj ET Q q 0 0 0 rg BT 106.71 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 121.55 742.45 Td (burner ) Tj ET Q q 0 0 0 rg BT 149.90 742.45 Td (tip. ) Tj ET Q q 0 0 0 rg BT 164.24 742.45 Td (It ) Tj ET Q q 0 0 0 rg BT 171.58 742.45 Td (does ) Tj ET Q q 0 0 0 rg BT 193.43 742.45 Td (not ) Tj ET Q q 0 0 0 rg BT 208.27 742.45 Td (represent ) Tj ET Q q 0 0 0 rg BT 248.63 742.45 Td (a ) Tj ET Q q 0 0 0 rg BT 255.97 742.45 Td (value ) Tj ET Q q 0 0 0 rg BT 279.82 742.45 Td (equivalency ) Tj ET Q q 0 0 0 rg BT 329.69 742.45 Td (at ) Tj ET Q q 0 0 0 rg BT 339.53 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 354.37 742.45 Td (wellhead ) Tj ET Q q 0 0 0 rg BT 392.23 742.45 Td (and ) Tj ET Q q 0 0 0 rg BT 409.58 742.45 Td (is ) Tj ET Q q 0 0 0 rg BT 418.42 742.45 Td (not ) Tj ET Q q 0 0 0 rg BT 433.26 742.45 Td (based ) Tj ET Q q 0 0 0 rg BT 460.12 742.45 Td (on ) Tj ET Q q 0 0 0 rg BT 472.46 742.45 Td (either ) Tj ET Q q 0 0 0 rg BT 497.31 742.45 Td (energy ) Tj ET Q q 0 0 0 rg BT 527.16 742.45 Td (content ) Tj ET Q q 0 0 0 rg BT 559.02 742.45 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 731.65 Td (current ) Tj ET Q q 0 0 0 rg BT 84.13 731.65 Td (prices. ) Tj ET Q q 0 0 0 rg BT 112.76 731.65 Td (While ) Tj ET Q q 0 0 0 rg BT 137.38 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 152.01 731.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 169.15 731.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 188.78 731.65 Td (is ) Tj ET Q q 0 0 0 rg BT 197.40 731.65 Td (useful ) Tj ET Q q 0 0 0 rg BT 223.53 731.65 Td (for ) Tj ET Q q 0 0 0 rg BT 236.15 731.65 Td (comparative ) Tj ET Q q 0 0 0 rg BT 287.29 731.65 Td (measures ) Tj ET Q q 0 0 0 rg BT 328.93 731.65 Td (and ) Tj ET Q q 0 0 0 rg BT 346.06 731.65 Td (observing ) Tj ET Q q 0 0 0 rg BT 387.21 731.65 Td (trends, ) Tj ET Q q 0 0 0 rg BT 416.84 731.65 Td (it ) Tj ET Q q 0 0 0 rg BT 423.46 731.65 Td (does ) Tj ET Q q 0 0 0 rg BT 445.10 731.65 Td (not ) Tj ET Q q 0 0 0 rg BT 459.73 731.65 Td (accurately ) Tj ET Q q 0 0 0 rg BT 502.87 731.65 Td (reflect ) Tj ET Q q 0 0 0 rg BT 529.49 731.65 Td (individual ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 720.85 Td (product ) Tj ET Q q 0 0 0 rg BT 86.92 720.85 Td (values ) Tj ET Q q 0 0 0 rg BT 115.83 720.85 Td (and ) Tj ET Q q 0 0 0 rg BT 133.74 720.85 Td (might ) Tj ET Q q 0 0 0 rg BT 158.64 720.85 Td (be ) Tj ET Q q 0 0 0 rg BT 171.55 720.85 Td (misleading, ) Tj ET Q q 0 0 0 rg BT 219.97 720.85 Td (particularly ) Tj ET Q q 0 0 0 rg BT 266.38 720.85 Td (if ) Tj ET Q q 0 0 0 rg BT 273.77 720.85 Td (used ) Tj ET Q q 0 0 0 rg BT 296.19 720.85 Td (in ) Tj ET Q q 0 0 0 rg BT 306.09 720.85 Td (isolation. ) Tj ET Q q 0 0 0 rg BT 343.93 720.85 Td (As ) Tj ET Q q 0 0 0 rg BT 357.33 720.85 Td (well, ) Tj ET Q q 0 0 0 rg BT 378.23 720.85 Td (given ) Tj ET Q q 0 0 0 rg BT 402.64 720.85 Td (that ) Tj ET Q q 0 0 0 rg BT 420.55 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 435.96 720.85 Td (value ) Tj ET Q q 0 0 0 rg BT 460.37 720.85 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 483.27 720.85 Td (based ) Tj ET Q q 0 0 0 rg BT 510.69 720.85 Td (on ) Tj ET Q q 0 0 0 rg BT 523.60 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 539.00 720.85 Td (current ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 710.05 Td (price ) Tj ET Q q 0 0 0 rg BT 75.87 710.05 Td (of ) Tj ET Q q 0 0 0 rg BT 85.73 710.05 Td (crude ) Tj ET Q q 0 0 0 rg BT 110.60 710.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 121.97 710.05 Td (to ) Tj ET Q q 0 0 0 rg BT 131.83 710.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 161.71 710.05 Td (gas, ) Tj ET Q q 0 0 0 rg BT 181.08 710.05 Td (is ) Tj ET Q q 0 0 0 rg BT 189.94 710.05 Td (significantly ) Tj ET Q q 0 0 0 rg BT 238.82 710.05 Td (dif) Tj ET Q q 0 0 0 rg BT 248.16 710.05 Td (ferent ) Tj ET Q q 0 0 0 rg BT 273.53 710.05 Td (from ) Tj ET Q q 0 0 0 rg BT 293.89 710.05 Td (the ) Tj ET Q q 0 0 0 rg BT 308.76 710.05 Td (6:1 ) Tj ET Q q 0 0 0 rg BT 323.63 710.05 Td (energy ) Tj ET Q q 0 0 0 rg BT 353.51 710.05 Td (equivalency ) Tj ET Q q 0 0 0 rg BT 403.40 710.05 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 425.77 710.05 Td (using ) Tj ET Q q 0 0 0 rg BT 449.64 710.05 Td (a ) Tj ET Q q 0 0 0 rg BT 457.00 710.05 Td (6:1 ) Tj ET Q q 0 0 0 rg BT 471.88 710.05 Td (conversion ) Tj ET Q q 0 0 0 rg BT 517.76 710.05 Td (ratio ) Tj ET Q q 0 0 0 rg BT 537.62 710.05 Td (may ) Tj ET Q q 0 0 0 rg BT 556.99 710.05 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 699.25 Td (misleading ) Tj ET Q q 0 0 0 rg BT 99.52 699.25 Td (as ) Tj ET Q q 0 0 0 rg BT 111.53 699.25 Td (an ) Tj ET Q q 0 0 0 rg BT 124.04 699.25 Td (indication ) Tj ET Q q 0 0 0 rg BT 164.57 699.25 Td (of ) Tj ET Q q 0 0 0 rg BT 174.57 699.25 Td (value.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 54.00 682.45 Td (Forward-Looking ) Tj ET Q q 0 0 0 rg BT 131.07 682.45 Td (Statements ) Tj ET Q q 0 0 0 rg BT 183.17 682.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.74 682.45 Td (This ) Tj ET Q q 0 0 0 rg BT 209.61 682.45 Td (Annual ) Tj ET Q q 0 0 0 rg BT 241.22 682.45 Td (Report ) Tj ET Q q 0 0 0 rg BT 271.81 682.45 Td (contains ) Tj ET Q q 0 0 0 rg BT 308.91 682.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 339.50 682.45 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 404.61 682.45 Td (information ) Tj ET Q q 0 0 0 rg BT 452.71 682.45 Td (and ) Tj ET Q q 0 0 0 rg BT 471.30 682.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 518.90 682.45 Td (within ) Tj ET Q q 0 0 0 rg BT 545.49 682.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 671.65 Td (meaning ) Tj ET Q q 0 0 0 rg BT 91.20 671.65 Td (of ) Tj ET Q q 0 0 0 rg BT 101.38 671.65 Td (applicable ) Tj ET Q q 0 0 0 rg BT 144.58 671.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 185.27 671.65 Td (laws. ) Tj ET Q q 0 0 0 rg BT 208.27 671.65 Td (The ) Tj ET Q q 0 0 0 rg BT 226.46 671.65 Td (use ) Tj ET Q q 0 0 0 rg BT 243.64 671.65 Td (of ) Tj ET Q q 0 0 0 rg BT 253.82 671.65 Td (any ) Tj ET Q q 0 0 0 rg BT 271.00 671.65 Td (of ) Tj ET Q q 0 0 0 rg BT 281.18 671.65 Td (the ) Tj ET Q q 0 0 0 rg BT 296.37 671.65 Td (words ) Tj ET Q q 0 0 0 rg BT 323.05 671.65 Td (anticipate, ) Tj ET Q q 0 0 0 rg BT 372.75 671.65 Td (except, ) Tj ET Q q 0 0 0 rg BT 410.43 671.65 Td (project, ) Tj ET Q q 0 0 0 rg BT 448.61 671.65 Td (plan, ) Tj ET Q q 0 0 0 rg BT 476.80 671.65 Td (estimate, ) Tj ET Q q 0 0 0 rg BT 521.98 671.65 Td (budget, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 660.85 Td (will, ) Tj ET Q q 0 0 0 rg BT 78.69 660.85 Td (strategy, ) Tj ET Q q 0 0 0 rg BT 122.90 660.85 Td (ongoing, ) Tj ET Q q 0 0 0 rg BT 167.13 660.85 Td (potential, ) Tj ET Q q 0 0 0 rg BT 213.35 660.85 Td (believe, ) Tj ET Q q 0 0 0 rg BT 254.06 660.85 Td (continue" ) Tj ET Q q 0 0 0 rg BT 297.98 660.85 Td (and ) Tj ET Q q 0 0 0 rg BT 316.69 660.85 Td (similar ) Tj ET Q q 0 0 0 rg BT 346.39 660.85 Td (expressions ) Tj ET Q q 0 0 0 rg BT 398.11 660.85 Td (are ) Tj ET Q q 0 0 0 rg BT 414.82 660.85 Td (intended ) Tj ET Q q 0 0 0 rg BT 453.05 660.85 Td (to ) Tj ET Q q 0 0 0 rg BT 464.26 660.85 Td (identify ) Tj ET Q q 0 0 0 rg BT 496.47 660.85 Td (forward-looking ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 650.05 Td (information. ) Tj ET Q q 0 0 0 rg BT 104.15 650.05 Td ( ) Tj ET Q q 0 0 0 rg BT 106.66 650.05 Td (Any ) Tj ET Q q 0 0 0 rg BT 125.29 650.05 Td ("financial ) Tj ET Q q 0 0 0 rg BT 164.64 650.05 Td (outlook" ) Tj ET Q q 0 0 0 rg BT 199.98 650.05 Td (or ) Tj ET Q q 0 0 0 rg BT 211.11 650.05 Td ("future ) Tj ET Q q 0 0 0 rg BT 240.45 650.05 Td (orientated ) Tj ET Q q 0 0 0 rg BT 283.60 650.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 319.75 650.05 Td (information" ) Tj ET Q q 0 0 0 rg BT 370.60 650.05 Td (in ) Tj ET Q q 0 0 0 rg BT 380.73 650.05 Td (the ) Tj ET Q q 0 0 0 rg BT 395.75 650.05 Td (Annual ) Tj ET Q q 0 0 0 rg BT 426.90 650.05 Td (Report, ) Tj ET Q q 0 0 0 rg BT 459.54 650.05 Td (as ) Tj ET Q q 0 0 0 rg BT 472.17 650.05 Td (defined ) Tj ET Q q 0 0 0 rg BT 504.83 650.05 Td (by ) Tj ET Q q 0 0 0 rg BT 517.46 650.05 Td (applicable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 639.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 95.93 639.25 Td (laws, ) Tj ET Q q 0 0 0 rg BT 120.36 639.25 Td (has ) Tj ET Q q 0 0 0 rg BT 138.79 639.25 Td (been ) Tj ET Q q 0 0 0 rg BT 162.73 639.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 204.18 639.25 Td (by ) Tj ET Q q 0 0 0 rg BT 217.60 639.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.04 639.25 Td (management ) Tj ET Q q 0 0 0 rg BT 290.49 639.25 Td (of ) Tj ET Q q 0 0 0 rg BT 301.91 639.25 Td (Bonavista. ) Tj ET Q q 0 0 0 rg BT 347.86 639.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 372.29 639.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.23 639.25 Td (outlook ) Tj ET Q q 0 0 0 rg BT 442.17 639.25 Td (or ) Tj ET Q q 0 0 0 rg BT 454.10 639.25 Td (future ) Tj ET Q q 0 0 0 rg BT 481.03 639.25 Td (orientated ) Tj ET Q q 0 0 0 rg BT 524.98 639.25 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 628.45 Td (information ) Tj ET Q q 0 0 0 rg BT 101.08 628.45 Td (is ) Tj ET Q q 0 0 0 rg BT 110.15 628.45 Td (provided ) Tj ET Q q 0 0 0 rg BT 147.23 628.45 Td (for ) Tj ET Q q 0 0 0 rg BT 160.30 628.45 Td (the ) Tj ET Q q 0 0 0 rg BT 175.37 628.45 Td (purpose ) Tj ET Q q 0 0 0 rg BT 210.46 628.45 Td (of ) Tj ET Q q 0 0 0 rg BT 220.53 628.45 Td (providing ) Tj ET Q q 0 0 0 rg BT 259.61 628.45 Td (information ) Tj ET Q q 0 0 0 rg BT 306.70 628.45 Td (about ) Tj ET Q q 0 0 0 rg BT 331.78 628.45 Td (management's ) Tj ET Q q 0 0 0 rg BT 393.10 628.45 Td (current ) Tj ET Q q 0 0 0 rg BT 423.67 628.45 Td (expectations ) Tj ET Q q 0 0 0 rg BT 476.77 628.45 Td (and ) Tj ET Q q 0 0 0 rg BT 494.35 628.45 Td (plans ) Tj ET Q q 0 0 0 rg BT 518.42 628.45 Td (relating ) Tj ET Q q 0 0 0 rg BT 550.51 628.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 617.65 Td (the ) Tj ET Q q 0 0 0 rg BT 69.01 617.65 Td (future. ) Tj ET Q q 0 0 0 rg BT 97.03 617.65 Td (Readers ) Tj ET Q q 0 0 0 rg BT 133.55 617.65 Td (are ) Tj ET Q q 0 0 0 rg BT 149.05 617.65 Td (cautioned ) Tj ET Q q 0 0 0 rg BT 190.59 617.65 Td (that ) Tj ET Q q 0 0 0 rg BT 208.10 617.65 Td (reliance ) Tj ET Q q 0 0 0 rg BT 242.12 617.65 Td (on ) Tj ET Q q 0 0 0 rg BT 254.63 617.65 Td (such ) Tj ET Q q 0 0 0 rg BT 276.14 617.65 Td (information ) Tj ET Q q 0 0 0 rg BT 323.16 617.65 Td (may ) Tj ET Q q 0 0 0 rg BT 342.66 617.65 Td (not ) Tj ET Q q 0 0 0 rg BT 357.68 617.65 Td (be ) Tj ET Q q 0 0 0 rg BT 370.19 617.65 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 418.22 617.65 Td (for ) Tj ET Q q 0 0 0 rg BT 431.22 617.65 Td (other ) Tj ET Q q 0 0 0 rg BT 454.24 617.65 Td (purposes. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 600.85 Td (In ) Tj ET Q q 0 0 0 rg BT 64.01 600.85 Td (particular) Tj ET Q q 0 0 0 rg BT 100.52 600.85 Td (, ) Tj ET Q q 0 0 0 rg BT 105.53 600.85 Td (but ) Tj ET Q q 0 0 0 rg BT 120.54 600.85 Td (without ) Tj ET Q q 0 0 0 rg BT 151.55 600.85 Td (limiting ) Tj ET Q q 0 0 0 rg BT 182.06 600.85 Td (the ) Tj ET Q q 0 0 0 rg BT 197.07 600.85 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 239.60 600.85 Td (this ) Tj ET Q q 0 0 0 rg BT 256.11 600.85 Td (document ) Tj ET Q q 0 0 0 rg BT 298.13 600.85 Td (contains ) Tj ET Q q 0 0 0 rg BT 334.16 600.85 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 398.18 600.85 Td (information ) Tj ET Q q 0 0 0 rg BT 445.21 600.85 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 487.23 600.85 Td (to ) Tj ET Q q 0 0 0 rg BT 497.24 600.85 Td (the ) Tj ET Q q 0 0 0 rg BT 512.25 600.85 Td (following: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 585.85 Td (Forecasted capital expenditures for 2017 including drilling, exploration and development plans, acquisition and disposition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 575.05 Td (activities and expected future drilling locations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 560.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 560.05 Td (Expected development economics for certain properties in 2017;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 545.05 Td (Expected 2017 total and fourth quarter average production volumes and anticipated product mix;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 530.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 530.05 Td (Expected 2017 oil, gas and natural gas liquids production volumes;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 515.05 Td (Expected realized oil, gas and natural gas liquids prices and the dif) Tj ET Q q 0 0 0 rg BT 338.00 515.05 Td (ferentials resulting from our financial risk management ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 504.25 Td (program in 2017;) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 490.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 490.45 Td (The benefits of Bonavista's hedging portfolio;) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 476.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 476.65 Td (Expected 2017 funds from operations;) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 462.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 462.85 Td (Anticipated rate of return and future payout;) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 449.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 449.05 Td (Expected exit 2017 net debt to flow of funds from operations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 434.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 434.05 Td (The objective to manage net debt to funds from operations to be well positioned to create shareholder value and organic ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 423.25 Td (growth;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 408.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 408.25 Td (Expected impact of the MRF program on royalty rates and operations; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 393.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 393.25 Td (Expected impact of the Climate Leadership Plan on operating expenses and operations.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 376.45 Td (References ) Tj ET Q q 0 0 0 rg BT 101.96 376.45 Td (to ) Tj ET Q q 0 0 0 rg BT 111.40 376.45 Td (2017 ) Tj ET Q q 0 0 0 rg BT 133.35 376.45 Td (drilling ) Tj ET Q q 0 0 0 rg BT 161.29 376.45 Td (locations ) Tj ET Q q 0 0 0 rg BT 198.75 376.45 Td (and ) Tj ET Q q 0 0 0 rg BT 215.70 376.45 Td (future ) Tj ET Q q 0 0 0 rg BT 240.64 376.45 Td (drilling ) Tj ET Q q 0 0 0 rg BT 268.59 376.45 Td (locations ) Tj ET Q q 0 0 0 rg BT 306.04 376.45 Td (do ) Tj ET Q q 0 0 0 rg BT 317.98 376.45 Td (not ) Tj ET Q q 0 0 0 rg BT 332.43 376.45 Td (provide ) Tj ET Q q 0 0 0 rg BT 363.88 376.45 Td (certainty ) Tj ET Q q 0 0 0 rg BT 399.82 376.45 Td (that ) Tj ET Q q 0 0 0 rg BT 416.77 376.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 458.23 376.45 Td (will ) Tj ET Q q 0 0 0 rg BT 472.66 376.45 Td (drill ) Tj ET Q q 0 0 0 rg BT 488.59 376.45 Td (all ) Tj ET Q q 0 0 0 rg BT 499.53 376.45 Td (unbooked ) Tj ET Q q 0 0 0 rg BT 541.00 376.45 Td (drilling ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 365.65 Td (locations ) Tj ET Q q 0 0 0 rg BT 91.63 365.65 Td (and ) Tj ET Q q 0 0 0 rg BT 108.75 365.65 Td (if ) Tj ET Q q 0 0 0 rg BT 115.36 365.65 Td (drilled ) Tj ET Q q 0 0 0 rg BT 141.48 365.65 Td (there ) Tj ET Q q 0 0 0 rg BT 164.10 365.65 Td (is ) Tj ET Q q 0 0 0 rg BT 172.71 365.65 Td (no ) Tj ET Q q 0 0 0 rg BT 184.83 365.65 Td (certainty ) Tj ET Q q 0 0 0 rg BT 220.95 365.65 Td (that ) Tj ET Q q 0 0 0 rg BT 238.07 365.65 Td (such ) Tj ET Q q 0 0 0 rg BT 259.19 365.65 Td (locations ) Tj ET Q q 0 0 0 rg BT 296.82 365.65 Td (will ) Tj ET Q q 0 0 0 rg BT 311.43 365.65 Td (result ) Tj ET Q q 0 0 0 rg BT 335.54 365.65 Td (in ) Tj ET Q q 0 0 0 rg BT 344.66 365.65 Td (additional ) Tj ET Q q 0 0 0 rg BT 385.30 365.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 396.41 365.65 Td (and ) Tj ET Q q 0 0 0 rg BT 413.54 365.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 430.15 365.65 Td (reserves ) Tj ET Q q 0 0 0 rg BT 466.77 365.65 Td (or ) Tj ET Q q 0 0 0 rg BT 476.88 365.65 Td (production. ) Tj ET Q q 0 0 0 rg BT 523.39 365.65 Td (The ) Tj ET Q q 0 0 0 rg BT 541.00 365.65 Td (drilling ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 354.85 Td (locations ) Tj ET Q q 0 0 0 rg BT 91.15 354.85 Td (on ) Tj ET Q q 0 0 0 rg BT 102.79 354.85 Td (which ) Tj ET Q q 0 0 0 rg BT 127.44 354.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 168.59 354.85 Td (actually ) Tj ET Q q 0 0 0 rg BT 200.74 354.85 Td (drills ) Tj ET Q q 0 0 0 rg BT 220.87 354.85 Td (wells ) Tj ET Q q 0 0 0 rg BT 242.51 354.85 Td (will ) Tj ET Q q 0 0 0 rg BT 256.64 354.85 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 296.28 354.85 Td (depend ) Tj ET Q q 0 0 0 rg BT 327.94 354.85 Td (upon ) Tj ET Q q 0 0 0 rg BT 349.60 354.85 Td (the ) Tj ET Q q 0 0 0 rg BT 363.74 354.85 Td (availability ) Tj ET Q q 0 0 0 rg BT 406.89 354.85 Td (of ) Tj ET Q q 0 0 0 rg BT 416.03 354.85 Td (capital, ) Tj ET Q q 0 0 0 rg BT 446.17 354.85 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 487.83 354.85 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 530.98 354.85 Td (seasonal ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 344.05 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 101.83 344.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 112.65 344.05 Td (and ) Tj ET Q q 0 0 0 rg BT 129.49 344.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 158.83 344.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 175.16 344.05 Td (prices, ) Tj ET Q q 0 0 0 rg BT 203.48 344.05 Td (costs, ) Tj ET Q q 0 0 0 rg BT 228.81 344.05 Td (actual ) Tj ET Q q 0 0 0 rg BT 254.65 344.05 Td (drilling ) Tj ET Q q 0 0 0 rg BT 282.48 344.05 Td (results, ) Tj ET Q q 0 0 0 rg BT 313.30 344.05 Td (additional ) Tj ET Q q 0 0 0 rg BT 353.65 344.05 Td (reservoir ) Tj ET Q q 0 0 0 rg BT 390.48 344.05 Td (information ) Tj ET Q q 0 0 0 rg BT 436.82 344.05 Td (that ) Tj ET Q q 0 0 0 rg BT 453.65 344.05 Td (is ) Tj ET Q q 0 0 0 rg BT 461.97 344.05 Td (obtained ) Tj ET Q q 0 0 0 rg BT 498.32 344.05 Td (and ) Tj ET Q q 0 0 0 rg BT 515.16 344.05 Td (other ) Tj ET Q q 0 0 0 rg BT 537.49 344.05 Td (factors. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 333.25 Td (While ) Tj ET Q q 0 0 0 rg BT 78.84 333.25 Td (a ) Tj ET Q q 0 0 0 rg BT 86.19 333.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 115.54 333.25 Td (number ) Tj ET Q q 0 0 0 rg BT 148.39 333.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.23 333.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.08 333.25 Td (unbooked ) Tj ET Q q 0 0 0 rg BT 214.96 333.25 Td (drilling ) Tj ET Q q 0 0 0 rg BT 243.31 333.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 281.17 333.25 Td (have ) Tj ET Q q 0 0 0 rg BT 303.02 333.25 Td (been ) Tj ET Q q 0 0 0 rg BT 325.38 333.25 Td (derisked ) Tj ET Q q 0 0 0 rg BT 361.74 333.25 Td (by ) Tj ET Q q 0 0 0 rg BT 373.58 333.25 Td (drilling ) Tj ET Q q 0 0 0 rg BT 401.93 333.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 434.78 333.25 Td (wells ) Tj ET Q q 0 0 0 rg BT 457.12 333.25 Td (in ) Tj ET Q q 0 0 0 rg BT 466.47 333.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 497.82 333.25 Td (close ) Tj ET Q q 0 0 0 rg BT 521.17 333.25 Td (proximity ) Tj ET Q q 0 0 0 rg BT 559.51 333.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 322.45 Td (such ) Tj ET Q q 0 0 0 rg BT 77.32 322.45 Td (unbooked ) Tj ET Q q 0 0 0 rg BT 121.17 322.45 Td (drilling ) Tj ET Q q 0 0 0 rg BT 151.49 322.45 Td (locations, ) Tj ET Q q 0 0 0 rg BT 193.82 322.45 Td (some ) Tj ET Q q 0 0 0 rg BT 220.13 322.45 Td (of ) Tj ET Q q 0 0 0 rg BT 231.95 322.45 Td (our ) Tj ET Q q 0 0 0 rg BT 249.27 322.45 Td (other ) Tj ET Q q 0 0 0 rg BT 274.09 322.45 Td (unbooked ) Tj ET Q q 0 0 0 rg BT 317.94 322.45 Td (drilling ) Tj ET Q q 0 0 0 rg BT 348.26 322.45 Td (locations ) Tj ET Q q 0 0 0 rg BT 388.09 322.45 Td (are ) Tj ET Q q 0 0 0 rg BT 405.40 322.45 Td (farther ) Tj ET Q q 0 0 0 rg BT 435.72 322.45 Td (away ) Tj ET Q q 0 0 0 rg BT 461.04 322.45 Td (from ) Tj ET Q q 0 0 0 rg BT 483.35 322.45 Td (existing ) Tj ET Q q 0 0 0 rg BT 518.18 322.45 Td (wells ) Tj ET Q q 0 0 0 rg BT 542.49 322.45 Td (where ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 311.65 Td (management ) Tj ET Q q 0 0 0 rg BT 109.08 311.65 Td (has ) Tj ET Q q 0 0 0 rg BT 126.13 311.65 Td (less ) Tj ET Q q 0 0 0 rg BT 144.68 311.65 Td (information ) Tj ET Q q 0 0 0 rg BT 191.75 311.65 Td (about ) Tj ET Q q 0 0 0 rg BT 216.81 311.65 Td (the ) Tj ET Q q 0 0 0 rg BT 231.87 311.65 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 291.93 311.65 Td (of ) Tj ET Q q 0 0 0 rg BT 301.98 311.65 Td (the ) Tj ET Q q 0 0 0 rg BT 317.03 311.65 Td (reservoir ) Tj ET Q q 0 0 0 rg BT 354.59 311.65 Td (and ) Tj ET Q q 0 0 0 rg BT 372.15 311.65 Td (therefore ) Tj ET Q q 0 0 0 rg BT 410.71 311.65 Td (there ) Tj ET Q q 0 0 0 rg BT 433.77 311.65 Td (is ) Tj ET Q q 0 0 0 rg BT 442.81 311.65 Td (more ) Tj ET Q q 0 0 0 rg BT 465.86 311.65 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 512.43 311.65 Td (whether ) Tj ET Q q 0 0 0 rg BT 547.00 311.65 Td (wells ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 300.85 Td (will ) Tj ET Q q 0 0 0 rg BT 68.78 300.85 Td (be ) Tj ET Q q 0 0 0 rg BT 81.07 300.85 Td (drilled ) Tj ET Q q 0 0 0 rg BT 107.37 300.85 Td (in ) Tj ET Q q 0 0 0 rg BT 116.65 300.85 Td (such ) Tj ET Q q 0 0 0 rg BT 137.94 300.85 Td (locations ) Tj ET Q q 0 0 0 rg BT 175.75 300.85 Td (and ) Tj ET Q q 0 0 0 rg BT 193.05 300.85 Td (if ) Tj ET Q q 0 0 0 rg BT 199.83 300.85 Td (drilled ) Tj ET Q q 0 0 0 rg BT 226.12 300.85 Td (there ) Tj ET Q q 0 0 0 rg BT 248.92 300.85 Td (is ) Tj ET Q q 0 0 0 rg BT 257.70 300.85 Td (more ) Tj ET Q q 0 0 0 rg BT 280.48 300.85 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 326.79 300.85 Td (that ) Tj ET Q q 0 0 0 rg BT 344.08 300.85 Td (such ) Tj ET Q q 0 0 0 rg BT 365.38 300.85 Td (wells ) Tj ET Q q 0 0 0 rg BT 387.66 300.85 Td (will ) Tj ET Q q 0 0 0 rg BT 402.44 300.85 Td (result ) Tj ET Q q 0 0 0 rg BT 426.73 300.85 Td (in ) Tj ET Q q 0 0 0 rg BT 436.02 300.85 Td (additional ) Tj ET Q q 0 0 0 rg BT 476.83 300.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 488.12 300.85 Td (and ) Tj ET Q q 0 0 0 rg BT 505.41 300.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 522.21 300.85 Td (reserves ) Tj ET Q q 0 0 0 rg BT 559.00 300.85 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 290.05 Td (production. ) Tj ET Q q 0 0 0 rg BT 100.82 290.05 Td (In ) Tj ET Q q 0 0 0 rg BT 110.61 290.05 Td (addition, ) Tj ET Q q 0 0 0 rg BT 146.93 290.05 Td (references ) Tj ET Q q 0 0 0 rg BT 191.74 290.05 Td (made ) Tj ET Q q 0 0 0 rg BT 216.54 290.05 Td (in ) Tj ET Q q 0 0 0 rg BT 225.83 290.05 Td (the ) Tj ET Q q 0 0 0 rg BT 240.18 290.05 Td (Annual ) Tj ET Q q 0 0 0 rg BT 270.49 290.05 Td (Report ) Tj ET Q q 0 0 0 rg BT 299.79 290.05 Td (to ) Tj ET Q q 0 0 0 rg BT 309.58 290.05 Td (initial ) Tj ET Q q 0 0 0 rg BT 332.38 290.05 Td (production ) Tj ET Q q 0 0 0 rg BT 376.70 290.05 Td (rates, ) Tj ET Q q 0 0 0 rg BT 401.49 290.05 Td (and ) Tj ET Q q 0 0 0 rg BT 418.80 290.05 Td (other ) Tj ET Q q 0 0 0 rg BT 441.60 290.05 Td (short-term ) Tj ET Q q 0 0 0 rg BT 487.39 290.05 Td (production ) Tj ET Q q 0 0 0 rg BT 531.71 290.05 Td (rates ) Tj ET Q q 0 0 0 rg BT 554.01 290.05 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 279.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 80.48 279.25 Td (in ) Tj ET Q q 0 0 0 rg BT 89.95 279.25 Td (confirming ) Tj ET Q q 0 0 0 rg BT 133.92 279.25 Td (the ) Tj ET Q q 0 0 0 rg BT 148.90 279.25 Td (presence ) Tj ET Q q 0 0 0 rg BT 188.38 279.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.35 279.25 Td (hydrocarbons, ) Tj ET Q q 0 0 0 rg BT 257.85 279.25 Td (however ) Tj ET Q q 0 0 0 rg BT 294.33 279.25 Td (such ) Tj ET Q q 0 0 0 rg BT 315.80 279.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 338.27 279.25 Td (are ) Tj ET Q q 0 0 0 rg BT 353.74 279.25 Td (not ) Tj ET Q q 0 0 0 rg BT 368.71 279.25 Td (determinative ) Tj ET Q q 0 0 0 rg BT 425.20 279.25 Td (of ) Tj ET Q q 0 0 0 rg BT 437.67 279.25 Td (the ) Tj ET Q q 0 0 0 rg BT 452.65 279.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 475.12 279.25 Td (at ) Tj ET Q q 0 0 0 rg BT 485.08 279.25 Td (which ) Tj ET Q q 0 0 0 rg BT 510.56 279.25 Td (such ) Tj ET Q q 0 0 0 rg BT 532.03 279.25 Td (wells ) Tj ET Q q 0 0 0 rg BT 554.50 279.25 Td (will ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 268.45 Td (commence ) Tj ET Q q 0 0 0 rg BT 100.55 268.45 Td (production ) Tj ET Q q 0 0 0 rg BT 145.11 268.45 Td (and ) Tj ET Q q 0 0 0 rg BT 162.66 268.45 Td (decline ) Tj ET Q q 0 0 0 rg BT 193.72 268.45 Td (thereafter ) Tj ET Q q 0 0 0 rg BT 234.77 268.45 Td (and ) Tj ET Q q 0 0 0 rg BT 252.32 268.45 Td (are ) Tj ET Q q 0 0 0 rg BT 267.86 268.45 Td (not ) Tj ET Q q 0 0 0 rg BT 282.91 268.45 Td (indicative ) Tj ET Q q 0 0 0 rg BT 322.96 268.45 Td (of ) Tj ET Q q 0 0 0 rg BT 333.00 268.45 Td (long ) Tj ET Q q 0 0 0 rg BT 352.55 268.45 Td (term ) Tj ET Q q 0 0 0 rg BT 373.09 268.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 426.14 268.45 Td (or ) Tj ET Q q 0 0 0 rg BT 436.68 268.45 Td (of ) Tj ET Q q 0 0 0 rg BT 446.72 268.45 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 480.77 268.45 Td (recovery) Tj ET Q q 0 0 0 rg BT 514.61 268.45 Td (. ) Tj ET Q q 0 0 0 rg BT 519.14 268.45 Td (Additionally) Tj ET Q q 0 0 0 rg BT 564.50 268.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 257.65 Td (such ) Tj ET Q q 0 0 0 rg BT 74.70 257.65 Td (rates ) Tj ET Q q 0 0 0 rg BT 96.39 257.65 Td (may ) Tj ET Q q 0 0 0 rg BT 115.08 257.65 Td (also ) Tj ET Q q 0 0 0 rg BT 133.28 257.65 Td (include ) Tj ET Q q 0 0 0 rg BT 163.48 257.65 Td (recovered ) Tj ET Q q 0 0 0 rg BT 205.19 257.65 Td ("load ) Tj ET Q q 0 0 0 rg BT 227.09 257.65 Td (oil" ) Tj ET Q q 0 0 0 rg BT 240.97 257.65 Td (fluids ) Tj ET Q q 0 0 0 rg BT 263.67 257.65 Td (used ) Tj ET Q q 0 0 0 rg BT 284.87 257.65 Td (in ) Tj ET Q q 0 0 0 rg BT 293.56 257.65 Td (well ) Tj ET Q q 0 0 0 rg BT 310.75 257.65 Td (completion ) Tj ET Q q 0 0 0 rg BT 355.96 257.65 Td (stimulation. ) Tj ET Q q 0 0 0 rg BT 403.16 257.65 Td (While ) Tj ET Q q 0 0 0 rg BT 427.35 257.65 Td (encouraging, ) Tj ET Q q 0 0 0 rg BT 481.08 257.65 Td (readers ) Tj ET Q q 0 0 0 rg BT 513.28 257.65 Td (are ) Tj ET Q q 0 0 0 rg BT 527.98 257.65 Td (cautioned ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 246.85 Td (not ) Tj ET Q q 0 0 0 rg BT 68.92 246.85 Td (to ) Tj ET Q q 0 0 0 rg BT 78.83 246.85 Td (place ) Tj ET Q q 0 0 0 rg BT 102.75 246.85 Td (reliance ) Tj ET Q q 0 0 0 rg BT 136.67 246.85 Td (on ) Tj ET Q q 0 0 0 rg BT 149.09 246.85 Td (such ) Tj ET Q q 0 0 0 rg BT 170.50 246.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 192.92 246.85 Td (in ) Tj ET Q q 0 0 0 rg BT 202.33 246.85 Td (calculating ) Tj ET Q q 0 0 0 rg BT 247.26 246.85 Td (the ) Tj ET Q q 0 0 0 rg BT 262.17 246.85 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 305.12 246.85 Td (production ) Tj ET Q q 0 0 0 rg BT 349.55 246.85 Td (for ) Tj ET Q q 0 0 0 rg BT 362.46 246.85 Td (Bonavista. ) Tj ET Q q 0 0 0 rg BT 406.41 246.85 Td (A) Tj ET Q q 0 0 0 rg BT 411.92 246.85 Td ( ) Tj ET Q q 0 0 0 rg BT 414.32 246.85 Td (pressure ) Tj ET Q q 0 0 0 rg BT 451.74 246.85 Td (transient ) Tj ET Q q 0 0 0 rg BT 488.67 246.85 Td (analysis ) Tj ET Q q 0 0 0 rg BT 523.59 246.85 Td (or ) Tj ET Q q 0 0 0 rg BT 534.00 246.85 Td (well-test ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 236.05 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 107.92 236.05 Td (has ) Tj ET Q q 0 0 0 rg BT 123.81 236.05 Td (not ) Tj ET Q q 0 0 0 rg BT 137.70 236.05 Td (been ) Tj ET Q q 0 0 0 rg BT 159.11 236.05 Td (carried ) Tj ET Q q 0 0 0 rg BT 188.00 236.05 Td (out ) Tj ET Q q 0 0 0 rg BT 201.90 236.05 Td (in ) Tj ET Q q 0 0 0 rg BT 210.28 236.05 Td (respect ) Tj ET Q q 0 0 0 rg BT 241.18 236.05 Td (of ) Tj ET Q q 0 0 0 rg BT 250.07 236.05 Td (all ) Tj ET Q q 0 0 0 rg BT 260.46 236.05 Td (wells. ) Tj ET Q q 0 0 0 rg BT 284.07 236.05 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 329.92 236.05 Td (, ) Tj ET Q q 0 0 0 rg BT 333.81 236.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 374.72 236.05 Td (cautions ) Tj ET Q q 0 0 0 rg BT 409.62 236.05 Td (that ) Tj ET Q q 0 0 0 rg BT 426.02 236.05 Td (the ) Tj ET Q q 0 0 0 rg BT 439.91 236.05 Td (test ) Tj ET Q q 0 0 0 rg BT 455.80 236.05 Td (results ) Tj ET Q q 0 0 0 rg BT 483.69 236.05 Td (should ) Tj ET Q q 0 0 0 rg BT 511.59 236.05 Td (be ) Tj ET Q q 0 0 0 rg BT 522.99 236.05 Td (considered ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 225.25 Td (to ) Tj ET Q q 0 0 0 rg BT 64.01 225.25 Td (be ) Tj ET Q q 0 0 0 rg BT 76.52 225.25 Td (preliminary) Tj ET Q q 0 0 0 rg BT 119.86 225.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 208.45 Td (By ) Tj ET Q q 0 0 0 rg BT 66.53 208.45 Td (their ) Tj ET Q q 0 0 0 rg BT 86.06 208.45 Td (nature, ) Tj ET Q q 0 0 0 rg BT 116.10 208.45 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 179.66 208.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 225.70 208.45 Td (are ) Tj ET Q q 0 0 0 rg BT 240.73 208.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 271.27 208.45 Td (to ) Tj ET Q q 0 0 0 rg BT 280.80 208.45 Td (numerous ) Tj ET Q q 0 0 0 rg BT 322.85 208.45 Td (risks ) Tj ET Q q 0 0 0 rg BT 343.37 208.45 Td (and ) Tj ET Q q 0 0 0 rg BT 360.41 208.45 Td (uncertainties; ) Tj ET Q q 0 0 0 rg BT 415.96 208.45 Td (some ) Tj ET Q q 0 0 0 rg BT 440.00 208.45 Td (of ) Tj ET Q q 0 0 0 rg BT 449.53 208.45 Td (which ) Tj ET Q q 0 0 0 rg BT 474.56 208.45 Td (are ) Tj ET Q q 0 0 0 rg BT 489.59 208.45 Td (beyond ) Tj ET Q q 0 0 0 rg BT 521.14 208.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 562.51 208.45 Td (s ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 197.65 Td (control, ) Tj ET Q q 0 0 0 rg BT 86.50 197.65 Td (including ) Tj ET Q q 0 0 0 rg BT 125.00 197.65 Td (the ) Tj ET Q q 0 0 0 rg BT 140.50 197.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 169.99 197.65 Td (of ) Tj ET Q q 0 0 0 rg BT 180.48 197.65 Td (general ) Tj ET Q q 0 0 0 rg BT 213.48 197.65 Td (economic ) Tj ET Q q 0 0 0 rg BT 254.99 197.65 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 308.49 197.65 Td (and ) Tj ET Q q 0 0 0 rg BT 326.49 197.65 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 372.50 197.65 Td (industry ) Tj ET Q q 0 0 0 rg BT 407.00 197.65 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 460.50 197.65 Td (and ) Tj ET Q q 0 0 0 rg BT 478.50 197.65 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 524.51 197.65 Td (volatility ) Tj ET Q q 0 0 0 rg BT 559.51 197.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 186.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 99.96 186.85 Td (prices, ) Tj ET Q q 0 0 0 rg BT 128.92 186.85 Td (currency ) Tj ET Q q 0 0 0 rg BT 165.88 186.85 Td (fluctuations, ) Tj ET Q q 0 0 0 rg BT 216.35 186.85 Td (imprecision ) Tj ET Q q 0 0 0 rg BT 264.32 186.85 Td (of ) Tj ET Q q 0 0 0 rg BT 274.27 186.85 Td (reserve ) Tj ET Q q 0 0 0 rg BT 306.73 186.85 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 350.19 186.85 Td (environmental ) Tj ET Q q 0 0 0 rg BT 409.17 186.85 Td (risks, ) Tj ET Q q 0 0 0 rg BT 432.62 186.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 469.10 186.85 Td (in ) Tj ET Q q 0 0 0 rg BT 478.55 186.85 Td (environmental ) Tj ET Q q 0 0 0 rg BT 537.53 186.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 551.99 186.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 176.05 Td (royalty ) Tj ET Q q 0 0 0 rg BT 82.84 176.05 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 127.69 176.05 Td (competition ) Tj ET Q q 0 0 0 rg BT 176.04 176.05 Td (from ) Tj ET Q q 0 0 0 rg BT 196.37 176.05 Td (other ) Tj ET Q q 0 0 0 rg BT 219.21 176.05 Td (industry ) Tj ET Q q 0 0 0 rg BT 253.05 176.05 Td (participants, ) Tj ET Q q 0 0 0 rg BT 303.91 176.05 Td (the ) Tj ET Q q 0 0 0 rg BT 318.75 176.05 Td (lack ) Tj ET Q q 0 0 0 rg BT 337.08 176.05 Td (of ) Tj ET Q q 0 0 0 rg BT 346.91 176.05 Td (availability ) Tj ET Q q 0 0 0 rg BT 390.76 176.05 Td (of ) Tj ET Q q 0 0 0 rg BT 400.59 176.05 Td (qualified ) Tj ET Q q 0 0 0 rg BT 436.45 176.05 Td (personnel ) Tj ET Q q 0 0 0 rg BT 478.30 176.05 Td (or ) Tj ET Q q 0 0 0 rg BT 488.64 176.05 Td (management, ) Tj ET Q q 0 0 0 rg BT 546.00 176.05 Td (stock ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 165.25 Td (market ) Tj ET Q q 0 0 0 rg BT 82.94 165.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 116.39 165.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.85 165.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 157.30 165.25 Td (to ) Tj ET Q q 0 0 0 rg BT 166.24 165.25 Td (access ) Tj ET Q q 0 0 0 rg BT 195.69 165.25 Td (suf) Tj ET Q q 0 0 0 rg BT 207.54 165.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 232.49 165.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 259.94 165.25 Td (from ) Tj ET Q q 0 0 0 rg BT 279.38 165.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 310.34 165.25 Td (and ) Tj ET Q q 0 0 0 rg BT 326.80 165.25 Td (external ) Tj ET Q q 0 0 0 rg BT 360.25 165.25 Td (sources. ) Tj ET Q q 0 0 0 rg BT 395.71 165.25 Td (Readers ) Tj ET Q q 0 0 0 rg BT 431.16 165.25 Td (are ) Tj ET Q q 0 0 0 rg BT 445.61 165.25 Td (cautioned ) Tj ET Q q 0 0 0 rg BT 486.08 165.25 Td (that ) Tj ET Q q 0 0 0 rg BT 502.53 165.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.48 165.25 Td (assumptions ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 154.45 Td (used ) Tj ET Q q 0 0 0 rg BT 75.82 154.45 Td (in ) Tj ET Q q 0 0 0 rg BT 85.12 154.45 Td (the ) Tj ET Q q 0 0 0 rg BT 99.93 154.45 Td (preparation ) Tj ET Q q 0 0 0 rg BT 147.77 154.45 Td (of ) Tj ET Q q 0 0 0 rg BT 157.57 154.45 Td (such ) Tj ET Q q 0 0 0 rg BT 178.88 154.45 Td (information, ) Tj ET Q q 0 0 0 rg BT 228.20 154.45 Td (although ) Tj ET Q q 0 0 0 rg BT 265.04 154.45 Td (considered ) Tj ET Q q 0 0 0 rg BT 311.37 154.45 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 358.20 154.45 Td (at ) Tj ET Q q 0 0 0 rg BT 368.01 154.45 Td (the ) Tj ET Q q 0 0 0 rg BT 382.82 154.45 Td (time ) Tj ET Q q 0 0 0 rg BT 402.12 154.45 Td (of ) Tj ET Q q 0 0 0 rg BT 411.93 154.45 Td (preparation, ) Tj ET Q q 0 0 0 rg BT 462.26 154.45 Td (may ) Tj ET Q q 0 0 0 rg BT 481.56 154.45 Td (prove ) Tj ET Q q 0 0 0 rg BT 506.38 154.45 Td (to ) Tj ET Q q 0 0 0 rg BT 516.18 154.45 Td (be ) Tj ET Q q 0 0 0 rg BT 528.49 154.45 Td (imprecise ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 143.65 Td (and, ) Tj ET Q q 0 0 0 rg BT 75.07 143.65 Td (as ) Tj ET Q q 0 0 0 rg BT 88.13 143.65 Td (such, ) Tj ET Q q 0 0 0 rg BT 113.20 143.65 Td (undue ) Tj ET Q q 0 0 0 rg BT 141.78 143.65 Td (reliance ) Tj ET Q q 0 0 0 rg BT 176.85 143.65 Td (should ) Tj ET Q q 0 0 0 rg BT 206.93 143.65 Td (not ) Tj ET Q q 0 0 0 rg BT 223.00 143.65 Td (be ) Tj ET Q q 0 0 0 rg BT 236.56 143.65 Td (placed ) Tj ET Q q 0 0 0 rg BT 266.64 143.65 Td (on ) Tj ET Q q 0 0 0 rg BT 280.20 143.65 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 345.29 143.65 Td (statements. ) Tj ET Q q 0 0 0 rg BT 395.36 143.65 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 436.72 143.65 Td (s ) Tj ET Q q 0 0 0 rg BT 444.78 143.65 Td (actual ) Tj ET Q q 0 0 0 rg BT 472.35 143.65 Td (results, ) Tj ET Q q 0 0 0 rg BT 504.91 143.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 558.99 143.65 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 132.85 Td (achievement ) Tj ET Q q 0 0 0 rg BT 107.72 132.85 Td (could ) Tj ET Q q 0 0 0 rg BT 131.92 132.85 Td (dif) Tj ET Q q 0 0 0 rg BT 141.27 132.85 Td (fer ) Tj ET Q q 0 0 0 rg BT 154.46 132.85 Td (materially ) Tj ET Q q 0 0 0 rg BT 195.66 132.85 Td (from ) Tj ET Q q 0 0 0 rg BT 216.35 132.85 Td (those ) Tj ET Q q 0 0 0 rg BT 241.06 132.85 Td (expressed ) Tj ET Q q 0 0 0 rg BT 285.27 132.85 Td (in, ) Tj ET Q q 0 0 0 rg BT 297.47 132.85 Td (or ) Tj ET Q q 0 0 0 rg BT 308.16 132.85 Td (implied ) Tj ET Q q 0 0 0 rg BT 339.36 132.85 Td (by) Tj ET Q q 0 0 0 rg BT 348.20 132.85 Td (, ) Tj ET Q q 0 0 0 rg BT 353.39 132.85 Td (these ) Tj ET Q q 0 0 0 rg BT 378.09 132.85 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 442.31 132.85 Td (statements ) Tj ET Q q 0 0 0 rg BT 489.02 132.85 Td (or ) Tj ET Q q 0 0 0 rg BT 499.71 132.85 Td (if ) Tj ET Q q 0 0 0 rg BT 506.90 132.85 Td (any ) Tj ET Q q 0 0 0 rg BT 524.10 132.85 Td (of ) Tj ET Q q 0 0 0 rg BT 534.30 132.85 Td (them ) Tj ET Q q 0 0 0 rg BT 557.00 132.85 Td (do ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 122.05 Td (so, ) Tj ET Q q 0 0 0 rg BT 69.41 122.05 Td (what ) Tj ET Q q 0 0 0 rg BT 91.83 122.05 Td (benefits ) Tj ET Q q 0 0 0 rg BT 126.76 122.05 Td (that ) Tj ET Q q 0 0 0 rg BT 145.18 122.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 188.11 122.05 Td (will ) Tj ET Q q 0 0 0 rg BT 204.02 122.05 Td (derive ) Tj ET Q q 0 0 0 rg BT 231.94 122.05 Td (there ) Tj ET Q q 0 0 0 rg BT 255.86 122.05 Td (from. ) Tj ET Q q 0 0 0 rg BT 279.77 122.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 322.70 122.05 Td (disclaims ) Tj ET Q q 0 0 0 rg BT 363.12 122.05 Td (any ) Tj ET Q q 0 0 0 rg BT 381.03 122.05 Td (intention ) Tj ET Q q 0 0 0 rg BT 418.47 122.05 Td (or ) Tj ET Q q 0 0 0 rg BT 429.88 122.05 Td (obligation ) Tj ET Q q 0 0 0 rg BT 471.82 122.05 Td (to ) Tj ET Q q 0 0 0 rg BT 482.73 122.05 Td (update ) Tj ET Q q 0 0 0 rg BT 513.67 122.05 Td (or ) Tj ET Q q 0 0 0 rg BT 525.08 122.05 Td (revise ) Tj ET Q q 0 0 0 rg BT 552.49 122.05 Td (any ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 111.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 118.03 111.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 167.05 111.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 201.57 111.25 Td (as ) Tj ET Q q 0 0 0 rg BT 213.57 111.25 Td (a ) Tj ET Q q 0 0 0 rg BT 221.08 111.25 Td (result ) Tj ET Q q 0 0 0 rg BT 245.59 111.25 Td (of ) Tj ET Q q 0 0 0 rg BT 255.59 111.25 Td (new ) Tj ET Q q 0 0 0 rg BT 274.61 111.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 324.13 111.25 Td (future ) Tj ET Q q 0 0 0 rg BT 349.64 111.25 Td (events ) Tj ET Q q 0 0 0 rg BT 378.66 111.25 Td (or ) Tj ET Q q 0 0 0 rg BT 389.16 111.25 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 432.68 111.25 Td (except ) Tj ET Q q 0 0 0 rg BT 461.70 111.25 Td (as ) Tj ET Q q 0 0 0 rg BT 473.70 111.25 Td (required ) Tj ET Q q 0 0 0 rg BT 509.23 111.25 Td (by ) Tj ET Q q 0 0 0 rg BT 521.23 111.25 Td (law) Tj ET Q q 0 0 0 rg BT 534.24 111.25 Td (.) 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Corporation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 670.95 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 670.95 Td (e ) Tj ET Q q 0 0 0 rg BT 61.88 670.95 Td (have ) Tj ET Q q 0 0 0 rg BT 85.62 670.95 Td (audited ) Tj ET Q q 0 0 0 rg BT 120.48 670.95 Td (the ) Tj ET Q q 0 0 0 rg BT 136.44 670.95 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 202.98 670.95 Td (consolidatedfinancial ) Tj ET Q q 0 0 0 rg BT 300.66 670.95 Td (statements ) Tj ET Q q 0 0 0 rg BT 351.62 670.95 Td (of ) Tj ET Q q 0 0 0 rg BT 362.02 670.95 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 407.99 670.95 Td (Energy ) Tj ET Q q 0 0 0 rg BT 441.73 670.95 Td (Corporation, ) Tj ET Q q 0 0 0 rg BT 498.82 670.95 Td (which ) Tj ET Q q 0 0 0 rg BT 526.44 670.95 Td (comprise ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 658.95 Td (the ) Tj ET Q q 0 0 0 rg BT 62.09 658.95 Td (consolidatedstatements ) Tj ET Q q 0 0 0 rg BT 173.12 658.95 Td (of ) Tj ET Q q 0 0 0 rg BT 184.64 658.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.52 658.95 Td (position ) Tj ET Q q 0 0 0 rg BT 262.17 658.95 Td (as ) Tj ET Q q 0 0 0 rg BT 275.92 658.95 Td (at ) Tj ET Q q 0 0 0 rg BT 287.45 658.95 Td (December ) Tj ET Q q 0 0 0 rg BT 336.76 658.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 353.85 658.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 379.28 658.95 Td (and ) Tj ET Q q 0 0 0 rg BT 399.15 658.95 Td (December ) Tj ET Q q 0 0 0 rg BT 448.47 658.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 465.56 658.95 Td (2015, ) Tj ET Q q 0 0 0 rg BT 493.77 658.95 Td (the ) Tj ET Q q 0 0 0 rg BT 510.85 658.95 Td (consolidated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 646.95 Td (statements ) Tj ET Q q 0 0 0 rg BT 97.52 646.95 Td (of ) Tj ET Q q 0 0 0 rg BT 109.48 646.95 Td (loss ) Tj ET Q q 0 0 0 rg BT 130.88 646.95 Td (and ) Tj ET Q q 0 0 0 rg BT 151.17 646.95 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 222.60 646.95 Td (loss, ) Tj ET Q q 0 0 0 rg BT 246.78 646.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 288.20 646.95 Td (in ) Tj ET Q q 0 0 0 rg BT 299.59 646.95 Td (equity ) Tj ET Q q 0 0 0 rg BT 329.89 646.95 Td (and ) Tj ET Q q 0 0 0 rg BT 350.19 646.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 374.93 646.95 Td (flows ) Tj ET Q q 0 0 0 rg BT 401.32 646.95 Td (for ) Tj ET Q q 0 0 0 rg BT 416.61 646.95 Td (the ) Tj ET Q q 0 0 0 rg BT 434.12 646.95 Td (years ) Tj ET Q q 0 0 0 rg BT 462.19 646.95 Td (then ) Tj ET Q q 0 0 0 rg BT 485.27 646.95 Td (ended, ) Tj ET Q q 0 0 0 rg BT 519.47 646.95 Td (and ) Tj ET Q q 0 0 0 rg BT 539.76 646.95 Td (notes, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 634.95 Td (comprising ) Tj ET Q q 0 0 0 rg BT 96.13 634.95 Td (a ) Tj ET Q q 0 0 0 rg BT 104.47 634.95 Td (summary ) Tj ET Q q 0 0 0 rg BT 148.36 634.95 Td (of ) Tj ET Q q 0 0 0 rg BT 159.48 634.95 Td (significant ) Tj ET Q q 0 0 0 rg BT 206.72 634.95 Td (accounting ) Tj ET Q q 0 0 0 rg BT 257.87 634.95 Td (policies ) Tj ET Q q 0 0 0 rg BT 294.00 634.95 Td (and ) Tj ET Q q 0 0 0 rg BT 313.46 634.95 Td (other ) Tj ET Q q 0 0 0 rg BT 339.03 634.95 Td (explanatory ) Tj ET Q q 0 0 0 rg BT 393.51 634.95 Td (information.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 45.00 608.55 Td (Management) Tj ET Q q 0 0 0 rg BT 108.72 608.55 Td (s Responsibility for the ConsolidatedFinancial Statements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 590.55 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.74 590.55 Td (is ) Tj ET Q q 0 0 0 rg BT 119.33 590.55 Td (responsible ) Tj ET Q q 0 0 0 rg BT 174.84 590.55 Td (for ) Tj ET Q q 0 0 0 rg BT 190.87 590.55 Td (the ) Tj ET Q q 0 0 0 rg BT 209.14 590.55 Td (preparation ) Tj ET Q q 0 0 0 rg BT 264.10 590.55 Td (and ) Tj ET Q q 0 0 0 rg BT 285.15 590.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 303.41 590.55 Td (presentation ) Tj ET Q q 0 0 0 rg BT 362.82 590.55 Td (of ) Tj ET Q q 0 0 0 rg BT 375.53 590.55 Td (these ) Tj ET Q q 0 0 0 rg BT 404.36 590.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 464.88 590.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 505.94 590.55 Td (statements ) Tj ET Q q 0 0 0 rg BT 559.21 590.55 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 578.55 Td (accordance ) Tj ET Q q 0 0 0 rg BT 99.40 578.55 Td (with ) Tj ET Q q 0 0 0 rg BT 119.88 578.55 Td (International ) Tj ET Q q 0 0 0 rg BT 177.61 578.55 Td (Financial ) Tj ET Q q 0 0 0 rg BT 220.33 578.55 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 266.38 578.55 Td (Standards, ) Tj ET Q q 0 0 0 rg BT 317.45 578.55 Td (and ) Tj ET Q q 0 0 0 rg BT 336.83 578.55 Td (for ) Tj ET Q q 0 0 0 rg BT 351.19 578.55 Td (such ) Tj ET Q q 0 0 0 rg BT 375.01 578.55 Td (internal ) Tj ET Q q 0 0 0 rg BT 410.51 578.55 Td (control ) Tj ET Q q 0 0 0 rg BT 443.22 578.55 Td (as ) Tj ET Q q 0 0 0 rg BT 456.48 578.55 Td (management ) Tj ET Q q 0 0 0 rg BT 517.54 578.55 Td (determines ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 566.55 Td (is ) Tj ET Q q 0 0 0 rg BT 55.60 566.55 Td (necessary ) Tj ET Q q 0 0 0 rg BT 104.56 566.55 Td (to ) Tj ET Q q 0 0 0 rg BT 116.28 566.55 Td (enable ) Tj ET Q q 0 0 0 rg BT 149.68 566.55 Td (the ) Tj ET Q q 0 0 0 rg BT 166.97 566.55 Td (preparation ) Tj ET Q q 0 0 0 rg BT 220.94 566.55 Td (of ) Tj ET Q q 0 0 0 rg BT 232.65 566.55 Td (consolidatedfinancial ) Tj ET Q q 0 0 0 rg BT 331.65 566.55 Td (statements ) Tj ET Q q 0 0 0 rg BT 383.94 566.55 Td (that ) Tj ET Q q 0 0 0 rg BT 404.00 566.55 Td (are ) Tj ET Q q 0 0 0 rg BT 421.84 566.55 Td (free ) Tj ET Q q 0 0 0 rg BT 442.45 566.55 Td (from ) Tj ET Q q 0 0 0 rg BT 465.83 566.55 Td (material ) Tj ET Q q 0 0 0 rg BT 504.77 566.55 Td (misstatement, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 554.55 Td (whether ) Tj ET Q q 0 0 0 rg BT 83.35 554.55 Td (due ) Tj ET Q q 0 0 0 rg BT 102.82 554.55 Td (to ) Tj ET Q q 0 0 0 rg BT 113.94 554.55 Td (fraud ) Tj ET Q q 0 0 0 rg BT 139.51 554.55 Td (or ) Tj ET Q q 0 0 0 rg BT 151.18 554.55 Td (error) Tj ET Q q 0 0 0 rg BT 171.74 554.55 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 45.00 528.15 Td (Auditors) Tj ET Q q 0 0 0 rg BT 88.52 528.15 Td ( Responsibility) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 510.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 63.61 510.15 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 123.36 510.15 Td (is ) Tj ET Q q 0 0 0 rg BT 132.52 510.15 Td (to ) Tj ET Q q 0 0 0 rg BT 142.80 510.15 Td (express ) Tj ET Q q 0 0 0 rg BT 179.76 510.15 Td (an ) Tj ET Q q 0 0 0 rg BT 192.82 510.15 Td (opinion ) Tj ET Q q 0 0 0 rg BT 227.01 510.15 Td (on ) Tj ET Q q 0 0 0 rg BT 240.08 510.15 Td (these ) Tj ET Q q 0 0 0 rg BT 266.48 510.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 324.58 510.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 363.21 510.15 Td (statements ) Tj ET Q q 0 0 0 rg BT 414.06 510.15 Td (based ) Tj ET Q q 0 0 0 rg BT 443.25 510.15 Td (on ) Tj ET Q q 0 0 0 rg BT 456.31 510.15 Td (our ) Tj ET Q q 0 0 0 rg BT 472.71 510.15 Td (audits. ) Tj ET Q q 0 0 0 rg BT 504.11 510.15 Td (W) Tj ET Q q 0 0 0 rg BT 513.37 510.15 Td (e ) Tj ET Q q 0 0 0 rg BT 520.87 510.15 Td (conducted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 498.15 Td (our ) Tj ET Q q 0 0 0 rg BT 61.72 498.15 Td (audits ) Tj ET Q q 0 0 0 rg BT 90.68 498.15 Td (in ) Tj ET Q q 0 0 0 rg BT 100.73 498.15 Td (accordance ) Tj ET Q q 0 0 0 rg BT 154.70 498.15 Td (with ) Tj ET Q q 0 0 0 rg BT 174.76 498.15 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 219.84 498.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 262.69 498.15 Td (accepted ) Tj ET Q q 0 0 0 rg BT 305.55 498.15 Td (auditing ) Tj ET Q q 0 0 0 rg BT 342.85 498.15 Td (standards. ) Tj ET Q q 0 0 0 rg BT 391.67 498.15 Td (Those ) Tj ET Q q 0 0 0 rg BT 421.73 498.15 Td (standards ) Tj ET Q q 0 0 0 rg BT 467.92 498.15 Td (require ) Tj ET Q q 0 0 0 rg BT 501.32 498.15 Td (that ) Tj ET Q q 0 0 0 rg BT 520.27 498.15 Td (we ) Tj ET Q q 0 0 0 rg BT 535.32 498.15 Td (comply ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 486.15 Td (with ) Tj ET Q q 0 0 0 rg BT 64.83 486.15 Td (ethical ) Tj ET Q q 0 0 0 rg BT 95.79 486.15 Td (requirements ) Tj ET Q q 0 0 0 rg BT 156.19 486.15 Td (and ) Tj ET Q q 0 0 0 rg BT 174.93 486.15 Td (plan ) Tj ET Q q 0 0 0 rg BT 195.88 486.15 Td (and ) Tj ET Q q 0 0 0 rg BT 214.61 486.15 Td (perform ) Tj ET Q q 0 0 0 rg BT 251.12 486.15 Td (the ) Tj ET Q q 0 0 0 rg BT 267.07 486.15 Td (audit ) Tj ET Q q 0 0 0 rg BT 290.80 486.15 Td (to ) Tj ET Q q 0 0 0 rg BT 301.19 486.15 Td (obtain ) Tj ET Q q 0 0 0 rg BT 330.48 486.15 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 382.01 486.15 Td (assurance ) Tj ET Q q 0 0 0 rg BT 430.20 486.15 Td (about ) Tj ET Q q 0 0 0 rg BT 457.27 486.15 Td (whether ) Tj ET Q q 0 0 0 rg BT 494.90 486.15 Td (the ) Tj ET Q q 0 0 0 rg BT 510.84 486.15 Td (consolidated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 474.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 84.47 474.15 Td (statements ) Tj ET Q q 0 0 0 rg BT 136.16 474.15 Td (are ) Tj ET Q q 0 0 0 rg BT 153.39 474.15 Td (free ) Tj ET Q q 0 0 0 rg BT 173.40 474.15 Td (from ) Tj ET Q q 0 0 0 rg BT 196.18 474.15 Td (material ) Tj ET Q q 0 0 0 rg BT 234.52 474.15 Td (misstatement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 456.15 Td (An ) Tj ET Q q 0 0 0 rg BT 59.42 456.15 Td (audit ) Tj ET Q q 0 0 0 rg BT 83.29 456.15 Td (involves ) Tj ET Q q 0 0 0 rg BT 121.61 456.15 Td (performing ) Tj ET Q q 0 0 0 rg BT 171.59 456.15 Td (procedures ) Tj ET Q q 0 0 0 rg BT 223.81 456.15 Td (to ) Tj ET Q q 0 0 0 rg BT 234.34 456.15 Td (obtain ) Tj ET Q q 0 0 0 rg BT 263.77 456.15 Td (audit ) Tj ET Q q 0 0 0 rg BT 287.65 456.15 Td (evidence ) Tj ET Q q 0 0 0 rg BT 329.86 456.15 Td (about ) Tj ET Q q 0 0 0 rg BT 357.08 456.15 Td (the ) Tj ET Q q 0 0 0 rg BT 373.16 456.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 413.71 456.15 Td (and ) Tj ET Q q 0 0 0 rg BT 432.58 456.15 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 484.79 456.15 Td (in ) Tj ET Q q 0 0 0 rg BT 494.76 456.15 Td (the ) Tj ET Q q 0 0 0 rg BT 510.85 456.15 Td (consolidated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 444.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 83.75 444.15 Td (statements. ) Tj ET Q q 0 0 0 rg BT 137.37 444.15 Td (The ) Tj ET Q q 0 0 0 rg BT 156.66 444.15 Td (procedures ) Tj ET Q q 0 0 0 rg BT 208.75 444.15 Td (selected ) Tj ET Q q 0 0 0 rg BT 248.05 444.15 Td (depend ) Tj ET Q q 0 0 0 rg BT 283.48 444.15 Td (on ) Tj ET Q q 0 0 0 rg BT 296.67 444.15 Td (our ) Tj ET Q q 0 0 0 rg BT 313.18 444.15 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 359.16 444.15 Td (including ) Tj ET Q q 0 0 0 rg BT 400.69 444.15 Td (the ) Tj ET Q q 0 0 0 rg BT 416.65 444.15 Td (assessment ) Tj ET Q q 0 0 0 rg BT 472.07 444.15 Td (of ) Tj ET Q q 0 0 0 rg BT 482.47 444.15 Td (the ) Tj ET Q q 0 0 0 rg BT 498.43 444.15 Td (risks ) Tj ET Q q 0 0 0 rg BT 521.04 444.15 Td (of ) Tj ET Q q 0 0 0 rg BT 531.44 444.15 Td (material ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 432.15 Td (misstatement ) Tj ET Q q 0 0 0 rg BT 106.86 432.15 Td (of ) Tj ET Q q 0 0 0 rg BT 117.61 432.15 Td (the ) Tj ET Q q 0 0 0 rg BT 133.91 432.15 Td (consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.06 432.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 192.46 432.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 231.55 432.15 Td (statements, ) Tj ET Q q 0 0 0 rg BT 285.64 432.15 Td (whether ) Tj ET Q q 0 0 0 rg BT 323.62 432.15 Td (due ) Tj ET Q q 0 0 0 rg BT 342.71 432.15 Td (to ) Tj ET Q q 0 0 0 rg BT 353.45 432.15 Td (fraud ) Tj ET Q q 0 0 0 rg BT 378.64 432.15 Td (or ) Tj ET Q q 0 0 0 rg BT 389.94 432.15 Td (error) Tj ET Q q 0 0 0 rg BT 410.50 432.15 Td (. ) Tj ET Q q 0 0 0 rg BT 415.68 432.15 Td (In ) Tj ET Q q 0 0 0 rg BT 426.42 432.15 Td (making ) Tj ET Q q 0 0 0 rg BT 461.06 432.15 Td (those ) Tj ET Q q 0 0 0 rg BT 487.92 432.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 505.87 432.15 Td (assessments, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 420.15 Td (we ) Tj ET Q q 0 0 0 rg BT 62.35 420.15 Td (consider ) Tj ET Q q 0 0 0 rg BT 104.72 420.15 Td (internal ) Tj ET Q q 0 0 0 rg BT 142.09 420.15 Td (control ) Tj ET Q q 0 0 0 rg BT 176.67 420.15 Td (relevant ) Tj ET Q q 0 0 0 rg BT 216.82 420.15 Td (to ) Tj ET Q q 0 0 0 rg BT 229.73 420.15 Td (the ) Tj ET Q q 0 0 0 rg BT 248.20 420.15 Td (entity) Tj ET Q q 0 0 0 rg BT 274.15 420.15 Td (s ) Tj ET Q q 0 0 0 rg BT 283.72 420.15 Td (preparation ) Tj ET Q q 0 0 0 rg BT 338.88 420.15 Td (and ) Tj ET Q q 0 0 0 rg BT 360.13 420.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 378.59 420.15 Td (presentation ) Tj ET Q q 0 0 0 rg BT 438.20 420.15 Td (of ) Tj ET Q q 0 0 0 rg BT 451.11 420.15 Td (the ) Tj ET Q q 0 0 0 rg BT 469.58 420.15 Td (consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.74 420.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.31 420.15 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 408.15 Td (statements ) Tj ET Q q 0 0 0 rg BT 97.49 408.15 Td (in ) Tj ET Q q 0 0 0 rg BT 108.86 408.15 Td (order ) Tj ET Q q 0 0 0 rg BT 135.79 408.15 Td (to ) Tj ET Q q 0 0 0 rg BT 147.71 408.15 Td (design ) Tj ET Q q 0 0 0 rg BT 180.76 408.15 Td (audit ) Tj ET Q q 0 0 0 rg BT 206.03 408.15 Td (procedures ) Tj ET Q q 0 0 0 rg BT 259.64 408.15 Td (that ) Tj ET Q q 0 0 0 rg BT 279.90 408.15 Td (are ) Tj ET Q q 0 0 0 rg BT 297.94 408.15 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 352.11 408.15 Td (in ) Tj ET Q q 0 0 0 rg BT 363.48 408.15 Td (the ) Tj ET Q q 0 0 0 rg BT 380.96 408.15 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 451.23 408.15 Td (but ) Tj ET Q q 0 0 0 rg BT 468.72 408.15 Td (not ) Tj ET Q q 0 0 0 rg BT 486.20 408.15 Td (for ) Tj ET Q q 0 0 0 rg BT 501.45 408.15 Td (the ) Tj ET Q q 0 0 0 rg BT 518.94 408.15 Td (purpose ) Tj ET Q q 0 0 0 rg BT 558.66 408.15 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 396.15 Td (expressing ) Tj ET Q q 0 0 0 rg BT 98.35 396.15 Td (an ) Tj ET Q q 0 0 0 rg BT 114.46 396.15 Td (opinion ) Tj ET Q q 0 0 0 rg BT 151.70 396.15 Td (on ) Tj ET Q q 0 0 0 rg BT 167.82 396.15 Td (the ) Tj ET Q q 0 0 0 rg BT 186.71 396.15 Td (ef) Tj ET Q q 0 0 0 rg BT 194.87 396.15 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 249.88 396.15 Td (of ) Tj ET Q q 0 0 0 rg BT 263.21 396.15 Td (the ) Tj ET Q q 0 0 0 rg BT 282.10 396.15 Td (entity) Tj ET Q q 0 0 0 rg BT 308.05 396.15 Td (s ) Tj ET Q q 0 0 0 rg BT 318.04 396.15 Td (internal ) Tj ET Q q 0 0 0 rg BT 355.83 396.15 Td (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 388.62 396.15 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 393.61 396.15 Td (An ) Tj ET Q q 0 0 0 rg BT 410.83 396.15 Td (audit ) Tj ET Q q 0 0 0 rg BT 437.50 396.15 Td (also ) Tj ET Q q 0 0 0 rg BT 460.84 396.15 Td (includes ) Tj ET Q q 0 0 0 rg BT 502.52 396.15 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 553.10 396.15 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 384.15 Td (appropriateness ) Tj ET Q q 0 0 0 rg BT 119.88 384.15 Td (of ) Tj ET Q q 0 0 0 rg BT 131.38 384.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 182.91 384.15 Td (policies ) Tj ET Q q 0 0 0 rg BT 219.43 384.15 Td (used ) Tj ET Q q 0 0 0 rg BT 244.27 384.15 Td (and ) Tj ET Q q 0 0 0 rg BT 264.12 384.15 Td (the ) Tj ET Q q 0 0 0 rg BT 281.19 384.15 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 354.96 384.15 Td (of ) Tj ET Q q 0 0 0 rg BT 366.46 384.15 Td (accounting ) Tj ET Q q 0 0 0 rg BT 417.99 384.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 463.95 384.15 Td (made ) Tj ET Q q 0 0 0 rg BT 492.13 384.15 Td (by ) Tj ET Q q 0 0 0 rg BT 505.85 384.15 Td (management, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 372.15 Td (as ) Tj ET Q q 0 0 0 rg BT 58.34 372.15 Td (well ) Tj ET Q q 0 0 0 rg BT 78.34 372.15 Td (as ) Tj ET Q q 0 0 0 rg BT 91.68 372.15 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 140.05 372.15 Td (the ) Tj ET Q q 0 0 0 rg BT 156.73 372.15 Td (overall ) Tj ET Q q 0 0 0 rg BT 188.97 372.15 Td (presentation ) Tj ET Q q 0 0 0 rg BT 246.79 372.15 Td (of ) Tj ET Q q 0 0 0 rg BT 257.91 372.15 Td (the ) Tj ET Q q 0 0 0 rg BT 274.58 372.15 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 333.52 372.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 372.98 372.15 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 354.15 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 354.15 Td (e ) Tj ET Q q 0 0 0 rg BT 62.27 354.15 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.41 354.15 Td (that ) Tj ET Q q 0 0 0 rg BT 115.55 354.15 Td (the ) Tj ET Q q 0 0 0 rg BT 131.90 354.15 Td (audit ) Tj ET Q q 0 0 0 rg BT 156.04 354.15 Td (evidence ) Tj ET Q q 0 0 0 rg BT 198.52 354.15 Td (we ) Tj ET Q q 0 0 0 rg BT 213.76 354.15 Td (have ) Tj ET Q q 0 0 0 rg BT 237.89 354.15 Td (obtained ) Tj ET Q q 0 0 0 rg BT 278.71 354.15 Td (in ) Tj ET Q q 0 0 0 rg BT 288.95 354.15 Td (our ) Tj ET Q q 0 0 0 rg BT 305.86 354.15 Td (audits ) Tj ET Q q 0 0 0 rg BT 334.99 354.15 Td (is ) Tj ET Q q 0 0 0 rg BT 344.67 354.15 Td (suf) Tj ET Q q 0 0 0 rg BT 357.83 354.15 Td (ficient ) Tj ET Q q 0 0 0 rg BT 386.40 354.15 Td (and ) Tj ET Q q 0 0 0 rg BT 405.54 354.15 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 458.58 354.15 Td (to ) Tj ET Q q 0 0 0 rg BT 469.38 354.15 Td (provide ) Tj ET Q q 0 0 0 rg BT 504.63 354.15 Td (a ) Tj ET Q q 0 0 0 rg BT 512.64 354.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 538.44 354.15 Td (for ) Tj ET Q q 0 0 0 rg BT 552.56 354.15 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 342.15 Td (audit ) Tj ET Q q 0 0 0 rg BT 69.46 342.15 Td (opinion.) 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0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 138.25 m 379.5 138.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 138.25 m 471.5 138.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 138.25 m 475.5 138.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 138.25 m 567.5 138.25 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 353.00 686.65 Td (Note) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.95 686.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 686.65 Td (2015) 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 (Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.45 626.65 Td (85,977) Tj ET Q BT /F3 9.00 Tf ET q 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(Financial instrument contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.50 556.65 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 556.65 Td (2,488) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 556.65 Td (2,013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 542.65 Td (178,452) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 542.65 Td (161,043) 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 357.50 528.65 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 528.65 Td (3,030) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 528.65 Td (19,390) 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 357.50 514.65 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 514.65 Td (2,343) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 514.65 Td (68,754) 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 355.30 500.65 Td (\(11\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.95 500.65 Td (2,843,763) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 500.65 Td (3,064,335) 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 354.95 486.65 Td (\(12\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 486.65 Td (144,569) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 486.65 Td (210,194) 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 427.95 472.65 Td (3,172,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 472.65 Td (3,523,716) 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 435.45 424.65 Td (117,900) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 424.65 Td (137,722) 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 354.95 410.65 Td (\(14\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 410.65 Td (154,334) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 410.65 Td (34,600) 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 354.95 396.65 Td (\(15\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.45 396.65 Td (20,936) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 396.65 Td (18,559) 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 445.45 382.65 Td (2,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 382.65 Td (2,140) 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 357.50 368.65 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.45 368.65 Td (53,837) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 368.65 Td (2,811) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 354.65 Td (349,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 354.65 Td (195,832) 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 357.50 340.65 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.45 340.65 Td (35,981) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 340.65 Td (2,289) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 326.65 Td (Financial instrument contracts ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.07 326.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.50 326.65 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.95 326.65 Td (469) Tj ET Q BT /F3 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 49.00 312.65 Td (Long-term debt) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.95 312.65 Td (\(14\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 312.65 Td (775,887) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 312.65 Td (1,231,031) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 298.65 Td (Other long-term liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 298.65 Td (8,816) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 298.65 Td (10,742) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 284.65 Td (Decommissioning liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.95 284.65 Td (\(15\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 284.65 Td (416,986) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 284.65 Td (470,342) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 270.65 Td (Deferred income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.95 270.65 Td (\(16\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.45 270.65 Td (24,274) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 270.65 Td (65,214) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 256.65 Td (Total liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.95 256.65 Td (1,611,913) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 256.65 Td (1,975,450) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 241.65 Td (Shareholders equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.95 241.65 Td (\(13\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 227.65 Td (Shareholders capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.95 227.65 Td (2,837,945) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 227.65 Td (2,716,011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 213.65 Td (Exchangeable shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.45 213.65 Td (93,859) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 213.65 Td (94,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 199.65 Td (Contributed surplus) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.45 199.65 Td (53,449) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 199.65 Td (52,825) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 185.65 Td (Deficit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.95 185.65 Td (\(1,425,009) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 185.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 185.65 Td (\(1,315,120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 185.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 171.65 Td (Total shareholders' equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.95 171.65 Td (1,560,244) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 171.65 Td (1,548,266) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 156.65 Td (Commitments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.95 156.65 Td (\(17\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 142.65 Td (Total liabilities and shareholders' equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.95 142.65 Td (3,172,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 142.65 Td (3,523,716) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 124.95 Td (See accompanying notes to the consolidated financial statements.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 111.15 Td (Approved on behalf of the Board of Directors of Bonavista Energy Corporation) Tj ET Q /GS0 gs q 82.00 0 0 32.00 45.00 71.15 cm /I11 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.00 71.15 Td ( ) Tj ET Q q 0 0 0 rg BT 153.00 71.15 Td ( ) Tj ET Q q 0 0 0 rg BT 189.00 71.15 Td ( ) Tj ET Q q 0 0 0 rg BT 225.00 71.15 Td ( ) Tj ET Q q 0 0 0 rg BT 261.00 71.15 Td ( ) Tj ET Q /GS0 gs q 82.00 0 0 27.00 263.50 71.15 cm /I12 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.50 71.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 59.15 Td (Ian S. Brown, Director ) Tj ET Q q 0 0 0 rg BT 153.00 59.15 Td ( ) Tj ET Q q 0 0 0 rg BT 189.00 59.15 Td ( ) Tj ET Q q 0 0 0 rg BT 225.00 59.15 Td ( ) Tj ET Q q 0 0 0 rg BT 261.00 59.15 Td (Michael M. Kanovsky) Tj ET Q q 0 0 0 rg BT 345.36 59.15 Td (, Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.87 59.15 Td ( ) 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 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 32) 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 Loss and Comprehensive 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 566.5 693.9 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 566.5 679.9 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 566.5 620.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 605.9 m 354.5 605.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 605.9 m 396.5 605.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 605.9 m 400.5 605.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 605.9 m 481.5 605.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 605.9 m 485.5 605.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 605.9 m 566.5 605.9 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 566.5 577.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 555.9 m 354.5 555.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 555.9 m 396.5 555.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 555.9 m 400.5 555.9 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 400.5 555.9 m 481.5 555.9 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 481.5 555.9 m 485.5 555.9 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 566.5 577.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 555.9 m 566.5 555.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 437.9 m 354.5 437.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 437.9 m 396.5 437.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 437.9 m 400.5 437.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 437.9 m 481.5 437.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 437.9 m 485.5 437.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 437.9 m 566.5 437.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 437.9 m 481.5 437.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 423.9 m 481.5 423.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 437.9 m 485.5 437.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 423.9 m 485.5 423.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 437.9 m 566.5 437.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 423.9 m 566.5 423.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 423.9 m 354.5 423.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 407.9 m 354.5 407.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 423.9 m 396.5 423.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 407.9 m 396.5 407.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 423.9 m 400.5 423.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 407.9 m 400.5 407.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 423.9 m 481.5 423.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 407.9 m 481.5 407.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 423.9 m 485.5 423.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 407.9 m 485.5 407.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 423.9 m 566.5 423.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 407.9 m 566.5 407.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 407.9 m 400.5 407.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 407.9 m 481.5 407.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 379.9 m 396.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 379.9 m 400.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 379.9 m 481.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 379.9 m 485.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 379.9 m 566.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 379.9 m 354.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 365.9 m 354.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 365.9 m 396.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 365.9 m 400.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 379.9 m 481.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 365.9 m 481.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 379.9 m 485.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 365.9 m 485.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 379.9 m 566.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 365.9 m 566.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 365.9 m 396.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 365.9 m 481.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 365.9 m 485.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 365.9 m 566.5 365.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 337.9 m 354.5 337.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 337.9 m 396.5 337.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 337.9 m 400.5 337.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 337.9 m 481.5 337.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 337.9 m 485.5 337.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 337.9 m 566.5 337.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 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596.30 Td (91,772) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 596.30 Td (149,153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 582.30 Td (Unrealized 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 (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.45 582.30 Td (\(161,930) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 582.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 582.30 Td (\(73,370) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 582.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 568.85 Td (Production revenues, net of royalties and financial instrument commodity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 559.85 Td (contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 560.30 Td (338,373) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 560.30 Td (621,581) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.00 540.30 Td (Expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 526.30 Td (Operating) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 526.30 Td (140,592) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 526.30 Td (190,889) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 512.30 Td (Transportation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.45 512.30 Td (22,566) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 512.30 Td (36,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 498.30 Td (General and administrative) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.45 498.30 Td (27,138) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 498.30 Td (32,495) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 484.30 Td (Share-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.95 484.30 Td (\(13\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.45 484.30 Td (8,994) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 484.30 Td (17,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 470.30 Td (Gain on acquisition and disposition of property, plant and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.20 470.30 Td (\(9,10\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 470.30 Td (\(66,354) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 470.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 470.30 Td (\(19,946) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 470.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 456.30 Td (Gain on disposition of exploration and evaluation assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.20 456.30 Td (\(9,10\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 456.30 Td (\(23,738) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 456.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 456.30 Td (\(14,534) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 456.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 442.30 Td (Depletion, depreciation, amortization and impairment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.30 442.30 Td (\(11\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 442.30 Td (319,845) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.95 442.30 Td (1,168,016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 428.30 Td (Total expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 428.30 Td (429,043) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.95 428.30 Td (1,410,577) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 412.30 Td (Loss from operating activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 412.30 Td (\(90,670) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 412.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 412.30 Td (\(788,996) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 412.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 398.30 Td (Finance costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 398.30 Td (\(7\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 398.30 Td (128,717) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 398.30 Td (221,342) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 384.30 Td (Finance income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 384.30 Td (\(7\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 384.30 Td (\(84,460) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 384.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 384.30 Td (\(54,742) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 384.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 370.30 Td (Net finance costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.45 370.30 Td (44,257) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 370.30 Td (166,600) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 356.30 Td (Loss before taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.45 356.30 Td (\(134,927) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 356.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 356.30 Td (\(955,596) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 356.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 342.30 Td (Deferred income tax recovery) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.95 342.30 Td (\(16\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 342.30 Td (\(38,929) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 342.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 342.30 Td (\(204,051) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 342.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 324.30 Td (Net loss and comprehensive loss) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 324.30 Td (\(95,998) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 324.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 324.30 Td (\(751,545) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 324.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 299.30 Td (Net loss and comprehensive loss per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 285.30 Td (Basic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.45 285.30 Td (\(0.40) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 285.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.45 285.30 Td (\(3.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 285.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 271.30 Td (Diluted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.45 271.30 Td (\(0.40) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 271.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.45 271.30 Td (\(3.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 271.30 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 253.60 Td (See accompanying notes to the consolidated financial statements.) 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[] 0 d 0 J 0 j 3 M 392.5 376.25 m 449.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 376.25 m 501.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 376.25 m 567.5 376.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 376.25 m 259.5 376.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 362.25 m 259.5 362.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 362.25 m 325.5 362.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 362.25 m 392.5 362.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 362.25 m 449.5 362.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 376.25 m 501.5 376.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 362.25 m 501.5 362.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 362.25 m 567.5 362.25 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 262.30 674.65 Td (Shareholders') Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.95 665.65 Td (Capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.45 674.65 Td (Exchangeable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.95 665.65 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.00 674.65 Td (Contributed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.45 665.65 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, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.95 640.65 Td (2,514,006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.45 640.65 Td (272,900) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.45 640.65 Td (57,613) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 640.65 Td (\(486,813) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.00 640.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 640.65 Td (2,357,706) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 626.65 Td (Net loss and comprehensive loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 626.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.00 626.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 626.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 626.65 Td (\(751,545) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.00 626.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 626.65 Td (\(751,545) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 626.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 612.65 Td (Conversion of restricted incentive and share awards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.45 612.65 Td (23,655) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.00 612.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.45 612.65 Td (\(23,655) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.00 612.65 Td (\)) 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 555.00 612.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 598.65 Td (Share-based compensation expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 598.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.00 598.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.45 598.65 Td (17,157) 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 536.45 598.65 Td (17,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 584.65 Td (Share-based compensation capitalized) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 584.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.00 584.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.45 584.65 Td (1,710) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 584.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 584.65 Td (1,710) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 570.65 Td (Exchangeable shares exchanged for common) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 561.65 Td (shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.45 561.65 Td (178,350) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.45 561.65 Td (\(178,350) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.00 561.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 561.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 561.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 561.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 547.65 Td (Dividends declared) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.00 547.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.00 547.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 547.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.45 547.65 Td (\(76,762) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.00 547.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 547.65 Td (\(76,762) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 547.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 533.65 Td (Balance as at December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.95 533.65 Td (2,716,011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 533.65 Td (94,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.45 533.65 Td (52,825) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.95 533.65 Td (\(1,315,120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.00 533.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 533.65 Td (1,548,266) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 519.65 Td (Net loss and comprehensive loss) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.00 519.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.00 519.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 519.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.45 519.65 Td (\(95,998) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.00 519.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.45 519.65 Td (\(95,998\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 505.65 Td (Issuance of equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 289.45 505.65 Td (115,001) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.00 505.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 505.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 505.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.45 505.65 Td (115,001) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 491.65 Td (Issue costs, net of future tax benefit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.45 491.65 Td (\(3,630) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.00 491.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.00 491.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 491.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 491.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.45 491.65 Td (\(3,630\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 477.65 Td (Conversion of restricted incentive and performance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 468.65 Td (incentive awards) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 299.45 468.65 Td (9,200) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.00 468.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.45 468.65 Td (\(9,200) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.00 468.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 468.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.00 468.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 454.65 Td (Tax effect on conversion of restricted incentive and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 445.65 Td (performance incentive awards) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.95 445.65 Td (672) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.00 445.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 445.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 445.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.95 445.65 Td (672) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 431.65 Td (Share-based compensation expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.00 431.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.00 431.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.45 431.65 Td (8,994) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 431.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.45 431.65 Td (8,994) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 417.65 Td (Share-based compensation capitalized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.00 417.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.00 417.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.95 417.65 Td (830) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 417.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.95 417.65 Td (830) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 403.65 Td (Exchangeable shares exchanged for common) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 394.65 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.95 394.65 Td (691) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.95 394.65 Td (\(691) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.00 394.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 394.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 394.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.00 394.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 380.65 Td (Dividends declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.00 380.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.00 380.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 380.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.45 380.65 Td (\(13,891) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.00 380.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.45 380.65 Td (\(13,891) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 380.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 366.65 Td (Balance ) Tj ET Q q 0 0 0 rg BT 83.02 366.65 Td (as ) Tj ET Q q 0 0 0 rg BT 95.03 366.65 Td (at ) Tj ET Q q 0 0 0 rg BT 105.04 366.65 Td (December ) Tj ET Q q 0 0 0 rg BT 149.05 366.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 164.06 366.65 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.95 366.65 Td (2,837,945) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.45 366.65 Td (93,859) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.45 366.65 Td (53,449) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.95 366.65 Td (\(1,425,009) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.00 366.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.95 366.65 Td (1,560,244) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 348.95 Td (See accompanying notes to the consolidated financial statements.) 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 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 34) 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 45.5 485.25 m 369.5 485.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 485.25 m 402.5 485.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 485.25 m 482.5 485.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 485.25 m 486.5 485.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 485.25 m 566.5 485.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 471.25 m 369.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 471.25 m 402.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 471.25 m 482.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 471.25 m 486.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 471.25 m 566.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 386.25 m 369.5 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 386.25 m 402.5 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 386.25 m 482.5 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 386.25 m 486.5 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 386.25 m 566.5 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 372.25 m 369.5 372.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 372.25 m 402.5 372.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 372.25 m 482.5 372.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 372.25 m 486.5 372.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 372.25 m 566.5 372.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 287.25 m 369.5 287.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 287.25 m 402.5 287.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 287.25 m 482.5 287.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 287.25 m 486.5 287.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 287.25 m 566.5 287.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 287.25 m 369.5 287.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 273.25 m 369.5 273.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 273.25 m 402.5 273.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 273.25 m 482.5 273.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 273.25 m 486.5 273.25 l s 0 0 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Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 621.55 Td (The ) Tj ET Q q 0 0 0 rg BT 80.70 621.55 Td (audited ) Tj ET Q q 0 0 0 rg BT 112.42 621.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 165.15 621.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.37 621.55 Td (statements ) Tj ET Q q 0 0 0 rg BT 246.58 621.55 Td (of ) Tj ET Q q 0 0 0 rg BT 256.28 621.55 Td (the ) Tj ET Q q 0 0 0 rg BT 270.99 621.55 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 320.21 621.55 Td (as ) Tj ET Q q 0 0 0 rg BT 331.91 621.55 Td (at ) Tj ET Q q 0 0 0 rg BT 341.61 621.55 Td (and ) Tj ET Q q 0 0 0 rg BT 358.82 621.55 Td (for ) Tj ET Q q 0 0 0 rg BT 371.51 621.55 Td (the ) Tj ET Q q 0 0 0 rg BT 386.22 621.55 Td (year ) Tj ET Q q 0 0 0 rg BT 405.92 621.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 433.14 621.55 Td (December ) Tj ET Q q 0 0 0 rg BT 476.85 621.55 Td (31, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 491.55 621.55 Td (2016) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 511.58 621.55 Td (, ) Tj ET Q q 0 0 0 rg BT 516.27 621.55 Td (are ) Tj ET Q q 0 0 0 rg BT 531.47 621.55 Td (available ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 610.75 Td (through ) Tj ET Q q 0 0 0 rg BT 96.02 610.75 Td (our ) Tj ET Q q 0 0 0 rg BT 111.53 610.75 Td (filings ) Tj ET Q q 0 0 0 rg BT 137.04 610.75 Td (on ) Tj ET Q q 0 0 0 rg BT 149.55 610.75 Td (SEDAR ) Tj ET Q q 0 0 0 rg BT 183.06 610.75 Td (at ) Tj ET Q BT /F4 9.00 Tf ET 0 0 0 RG /GS0 gs 0.66 w 0 i [] 0 d 1 J 1 j 3 M 193.0693359375 609.466796875 m 256.25390625 609.466796875 l s q 0 0 0 rg BT 193.07 610.75 Td (www) Tj ET Q q 0 0 0 rg BT 212.07 610.75 Td (.sedar) Tj ET Q q 0 0 0 rg BT 236.75 610.75 Td (.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 256.25 610.75 Td ( ) Tj ET Q q 0 0 0 rg BT 258.75 610.75 Td (or ) Tj ET Q q 0 0 0 rg BT 269.26 610.75 Td (can ) Tj ET Q q 0 0 0 rg BT 286.27 610.75 Td (be ) Tj ET Q q 0 0 0 rg BT 298.78 610.75 Td (obtained ) Tj ET Q q 0 0 0 rg BT 335.81 610.75 Td (from ) Tj ET Q q 0 0 0 rg BT 356.31 610.75 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 397.67 610.75 Td (s ) Tj ET Q q 0 0 0 rg BT 404.67 610.75 Td (website ) Tj ET Q q 0 0 0 rg BT 437.69 610.75 Td (at ) Tj ET Q BT /F4 9.00 Tf ET 0 0 0 RG /GS0 gs 0.66 w 0 i [] 0 d 1 J 1 j 3 M 447.697265625 609.466796875 m 554.080078125 609.466796875 l s q 0 0 0 rg BT 447.70 610.75 Td (www) Tj ET Q q 0 0 0 rg BT 466.70 610.75 Td (.bonavistaenergy) Tj ET Q q 0 0 0 rg BT 534.58 610.75 Td (.com) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 554.08 610.75 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 587.95 Td (2. 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 (3.) 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 435.12 515.95 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.63 515.95 Td (March2, ) Tj ET Q q 0 0 0 rg BT 485.14 515.95 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.16 515.95 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 81.28 404.35 Td (preparation ) Tj ET Q q 0 0 0 rg BT 129.59 404.35 Td (of ) Tj ET Q q 0 0 0 rg BT 139.87 404.35 Td (the ) Tj ET Q q 0 0 0 rg BT 155.16 404.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 190.95 404.35 Td (statements ) Tj ET Q q 0 0 0 rg BT 237.75 404.35 Td (requires ) Tj ET Q q 0 0 0 rg BT 273.04 404.35 Td (management ) Tj ET Q q 0 0 0 rg BT 328.35 404.35 Td (to ) Tj ET Q q 0 0 0 rg BT 338.63 404.35 Td (make ) Tj ET Q q 0 0 0 rg BT 363.41 404.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 404.70 404.35 Td (and ) Tj ET Q q 0 0 0 rg BT 422.49 404.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 475.79 404.35 Td (that ) Tj ET Q q 0 0 0 rg BT 493.58 404.35 Td (af) Tj ET Q q 0 0 0 rg BT 500.92 404.35 Td (fect ) Tj ET Q q 0 0 0 rg BT 518.20 404.35 Td (the ) Tj ET Q q 0 0 0 rg BT 533.49 404.35 Td (reported ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 393.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 99.23 393.55 Td (of ) Tj ET Q q 0 0 0 rg BT 108.44 393.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 136.16 393.55 Td (and ) Tj ET Q q 0 0 0 rg BT 152.88 393.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 188.61 393.55 Td (and ) Tj ET Q q 0 0 0 rg BT 205.33 393.55 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 252.06 393.55 Td (of ) Tj ET Q q 0 0 0 rg BT 261.27 393.55 Td (contingencies, ) Tj ET Q q 0 0 0 rg BT 320.52 393.55 Td (if ) Tj ET Q q 0 0 0 rg BT 326.72 393.55 Td (any) Tj ET Q q 0 0 0 rg BT 340.57 393.55 Td (, ) Tj ET Q q 0 0 0 rg BT 344.77 393.55 Td (as ) Tj ET Q q 0 0 0 rg BT 355.99 393.55 Td (at ) Tj ET Q q 0 0 0 rg BT 365.20 393.55 Td (the ) Tj ET Q q 0 0 0 rg BT 379.42 393.55 Td (date ) Tj ET Q q 0 0 0 rg BT 398.65 393.55 Td (of ) Tj ET Q q 0 0 0 rg BT 407.86 393.55 Td (the ) Tj ET Q q 0 0 0 rg BT 422.08 393.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 456.81 393.55 Td (statements ) Tj ET Q q 0 0 0 rg BT 502.54 393.55 Td (and ) Tj ET Q q 0 0 0 rg BT 519.26 393.55 Td (the ) Tj ET Q q 0 0 0 rg BT 533.48 393.55 Td (reported ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 382.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 100.36 382.75 Td (of ) Tj ET Q q 0 0 0 rg BT 110.70 382.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 146.06 382.75 Td (and ) Tj ET Q q 0 0 0 rg BT 163.91 382.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 205.27 382.75 Td (during ) Tj ET Q q 0 0 0 rg BT 233.13 382.75 Td (the ) Tj ET Q q 0 0 0 rg BT 248.48 382.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 278.83 382.75 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 321.18 382.75 Td (are ) Tj ET Q q 0 0 0 rg BT 337.02 382.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 368.38 382.75 Td (to ) Tj ET Q q 0 0 0 rg BT 378.72 382.75 Td (measurement ) Tj ET Q q 0 0 0 rg BT 436.58 382.75 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 483.44 382.75 Td (and ) Tj ET Q q 0 0 0 rg BT 501.29 382.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 538.15 382.75 Td (in ) Tj ET Q q 0 0 0 rg BT 548.00 382.75 Td (such ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 371.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 104.10 371.95 Td (in ) Tj ET Q q 0 0 0 rg BT 113.68 371.95 Td (future ) Tj ET Q q 0 0 0 rg BT 139.28 371.95 Td (years ) Tj ET Q q 0 0 0 rg BT 163.87 371.95 Td (could ) Tj ET Q q 0 0 0 rg BT 187.97 371.95 Td (require ) Tj ET Q q 0 0 0 rg BT 218.57 371.95 Td (a ) Tj ET Q q 0 0 0 rg BT 226.15 371.95 Td (material ) Tj ET Q q 0 0 0 rg BT 260.75 371.95 Td (change ) Tj ET Q q 0 0 0 rg BT 292.86 371.95 Td (in ) Tj ET Q q 0 0 0 rg BT 302.44 371.95 Td (the ) Tj ET Q q 0 0 0 rg BT 317.54 371.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 353.14 371.95 Td (statements. ) Tj ET Q q 0 0 0 rg BT 402.08 371.95 Td (These ) Tj ET Q q 0 0 0 rg BT 429.67 371.95 Td (underlying ) Tj ET Q q 0 0 0 rg BT 473.78 371.95 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 526.89 371.95 Td (are ) Tj ET Q q 0 0 0 rg BT 542.48 371.95 Td (based ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 361.15 Td (on ) Tj ET Q q 0 0 0 rg BT 75.20 361.15 Td (historical ) Tj ET Q q 0 0 0 rg BT 112.90 361.15 Td (experience ) Tj ET Q q 0 0 0 rg BT 159.12 361.15 Td (and ) Tj ET Q q 0 0 0 rg BT 176.32 361.15 Td (other ) Tj ET Q q 0 0 0 rg BT 199.03 361.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 228.22 361.15 Td (that ) Tj ET Q q 0 0 0 rg BT 245.42 361.15 Td (management ) Tj ET Q q 0 0 0 rg BT 300.15 361.15 Td (believes ) Tj ET Q q 0 0 0 rg BT 335.36 361.15 Td (to ) Tj ET Q q 0 0 0 rg BT 345.05 361.15 Td (be ) Tj ET Q q 0 0 0 rg BT 357.25 361.15 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 403.97 361.15 Td (under ) Tj ET Q q 0 0 0 rg BT 429.18 361.15 Td (the ) Tj ET Q q 0 0 0 rg BT 443.88 361.15 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 506.09 361.15 Td (and ) Tj ET Q q 0 0 0 rg BT 523.29 361.15 Td (are ) Tj ET Q q 0 0 0 rg BT 538.49 361.15 Td (subject ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 350.35 Td (to ) Tj ET Q q 0 0 0 rg BT 72.48 350.35 Td (change ) Tj ET Q q 0 0 0 rg BT 103.98 350.35 Td (as ) Tj ET Q q 0 0 0 rg BT 115.46 350.35 Td (new ) Tj ET Q q 0 0 0 rg BT 133.94 350.35 Td (events ) Tj ET Q q 0 0 0 rg BT 162.44 350.35 Td (occur) Tj ET Q q 0 0 0 rg BT 183.95 350.35 Td (, ) Tj ET Q q 0 0 0 rg BT 188.42 350.35 Td (as ) Tj ET Q q 0 0 0 rg BT 199.90 350.35 Td (more ) Tj ET Q q 0 0 0 rg BT 222.38 350.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 255.87 350.35 Td (experience ) Tj ET Q q 0 0 0 rg BT 301.87 350.35 Td (is ) Tj ET Q q 0 0 0 rg BT 310.34 350.35 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 349.34 350.35 Td (as ) Tj ET Q q 0 0 0 rg BT 360.82 350.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 401.33 350.35 Td (information ) Tj ET Q q 0 0 0 rg BT 447.82 350.35 Td (is ) Tj ET Q q 0 0 0 rg BT 456.30 350.35 Td (obtained ) Tj ET Q q 0 0 0 rg BT 492.80 350.35 Td (and ) Tj ET Q q 0 0 0 rg BT 509.79 350.35 Td (as ) Tj ET Q q 0 0 0 rg BT 521.27 350.35 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 339.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 103.03 339.55 Td (environment ) Tj ET Q q 0 0 0 rg BT 155.06 339.55 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 q 0 0 0 rg BT 572.00 248.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 238.15 Td (During ) Tj ET Q q 0 0 0 rg BT 110.20 238.15 Td (the ) Tj ET Q q 0 0 0 rg BT 125.40 238.15 Td (third ) Tj ET Q q 0 0 0 rg BT 145.60 238.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 176.80 238.15 Td (of ) Tj ET Q q 0 0 0 rg BT 187.00 238.15 Td (2016, ) Tj ET Q q 0 0 0 rg BT 212.21 238.15 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 254.42 238.15 Td (disposed ) Tj ET Q q 0 0 0 rg BT 293.13 238.15 Td (of ) Tj ET Q q 0 0 0 rg BT 303.33 238.15 Td (all ) Tj ET Q q 0 0 0 rg BT 315.02 238.15 Td (of ) Tj ET Q q 0 0 0 rg BT 325.22 238.15 Td (the ) Tj ET Q q 0 0 0 rg BT 340.42 238.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 369.11 238.15 Td (in ) Tj ET Q q 0 0 0 rg BT 378.81 238.15 Td (its ) Tj ET Q q 0 0 0 rg BT 390.50 238.15 Td (Southern ) Tj ET Q q 0 0 0 rg BT 429.18 238.15 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 460.38 238.15 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 485.40 238.15 Td (There ) Tj ET Q q 0 0 0 rg BT 511.60 238.15 Td (were ) Tj ET Q q 0 0 0 rg BT 533.79 238.15 Td (no ) Tj ET Q q 0 0 0 rg BT 546.49 238.15 Td (other ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 227.35 Td (changes ) Tj ET Q q 0 0 0 rg BT 117.53 227.35 Td (to ) Tj ET Q q 0 0 0 rg BT 127.53 227.35 Td (the ) Tj ET Q q 0 0 0 rg BT 142.55 227.35 Td (composition ) Tj ET Q q 0 0 0 rg BT 193.07 227.35 Td (of ) Tj ET Q q 0 0 0 rg BT 203.08 227.35 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 251.32 227.35 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 278.32 227.35 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.82 227.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.85 227.35 Td ( ) Tj ET Q q 0 0 0 rg BT 310.35 227.35 Td (or ) Tj ET Q q 0 0 0 rg BT 320.85 227.35 Td (in ) Tj ET Q q 0 0 0 rg BT 330.35 227.35 Td (the ) Tj ET Q q 0 0 0 rg BT 345.37 227.35 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.89 227.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.91 227.35 Td ( ) Tj ET Q q 0 0 0 rg BT 419.41 227.35 Td (year) Tj ET Q q 0 0 0 rg BT 436.42 227.35 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 210.55 Td (ii. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 210.55 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 128.51 210.55 Td (testing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 193.75 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 122.36 193.75 Td (assesses ) Tj ET Q q 0 0 0 rg BT 161.72 193.75 Td (its ) Tj ET Q q 0 0 0 rg BT 172.56 193.75 Td (property) Tj ET Q q 0 0 0 rg BT 204.91 193.75 Td (, ) Tj ET Q q 0 0 0 rg BT 209.25 193.75 Td (plant ) Tj ET Q q 0 0 0 rg BT 230.60 193.75 Td (and ) Tj ET Q q 0 0 0 rg BT 247.46 193.75 Td (equipment ) Tj ET Q q 0 0 0 rg BT 291.33 193.75 Td (for ) Tj ET Q q 0 0 0 rg BT 303.67 193.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 350.02 193.75 Td (when ) Tj ET Q q 0 0 0 rg BT 373.38 193.75 Td (events ) Tj ET Q q 0 0 0 rg BT 401.74 193.75 Td (or ) Tj ET Q q 0 0 0 rg BT 411.58 193.75 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 470.93 193.75 Td (indicate ) Tj ET Q q 0 0 0 rg BT 503.79 193.75 Td (that ) Tj ET Q q 0 0 0 rg BT 520.65 193.75 Td (the ) Tj ET Q q 0 0 0 rg BT 535.00 193.75 Td (carrying ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 182.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 113.54 182.95 Td (of ) Tj ET Q q 0 0 0 rg BT 123.56 182.95 Td (its ) Tj ET Q q 0 0 0 rg BT 135.07 182.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 163.60 182.95 Td (may ) Tj ET Q q 0 0 0 rg BT 183.12 182.95 Td (not ) Tj ET Q q 0 0 0 rg BT 198.15 182.95 Td (be ) Tj ET Q q 0 0 0 rg BT 210.68 182.95 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 262.72 182.95 Td (If ) Tj ET Q q 0 0 0 rg BT 270.24 182.95 Td (any ) Tj ET Q q 0 0 0 rg BT 287.26 182.95 Td (indication ) Tj ET Q q 0 0 0 rg BT 327.81 182.95 Td (of ) Tj ET Q q 0 0 0 rg BT 337.83 182.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 384.86 182.95 Td (exists, ) Tj ET Q q 0 0 0 rg BT 412.88 182.95 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 454.92 182.95 Td (performs ) Tj ET Q q 0 0 0 rg BT 492.95 182.95 Td (an ) Tj ET Q q 0 0 0 rg BT 505.47 182.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 552.50 182.95 Td (test ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 172.15 Td (on ) Tj ET Q q 0 0 0 rg BT 92.60 172.15 Td (the ) Tj ET Q q 0 0 0 rg BT 106.69 172.15 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 130.78 172.15 Td (which ) Tj ET Q q 0 0 0 rg BT 155.38 172.15 Td (is ) Tj ET Q q 0 0 0 rg BT 163.46 172.15 Td (the ) Tj ET Q q 0 0 0 rg BT 177.56 172.15 Td (lowest ) Tj ET Q q 0 0 0 rg BT 204.65 172.15 Td (level ) Tj ET Q q 0 0 0 rg BT 224.75 172.15 Td (at ) Tj ET Q q 0 0 0 rg BT 233.84 172.15 Td (which ) Tj ET Q q 0 0 0 rg BT 258.44 172.15 Td (there ) Tj ET Q q 0 0 0 rg BT 280.54 172.15 Td (are ) Tj ET Q q 0 0 0 rg BT 295.13 172.15 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 339.75 172.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 360.34 172.15 Td (flows. ) Tj ET Q q 0 0 0 rg BT 384.83 172.15 Td (The ) Tj ET Q q 0 0 0 rg BT 401.93 172.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 435.52 172.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 467.13 172.15 Td (of ) Tj ET Q q 0 0 0 rg BT 476.22 172.15 Td (each ) Tj ET Q q 0 0 0 rg BT 497.32 172.15 Td (CGU ) Tj ET Q q 0 0 0 rg BT 518.91 172.15 Td (is ) Tj ET Q q 0 0 0 rg BT 526.99 172.15 Td (compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 161.35 Td (to ) Tj ET Q q 0 0 0 rg BT 91.04 161.35 Td (its ) Tj ET Q q 0 0 0 rg BT 102.57 161.35 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 152.12 161.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 184.67 161.35 Td (which ) Tj ET Q q 0 0 0 rg BT 210.21 161.35 Td (is ) Tj ET Q q 0 0 0 rg BT 219.24 161.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 251.30 161.35 Td (as ) Tj ET Q q 0 0 0 rg BT 263.33 161.35 Td (the ) Tj ET Q q 0 0 0 rg BT 278.37 161.35 Td (greater ) Tj ET Q q 0 0 0 rg BT 309.42 161.35 Td (of ) Tj ET Q q 0 0 0 rg BT 319.45 161.35 Td (its ) Tj ET Q q 0 0 0 rg BT 330.98 161.35 Td (fair ) Tj ET Q q 0 0 0 rg BT 346.02 161.35 Td (value ) Tj ET Q q 0 0 0 rg BT 370.06 161.35 Td (less ) Tj ET Q q 0 0 0 rg BT 388.60 161.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 407.63 161.35 Td (to ) Tj ET Q q 0 0 0 rg BT 417.67 161.35 Td (sell ) Tj ET Q q 0 0 0 rg BT 433.70 161.35 Td (and ) Tj ET Q q 0 0 0 rg BT 451.25 161.35 Td (value ) Tj ET Q q 0 0 0 rg BT 475.29 161.35 Td (in ) Tj ET Q q 0 0 0 rg BT 484.83 161.35 Td (use ) Tj ET Q q 0 0 0 rg BT 501.87 161.35 Td (and ) Tj ET Q q 0 0 0 rg BT 519.41 161.35 Td (is ) Tj ET Q q 0 0 0 rg BT 528.44 161.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 559.49 161.35 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 150.55 Td (management ) Tj ET Q q 0 0 0 rg BT 135.83 150.55 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 179.14 150.55 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 220.96 150.55 Td (also ) Tj ET Q q 0 0 0 rg BT 239.76 150.55 Td (assesses ) Tj ET Q q 0 0 0 rg BT 279.57 150.55 Td (its ) Tj ET Q q 0 0 0 rg BT 290.87 150.55 Td (property) Tj ET Q q 0 0 0 rg BT 323.22 150.55 Td (, ) Tj ET Q q 0 0 0 rg BT 328.01 150.55 Td (plant ) Tj ET Q q 0 0 0 rg BT 349.83 150.55 Td (and ) Tj ET Q q 0 0 0 rg BT 367.14 150.55 Td (equipment ) Tj ET Q q 0 0 0 rg BT 411.46 150.55 Td (to ) Tj ET Q q 0 0 0 rg BT 421.26 150.55 Td (determine ) Tj ET Q q 0 0 0 rg BT 463.58 150.55 Td (if ) Tj ET Q q 0 0 0 rg BT 470.37 150.55 Td (events ) Tj ET Q q 0 0 0 rg BT 499.19 150.55 Td (or ) Tj ET Q q 0 0 0 rg BT 509.48 150.55 Td (circumstances ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 139.75 Td (would ) Tj ET Q q 0 0 0 rg BT 106.38 139.75 Td (support ) Tj ET Q q 0 0 0 rg BT 138.27 139.75 Td (the ) Tj ET Q q 0 0 0 rg BT 152.65 139.75 Td (reversal ) Tj ET Q q 0 0 0 rg BT 186.53 139.75 Td (of ) Tj ET Q q 0 0 0 rg BT 195.91 139.75 Td (any ) Tj ET Q q 0 0 0 rg BT 212.29 139.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 254.67 139.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 292.06 139.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 338.44 139.75 Td (charges. ) Tj ET Q q 0 0 0 rg BT 374.83 139.75 Td ( ) Tj ET Q q 0 0 0 rg BT 376.70 139.75 Td (In ) Tj ET Q q 0 0 0 rg BT 386.08 139.75 Td (this ) Tj ET Q q 0 0 0 rg BT 401.95 139.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 451.84 139.75 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 493.23 139.75 Td (considers ) Tj ET Q q 0 0 0 rg BT 533.62 139.75 Td (the ) Tj ET Q q 0 0 0 rg BT 548.00 139.75 Td (facts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 128.95 Td (and ) Tj ET Q q 0 0 0 rg BT 98.50 128.95 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 158.50 128.95 Td (that ) Tj ET Q q 0 0 0 rg BT 176.00 128.95 Td (caused ) Tj ET Q q 0 0 0 rg BT 207.50 128.95 Td (the ) Tj ET Q q 0 0 0 rg BT 222.50 128.95 Td (original ) Tj ET Q q 0 0 0 rg BT 254.00 128.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 301.00 128.95 Td (charge ) Tj ET Q q 0 0 0 rg BT 331.00 128.95 Td (to ) Tj ET Q q 0 0 0 rg BT 340.99 128.95 Td (be ) Tj ET Q q 0 0 0 rg BT 353.48 128.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 400.00 128.95 Td (and ) Tj ET Q q 0 0 0 rg BT 417.50 128.95 Td (whether ) Tj ET Q q 0 0 0 rg BT 452.00 128.95 Td (there ) Tj ET Q q 0 0 0 rg BT 475.00 128.95 Td (is ) Tj ET Q q 0 0 0 rg BT 483.98 128.95 Td (a ) Tj ET Q q 0 0 0 rg BT 491.47 128.95 Td (sustained ) Tj ET Q q 0 0 0 rg BT 532.48 128.95 Td (period ) Tj ET Q q 0 0 0 rg BT 559.99 128.95 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 118.15 Td (which ) Tj ET Q q 0 0 0 rg BT 106.51 118.15 Td (those ) Tj ET Q q 0 0 0 rg BT 131.03 118.15 Td (facts ) Tj ET Q q 0 0 0 rg BT 152.53 118.15 Td (and ) Tj ET Q q 0 0 0 rg BT 170.05 118.15 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 230.07 118.15 Td (changed.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 101.35 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.24 101.35 Td (December31, ) Tj ET Q q 0 0 0 rg BT 149.50 101.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.53 101.35 Td (, ) Tj ET Q q 0 0 0 rg BT 173.76 101.35 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 215.03 101.35 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 255.80 101.35 Td (each ) Tj ET Q q 0 0 0 rg BT 277.05 101.35 Td (of ) Tj ET Q q 0 0 0 rg BT 286.29 101.35 Td (its ) Tj ET Q q 0 0 0 rg BT 297.03 101.35 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 323.27 101.35 Td (for ) Tj ET Q q 0 0 0 rg BT 335.51 101.35 Td (indicators ) Tj ET Q q 0 0 0 rg BT 375.76 101.35 Td (of ) Tj ET Q q 0 0 0 rg BT 385.00 101.35 Td (potential ) Tj ET Q q 0 0 0 rg BT 420.77 101.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 467.02 101.35 Td (or ) Tj ET Q q 0 0 0 rg BT 476.76 101.35 Td (a ) Tj ET Q q 0 0 0 rg BT 483.50 101.35 Td (reversal ) Tj ET Q q 0 0 0 rg BT 517.25 101.35 Td (of ) Tj ET Q q 0 0 0 rg BT 526.49 101.35 Td (previously ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 90.55 Td (recorded ) Tj ET Q q 0 0 0 rg BT 117.84 90.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 163.67 90.55 Td (charges. ) Tj ET Q q 0 0 0 rg BT 199.42 90.55 Td (There ) Tj ET Q q 0 0 0 rg BT 224.24 90.55 Td (were ) Tj ET Q q 0 0 0 rg BT 245.07 90.55 Td (no ) Tj ET Q q 0 0 0 rg BT 256.39 90.55 Td (indicators ) Tj ET Q q 0 0 0 rg BT 296.23 90.55 Td (of ) Tj ET Q q 0 0 0 rg BT 305.05 90.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 350.88 90.55 Td (identified ) Tj ET Q q 0 0 0 rg BT 388.22 90.55 Td (and ) Tj ET Q q 0 0 0 rg BT 404.55 90.55 Td (as ) Tj ET Q q 0 0 0 rg BT 415.38 90.55 Td (such ) Tj ET Q q 0 0 0 rg BT 435.70 90.55 Td (no ) Tj ET Q q 0 0 0 rg BT 447.03 90.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 492.86 90.55 Td (test ) Tj ET Q q 0 0 0 rg BT 508.68 90.55 Td (was ) Tj ET Q q 0 0 0 rg BT 526.00 90.55 Td (performed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 79.75 Td (at ) Tj ET Q q 0 0 0 rg BT 90.96 79.75 Td (December ) Tj ET Q q 0 0 0 rg BT 134.94 79.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 149.90 79.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 174.88 79.75 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 216.87 79.75 Td (further ) Tj ET Q q 0 0 0 rg BT 245.33 79.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 292.82 79.75 Td (that ) Tj ET Q q 0 0 0 rg BT 310.29 79.75 Td (there ) Tj ET Q q 0 0 0 rg BT 333.26 79.75 Td (were ) Tj ET Q q 0 0 0 rg BT 355.22 79.75 Td (no ) Tj ET Q q 0 0 0 rg BT 367.69 79.75 Td (sustained ) Tj ET Q q 0 0 0 rg BT 408.68 79.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 445.16 79.75 Td (to ) Tj ET Q q 0 0 0 rg BT 455.12 79.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 484.59 79.75 Td (that ) Tj ET Q q 0 0 0 rg BT 502.06 79.75 Td (led ) Tj ET Q q 0 0 0 rg BT 516.53 79.75 Td (to ) Tj ET Q q 0 0 0 rg BT 526.49 79.75 Td (previously ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 68.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 127.07 68.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 173.63 68.95 Td (to ) Tj ET Q q 0 0 0 rg BT 183.18 68.95 Td (support ) Tj ET Q q 0 0 0 rg BT 215.25 68.95 Td (a ) Tj ET Q q 0 0 0 rg BT 222.30 68.95 Td (reversal. ) Tj ET Q q 0 0 0 rg BT 258.85 68.95 Td (If ) Tj ET Q q 0 0 0 rg BT 265.90 68.95 Td (an ) Tj ET Q q 0 0 0 rg BT 277.95 68.95 Td (impairment ) Tj ET Q q 0 0 0 rg BT 324.51 68.95 Td (test ) Tj ET Q q 0 0 0 rg BT 341.06 68.95 Td (had ) Tj ET Q q 0 0 0 rg BT 358.12 68.95 Td (been ) Tj ET Q q 0 0 0 rg BT 380.19 68.95 Td (conducted, ) Tj ET Q q 0 0 0 rg BT 426.27 68.95 Td (management ) Tj ET Q q 0 0 0 rg BT 480.84 68.95 Td (would ) Tj ET Q q 0 0 0 rg BT 506.40 68.95 Td (have ) Tj ET Q q 0 0 0 rg BT 527.96 68.95 Td (evaluated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 58.15 Td (the ) Tj ET Q q 0 0 0 rg BT 95.57 58.15 Td (net ) Tj ET Q q 0 0 0 rg BT 110.14 58.15 Td (present ) Tj ET Q q 0 0 0 rg BT 142.22 58.15 Td (values ) Tj ET Q q 0 0 0 rg BT 170.29 58.15 Td (of ) Tj ET Q q 0 0 0 rg BT 179.86 58.15 Td (each ) Tj ET Q q 0 0 0 rg BT 201.43 58.15 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 225.99 58.15 Td (Key ) Tj ET Q q 0 0 0 rg BT 243.56 58.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 284.13 58.15 Td (used ) Tj ET Q q 0 0 0 rg BT 305.70 58.15 Td (in ) Tj ET Q q 0 0 0 rg BT 314.77 58.15 Td (the ) Tj ET Q q 0 0 0 rg BT 329.34 58.15 Td (determination ) Tj ET Q q 0 0 0 rg BT 385.93 58.15 Td (of ) Tj ET Q q 0 0 0 rg BT 395.49 58.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 416.56 58.15 Td (flows ) Tj ET Q q 0 0 0 rg BT 439.12 58.15 Td (used ) Tj ET Q q 0 0 0 rg BT 460.70 58.15 Td (to ) Tj ET Q q 0 0 0 rg BT 470.26 58.15 Td (calculate ) Tj ET Q q 0 0 0 rg BT 507.84 58.15 Td (the ) Tj ET Q q 0 0 0 rg BT 522.41 58.15 Td (net ) Tj ET Q q 0 0 0 rg BT 536.98 58.15 Td (present ) 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 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 36) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 731.45 Td (value ) Tj ET Q q 0 0 0 rg BT 104.22 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 113.43 731.45 Td (a ) Tj ET Q q 0 0 0 rg BT 120.14 731.45 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 144.34 731.45 Td (include: ) Tj ET Q q 0 0 0 rg BT 177.06 731.45 Td (quantities ) Tj ET Q q 0 0 0 rg BT 217.29 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 226.50 731.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 262.72 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 279.44 731.45 Td (future ) Tj ET Q q 0 0 0 rg BT 304.15 731.45 Td (production; ) Tj ET Q q 0 0 0 rg BT 350.39 731.45 Td (future ) Tj ET Q q 0 0 0 rg BT 375.10 731.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 420.32 731.45 Td (pricing; ) Tj ET Q q 0 0 0 rg BT 451.03 731.45 Td (development ) Tj ET Q q 0 0 0 rg BT 504.27 731.45 Td (costs; ) Tj ET Q q 0 0 0 rg BT 529.48 731.45 Td (operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 720.65 Td (costs; ) Tj ET Q q 0 0 0 rg BT 106.18 720.65 Td (royalty ) Tj ET Q q 0 0 0 rg BT 134.35 720.65 Td (obligations; ) Tj ET Q q 0 0 0 rg BT 181.56 720.65 Td (and ) Tj ET Q q 0 0 0 rg BT 198.24 720.65 Td (discount ) Tj ET Q q 0 0 0 rg BT 233.44 720.65 Td (rates. ) Tj ET Q q 0 0 0 rg BT 257.28 720.65 Td (Any ) Tj ET Q q 0 0 0 rg BT 274.46 720.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 310.16 720.65 Td (in ) Tj ET Q q 0 0 0 rg BT 318.83 720.65 Td (these ) Tj ET Q q 0 0 0 rg BT 342.52 720.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 382.71 720.65 Td (may ) Tj ET Q q 0 0 0 rg BT 401.38 720.65 Td (have ) Tj ET Q q 0 0 0 rg BT 422.56 720.65 Td (an ) Tj ET Q q 0 0 0 rg BT 434.25 720.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 462.42 720.65 Td (on ) Tj ET Q q 0 0 0 rg BT 474.10 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 488.29 720.65 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 536.98 720.65 Td (amount ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 709.85 Td (of ) Tj ET Q q 0 0 0 rg BT 91.01 709.85 Td (the ) Tj ET Q q 0 0 0 rg BT 106.02 709.85 Td (CGU.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 693.05 Td (iii. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 693.05 Td (Proved ) Tj ET Q q 0 0 0 rg BT 112.02 693.05 Td (plus ) Tj ET Q q 0 0 0 rg BT 131.03 693.05 Td (probable ) Tj ET Q q 0 0 0 rg BT 168.56 693.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 180.06 693.05 Td (and ) Tj ET Q q 0 0 0 rg BT 197.58 693.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 227.60 693.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 244.61 693.05 Td (reserves) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 679.25 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 116.29 679.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 156.58 679.25 Td (are ) Tj ET Q q 0 0 0 rg BT 171.37 679.25 Td (based ) Tj ET Q q 0 0 0 rg BT 197.67 679.25 Td (on ) Tj ET Q q 0 0 0 rg BT 209.46 679.25 Td (engineering ) Tj ET Q q 0 0 0 rg BT 258.27 679.25 Td (data, ) Tj ET Q q 0 0 0 rg BT 280.07 679.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 320.86 679.25 Td (future ) Tj ET Q q 0 0 0 rg BT 345.66 679.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 373.94 679.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 412.25 679.25 Td (future ) Tj ET Q q 0 0 0 rg BT 437.04 679.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 458.83 679.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.11 679.25 Td (production ) Tj ET Q q 0 0 0 rg BT 511.92 679.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.71 679.25 Td (the ) Tj ET Q q 0 0 0 rg BT 543.00 679.25 Td (timing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 668.45 Td (of ) Tj ET Q q 0 0 0 rg BT 90.97 668.45 Td (future ) Tj ET Q q 0 0 0 rg BT 116.45 668.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 144.94 668.45 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 201.44 668.45 Td (all ) Tj ET Q q 0 0 0 rg BT 212.91 668.45 Td (of ) Tj ET Q q 0 0 0 rg BT 222.88 668.45 Td (which ) Tj ET Q q 0 0 0 rg BT 248.36 668.45 Td (are ) Tj ET Q q 0 0 0 rg BT 263.84 668.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 294.82 668.45 Td (to ) Tj ET Q q 0 0 0 rg BT 304.79 668.45 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 359.79 668.45 Td (and ) Tj ET Q q 0 0 0 rg BT 377.28 668.45 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 420.63 668.45 Td (. ) Tj ET Q q 0 0 0 rg BT 425.60 668.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 467.59 668.45 Td (expects ) Tj ET Q q 0 0 0 rg BT 501.08 668.45 Td (that ) Tj ET Q q 0 0 0 rg BT 518.56 668.45 Td (over ) Tj ET Q q 0 0 0 rg BT 538.53 668.45 Td (time ) Tj ET Q q 0 0 0 rg BT 558.00 668.45 Td (its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 657.65 Td (reserve ) Tj ET Q q 0 0 0 rg BT 113.80 657.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 155.10 657.65 Td (will ) Tj ET Q q 0 0 0 rg BT 170.39 657.65 Td (be ) Tj ET Q q 0 0 0 rg BT 183.19 657.65 Td (revised ) Tj ET Q q 0 0 0 rg BT 215.00 657.65 Td (either ) Tj ET Q q 0 0 0 rg BT 240.30 657.65 Td (upward ) Tj ET Q q 0 0 0 rg BT 272.61 657.65 Td (or ) Tj ET Q q 0 0 0 rg BT 283.40 657.65 Td (downward ) Tj ET Q q 0 0 0 rg BT 327.21 657.65 Td (depending ) Tj ET Q q 0 0 0 rg BT 372.04 657.65 Td (upon ) Tj ET Q q 0 0 0 rg BT 394.86 657.65 Td (the ) Tj ET Q q 0 0 0 rg BT 410.16 657.65 Td (factors ) Tj ET Q q 0 0 0 rg BT 439.96 657.65 Td (as ) Tj ET Q q 0 0 0 rg BT 452.25 657.65 Td (stated ) Tj ET Q q 0 0 0 rg BT 479.56 657.65 Td (above. ) Tj ET Q q 0 0 0 rg BT 509.19 657.65 Td (These ) Tj ET Q q 0 0 0 rg BT 536.99 657.65 Td (reserve ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 646.85 Td (estimates ) Tj ET Q q 0 0 0 rg BT 121.83 646.85 Td (can ) Tj ET Q q 0 0 0 rg BT 138.65 646.85 Td (have ) Tj ET Q q 0 0 0 rg BT 160.48 646.85 Td (a ) Tj ET Q q 0 0 0 rg BT 167.80 646.85 Td (significant ) Tj ET Q q 0 0 0 rg BT 210.13 646.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 238.95 646.85 Td (on ) Tj ET Q q 0 0 0 rg BT 251.27 646.85 Td (net ) Tj ET Q q 0 0 0 rg BT 266.10 646.85 Td (income, ) Tj ET Q q 0 0 0 rg BT 299.92 646.85 Td (as ) Tj ET Q q 0 0 0 rg BT 311.74 646.85 Td (it ) Tj ET Q q 0 0 0 rg BT 318.55 646.85 Td (is ) Tj ET Q q 0 0 0 rg BT 327.36 646.85 Td (a ) Tj ET Q q 0 0 0 rg BT 334.68 646.85 Td (key ) Tj ET Q q 0 0 0 rg BT 351.00 646.85 Td (component ) Tj ET Q q 0 0 0 rg BT 397.84 646.85 Td (in ) Tj ET Q q 0 0 0 rg BT 407.16 646.85 Td (the ) Tj ET Q q 0 0 0 rg BT 421.98 646.85 Td (calculation ) Tj ET Q q 0 0 0 rg BT 466.82 646.85 Td (of ) Tj ET Q q 0 0 0 rg BT 476.64 646.85 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 517.99 646.85 Td (depreciation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 636.05 Td (and ) Tj ET Q q 0 0 0 rg BT 98.52 636.05 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 152.54 636.05 Td (and ) Tj ET Q q 0 0 0 rg BT 170.06 636.05 Td (also ) Tj ET Q q 0 0 0 rg BT 189.07 636.05 Td (for ) Tj ET Q q 0 0 0 rg BT 202.07 636.05 Td (the ) Tj ET Q q 0 0 0 rg BT 217.08 636.05 Td (determination ) Tj ET Q q 0 0 0 rg BT 274.11 636.05 Td (of ) Tj ET Q q 0 0 0 rg BT 284.12 636.05 Td (potential ) Tj ET Q q 0 0 0 rg BT 320.65 636.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 344.66 636.05 Td (impairments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 619.25 Td (iv) Tj ET Q q 0 0 0 rg BT 68.83 619.25 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 619.25 Td (Depreciation, ) Tj ET Q q 0 0 0 rg BT 136.53 619.25 Td (depletion ) Tj ET Q q 0 0 0 rg BT 175.56 619.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.08 619.25 Td (amortization) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 605.45 Td (Property) Tj ET Q q 0 0 0 rg BT 114.35 605.45 Td (, ) Tj ET Q q 0 0 0 rg BT 119.39 605.45 Td (plant ) Tj ET Q q 0 0 0 rg BT 141.44 605.45 Td (and ) Tj ET Q q 0 0 0 rg BT 159.00 605.45 Td (equipment ) Tj ET Q q 0 0 0 rg BT 203.57 605.45 Td (is ) Tj ET Q q 0 0 0 rg BT 212.61 605.45 Td (measured ) Tj ET Q q 0 0 0 rg BT 255.17 605.45 Td (at ) Tj ET Q q 0 0 0 rg BT 265.22 605.45 Td (cost ) Tj ET Q q 0 0 0 rg BT 284.27 605.45 Td (less ) Tj ET Q q 0 0 0 rg BT 302.81 605.45 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 356.38 605.45 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 410.46 605.45 Td (depletion ) Tj ET Q q 0 0 0 rg BT 449.53 605.45 Td (and ) Tj ET Q q 0 0 0 rg BT 467.09 605.45 Td (amortization. ) Tj ET Q q 0 0 0 rg BT 521.15 605.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 562.51 605.45 Td (s ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 594.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 92.19 594.65 Td (and ) Tj ET Q q 0 0 0 rg BT 109.40 594.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 139.11 594.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 155.81 594.65 Td (properties ) Tj ET Q q 0 0 0 rg BT 198.02 594.65 Td (are ) Tj ET Q q 0 0 0 rg BT 213.21 594.65 Td (depleted ) Tj ET Q q 0 0 0 rg BT 249.93 594.65 Td (using ) Tj ET Q q 0 0 0 rg BT 273.64 594.65 Td (the ) Tj ET Q q 0 0 0 rg BT 288.34 594.65 Td (unit-of-production ) Tj ET Q q 0 0 0 rg BT 360.57 594.65 Td (method ) Tj ET Q q 0 0 0 rg BT 392.78 594.65 Td (over ) Tj ET Q q 0 0 0 rg BT 412.47 594.65 Td (proved ) Tj ET Q q 0 0 0 rg BT 442.18 594.65 Td (plus ) Tj ET Q q 0 0 0 rg BT 460.88 594.65 Td (probable ) Tj ET Q q 0 0 0 rg BT 498.10 594.65 Td (reserves ) Tj ET Q q 0 0 0 rg BT 534.80 594.65 Td (for ) Tj ET Q q 0 0 0 rg BT 547.49 594.65 Td (each ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 583.85 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 105.74 583.85 Td (The ) Tj ET Q q 0 0 0 rg BT 123.65 583.85 Td (unit-of-production ) Tj ET Q q 0 0 0 rg BT 196.09 583.85 Td (method ) Tj ET Q q 0 0 0 rg BT 228.51 583.85 Td (takes ) Tj ET Q q 0 0 0 rg BT 252.42 583.85 Td (into ) Tj ET Q q 0 0 0 rg BT 269.34 583.85 Td (account ) Tj ET Q q 0 0 0 rg BT 303.26 583.85 Td (estimates ) Tj ET Q q 0 0 0 rg BT 344.17 583.85 Td (of ) Tj ET Q q 0 0 0 rg BT 354.08 583.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 382.49 583.85 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 436.43 583.85 Td (incurred ) Tj ET Q q 0 0 0 rg BT 471.34 583.85 Td (to ) Tj ET Q q 0 0 0 rg BT 481.25 583.85 Td (date ) Tj ET Q q 0 0 0 rg BT 501.17 583.85 Td (along ) Tj ET Q q 0 0 0 rg BT 525.59 583.85 Td (with ) Tj ET Q q 0 0 0 rg BT 543.99 583.85 Td (future ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 573.05 Td (development ) Tj ET Q q 0 0 0 rg BT 135.04 573.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 163.55 573.05 Td (required ) Tj ET Q q 0 0 0 rg BT 199.07 573.05 Td (to ) Tj ET Q q 0 0 0 rg BT 209.08 573.05 Td (develop ) Tj ET Q q 0 0 0 rg BT 243.11 573.05 Td (both ) Tj ET Q q 0 0 0 rg BT 263.12 573.05 Td (proved ) Tj ET Q q 0 0 0 rg BT 293.14 573.05 Td (plus ) Tj ET Q q 0 0 0 rg BT 312.15 573.05 Td (probable ) Tj ET Q q 0 0 0 rg BT 349.68 573.05 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 389.19 573.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 556.25 Td (v) Tj ET Q q 0 0 0 rg BT 66.83 556.25 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 556.25 Td (Decommissioning ) Tj ET Q q 0 0 0 rg BT 154.52 556.25 Td (liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 542.45 Td (The ) Tj ET Q q 0 0 0 rg BT 98.21 542.45 Td (provision ) Tj ET Q q 0 0 0 rg BT 135.93 542.45 Td (for ) Tj ET Q q 0 0 0 rg BT 148.14 542.45 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 219.37 542.45 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 255.09 542.45 Td (is ) Tj ET Q q 0 0 0 rg BT 263.29 542.45 Td (based ) Tj ET Q q 0 0 0 rg BT 289.52 542.45 Td (on ) Tj ET Q q 0 0 0 rg BT 301.23 542.45 Td (management's ) Tj ET Q q 0 0 0 rg BT 361.68 542.45 Td (estimates ) Tj ET Q q 0 0 0 rg BT 401.90 542.45 Td (of ) Tj ET Q q 0 0 0 rg BT 411.11 542.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 433.82 542.45 Td (and ) Tj ET Q q 0 0 0 rg BT 450.54 542.45 Td (planned ) Tj ET Q q 0 0 0 rg BT 484.27 542.45 Td (remediation ) Tj ET Q q 0 0 0 rg BT 533.00 542.45 Td (projects. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 531.65 Td (Actual ) Tj ET Q q 0 0 0 rg BT 108.48 531.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 131.94 531.65 Td (may ) Tj ET Q q 0 0 0 rg BT 151.41 531.65 Td (dif) Tj ET Q q 0 0 0 rg BT 160.75 531.65 Td (fer ) Tj ET Q q 0 0 0 rg BT 173.72 531.65 Td (from ) Tj ET Q q 0 0 0 rg BT 194.18 531.65 Td (those ) Tj ET Q q 0 0 0 rg BT 218.66 531.65 Td (estimated ) Tj ET Q q 0 0 0 rg BT 260.14 531.65 Td (due ) Tj ET Q q 0 0 0 rg BT 277.62 531.65 Td (to ) Tj ET Q q 0 0 0 rg BT 287.59 531.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 324.08 531.65 Td (in ) Tj ET Q q 0 0 0 rg BT 333.54 531.65 Td (governing ) Tj ET Q q 0 0 0 rg BT 375.53 531.65 Td (environment ) Tj ET Q q 0 0 0 rg BT 427.52 531.65 Td (laws ) Tj ET Q q 0 0 0 rg BT 447.99 531.65 Td (and ) Tj ET Q q 0 0 0 rg BT 465.47 531.65 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 514.46 531.65 Td (technological ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 520.85 Td (changes, ) Tj ET Q q 0 0 0 rg BT 120.03 520.85 Td (and ) Tj ET Q q 0 0 0 rg BT 137.54 520.85 Td (market ) Tj ET Q q 0 0 0 rg BT 167.55 520.85 Td (conditions. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 504.05 Td (vi. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 504.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 119.52 504.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 164.03 504.05 Td (contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 490.25 Td (The ) Tj ET Q q 0 0 0 rg BT 99.18 490.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 140.88 490.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 156.05 490.25 Td (value ) Tj ET Q q 0 0 0 rg BT 180.24 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.42 490.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.11 490.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 270.80 490.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 316.99 490.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 356.18 490.25 Td (are ) Tj ET Q q 0 0 0 rg BT 371.86 490.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 403.05 490.25 Td (to ) Tj ET Q q 0 0 0 rg BT 413.23 490.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 449.93 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 459.61 490.25 Td (forward ) Tj ET Q q 0 0 0 rg BT 492.29 490.25 Td (looking ) Tj ET Q q 0 0 0 rg BT 523.49 490.25 Td (commodity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 479.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 111.78 479.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 145.57 479.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 165.35 479.45 Td (curves, ) Tj ET Q q 0 0 0 rg BT 198.63 479.45 Td (volatility ) Tj ET Q q 0 0 0 rg BT 234.91 479.45 Td (curves ) Tj ET Q q 0 0 0 rg BT 265.69 479.45 Td (and ) Tj ET Q q 0 0 0 rg BT 284.98 479.45 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 339.27 479.45 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 412.08 479.45 Td (risk. ) Tj ET Q q 0 0 0 rg BT 432.58 479.45 Td (The ) Tj ET Q q 0 0 0 rg BT 452.36 479.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 495.65 479.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 512.42 479.45 Td (values ) Tj ET Q q 0 0 0 rg BT 542.71 479.45 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 479.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 468.65 Td (Corporation) Tj ET Q q 0 0 0 rg BT 129.86 468.65 Td (s ) Tj ET Q q 0 0 0 rg BT 136.86 468.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 172.38 468.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 216.90 468.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 255.92 468.65 Td (are ) Tj ET Q q 0 0 0 rg BT 271.42 468.65 Td (subject ) Tj ET Q q 0 0 0 rg BT 302.44 468.65 Td (to ) Tj ET Q q 0 0 0 rg BT 312.45 468.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 348.97 468.65 Td (in ) Tj ET Q q 0 0 0 rg BT 358.48 468.65 Td (foreign ) Tj ET Q q 0 0 0 rg BT 388.50 468.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 430.03 468.65 Td (rates.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 445.85 Td (3. ) Tj ET Q q 0 0 0 rg BT 55.01 445.85 Td ( ) Tj ET Q q 0 0 0 rg BT 57.51 445.85 Td ( ) Tj ET Q q 0 0 0 rg BT 60.01 445.85 Td ( ) Tj ET Q q 0 0 0 rg BT 62.51 445.85 Td (Significant ) Tj ET Q q 0 0 0 rg BT 111.01 445.85 Td (accounting ) Tj ET Q q 0 0 0 rg BT 161.51 445.85 Td (policies) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 429.05 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 429.05 Td (Basis ) Tj ET Q q 0 0 0 rg BT 89.52 429.05 Td (of ) Tj ET Q q 0 0 0 rg BT 100.51 429.05 Td (consolidation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 412.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 412.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.01 412.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 134.05 412.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 169.57 412.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 216.09 412.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 255.10 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.11 412.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 305.63 412.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 352.15 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.16 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 377.17 412.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 426.70 412.25 Td (and ) Tj ET Q q 0 0 0 rg BT 444.21 412.25 Td (its ) Tj ET Q q 0 0 0 rg BT 455.71 412.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 505.74 412.25 Td (as ) Tj ET Q q 0 0 0 rg BT 517.74 412.25 Td (at) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 401.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 121.22 401.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.24 401.45 Td (. ) Tj ET Q q 0 0 0 rg BT 145.43 401.45 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 196.14 401.45 Td (are ) Tj ET Q q 0 0 0 rg BT 210.84 401.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 263.06 401.45 Td (from ) Tj ET Q q 0 0 0 rg BT 282.75 401.45 Td (the ) Tj ET Q q 0 0 0 rg BT 296.95 401.45 Td (date ) Tj ET Q q 0 0 0 rg BT 316.15 401.45 Td (of ) Tj ET Q q 0 0 0 rg BT 325.35 401.45 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 372.06 401.45 Td (being ) Tj ET Q q 0 0 0 rg BT 395.77 401.45 Td (the ) Tj ET Q q 0 0 0 rg BT 409.97 401.45 Td (date ) Tj ET Q q 0 0 0 rg BT 429.18 401.45 Td (on ) Tj ET Q q 0 0 0 rg BT 440.88 401.45 Td (which ) Tj ET Q q 0 0 0 rg BT 465.58 401.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 506.79 401.45 Td (obtains ) Tj ET Q q 0 0 0 rg BT 537.50 401.45 Td (control, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 390.65 Td (and ) Tj ET Q q 0 0 0 rg BT 80.55 390.65 Td (continues ) Tj ET Q q 0 0 0 rg BT 121.61 390.65 Td (to ) Tj ET Q q 0 0 0 rg BT 131.65 390.65 Td (be ) Tj ET Q q 0 0 0 rg BT 144.20 390.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 197.27 390.65 Td (until ) Tj ET Q q 0 0 0 rg BT 216.31 390.65 Td (the ) Tj ET Q q 0 0 0 rg BT 231.36 390.65 Td (date ) Tj ET Q q 0 0 0 rg BT 251.41 390.65 Td (that ) Tj ET Q q 0 0 0 rg BT 268.96 390.65 Td (control ) Tj ET Q q 0 0 0 rg BT 298.51 390.65 Td (ceases. ) Tj ET Q q 0 0 0 rg BT 332.06 390.65 Td (Control ) Tj ET Q q 0 0 0 rg BT 363.60 390.65 Td (exists ) Tj ET Q q 0 0 0 rg BT 389.15 390.65 Td (when ) Tj ET Q q 0 0 0 rg BT 413.20 390.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 455.25 390.65 Td (has ) Tj ET Q q 0 0 0 rg BT 472.30 390.65 Td (the ) Tj ET Q q 0 0 0 rg BT 487.35 390.65 Td (power ) Tj ET Q q 0 0 0 rg BT 514.39 390.65 Td (to ) Tj ET Q q 0 0 0 rg BT 524.43 390.65 Td (govern ) Tj ET Q q 0 0 0 rg BT 554.49 390.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 379.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 97.97 379.85 Td (and ) Tj ET Q q 0 0 0 rg BT 114.94 379.85 Td (operating ) Tj ET Q q 0 0 0 rg BT 154.43 379.85 Td (policies ) Tj ET Q q 0 0 0 rg BT 186.40 379.85 Td (of ) Tj ET Q q 0 0 0 rg BT 195.85 379.85 Td (an ) Tj ET Q q 0 0 0 rg BT 207.82 379.85 Td (entity ) Tj ET Q q 0 0 0 rg BT 231.28 379.85 Td (so ) Tj ET Q q 0 0 0 rg BT 242.74 379.85 Td (as ) Tj ET Q q 0 0 0 rg BT 254.20 379.85 Td (to ) Tj ET Q q 0 0 0 rg BT 263.66 379.85 Td (obtain ) Tj ET Q q 0 0 0 rg BT 290.14 379.85 Td (benefits ) Tj ET Q q 0 0 0 rg BT 323.61 379.85 Td (from ) Tj ET Q q 0 0 0 rg BT 343.57 379.85 Td (its ) Tj ET Q q 0 0 0 rg BT 354.52 379.85 Td (activities. ) Tj ET Q q 0 0 0 rg BT 393.10 379.85 Td (All ) Tj ET Q q 0 0 0 rg BT 405.05 379.85 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 461.03 379.85 Td (balances ) Tj ET Q q 0 0 0 rg BT 499.01 379.85 Td (and ) Tj ET Q q 0 0 0 rg BT 515.98 379.85 Td (transactions, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 369.05 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 369.05 Td (any ) Tj ET Q q 0 0 0 rg BT 97.53 369.05 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 141.56 369.05 Td (income ) Tj ET Q q 0 0 0 rg BT 173.07 369.05 Td (and ) Tj ET Q q 0 0 0 rg BT 190.59 369.05 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 234.11 369.05 Td (arising ) Tj ET Q q 0 0 0 rg BT 263.13 369.05 Td (from ) Tj ET Q q 0 0 0 rg BT 283.63 369.05 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 340.15 369.05 Td (transactions ) Tj ET Q q 0 0 0 rg BT 391.18 369.05 Td (are ) Tj ET Q q 0 0 0 rg BT 406.69 369.05 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 450.21 369.05 Td (in ) Tj ET Q q 0 0 0 rg BT 459.72 369.05 Td (full. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 352.25 Td (Many ) Tj ET Q q 0 0 0 rg BT 87.39 352.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.29 352.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 145.41 352.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 156.80 352.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.21 352.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 204.11 352.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 221.01 352.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 257.90 352.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 288.30 352.25 Td (jointly ) Tj ET Q q 0 0 0 rg BT 313.70 352.25 Td (controlled ) Tj ET Q q 0 0 0 rg BT 355.11 352.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 385.85 352.25 Td (The ) Tj ET Q q 0 0 0 rg BT 403.74 352.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 456.67 352.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.07 352.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 538.48 352.25 Td (include ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 341.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 111.24 341.45 Td (share ) Tj ET Q q 0 0 0 rg BT 136.26 341.45 Td (of ) Tj ET Q q 0 0 0 rg BT 146.26 341.45 Td (these ) Tj ET Q q 0 0 0 rg BT 170.78 341.45 Td (jointly ) Tj ET Q q 0 0 0 rg BT 196.29 341.45 Td (controlled ) Tj ET Q q 0 0 0 rg BT 237.81 341.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 266.33 341.45 Td (and ) Tj ET Q q 0 0 0 rg BT 283.84 341.45 Td (a ) Tj ET Q q 0 0 0 rg BT 291.35 341.45 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 346.89 341.45 Td (share ) Tj ET Q q 0 0 0 rg BT 371.90 341.45 Td (of ) Tj ET Q q 0 0 0 rg BT 381.91 341.45 Td (the ) Tj ET Q q 0 0 0 rg BT 396.92 341.45 Td (relevant ) Tj ET Q q 0 0 0 rg BT 431.44 341.45 Td (revenue ) Tj ET Q q 0 0 0 rg BT 466.46 341.45 Td (and ) Tj ET Q q 0 0 0 rg BT 483.98 341.45 Td (related ) Tj ET Q q 0 0 0 rg BT 514.00 341.45 Td (costs.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 324.65 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 98.50 324.65 Td (currency) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 307.85 Td (Monetary ) Tj ET Q q 0 0 0 rg BT 102.82 307.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 131.14 307.85 Td (and ) Tj ET Q q 0 0 0 rg BT 148.46 307.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 184.78 307.85 Td (denominated ) Tj ET Q q 0 0 0 rg BT 239.13 307.85 Td (in ) Tj ET Q q 0 0 0 rg BT 248.44 307.85 Td (foreign ) Tj ET Q q 0 0 0 rg BT 278.26 307.85 Td (currencies ) Tj ET Q q 0 0 0 rg BT 322.08 307.85 Td (are ) Tj ET Q q 0 0 0 rg BT 337.40 307.85 Td (translated ) Tj ET Q q 0 0 0 rg BT 379.23 307.85 Td (to ) Tj ET Q q 0 0 0 rg BT 389.04 307.85 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 429.88 307.85 Td (dollars ) Tj ET Q q 0 0 0 rg BT 458.70 307.85 Td (at ) Tj ET Q q 0 0 0 rg BT 468.51 307.85 Td (the ) Tj ET Q q 0 0 0 rg BT 483.33 307.85 Td (period ) Tj ET Q q 0 0 0 rg BT 510.65 307.85 Td (end ) Tj ET Q q 0 0 0 rg BT 527.97 307.85 Td (exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 297.05 Td (rate. ) Tj ET Q q 0 0 0 rg BT 83.44 297.05 Td (Non-monetary ) Tj ET Q q 0 0 0 rg BT 142.89 297.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 171.33 297.05 Td (and ) Tj ET Q q 0 0 0 rg BT 188.78 297.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 225.22 297.05 Td (denominated ) Tj ET Q q 0 0 0 rg BT 279.69 297.05 Td (in ) Tj ET Q q 0 0 0 rg BT 289.13 297.05 Td (foreign ) Tj ET Q q 0 0 0 rg BT 319.07 297.05 Td (currencies ) Tj ET Q q 0 0 0 rg BT 363.02 297.05 Td (that ) Tj ET Q q 0 0 0 rg BT 380.46 297.05 Td (are ) Tj ET Q q 0 0 0 rg BT 395.90 297.05 Td (measured ) Tj ET Q q 0 0 0 rg BT 438.35 297.05 Td (at ) Tj ET Q q 0 0 0 rg BT 448.28 297.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 463.22 297.05 Td (value ) Tj ET Q q 0 0 0 rg BT 487.16 297.05 Td (are ) Tj ET Q q 0 0 0 rg BT 502.60 297.05 Td (translated ) Tj ET Q q 0 0 0 rg BT 544.55 297.05 Td (at ) Tj ET Q q 0 0 0 rg BT 554.49 297.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 286.25 Td (functional ) Tj ET Q q 0 0 0 rg BT 104.07 286.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 141.13 286.25 Td (at ) Tj ET Q q 0 0 0 rg BT 151.18 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 166.24 286.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 207.82 286.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 225.88 286.25 Td (at ) Tj ET Q q 0 0 0 rg BT 235.93 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.99 286.25 Td (date ) Tj ET Q q 0 0 0 rg BT 271.05 286.25 Td (that ) Tj ET Q q 0 0 0 rg BT 288.61 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.67 286.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 318.72 286.25 Td (value ) Tj ET Q q 0 0 0 rg BT 342.78 286.25 Td (was ) Tj ET Q q 0 0 0 rg BT 361.33 286.25 Td (determined. ) Tj ET Q q 0 0 0 rg BT 411.40 286.25 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 444.47 286.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 481.52 286.25 Td (dif) Tj ET Q q 0 0 0 rg BT 490.87 286.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 527.93 286.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 556.99 286.25 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 275.45 Td (translation ) Tj ET Q q 0 0 0 rg BT 107.02 275.45 Td (are ) Tj ET Q q 0 0 0 rg BT 122.53 275.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 169.06 275.45 Td (in ) Tj ET Q q 0 0 0 rg BT 178.57 275.45 Td (profit ) Tj ET Q q 0 0 0 rg BT 201.08 275.45 Td (or ) Tj ET Q q 0 0 0 rg BT 211.58 275.45 Td (loss.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 258.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 104.51 258.65 Td (instruments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 241.85 Td (i. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 241.85 Td (Non-derivative ) Tj ET Q q 0 0 0 rg BT 141.53 241.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.05 241.85 Td (assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 225.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 122.98 225.05 Td (initially ) Tj ET Q q 0 0 0 rg BT 152.44 225.05 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 198.42 225.05 Td (loans, ) Tj ET Q q 0 0 0 rg BT 224.89 225.05 Td (receivables ) Tj ET Q q 0 0 0 rg BT 272.87 225.05 Td (and ) Tj ET Q q 0 0 0 rg BT 290.34 225.05 Td (deposits ) Tj ET Q q 0 0 0 rg BT 326.31 225.05 Td (on ) Tj ET Q q 0 0 0 rg BT 338.78 225.05 Td (the ) Tj ET Q q 0 0 0 rg BT 353.74 225.05 Td (date ) Tj ET Q q 0 0 0 rg BT 373.71 225.05 Td (that ) Tj ET Q q 0 0 0 rg BT 391.18 225.05 Td (they ) Tj ET Q q 0 0 0 rg BT 410.64 225.05 Td (are ) Tj ET Q q 0 0 0 rg BT 426.11 225.05 Td (originated. ) Tj ET Q q 0 0 0 rg BT 470.10 225.05 Td (All ) Tj ET Q q 0 0 0 rg BT 482.56 225.05 Td (other ) Tj ET Q q 0 0 0 rg BT 505.53 225.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 541.00 225.05 Td (assets ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 214.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 120.98 214.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 148.45 214.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 193.95 214.25 Td (at ) Tj ET Q q 0 0 0 rg BT 202.92 214.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 216.88 214.25 Td (value ) Tj ET Q q 0 0 0 rg BT 239.86 214.25 Td (through ) Tj ET Q q 0 0 0 rg BT 271.84 214.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 293.31 214.25 Td (or ) Tj ET Q q 0 0 0 rg BT 302.77 214.25 Td (loss\) ) Tj ET Q q 0 0 0 rg BT 323.24 214.25 Td (are ) Tj ET Q q 0 0 0 rg BT 337.71 214.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 383.19 214.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 411.66 214.25 Td (on ) Tj ET Q q 0 0 0 rg BT 423.13 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.11 214.25 Td (date ) Tj ET Q q 0 0 0 rg BT 456.08 214.25 Td (at ) Tj ET Q q 0 0 0 rg BT 465.05 214.25 Td (which ) Tj ET Q q 0 0 0 rg BT 489.52 214.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 530.50 214.25 Td (becomes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 203.45 Td (a ) Tj ET Q q 0 0 0 rg BT 88.51 203.45 Td (party ) Tj ET Q q 0 0 0 rg BT 111.01 203.45 Td (to ) Tj ET Q q 0 0 0 rg BT 121.02 203.45 Td (the ) Tj ET Q q 0 0 0 rg BT 136.03 203.45 Td (contractual ) Tj ET Q q 0 0 0 rg BT 182.56 203.45 Td (provisions ) Tj ET Q q 0 0 0 rg BT 225.58 203.45 Td (of ) Tj ET Q q 0 0 0 rg BT 235.58 203.45 Td (the ) Tj ET Q q 0 0 0 rg BT 250.59 203.45 Td (instrument.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 186.65 Td (The ) Tj ET Q q 0 0 0 rg BT 99.63 186.65 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 149.77 186.65 Td (derecognizes ) Tj ET Q q 0 0 0 rg BT 206.43 186.65 Td (a ) Tj ET Q q 0 0 0 rg BT 214.55 186.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.69 186.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 275.32 186.65 Td (when ) Tj ET Q q 0 0 0 rg BT 299.96 186.65 Td (the ) Tj ET Q q 0 0 0 rg BT 315.59 186.65 Td (contractual ) Tj ET Q q 0 0 0 rg BT 362.73 186.65 Td (rights ) Tj ET Q q 0 0 0 rg BT 387.86 186.65 Td (to ) Tj ET Q q 0 0 0 rg BT 398.49 186.65 Td (the ) Tj ET Q q 0 0 0 rg BT 414.12 186.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 436.25 186.65 Td (flows ) Tj ET Q q 0 0 0 rg BT 459.87 186.65 Td (from ) Tj ET Q q 0 0 0 rg BT 480.99 186.65 Td (the ) Tj ET Q q 0 0 0 rg BT 496.62 186.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 521.25 186.65 Td (expire, ) Tj ET Q q 0 0 0 rg BT 551.39 186.65 Td (or ) Tj ET Q q 0 0 0 rg BT 562.51 186.65 Td (it ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 175.85 Td (transfers ) Tj ET Q q 0 0 0 rg BT 118.50 175.85 Td (the ) Tj ET Q q 0 0 0 rg BT 133.50 175.85 Td (rights ) Tj ET Q q 0 0 0 rg BT 158.00 175.85 Td (to ) Tj ET Q q 0 0 0 rg BT 167.99 175.85 Td (receive ) Tj ET Q q 0 0 0 rg BT 199.49 175.85 Td (the ) Tj ET Q q 0 0 0 rg BT 214.49 175.85 Td (contractual ) Tj ET Q q 0 0 0 rg BT 261.00 175.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 282.50 175.85 Td (flows ) Tj ET Q q 0 0 0 rg BT 305.49 175.85 Td (on ) Tj ET Q q 0 0 0 rg BT 317.99 175.85 Td (the ) Tj ET Q q 0 0 0 rg BT 332.99 175.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 368.50 175.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 392.50 175.85 Td (in ) Tj ET Q q 0 0 0 rg BT 401.99 175.85 Td (a ) Tj ET Q q 0 0 0 rg BT 409.49 175.85 Td (transaction ) Tj ET Q q 0 0 0 rg BT 456.00 175.85 Td (in ) Tj ET Q q 0 0 0 rg BT 465.49 175.85 Td (which ) Tj ET Q q 0 0 0 rg BT 490.99 175.85 Td (substantially ) Tj ET Q q 0 0 0 rg BT 543.01 175.85 Td (all ) Tj ET Q q 0 0 0 rg BT 554.50 175.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 165.05 Td (risks ) Tj ET Q q 0 0 0 rg BT 101.23 165.05 Td (and ) Tj ET Q q 0 0 0 rg BT 117.97 165.05 Td (rewards ) Tj ET Q q 0 0 0 rg BT 151.71 165.05 Td (of ) Tj ET Q q 0 0 0 rg BT 160.95 165.05 Td (ownership ) Tj ET Q q 0 0 0 rg BT 203.70 165.05 Td (of ) Tj ET Q q 0 0 0 rg BT 212.94 165.05 Td (the ) Tj ET Q q 0 0 0 rg BT 227.18 165.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 261.93 165.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 285.17 165.05 Td (are ) Tj ET Q q 0 0 0 rg BT 299.91 165.05 Td (transferred.) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 345.93 169.34 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.05 165.05 Td (Any ) Tj ET Q q 0 0 0 rg BT 364.29 165.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 395.53 165.05 Td (in ) Tj ET Q q 0 0 0 rg BT 404.27 165.05 Td (transferred ) Tj ET Q q 0 0 0 rg BT 449.52 165.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 484.27 165.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 512.01 165.05 Td (that ) Tj ET Q q 0 0 0 rg BT 528.75 165.05 Td (is ) Tj ET Q q 0 0 0 rg BT 536.98 165.05 Td (created ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 154.25 Td (or ) Tj ET Q q 0 0 0 rg BT 91.50 154.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 126.53 154.25 Td (by ) Tj ET Q q 0 0 0 rg BT 138.53 154.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 180.56 154.25 Td (is ) Tj ET Q q 0 0 0 rg BT 189.56 154.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 236.09 154.25 Td (as ) Tj ET Q q 0 0 0 rg BT 248.09 154.25 Td (a ) Tj ET Q q 0 0 0 rg BT 255.60 154.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 293.12 154.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 317.14 154.25 Td (or ) Tj ET Q q 0 0 0 rg BT 327.64 154.25 Td (liability) Tj ET Q q 0 0 0 rg BT 353.98 154.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 137.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 119.37 137.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 147.74 137.45 Td (and ) Tj ET Q q 0 0 0 rg BT 165.11 137.45 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 201.47 137.45 Td (are ) Tj ET Q q 0 0 0 rg BT 216.84 137.45 Td (of) Tj ET Q q 0 0 0 rg BT 224.18 137.45 Td (fset ) Tj ET Q q 0 0 0 rg BT 241.04 137.45 Td (and ) Tj ET Q q 0 0 0 rg BT 258.41 137.45 Td (the ) Tj ET Q q 0 0 0 rg BT 273.28 137.45 Td (net ) Tj ET Q q 0 0 0 rg BT 288.14 137.45 Td (amount ) Tj ET Q q 0 0 0 rg BT 320.51 137.45 Td (is ) Tj ET Q q 0 0 0 rg BT 329.37 137.45 Td (presented ) Tj ET Q q 0 0 0 rg BT 371.75 137.45 Td (in ) Tj ET Q q 0 0 0 rg BT 381.11 137.45 Td (the ) Tj ET Q q 0 0 0 rg BT 395.98 137.45 Td (statement ) Tj ET Q q 0 0 0 rg BT 437.85 137.45 Td (of ) Tj ET Q q 0 0 0 rg BT 447.71 137.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 500.60 137.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 535.97 137.45 Td (position ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 126.65 Td (when, ) Tj ET Q q 0 0 0 rg BT 107.03 126.65 Td (and ) Tj ET Q q 0 0 0 rg BT 124.06 126.65 Td (only ) Tj ET Q q 0 0 0 rg BT 142.59 126.65 Td (when, ) Tj ET Q q 0 0 0 rg BT 168.62 126.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 210.16 126.65 Td (has ) Tj ET Q q 0 0 0 rg BT 226.69 126.65 Td (a ) Tj ET Q q 0 0 0 rg BT 233.71 126.65 Td (legal ) Tj ET Q q 0 0 0 rg BT 254.74 126.65 Td (right ) Tj ET Q q 0 0 0 rg BT 274.26 126.65 Td (to ) Tj ET Q q 0 0 0 rg BT 283.78 126.65 Td (of) Tj ET Q q 0 0 0 rg BT 291.13 126.65 Td (fset ) Tj ET Q q 0 0 0 rg BT 307.65 126.65 Td (the ) Tj ET Q q 0 0 0 rg BT 322.18 126.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 358.71 126.65 Td (and ) Tj ET Q q 0 0 0 rg BT 375.74 126.65 Td (intends ) Tj ET Q q 0 0 0 rg BT 406.78 126.65 Td (either ) Tj ET Q q 0 0 0 rg BT 431.31 126.65 Td (to ) Tj ET Q q 0 0 0 rg BT 440.83 126.65 Td (settle ) Tj ET Q q 0 0 0 rg BT 464.36 126.65 Td (on ) Tj ET Q q 0 0 0 rg BT 476.38 126.65 Td (a ) Tj ET Q q 0 0 0 rg BT 483.40 126.65 Td (net ) Tj ET Q q 0 0 0 rg BT 497.93 126.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 520.96 126.65 Td (or ) Tj ET Q q 0 0 0 rg BT 530.98 126.65 Td (to ) Tj ET Q q 0 0 0 rg BT 540.50 126.65 Td (realize ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 115.85 Td (the ) Tj ET Q q 0 0 0 rg BT 96.01 115.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 120.02 115.85 Td (and ) Tj ET Q q 0 0 0 rg BT 137.54 115.85 Td (settle ) Tj ET Q q 0 0 0 rg BT 161.55 115.85 Td (the ) Tj ET Q q 0 0 0 rg BT 176.56 115.85 Td (liability ) Tj ET Q q 0 0 0 rg BT 206.07 115.85 Td (simultaneously) Tj ET Q q 0 0 0 rg BT 264.93 115.85 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 99.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 123.01 99.05 Td (classifies ) Tj ET Q q 0 0 0 rg BT 162.00 99.05 Td (non-derivative ) Tj ET Q q 0 0 0 rg BT 221.02 99.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 256.52 99.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 285.01 99.05 Td (into ) Tj ET Q q 0 0 0 rg BT 302.01 99.05 Td (the ) Tj ET Q q 0 0 0 rg BT 317.00 99.05 Td (following ) Tj ET Q q 0 0 0 rg BT 354.51 99.05 Td (categories: ) Tj ET Q q 0 0 0 rg BT 401.01 99.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.52 99.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 465.01 99.05 Td (at ) Tj ET Q q 0 0 0 rg BT 475.00 99.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 489.99 99.05 Td (value ) Tj ET Q q 0 0 0 rg BT 513.99 99.05 Td (through ) Tj ET Q q 0 0 0 rg BT 546.99 99.05 Td (profit ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 88.25 Td (or ) Tj ET Q q 0 0 0 rg BT 91.50 88.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 112.51 88.25 Td (held-to-maturity ) Tj ET Q q 0 0 0 rg BT 177.53 88.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 213.05 88.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 244.06 88.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 268.08 88.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.60 88.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 333.62 88.25 Td (and ) Tj ET Q q 0 0 0 rg BT 351.14 88.25 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 422.17 88.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 457.69 88.25 Td (assets.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 81.00 71.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 119.52 71.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 148.03 71.45 Td (at ) Tj ET Q q 0 0 0 rg BT 158.04 71.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.04 71.45 Td (value ) Tj ET Q q 0 0 0 rg BT 197.06 71.45 Td (through ) Tj ET Q q 0 0 0 rg BT 230.08 71.45 Td (profit ) Tj ET Q q 0 0 0 rg BT 252.59 71.45 Td (or ) Tj ET Q q 0 0 0 rg BT 263.09 71.45 Td (loss ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 57.65 Td (A) Tj ET Q q 0 0 0 rg BT 86.51 57.65 Td ( ) Tj ET Q q 0 0 0 rg BT 89.10 57.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 124.72 57.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 148.82 57.65 Td (is ) Tj ET Q q 0 0 0 rg BT 157.92 57.65 Td (classified ) Tj ET Q q 0 0 0 rg BT 197.53 57.65 Td (at ) Tj ET Q q 0 0 0 rg BT 207.63 57.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.72 57.65 Td (value ) Tj ET Q q 0 0 0 rg BT 246.83 57.65 Td (through ) Tj ET Q q 0 0 0 rg BT 279.95 57.65 Td (profit ) Tj ET Q q 0 0 0 rg BT 302.56 57.65 Td (or ) Tj ET Q q 0 0 0 rg BT 313.15 57.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 331.75 57.65 Td (if ) Tj ET Q q 0 0 0 rg BT 338.85 57.65 Td (it ) Tj ET Q q 0 0 0 rg BT 345.94 57.65 Td (is ) Tj ET Q q 0 0 0 rg BT 355.04 57.65 Td (classified ) Tj ET Q q 0 0 0 rg BT 394.65 57.65 Td (as ) Tj ET Q q 0 0 0 rg BT 406.75 57.65 Td (held ) Tj ET Q q 0 0 0 rg BT 426.36 57.65 Td (for ) Tj ET Q q 0 0 0 rg BT 439.46 57.65 Td (trading ) Tj ET Q q 0 0 0 rg BT 469.57 57.65 Td (or ) Tj ET Q q 0 0 0 rg BT 480.17 57.65 Td (is ) Tj ET Q q 0 0 0 rg BT 489.26 57.65 Td (designated ) Tj ET Q q 0 0 0 rg BT 535.89 57.65 Td (as ) Tj ET Q q 0 0 0 rg BT 547.99 57.65 Td (such ) 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 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 37) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 731.45 Td (upon ) Tj ET Q q 0 0 0 rg BT 104.77 731.45 Td (initial ) Tj ET Q q 0 0 0 rg BT 129.03 731.45 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 179.31 731.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 219.08 731.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 248.84 731.45 Td (are ) Tj ET Q q 0 0 0 rg BT 265.59 731.45 Td (designated ) Tj ET Q q 0 0 0 rg BT 313.38 731.45 Td (at ) Tj ET Q q 0 0 0 rg BT 324.64 731.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 340.89 731.45 Td (value ) Tj ET Q q 0 0 0 rg BT 366.15 731.45 Td (through ) Tj ET Q q 0 0 0 rg BT 400.43 731.45 Td (profit ) Tj ET Q q 0 0 0 rg BT 424.19 731.45 Td (or ) Tj ET Q q 0 0 0 rg BT 435.94 731.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 455.69 731.45 Td (if ) Tj ET Q q 0 0 0 rg BT 463.94 731.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 507.21 731.45 Td (manages ) Tj ET Q q 0 0 0 rg BT 547.99 731.45 Td (such ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 720.65 Td (investments ) Tj ET Q q 0 0 0 rg BT 131.49 720.65 Td (and ) Tj ET Q q 0 0 0 rg BT 148.97 720.65 Td (makes ) Tj ET Q q 0 0 0 rg BT 177.95 720.65 Td (purchase ) Tj ET Q q 0 0 0 rg BT 217.45 720.65 Td (and ) Tj ET Q q 0 0 0 rg BT 234.93 720.65 Td (sale ) Tj ET Q q 0 0 0 rg BT 253.91 720.65 Td (decisions ) Tj ET Q q 0 0 0 rg BT 293.90 720.65 Td (based ) Tj ET Q q 0 0 0 rg BT 320.89 720.65 Td (on ) Tj ET Q q 0 0 0 rg BT 333.37 720.65 Td (their ) Tj ET Q q 0 0 0 rg BT 353.35 720.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 368.32 720.65 Td (value ) Tj ET Q q 0 0 0 rg BT 392.31 720.65 Td (in ) Tj ET Q q 0 0 0 rg BT 401.78 720.65 Td (accordance ) Tj ET Q q 0 0 0 rg BT 450.78 720.65 Td (with ) Tj ET Q q 0 0 0 rg BT 469.26 720.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 517.47 720.65 Td (documented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 709.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 97.50 709.85 Td (management ) Tj ET Q q 0 0 0 rg BT 152.53 709.85 Td (or ) Tj ET Q q 0 0 0 rg BT 163.03 709.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 209.05 709.85 Td (strategy) Tj ET Q q 0 0 0 rg BT 240.40 709.85 Td (. ) Tj ET Q q 0 0 0 rg BT 244.90 709.85 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 292.93 709.85 Td (transaction ) Tj ET Q q 0 0 0 rg BT 339.46 709.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 362.96 709.85 Td (are ) Tj ET Q q 0 0 0 rg BT 378.47 709.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 425.00 709.85 Td (in ) Tj ET Q q 0 0 0 rg BT 434.50 709.85 Td (profit ) Tj ET Q q 0 0 0 rg BT 457.01 709.85 Td (or ) Tj ET Q q 0 0 0 rg BT 467.52 709.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 486.02 709.85 Td (as ) Tj ET Q q 0 0 0 rg BT 498.03 709.85 Td (incurred. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 696.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 120.03 696.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 149.05 696.05 Td (at ) Tj ET Q q 0 0 0 rg BT 159.57 696.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 175.09 696.05 Td (value ) Tj ET Q q 0 0 0 rg BT 199.61 696.05 Td (through ) Tj ET Q q 0 0 0 rg BT 233.15 696.05 Td (profit ) Tj ET Q q 0 0 0 rg BT 256.17 696.05 Td (or ) Tj ET Q q 0 0 0 rg BT 267.19 696.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 286.20 696.05 Td (are ) Tj ET Q q 0 0 0 rg BT 302.22 696.05 Td (measured ) Tj ET Q q 0 0 0 rg BT 345.26 696.05 Td (at ) Tj ET Q q 0 0 0 rg BT 355.77 696.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 371.29 696.05 Td (value ) Tj ET Q q 0 0 0 rg BT 395.82 696.05 Td (and ) Tj ET Q q 0 0 0 rg BT 413.84 696.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 450.88 696.05 Td (therein ) Tj ET Q q 0 0 0 rg BT 481.41 696.05 Td (are ) Tj ET Q q 0 0 0 rg BT 497.43 696.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 544.48 696.05 Td (in ) Tj ET Q q 0 0 0 rg BT 554.49 696.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 685.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 134.04 685.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 176.06 685.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.06 685.25 Td (income.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 81.00 668.45 Td (Loans ) Tj ET Q q 0 0 0 rg BT 108.02 668.45 Td (and ) Tj ET Q q 0 0 0 rg BT 125.54 668.45 Td (receivables ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 654.65 Td (Loans ) Tj ET Q q 0 0 0 rg BT 107.40 654.65 Td (and ) Tj ET Q q 0 0 0 rg BT 124.30 654.65 Td (receivables ) Tj ET Q q 0 0 0 rg BT 171.70 654.65 Td (are ) Tj ET Q q 0 0 0 rg BT 186.59 654.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 221.49 654.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 249.38 654.65 Td (with ) Tj ET Q q 0 0 0 rg BT 267.27 654.65 Td (fixed ) Tj ET Q q 0 0 0 rg BT 288.16 654.65 Td (or ) Tj ET Q q 0 0 0 rg BT 298.04 654.65 Td (determinable ) Tj ET Q q 0 0 0 rg BT 351.95 654.65 Td (payments ) Tj ET Q q 0 0 0 rg BT 392.85 654.65 Td (that ) Tj ET Q q 0 0 0 rg BT 409.74 654.65 Td (are ) Tj ET Q q 0 0 0 rg BT 424.63 654.65 Td (not ) Tj ET Q q 0 0 0 rg BT 439.02 654.65 Td (quoted ) Tj ET Q q 0 0 0 rg BT 468.43 654.65 Td (in ) Tj ET Q q 0 0 0 rg BT 477.32 654.65 Td (an ) Tj ET Q q 0 0 0 rg BT 489.21 654.65 Td (active ) Tj ET Q q 0 0 0 rg BT 514.60 654.65 Td (market. ) Tj ET Q q 0 0 0 rg BT 546.49 654.65 Td (Such ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 643.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 109.53 643.85 Td (are ) Tj ET Q q 0 0 0 rg BT 125.05 643.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 171.59 643.85 Td (initially ) Tj ET Q q 0 0 0 rg BT 201.12 643.85 Td (at ) Tj ET Q q 0 0 0 rg BT 211.14 643.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 226.16 643.85 Td (value ) Tj ET Q q 0 0 0 rg BT 250.19 643.85 Td (plus ) Tj ET Q q 0 0 0 rg BT 269.21 643.85 Td (any ) Tj ET Q q 0 0 0 rg BT 286.24 643.85 Td (directly ) Tj ET Q q 0 0 0 rg BT 317.26 643.85 Td (attributable ) Tj ET Q q 0 0 0 rg BT 364.31 643.85 Td (transaction ) Tj ET Q q 0 0 0 rg BT 410.84 643.85 Td (costs. ) Tj ET Q q 0 0 0 rg BT 436.87 643.85 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 487.42 643.85 Td (to ) Tj ET Q q 0 0 0 rg BT 497.44 643.85 Td (initial ) Tj ET Q q 0 0 0 rg BT 520.47 643.85 Td (recognition, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 633.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 105.02 633.05 Td (and ) Tj ET Q q 0 0 0 rg BT 122.53 633.05 Td (receivables ) Tj ET Q q 0 0 0 rg BT 170.56 633.05 Td (are ) Tj ET Q q 0 0 0 rg BT 186.06 633.05 Td (measured ) Tj ET Q q 0 0 0 rg BT 228.59 633.05 Td (at ) Tj ET Q q 0 0 0 rg BT 238.59 633.05 Td (amortized ) Tj ET Q q 0 0 0 rg BT 280.61 633.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 299.61 633.05 Td (using ) Tj ET Q q 0 0 0 rg BT 323.63 633.05 Td (the ) Tj ET Q q 0 0 0 rg BT 338.64 633.05 Td (ef) Tj ET Q q 0 0 0 rg BT 345.99 633.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 374.50 633.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 406.51 633.05 Td (method, ) Tj ET Q q 0 0 0 rg BT 441.53 633.05 Td (less ) Tj ET Q q 0 0 0 rg BT 460.04 633.05 Td (any ) Tj ET Q q 0 0 0 rg BT 477.05 633.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 524.06 633.05 Td (losses.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 616.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 108.02 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.54 616.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 173.56 616.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 212.57 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.58 616.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 244.09 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.61 616.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 283.12 616.25 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 333.65 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 351.17 616.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 374.18 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.70 616.25 Td (other ) Tj ET Q q 0 0 0 rg BT 414.71 616.25 Td (receivables. ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 81.00 599.45 Td (Cash ) Tj ET Q q 0 0 0 rg BT 104.51 599.45 Td (and ) Tj ET Q q 0 0 0 rg BT 122.03 599.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 143.54 599.45 Td (equivalents) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 585.65 Td (Cash ) Tj ET Q q 0 0 0 rg BT 104.51 585.65 Td (and ) Tj ET Q q 0 0 0 rg BT 122.03 585.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 143.54 585.65 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 191.57 585.65 Td (comprise ) Tj ET Q q 0 0 0 rg BT 230.58 585.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 252.09 585.65 Td (balances ) Tj ET Q q 0 0 0 rg BT 290.62 585.65 Td (and ) Tj ET Q q 0 0 0 rg BT 308.14 585.65 Td (call ) Tj ET Q q 0 0 0 rg BT 324.14 585.65 Td (deposits ) Tj ET Q q 0 0 0 rg BT 360.16 585.65 Td (with ) Tj ET Q q 0 0 0 rg BT 378.67 585.65 Td (original ) Tj ET Q q 0 0 0 rg BT 410.19 585.65 Td (maturities ) Tj ET Q q 0 0 0 rg BT 451.70 585.65 Td (of ) Tj ET Q q 0 0 0 rg BT 461.70 585.65 Td (three ) Tj ET Q q 0 0 0 rg BT 484.72 585.65 Td (months ) Tj ET Q q 0 0 0 rg BT 516.73 585.65 Td (or ) Tj ET Q q 0 0 0 rg BT 527.23 585.65 Td (less.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 568.85 Td (ii. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 568.85 Td (Non-derivative ) Tj ET Q q 0 0 0 rg BT 141.53 568.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.05 568.85 Td (liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 552.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 122.65 552.05 Td (initially ) Tj ET Q q 0 0 0 rg BT 151.78 552.05 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 197.43 552.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 217.08 552.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 257.21 552.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 285.35 552.05 Td (and ) Tj ET Q q 0 0 0 rg BT 302.50 552.05 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 356.66 552.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 392.80 552.05 Td (on ) Tj ET Q q 0 0 0 rg BT 404.94 552.05 Td (the ) Tj ET Q q 0 0 0 rg BT 419.57 552.05 Td (date ) Tj ET Q q 0 0 0 rg BT 439.22 552.05 Td (that ) Tj ET Q q 0 0 0 rg BT 456.35 552.05 Td (they ) Tj ET Q q 0 0 0 rg BT 475.49 552.05 Td (are ) Tj ET Q q 0 0 0 rg BT 490.62 552.05 Td (originated. ) Tj ET Q q 0 0 0 rg BT 534.36 552.05 Td (All ) Tj ET Q q 0 0 0 rg BT 546.48 552.05 Td (other ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 541.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 116.17 541.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 152.34 541.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 193.01 541.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 229.18 541.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 275.37 541.25 Td (at ) Tj ET Q q 0 0 0 rg BT 285.03 541.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 299.68 541.25 Td (value ) Tj ET Q q 0 0 0 rg BT 323.35 541.25 Td (through ) Tj ET Q q 0 0 0 rg BT 356.03 541.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 378.19 541.25 Td (or ) Tj ET Q q 0 0 0 rg BT 388.34 541.25 Td (loss\) ) Tj ET Q q 0 0 0 rg BT 409.50 541.25 Td (are ) Tj ET Q q 0 0 0 rg BT 424.66 541.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 470.84 541.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 500.00 541.25 Td (on ) Tj ET Q q 0 0 0 rg BT 512.16 541.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.83 541.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 549.49 541.25 Td (date ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 530.45 Td (at ) Tj ET Q q 0 0 0 rg BT 91.01 530.45 Td (which ) Tj ET Q q 0 0 0 rg BT 116.52 530.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 158.54 530.45 Td (becomes ) Tj ET Q q 0 0 0 rg BT 197.56 530.45 Td (a ) Tj ET Q q 0 0 0 rg BT 205.07 530.45 Td (party ) Tj ET Q q 0 0 0 rg BT 227.58 530.45 Td (to ) Tj ET Q q 0 0 0 rg BT 237.58 530.45 Td (the ) Tj ET Q q 0 0 0 rg BT 252.59 530.45 Td (contractual ) Tj ET Q q 0 0 0 rg BT 299.12 530.45 Td (provisions ) Tj ET Q q 0 0 0 rg BT 342.14 530.45 Td (of ) Tj ET Q q 0 0 0 rg BT 352.14 530.45 Td (the ) Tj ET Q q 0 0 0 rg BT 367.15 530.45 Td (instrument.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 513.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 123.02 513.65 Td (derecognizes ) Tj ET Q q 0 0 0 rg BT 179.06 513.65 Td (a ) Tj ET Q q 0 0 0 rg BT 186.57 513.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.09 513.65 Td (liability ) Tj ET Q q 0 0 0 rg BT 251.60 513.65 Td (when ) Tj ET Q q 0 0 0 rg BT 275.61 513.65 Td (its ) Tj ET Q q 0 0 0 rg BT 287.11 513.65 Td (contractual ) Tj ET Q q 0 0 0 rg BT 333.64 513.65 Td (obligations ) Tj ET Q q 0 0 0 rg BT 379.17 513.65 Td (are ) Tj ET Q q 0 0 0 rg BT 394.68 513.65 Td (discharged, ) Tj ET Q q 0 0 0 rg BT 443.71 513.65 Td (cancelled ) Tj ET Q q 0 0 0 rg BT 484.23 513.65 Td (or ) Tj ET Q q 0 0 0 rg BT 494.74 513.65 Td (expired. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 496.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 123.02 496.85 Td (classifies ) Tj ET Q q 0 0 0 rg BT 162.02 496.85 Td (non-derivative ) Tj ET Q q 0 0 0 rg BT 221.05 496.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 256.56 496.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 293.07 496.85 Td (into ) Tj ET Q q 0 0 0 rg BT 310.08 496.85 Td (the ) Tj ET Q q 0 0 0 rg BT 325.08 496.85 Td (other ) Tj ET Q q 0 0 0 rg BT 348.09 496.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.60 496.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 420.11 496.85 Td (category) Tj ET Q q 0 0 0 rg BT 453.96 496.85 Td (. ) Tj ET Q q 0 0 0 rg BT 458.96 496.85 Td (Such ) Tj ET Q q 0 0 0 rg BT 481.96 496.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.48 496.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 553.99 496.85 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 486.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 126.54 486.05 Td (initially ) Tj ET Q q 0 0 0 rg BT 155.07 486.05 Td (at ) Tj ET Q q 0 0 0 rg BT 164.09 486.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 178.11 486.05 Td (value ) Tj ET Q q 0 0 0 rg BT 201.14 486.05 Td (plus ) Tj ET Q q 0 0 0 rg BT 219.16 486.05 Td (any ) Tj ET Q q 0 0 0 rg BT 235.19 486.05 Td (directly ) Tj ET Q q 0 0 0 rg BT 265.21 486.05 Td (attributable ) Tj ET Q q 0 0 0 rg BT 311.26 486.05 Td (transaction ) Tj ET Q q 0 0 0 rg BT 356.80 486.05 Td (costs. ) Tj ET Q q 0 0 0 rg BT 381.82 486.05 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 431.37 486.05 Td (to ) Tj ET Q q 0 0 0 rg BT 440.39 486.05 Td (initial ) Tj ET Q q 0 0 0 rg BT 462.42 486.05 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 510.46 486.05 Td (these ) Tj ET Q q 0 0 0 rg BT 533.99 486.05 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 475.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 117.51 475.25 Td (are ) Tj ET Q q 0 0 0 rg BT 133.02 475.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 175.54 475.25 Td (at ) Tj ET Q q 0 0 0 rg BT 185.55 475.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 227.57 475.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 246.57 475.25 Td (using ) Tj ET Q q 0 0 0 rg BT 270.59 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 285.60 475.25 Td (ef) Tj ET Q q 0 0 0 rg BT 292.94 475.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 321.46 475.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 353.47 475.25 Td (method.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 458.45 Td (Other ) Tj ET Q q 0 0 0 rg BT 106.01 458.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 141.53 458.45 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 178.04 458.45 Td (comprise ) Tj ET Q q 0 0 0 rg BT 217.05 458.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 241.07 458.45 Td (and ) Tj ET Q q 0 0 0 rg BT 258.59 458.45 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 307.61 458.45 Td (bank ) Tj ET Q q 0 0 0 rg BT 329.63 458.45 Td (overdrafts, ) Tj ET Q q 0 0 0 rg BT 374.64 458.45 Td (and ) Tj ET Q q 0 0 0 rg BT 392.16 458.45 Td (trade ) Tj ET Q q 0 0 0 rg BT 415.17 458.45 Td (and ) Tj ET Q q 0 0 0 rg BT 432.69 458.45 Td (other ) Tj ET Q q 0 0 0 rg BT 455.70 458.45 Td (payables.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 441.65 Td (Bank ) Tj ET Q q 0 0 0 rg BT 104.10 441.65 Td (overdrafts ) Tj ET Q q 0 0 0 rg BT 146.70 441.65 Td (that ) Tj ET Q q 0 0 0 rg BT 164.29 441.65 Td (are ) Tj ET Q q 0 0 0 rg BT 179.88 441.65 Td (repayable ) Tj ET Q q 0 0 0 rg BT 222.00 441.65 Td (on ) Tj ET Q q 0 0 0 rg BT 234.59 441.65 Td (demand ) Tj ET Q q 0 0 0 rg BT 269.70 441.65 Td (and ) Tj ET Q q 0 0 0 rg BT 287.30 441.65 Td (form ) Tj ET Q q 0 0 0 rg BT 307.88 441.65 Td (an ) Tj ET Q q 0 0 0 rg BT 320.48 441.65 Td (integral ) Tj ET Q q 0 0 0 rg BT 352.58 441.65 Td (part ) Tj ET Q q 0 0 0 rg BT 370.67 441.65 Td (of ) Tj ET Q q 0 0 0 rg BT 380.76 441.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 429.08 441.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 450.68 441.65 Td (management ) Tj ET Q q 0 0 0 rg BT 505.79 441.65 Td (are ) Tj ET Q q 0 0 0 rg BT 521.39 441.65 Td (included ) Tj ET Q q 0 0 0 rg BT 557.49 441.65 Td (as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 430.85 Td (a ) Tj ET Q q 0 0 0 rg BT 88.51 430.85 Td (component ) Tj ET Q q 0 0 0 rg BT 135.54 430.85 Td (of ) Tj ET Q q 0 0 0 rg BT 145.54 430.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 167.05 430.85 Td (and ) Tj ET Q q 0 0 0 rg BT 184.57 430.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 206.08 430.85 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 254.11 430.85 Td (for ) Tj ET Q q 0 0 0 rg BT 267.12 430.85 Td (the ) Tj ET Q q 0 0 0 rg BT 282.13 430.85 Td (purpose ) Tj ET Q q 0 0 0 rg BT 317.15 430.85 Td (of ) Tj ET Q q 0 0 0 rg BT 327.16 430.85 Td (the ) Tj ET Q q 0 0 0 rg BT 342.17 430.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 395.21 430.85 Td (statement ) Tj ET Q q 0 0 0 rg BT 437.23 430.85 Td (of ) Tj ET Q q 0 0 0 rg BT 447.24 430.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 468.75 430.85 Td (flows. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 414.05 Td (iii. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 414.05 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 123.51 414.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.03 414.05 Td (instruments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 397.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 124.22 397.25 Td (has ) Tj ET Q q 0 0 0 rg BT 142.42 397.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 176.64 397.25 Td (into ) Tj ET Q q 0 0 0 rg BT 194.84 397.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 225.55 397.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 262.26 397.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 304.48 397.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 344.68 397.25 Td (in ) Tj ET Q q 0 0 0 rg BT 355.38 397.25 Td (order ) Tj ET Q q 0 0 0 rg BT 380.08 397.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.28 397.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 427.50 397.25 Td (the ) Tj ET Q q 0 0 0 rg BT 443.71 397.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 484.42 397.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.62 397.25 Td (market ) Tj ET Q q 0 0 0 rg BT 526.82 397.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 549.01 397.25 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 386.45 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 129.93 386.45 Td (in ) Tj ET Q q 0 0 0 rg BT 140.34 386.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 187.26 386.45 Td (prices ) Tj ET Q q 0 0 0 rg BT 214.67 386.45 Td (and ) Tj ET Q q 0 0 0 rg BT 233.09 386.45 Td (foreign ) Tj ET Q q 0 0 0 rg BT 264.02 386.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 306.45 386.45 Td (rates. ) Tj ET Q q 0 0 0 rg BT 332.15 386.45 Td (These ) Tj ET Q q 0 0 0 rg BT 360.56 386.45 Td (instruments ) Tj ET Q q 0 0 0 rg BT 410.49 386.45 Td (are ) Tj ET Q q 0 0 0 rg BT 426.90 386.45 Td (not ) Tj ET Q q 0 0 0 rg BT 442.82 386.45 Td (used ) Tj ET Q q 0 0 0 rg BT 465.74 386.45 Td (for ) Tj ET Q q 0 0 0 rg BT 479.65 386.45 Td (trading ) Tj ET Q q 0 0 0 rg BT 510.57 386.45 Td (or ) Tj ET Q q 0 0 0 rg BT 521.98 386.45 Td (speculative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 375.65 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 122.20 375.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 163.41 375.65 Td (has ) Tj ET Q q 0 0 0 rg BT 179.60 375.65 Td (not ) Tj ET Q q 0 0 0 rg BT 193.79 375.65 Td (designated ) Tj ET Q q 0 0 0 rg BT 239.50 375.65 Td (its ) Tj ET Q q 0 0 0 rg BT 250.18 375.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 284.88 375.65 Td (derivative ) Tj ET Q q 0 0 0 rg BT 325.08 375.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 363.27 375.65 Td (as ) Tj ET Q q 0 0 0 rg BT 374.45 375.65 Td (ef) Tj ET Q q 0 0 0 rg BT 381.80 375.65 Td (fective ) Tj ET Q q 0 0 0 rg BT 409.49 375.65 Td (accounting ) Tj ET Q q 0 0 0 rg BT 454.70 375.65 Td (hedges, ) Tj ET Q q 0 0 0 rg BT 488.40 375.65 Td (and ) Tj ET Q q 0 0 0 rg BT 505.10 375.65 Td (thus ) Tj ET Q q 0 0 0 rg BT 523.79 375.65 Td (not ) Tj ET Q q 0 0 0 rg BT 537.98 375.65 Td (applied ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 364.85 Td (hedge ) Tj ET Q q 0 0 0 rg BT 109.04 364.85 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 158.09 364.85 Td (even ) Tj ET Q q 0 0 0 rg BT 180.62 364.85 Td (though ) Tj ET Q q 0 0 0 rg BT 211.16 364.85 Td (the ) Tj ET Q q 0 0 0 rg BT 226.69 364.85 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 276.73 364.85 Td (considers ) Tj ET Q q 0 0 0 rg BT 318.26 364.85 Td (all ) Tj ET Q q 0 0 0 rg BT 330.28 364.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 376.80 364.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 416.33 364.85 Td (and ) Tj ET Q q 0 0 0 rg BT 434.36 364.85 Td (foreign ) Tj ET Q q 0 0 0 rg BT 464.90 364.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 506.94 364.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 546.47 364.85 Td (to ) Tj ET Q q 0 0 0 rg BT 556.99 364.85 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 354.05 Td (economic ) Tj ET Q q 0 0 0 rg BT 122.16 354.05 Td (hedges. ) Tj ET Q q 0 0 0 rg BT 156.83 354.05 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 203.98 354.05 Td (are ) Tj ET Q q 0 0 0 rg BT 219.63 354.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 266.30 354.05 Td (initially ) Tj ET Q q 0 0 0 rg BT 295.95 354.05 Td (at ) Tj ET Q q 0 0 0 rg BT 306.10 354.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 321.24 354.05 Td (value ) Tj ET Q q 0 0 0 rg BT 345.40 354.05 Td (and ) Tj ET Q q 0 0 0 rg BT 363.05 354.05 Td (any ) Tj ET Q q 0 0 0 rg BT 380.21 354.05 Td (attributable ) Tj ET Q q 0 0 0 rg BT 427.38 354.05 Td (transaction ) Tj ET Q q 0 0 0 rg BT 474.04 354.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 497.69 354.05 Td (are ) Tj ET Q q 0 0 0 rg BT 513.34 354.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 560.01 354.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 343.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 103.73 343.25 Td (or ) Tj ET Q q 0 0 0 rg BT 114.45 343.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 133.18 343.25 Td (when ) Tj ET Q q 0 0 0 rg BT 157.41 343.25 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 195.15 343.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 245.91 343.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.14 343.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 279.36 343.25 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 328.61 343.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 374.35 343.25 Td (are ) Tj ET Q q 0 0 0 rg BT 390.08 343.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 432.82 343.25 Td (at ) Tj ET Q q 0 0 0 rg BT 443.05 343.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 458.27 343.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 485.01 343.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.74 343.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 539.49 343.25 Td (therein ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 332.45 Td (are ) Tj ET Q q 0 0 0 rg BT 96.51 332.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 143.04 332.45 Td (immediately ) Tj ET Q q 0 0 0 rg BT 193.55 332.45 Td (in ) Tj ET Q q 0 0 0 rg BT 203.06 332.45 Td (profit ) Tj ET Q q 0 0 0 rg BT 225.57 332.45 Td (or ) Tj ET Q q 0 0 0 rg BT 236.07 332.45 Td (loss. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 315.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 123.09 315.65 Td (has ) Tj ET Q q 0 0 0 rg BT 140.17 315.65 Td (accounted ) Tj ET Q q 0 0 0 rg BT 184.27 315.65 Td (for ) Tj ET Q q 0 0 0 rg BT 197.35 315.65 Td (its ) Tj ET Q q 0 0 0 rg BT 208.92 315.65 Td (forward ) Tj ET Q q 0 0 0 rg BT 241.49 315.65 Td (physical ) Tj ET Q q 0 0 0 rg BT 276.58 315.65 Td (delivery ) Tj ET Q q 0 0 0 rg BT 310.16 315.65 Td (sales ) Tj ET Q q 0 0 0 rg BT 333.74 315.65 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 375.32 315.65 Td (which ) Tj ET Q q 0 0 0 rg BT 400.90 315.65 Td (were ) Tj ET Q q 0 0 0 rg BT 422.98 315.65 Td (entered ) Tj ET Q q 0 0 0 rg BT 456.07 315.65 Td (into ) Tj ET Q q 0 0 0 rg BT 473.15 315.65 Td (and ) Tj ET Q q 0 0 0 rg BT 490.73 315.65 Td (continue ) Tj ET Q q 0 0 0 rg BT 527.33 315.65 Td (to ) Tj ET Q q 0 0 0 rg BT 537.40 315.65 Td (be ) Tj ET Q q 0 0 0 rg BT 549.98 315.65 Td (held ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 304.85 Td (for ) Tj ET Q q 0 0 0 rg BT 95.47 304.85 Td (the ) Tj ET Q q 0 0 0 rg BT 111.95 304.85 Td (purpose ) Tj ET Q q 0 0 0 rg BT 148.44 304.85 Td (of ) Tj ET Q q 0 0 0 rg BT 159.92 304.85 Td (receipt ) Tj ET Q q 0 0 0 rg BT 190.90 304.85 Td (or ) Tj ET Q q 0 0 0 rg BT 202.87 304.85 Td (delivery) Tj ET Q q 0 0 0 rg BT 233.21 304.85 Td (, ) Tj ET Q q 0 0 0 rg BT 239.68 304.85 Td (of ) Tj ET Q q 0 0 0 rg BT 251.16 304.85 Td (non-financial ) Tj ET Q q 0 0 0 rg BT 306.16 304.85 Td (items ) Tj ET Q q 0 0 0 rg BT 331.63 304.85 Td (in ) Tj ET Q q 0 0 0 rg BT 342.60 304.85 Td (accordance ) Tj ET Q q 0 0 0 rg BT 393.10 304.85 Td (with ) Tj ET Q q 0 0 0 rg BT 413.07 304.85 Td (its ) Tj ET Q q 0 0 0 rg BT 426.04 304.85 Td (expected ) Tj ET Q q 0 0 0 rg BT 466.54 304.85 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 510.03 304.85 Td (sale ) Tj ET Q q 0 0 0 rg BT 530.51 304.85 Td (or ) Tj ET Q q 0 0 0 rg BT 542.48 304.85 Td (usage ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 294.05 Td (requirements ) Tj ET Q q 0 0 0 rg BT 135.76 294.05 Td (as ) Tj ET Q q 0 0 0 rg BT 147.49 294.05 Td (executory ) Tj ET Q q 0 0 0 rg BT 188.74 294.05 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 229.55 294.05 Td (As ) Tj ET Q q 0 0 0 rg BT 242.28 294.05 Td (such, ) Tj ET Q q 0 0 0 rg BT 266.02 294.05 Td (these ) Tj ET Q q 0 0 0 rg BT 290.27 294.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 329.02 294.05 Td (are ) Tj ET Q q 0 0 0 rg BT 344.26 294.05 Td (not ) Tj ET Q q 0 0 0 rg BT 359.00 294.05 Td (considered ) Tj ET Q q 0 0 0 rg BT 405.26 294.05 Td (to ) Tj ET Q q 0 0 0 rg BT 415.00 294.05 Td (be ) Tj ET Q q 0 0 0 rg BT 427.24 294.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 467.99 294.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 503.25 294.05 Td (instruments ) Tj ET Q q 0 0 0 rg BT 551.99 294.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 283.25 Td (have ) Tj ET Q q 0 0 0 rg BT 102.58 283.25 Td (not ) Tj ET Q q 0 0 0 rg BT 117.16 283.25 Td (been ) Tj ET Q q 0 0 0 rg BT 139.25 283.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 176.84 283.25 Td (at ) Tj ET Q q 0 0 0 rg BT 186.41 283.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 200.98 283.25 Td (value ) Tj ET Q q 0 0 0 rg BT 224.56 283.25 Td (on ) Tj ET Q q 0 0 0 rg BT 236.64 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.22 283.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 303.82 283.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 345.41 283.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.98 283.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 390.07 283.25 Td (position. ) Tj ET Q q 0 0 0 rg BT 425.66 283.25 Td (Settlements ) Tj ET Q q 0 0 0 rg BT 475.25 283.25 Td (on ) Tj ET Q q 0 0 0 rg BT 487.32 283.25 Td (these ) Tj ET Q q 0 0 0 rg BT 511.41 283.25 Td (physical ) Tj ET Q q 0 0 0 rg BT 545.99 283.25 Td (sales ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 272.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 120.01 272.45 Td (are ) Tj ET Q q 0 0 0 rg BT 135.52 272.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 182.05 272.45 Td (in ) Tj ET Q q 0 0 0 rg BT 191.56 272.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 203.06 272.45 Td (and ) Tj ET Q q 0 0 0 rg BT 220.58 272.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 250.60 272.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 267.61 272.45 Td (revenues.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 255.65 Td (Embedded ) Tj ET Q q 0 0 0 rg BT 127.55 255.65 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 173.58 255.65 Td (are ) Tj ET Q q 0 0 0 rg BT 189.61 255.65 Td (separated ) Tj ET Q q 0 0 0 rg BT 232.66 255.65 Td (from ) Tj ET Q q 0 0 0 rg BT 253.67 255.65 Td (the ) Tj ET Q q 0 0 0 rg BT 269.20 255.65 Td (host ) Tj ET Q q 0 0 0 rg BT 289.23 255.65 Td (contract ) Tj ET Q q 0 0 0 rg BT 324.26 255.65 Td (and ) Tj ET Q q 0 0 0 rg BT 342.29 255.65 Td (accounted ) Tj ET Q q 0 0 0 rg BT 386.84 255.65 Td (for ) Tj ET Q q 0 0 0 rg BT 400.36 255.65 Td (separately ) Tj ET Q q 0 0 0 rg BT 444.91 255.65 Td (if ) Tj ET Q q 0 0 0 rg BT 452.42 255.65 Td (the ) Tj ET Q q 0 0 0 rg BT 467.95 255.65 Td (economic ) Tj ET Q q 0 0 0 rg BT 509.49 255.65 Td (characteristics ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 244.85 Td (and ) Tj ET Q q 0 0 0 rg BT 99.13 244.85 Td (risks ) Tj ET Q q 0 0 0 rg BT 120.75 244.85 Td (of ) Tj ET Q q 0 0 0 rg BT 131.37 244.85 Td (the ) Tj ET Q q 0 0 0 rg BT 147.00 244.85 Td (host ) Tj ET Q q 0 0 0 rg BT 167.13 244.85 Td (contract ) Tj ET Q q 0 0 0 rg BT 202.26 244.85 Td (and ) Tj ET Q q 0 0 0 rg BT 220.40 244.85 Td (the ) Tj ET Q q 0 0 0 rg BT 236.03 244.85 Td (embedded ) Tj ET Q q 0 0 0 rg BT 281.68 244.85 Td (derivative ) Tj ET Q q 0 0 0 rg BT 323.32 244.85 Td (are ) Tj ET Q q 0 0 0 rg BT 339.44 244.85 Td (not ) Tj ET Q q 0 0 0 rg BT 355.07 244.85 Td (closely ) Tj ET Q q 0 0 0 rg BT 385.70 244.85 Td (related, ) Tj ET Q q 0 0 0 rg BT 418.84 244.85 Td (a ) Tj ET Q q 0 0 0 rg BT 426.96 244.85 Td (separate ) Tj ET Q q 0 0 0 rg BT 465.10 244.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 510.24 244.85 Td (with ) Tj ET Q q 0 0 0 rg BT 529.36 244.85 Td (the ) Tj ET Q q 0 0 0 rg BT 544.99 244.85 Td (same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 234.05 Td (terms ) Tj ET Q q 0 0 0 rg BT 106.13 234.05 Td (as ) Tj ET Q q 0 0 0 rg BT 118.26 234.05 Td (the ) Tj ET Q q 0 0 0 rg BT 133.39 234.05 Td (embedded ) Tj ET Q q 0 0 0 rg BT 178.55 234.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 219.69 234.05 Td (would ) Tj ET Q q 0 0 0 rg BT 245.83 234.05 Td (meet ) Tj ET Q q 0 0 0 rg BT 268.47 234.05 Td (the ) Tj ET Q q 0 0 0 rg BT 283.60 234.05 Td (definition ) Tj ET Q q 0 0 0 rg BT 322.26 234.05 Td (of ) Tj ET Q q 0 0 0 rg BT 332.39 234.05 Td (a ) Tj ET Q q 0 0 0 rg BT 340.02 234.05 Td (derivative, ) Tj ET Q q 0 0 0 rg BT 383.66 234.05 Td (and ) Tj ET Q q 0 0 0 rg BT 401.30 234.05 Td (the ) Tj ET Q q 0 0 0 rg BT 416.44 234.05 Td (combined ) Tj ET Q q 0 0 0 rg BT 458.09 234.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 502.73 234.05 Td (is ) Tj ET Q q 0 0 0 rg BT 511.85 234.05 Td (not ) Tj ET Q q 0 0 0 rg BT 526.99 234.05 Td (measured ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 223.25 Td (at ) Tj ET Q q 0 0 0 rg BT 90.74 223.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 105.48 223.25 Td (value ) Tj ET Q q 0 0 0 rg BT 129.23 223.25 Td (through ) Tj ET Q q 0 0 0 rg BT 161.99 223.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 184.23 223.25 Td (or ) Tj ET Q q 0 0 0 rg BT 194.47 223.25 Td (loss. ) Tj ET Q q 0 0 0 rg BT 215.21 223.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 253.47 223.25 Td (in ) Tj ET Q q 0 0 0 rg BT 262.71 223.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.46 223.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 292.20 223.25 Td (value ) Tj ET Q q 0 0 0 rg BT 315.95 223.25 Td (of ) Tj ET Q q 0 0 0 rg BT 325.69 223.25 Td (separable ) Tj ET Q q 0 0 0 rg BT 367.45 223.25 Td (embedded ) Tj ET Q q 0 0 0 rg BT 412.22 223.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 457.48 223.25 Td (are ) Tj ET Q q 0 0 0 rg BT 472.72 223.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 518.99 223.25 Td (immediately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 212.45 Td (in ) Tj ET Q q 0 0 0 rg BT 90.51 212.45 Td (the ) Tj ET Q q 0 0 0 rg BT 105.52 212.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 158.55 212.45 Td (statement ) Tj ET Q q 0 0 0 rg BT 200.58 212.45 Td (of ) Tj ET Q q 0 0 0 rg BT 210.58 212.45 Td (income.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 195.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 119.64 195.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 148.28 195.65 Td (designated ) Tj ET Q q 0 0 0 rg BT 194.94 195.65 Td (at ) Tj ET Q q 0 0 0 rg BT 205.07 195.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 220.20 195.65 Td (value ) Tj ET Q q 0 0 0 rg BT 244.34 195.65 Td (through ) Tj ET Q q 0 0 0 rg BT 277.49 195.65 Td (profit ) Tj ET Q q 0 0 0 rg BT 300.12 195.65 Td (or ) Tj ET Q q 0 0 0 rg BT 310.75 195.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 329.38 195.65 Td (are ) Tj ET Q q 0 0 0 rg BT 345.01 195.65 Td (comprised ) Tj ET Q q 0 0 0 rg BT 389.15 195.65 Td (of ) Tj ET Q q 0 0 0 rg BT 399.28 195.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 431.42 195.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 449.56 195.65 Td (swaps ) Tj ET Q q 0 0 0 rg BT 477.69 195.65 Td (and ) Tj ET Q q 0 0 0 rg BT 495.33 195.65 Td (forward ) Tj ET Q q 0 0 0 rg BT 527.97 195.65 Td (exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 184.85 Td (contracts.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 168.05 Td (iv) Tj ET Q q 0 0 0 rg BT 68.83 168.05 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 168.05 Td (Shareholders) Tj ET Q q 0 0 0 rg BT 136.20 168.05 Td ( ) Tj ET Q q 0 0 0 rg BT 138.70 168.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 167.22 168.05 Td (and ) Tj ET Q q 0 0 0 rg BT 184.73 168.05 Td (Exchangeable ) Tj ET Q q 0 0 0 rg BT 244.28 168.05 Td (shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 151.25 Td (Common ) Tj ET Q q 0 0 0 rg BT 120.60 151.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 150.70 151.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.81 151.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 227.94 151.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 258.04 151.25 Td (are ) Tj ET Q q 0 0 0 rg BT 274.14 151.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 314.25 151.25 Td (as ) Tj ET Q q 0 0 0 rg BT 326.84 151.25 Td (equity) Tj ET Q q 0 0 0 rg BT 350.19 151.25 Td (. ) Tj ET Q q 0 0 0 rg BT 355.78 151.25 Td (Incremental ) Tj ET Q q 0 0 0 rg BT 405.89 151.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 429.98 151.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 461.58 151.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 509.20 151.25 Td (to ) Tj ET Q q 0 0 0 rg BT 519.79 151.25 Td (the ) Tj ET Q q 0 0 0 rg BT 535.39 151.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 559.49 151.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 140.45 Td (common ) Tj ET Q q 0 0 0 rg BT 118.01 140.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 147.52 140.45 Td (and ) Tj ET Q q 0 0 0 rg BT 165.04 140.45 Td (share ) Tj ET Q q 0 0 0 rg BT 190.05 140.45 Td (options ) Tj ET Q q 0 0 0 rg BT 221.58 140.45 Td (are ) Tj ET Q q 0 0 0 rg BT 237.08 140.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 283.61 140.45 Td (as ) Tj ET Q q 0 0 0 rg BT 295.62 140.45 Td (a ) Tj ET Q q 0 0 0 rg BT 303.13 140.45 Td (deduction ) Tj ET Q q 0 0 0 rg BT 344.66 140.45 Td (from ) Tj ET Q q 0 0 0 rg BT 365.16 140.45 Td (equity) Tj ET Q q 0 0 0 rg BT 388.51 140.45 Td (, ) Tj ET Q q 0 0 0 rg BT 393.51 140.45 Td (net ) Tj ET Q q 0 0 0 rg BT 408.52 140.45 Td (of ) Tj ET Q q 0 0 0 rg BT 418.53 140.45 Td (any ) Tj ET Q q 0 0 0 rg BT 435.54 140.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 450.04 140.45 Td (ef) Tj ET Q q 0 0 0 rg BT 457.39 140.45 Td (fects.) 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 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 38) 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 (Exploration ) Tj ET Q q 0 0 0 rg BT 115.00 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 133.51 731.45 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 180.52 731.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 211.04 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 229.54 731.45 Td (property) Tj ET Q q 0 0 0 rg BT 265.38 731.45 Td (, ) Tj ET Q q 0 0 0 rg BT 270.38 731.45 Td (plant ) Tj ET Q q 0 0 0 rg BT 294.38 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 312.88 731.45 Td (equipment) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 714.65 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 113.03 714.65 Td (and ) Tj ET Q q 0 0 0 rg BT 130.55 714.65 Td (measurement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 700.85 Td (Pre-licence ) Tj ET Q q 0 0 0 rg BT 110.52 700.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 134.02 700.85 Td (are ) Tj ET Q q 0 0 0 rg BT 149.53 700.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 196.06 700.85 Td (in ) Tj ET Q q 0 0 0 rg BT 205.57 700.85 Td (the ) Tj ET Q q 0 0 0 rg BT 220.58 700.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 273.62 700.85 Td (statement ) Tj ET Q q 0 0 0 rg BT 315.64 700.85 Td (of ) Tj ET Q q 0 0 0 rg BT 325.64 700.85 Td (income ) Tj ET Q q 0 0 0 rg BT 357.16 700.85 Td (as ) Tj ET Q q 0 0 0 rg BT 369.16 700.85 Td (incurred. ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 684.05 Td (Exploration ) Tj ET Q q 0 0 0 rg BT 110.53 684.05 Td (and ) Tj ET Q q 0 0 0 rg BT 128.04 684.05 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 171.58 684.05 Td (expenditures) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 670.25 Td 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q 0 0 0 rg BT 63.00 476.45 Td (grouped ) Tj ET Q q 0 0 0 rg BT 98.53 476.45 Td (into ) Tj ET Q q 0 0 0 rg BT 115.54 476.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 137.05 476.45 Td (generating ) Tj ET Q q 0 0 0 rg BT 182.09 476.45 Td (units ) Tj ET Q q 0 0 0 rg BT 203.60 476.45 Td (for ) Tj ET Q q 0 0 0 rg BT 216.60 476.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 263.61 476.45 Td (testing. ) Tj ET Q q 0 0 0 rg BT 295.13 476.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 459.65 Td (Gains ) Tj ET Q q 0 0 0 rg BT 89.62 459.65 Td (and ) Tj ET Q q 0 0 0 rg BT 107.74 459.65 Td (losses ) Tj ET Q q 0 0 0 rg BT 136.35 459.65 Td (on ) Tj ET Q q 0 0 0 rg BT 149.47 459.65 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 199.60 459.65 Td (of ) Tj ET Q q 0 0 0 rg BT 210.21 459.65 Td (property) Tj ET Q q 0 0 0 rg BT 242.56 459.65 Td (, ) Tj ET Q q 0 0 0 rg BT 248.16 459.65 Td (plant ) Tj ET Q q 0 0 0 rg BT 270.78 459.65 Td (and ) Tj ET Q q 0 0 0 rg BT 288.91 459.65 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 336.54 459.65 Td (including ) Tj ET Q q 0 0 0 rg BT 375.17 459.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 387.28 459.65 Td (and ) Tj ET Q q 0 0 0 rg BT 405.40 459.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 436.02 459.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 453.64 459.65 Td (interests, ) Tj ET Q q 0 0 0 rg BT 493.26 459.65 Td (are ) Tj ET Q q 0 0 0 rg BT 509.37 459.65 Td (determined ) Tj ET Q q 0 0 0 rg BT 557.50 459.65 Td (by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 448.85 Td (comparing ) Tj ET Q q 0 0 0 rg BT 107.78 448.85 Td (the ) Tj ET Q q 0 0 0 rg BT 123.05 448.85 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 162.83 448.85 Td (from ) Tj ET Q q 0 0 0 rg BT 183.58 448.85 Td (disposal ) Tj ET Q q 0 0 0 rg BT 219.36 448.85 Td (with ) Tj ET Q q 0 0 0 rg BT 238.12 448.85 Td (the ) Tj ET Q q 0 0 0 rg BT 253.39 448.85 Td (carrying ) Tj ET Q q 0 0 0 rg BT 288.16 448.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 320.93 448.85 Td (of ) Tj ET Q q 0 0 0 rg BT 331.20 448.85 Td (property) Tj ET Q q 0 0 0 rg BT 363.54 448.85 Td (, ) Tj ET Q q 0 0 0 rg BT 368.80 448.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 391.07 448.85 Td (and ) Tj ET Q q 0 0 0 rg BT 408.85 448.85 Td (equipment ) Tj ET Q q 0 0 0 rg BT 453.63 448.85 Td (and ) Tj ET Q q 0 0 0 rg BT 471.41 448.85 Td (are ) Tj ET Q q 0 0 0 rg BT 487.17 448.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 533.96 448.85 Td (on ) Tj ET Q q 0 0 0 rg BT 546.72 448.85 Td (a ) Tj ET Q q 0 0 0 rg BT 554.49 448.85 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 438.05 Td (basis ) Tj ET Q q 0 0 0 rg BT 86.51 438.05 Td (within ) Tj ET Q q 0 0 0 rg BT 112.02 438.05 Td (gains ) Tj ET Q q 0 0 0 rg BT 139.03 438.05 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 173.04 438.05 Td (on ) Tj ET Q q 0 0 0 rg BT 185.55 438.05 Td (disposition ) Tj ET Q q 0 0 0 rg BT 230.58 438.05 Td (of ) Tj ET Q q 0 0 0 rg BT 240.58 438.05 Td (property) Tj ET Q q 0 0 0 rg BT 272.93 438.05 Td (, ) Tj ET Q q 0 0 0 rg BT 277.93 438.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 299.95 438.05 Td (and ) Tj ET Q q 0 0 0 rg BT 317.47 438.05 Td (equipment ) Tj ET Q q 0 0 0 rg BT 364.99 438.05 Td (in ) Tj ET Q q 0 0 0 rg BT 374.50 438.05 Td (the ) Tj ET Q q 0 0 0 rg BT 389.51 438.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 442.55 438.05 Td (statement ) Tj ET Q q 0 0 0 rg BT 484.57 438.05 Td (of ) Tj ET Q q 0 0 0 rg BT 494.57 438.05 Td (income.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 421.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 113.54 421.25 Td (costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 404.45 Td (Costs ) Tj ET Q q 0 0 0 rg BT 88.61 404.45 Td (incurred ) Tj ET Q q 0 0 0 rg BT 123.73 404.45 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 172.87 404.45 Td (to ) Tj ET Q q 0 0 0 rg BT 182.98 404.45 Td (the ) Tj ET Q q 0 0 0 rg BT 198.09 404.45 Td (determination ) Tj ET Q q 0 0 0 rg BT 255.23 404.45 Td (of ) Tj ET Q q 0 0 0 rg BT 265.33 404.45 Td (technical ) Tj ET Q q 0 0 0 rg BT 303.46 404.45 Td (feasibility ) Tj ET Q q 0 0 0 rg BT 343.08 404.45 Td (and ) Tj ET Q q 0 0 0 rg BT 360.70 404.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 409.31 404.45 Td (viability ) Tj ET Q q 0 0 0 rg BT 441.42 404.45 Td (and ) Tj ET Q q 0 0 0 rg BT 459.04 404.45 Td (the ) Tj ET Q q 0 0 0 rg BT 474.15 404.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 497.76 404.45 Td (of ) Tj ET Q q 0 0 0 rg BT 507.87 404.45 Td (replacing ) Tj ET Q q 0 0 0 rg BT 546.99 404.45 Td (parts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 393.65 Td (of ) Tj ET Q q 0 0 0 rg BT 73.42 393.65 Td (property) Tj ET Q q 0 0 0 rg BT 105.77 393.65 Td (, ) Tj ET Q q 0 0 0 rg BT 111.18 393.65 Td (plant ) Tj ET Q q 0 0 0 rg BT 133.61 393.65 Td (and ) Tj ET Q q 0 0 0 rg BT 151.54 393.65 Td (equipment ) Tj ET Q q 0 0 0 rg BT 196.49 393.65 Td (are ) Tj ET Q q 0 0 0 rg BT 212.41 393.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 259.35 393.65 Td (as ) Tj ET Q q 0 0 0 rg BT 271.77 393.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 283.69 393.65 Td (and ) Tj ET Q q 0 0 0 rg BT 301.62 393.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 332.06 393.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 349.48 393.65 Td (interests ) Tj ET Q q 0 0 0 rg BT 386.41 393.65 Td (only ) Tj ET Q q 0 0 0 rg BT 405.84 393.65 Td (when ) Tj ET Q q 0 0 0 rg BT 430.27 393.65 Td (they ) Tj ET Q q 0 0 0 rg BT 450.19 393.65 Td (increase ) Tj ET Q q 0 0 0 rg BT 487.12 393.65 Td (the ) Tj ET Q q 0 0 0 rg BT 502.55 393.65 Td (future ) Tj ET Q q 0 0 0 rg BT 528.48 393.65 Td (economic ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 382.85 Td (benefits ) Tj ET Q q 0 0 0 rg BT 97.29 382.85 Td (embodied ) Tj ET Q q 0 0 0 rg BT 139.58 382.85 Td (in ) Tj ET Q q 0 0 0 rg BT 149.35 382.85 Td (the ) Tj ET Q q 0 0 0 rg BT 164.63 382.85 Td (specific ) Tj ET Q q 0 0 0 rg BT 197.41 382.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 221.68 382.85 Td (to ) Tj ET Q q 0 0 0 rg BT 231.95 382.85 Td (which ) Tj ET Q q 0 0 0 rg BT 257.73 382.85 Td (they ) Tj ET Q q 0 0 0 rg BT 277.51 382.85 Td (relate. ) Tj ET Q q 0 0 0 rg BT 304.74 382.85 Td (All ) Tj ET Q q 0 0 0 rg BT 317.50 382.85 Td (other ) Tj ET Q q 0 0 0 rg BT 340.78 382.85 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 395.08 382.85 Td (are ) Tj ET Q q 0 0 0 rg BT 410.86 382.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 457.65 382.85 Td (in ) Tj ET Q q 0 0 0 rg BT 467.42 382.85 Td (profit ) Tj ET Q q 0 0 0 rg BT 490.20 382.85 Td (or ) Tj ET Q q 0 0 0 rg BT 500.96 382.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 519.73 382.85 Td (as ) Tj ET Q q 0 0 0 rg BT 532.00 382.85 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 569.52 382.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 372.05 Td (Such ) Tj ET Q q 0 0 0 rg BT 86.32 372.05 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 131.65 372.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 143.47 372.05 Td (and ) Tj ET Q q 0 0 0 rg BT 161.29 372.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 191.61 372.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 208.93 372.05 Td (interests ) Tj ET Q q 0 0 0 rg BT 245.75 372.05 Td (generally ) Tj ET Q q 0 0 0 rg BT 285.08 372.05 Td (represent ) Tj ET Q q 0 0 0 rg BT 325.91 372.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 349.72 372.05 Td (incurred ) Tj ET Q q 0 0 0 rg BT 385.05 372.05 Td (in ) Tj ET Q q 0 0 0 rg BT 394.86 372.05 Td (developing ) Tj ET Q q 0 0 0 rg BT 441.20 372.05 Td (proved ) Tj ET Q q 0 0 0 rg BT 471.53 372.05 Td (or ) Tj ET Q q 0 0 0 rg BT 482.34 372.05 Td (proved ) Tj ET Q q 0 0 0 rg BT 512.66 372.05 Td (plus ) Tj ET Q q 0 0 0 rg BT 531.98 372.05 Td (probable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 361.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 99.57 361.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.66 361.25 Td (bringing ) Tj ET Q q 0 0 0 rg BT 150.74 361.25 Td (in ) Tj ET Q q 0 0 0 rg BT 159.81 361.25 Td (or ) Tj ET Q q 0 0 0 rg BT 169.88 361.25 Td (enhancing ) Tj ET Q q 0 0 0 rg BT 213.48 361.25 Td (production ) Tj ET Q q 0 0 0 rg BT 257.57 361.25 Td (from ) Tj ET Q q 0 0 0 rg BT 277.64 361.25 Td (such ) Tj ET Q q 0 0 0 rg BT 298.71 361.25 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 337.79 361.25 Td (and ) Tj ET Q q 0 0 0 rg BT 354.87 361.25 Td (are ) Tj ET Q q 0 0 0 rg BT 369.94 361.25 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 423.04 361.25 Td (on ) Tj ET Q q 0 0 0 rg BT 435.11 361.25 Td (a ) Tj ET Q q 0 0 0 rg BT 442.18 361.25 Td (field ) Tj ET Q q 0 0 0 rg BT 460.76 361.25 Td (or ) Tj ET Q q 0 0 0 rg BT 470.82 361.25 Td (geotechnical ) Tj ET Q q 0 0 0 rg BT 523.42 361.25 Td (area ) Tj ET Q q 0 0 0 rg BT 543.50 361.25 Td (basis. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 350.45 Td (The ) Tj ET Q q 0 0 0 rg BT 80.69 350.45 Td (carrying ) Tj ET Q q 0 0 0 rg BT 114.89 350.45 Td (amount ) Tj ET Q q 0 0 0 rg BT 147.10 350.45 Td (of ) Tj ET Q q 0 0 0 rg BT 156.79 350.45 Td (any ) Tj ET Q q 0 0 0 rg BT 173.49 350.45 Td (replaced ) Tj ET Q q 0 0 0 rg BT 210.20 350.45 Td (or ) Tj ET Q q 0 0 0 rg BT 220.39 350.45 Td (sold ) Tj ET Q q 0 0 0 rg BT 239.08 350.45 Td (component ) Tj ET Q q 0 0 0 rg BT 285.80 350.45 Td (is ) Tj ET Q q 0 0 0 rg BT 294.48 350.45 Td (derecognized. ) Tj ET Q q 0 0 0 rg BT 353.07 350.45 Td (The ) Tj ET Q q 0 0 0 rg BT 370.76 350.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 393.96 350.45 Td (of ) Tj ET Q q 0 0 0 rg BT 403.65 350.45 Td (the ) Tj ET Q q 0 0 0 rg BT 418.35 350.45 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 463.05 350.45 Td (servicing ) Tj ET Q q 0 0 0 rg BT 500.75 350.45 Td (of ) Tj ET Q q 0 0 0 rg BT 510.45 350.45 Td (property) Tj ET Q q 0 0 0 rg BT 542.79 350.45 Td (, ) Tj ET Q q 0 0 0 rg BT 547.48 350.45 Td (plant ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 339.65 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 339.65 Td (equipment ) Tj ET Q q 0 0 0 rg BT 125.05 339.65 Td (are ) Tj ET Q q 0 0 0 rg BT 140.55 339.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 187.08 339.65 Td (in ) Tj ET Q q 0 0 0 rg BT 196.59 339.65 Td (the ) Tj ET Q q 0 0 0 rg BT 211.60 339.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 264.64 339.65 Td (statement ) Tj ET Q q 0 0 0 rg BT 306.66 339.65 Td (of ) Tj ET Q q 0 0 0 rg BT 316.67 339.65 Td (income ) Tj ET Q q 0 0 0 rg BT 348.18 339.65 Td (as ) Tj ET Q q 0 0 0 rg BT 360.18 339.65 Td (incurred.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 322.85 Td (Depletion, ) Tj ET Q q 0 0 0 rg BT 109.00 322.85 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 165.01 322.85 Td (and ) Tj ET Q q 0 0 0 rg BT 183.52 322.85 Td (amortization) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 306.05 Td (The ) Tj ET Q q 0 0 0 rg BT 81.37 306.05 Td (net ) Tj ET Q q 0 0 0 rg BT 96.75 306.05 Td (carrying ) Tj ET Q q 0 0 0 rg BT 131.63 306.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 164.51 306.05 Td (of ) Tj ET Q q 0 0 0 rg BT 174.88 306.05 Td (development ) Tj ET Q q 0 0 0 rg BT 229.28 306.05 Td (or ) Tj ET Q q 0 0 0 rg BT 240.15 306.05 Td (production ) Tj ET Q q 0 0 0 rg BT 285.05 306.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 313.92 306.05 Td (is ) Tj ET Q q 0 0 0 rg BT 323.29 306.05 Td (depleted ) Tj ET Q q 0 0 0 rg BT 360.69 306.05 Td (using ) Tj ET Q q 0 0 0 rg BT 385.07 306.05 Td (the ) Tj ET Q q 0 0 0 rg BT 400.44 306.05 Td (unit-of-production ) Tj ET Q q 0 0 0 rg BT 473.35 306.05 Td (method ) Tj ET Q q 0 0 0 rg BT 506.24 306.05 Td (by ) Tj ET Q q 0 0 0 rg BT 518.61 306.05 Td (reference ) Tj ET Q q 0 0 0 rg BT 559.49 306.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.63 295.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 97.25 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.87 295.25 Td (production ) Tj ET Q q 0 0 0 rg BT 151.02 295.25 Td (in ) Tj ET Q q 0 0 0 rg BT 160.14 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.76 295.25 Td (year ) Tj ET Q q 0 0 0 rg BT 194.39 295.25 Td (to ) Tj ET Q q 0 0 0 rg BT 204.01 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.64 295.25 Td (related ) Tj ET Q q 0 0 0 rg BT 248.27 295.25 Td (proved ) Tj ET Q q 0 0 0 rg BT 277.91 295.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 296.53 295.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 333.68 295.25 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 372.80 295.25 Td (taking ) Tj ET Q q 0 0 0 rg BT 398.93 295.25 Td (into ) Tj ET Q q 0 0 0 rg BT 415.56 295.25 Td (account ) Tj ET Q q 0 0 0 rg BT 449.20 295.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 490.33 295.25 Td (future ) Tj ET Q q 0 0 0 rg BT 515.46 295.25 Td (development ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 284.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 86.78 284.45 Td (necessary ) Tj ET Q q 0 0 0 rg BT 130.58 284.45 Td (to ) Tj ET Q q 0 0 0 rg BT 140.87 284.45 Td (bring ) Tj ET Q q 0 0 0 rg BT 163.66 284.45 Td (those ) Tj ET Q q 0 0 0 rg BT 188.45 284.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 225.74 284.45 Td (into ) Tj ET Q q 0 0 0 rg BT 243.03 284.45 Td (production. ) Tj ET Q q 0 0 0 rg BT 290.34 284.45 Td (Future ) Tj ET Q q 0 0 0 rg BT 319.13 284.45 Td (development ) Tj ET Q q 0 0 0 rg BT 373.44 284.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 397.23 284.45 Td (are ) Tj ET Q q 0 0 0 rg BT 413.02 284.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 454.81 284.45 Td (taking ) Tj ET Q q 0 0 0 rg BT 481.61 284.45 Td (into ) Tj ET Q q 0 0 0 rg BT 498.90 284.45 Td (account ) Tj ET Q q 0 0 0 rg BT 533.20 284.45 Td (the ) Tj ET Q q 0 0 0 rg BT 548.49 284.45 Td (level ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 273.65 Td (of ) Tj ET Q q 0 0 0 rg BT 73.94 273.65 Td (development ) Tj ET Q q 0 0 0 rg BT 128.91 273.65 Td (required ) Tj ET Q q 0 0 0 rg BT 165.36 273.65 Td (to ) Tj ET Q q 0 0 0 rg BT 176.31 273.65 Td (produce ) Tj ET Q q 0 0 0 rg BT 212.26 273.65 Td (the ) Tj ET Q q 0 0 0 rg BT 228.21 273.65 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 268.43 273.65 Td (These ) Tj ET Q q 0 0 0 rg BT 296.88 273.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 338.83 273.65 Td (are ) Tj ET Q q 0 0 0 rg BT 355.27 273.65 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 394.72 273.65 Td (by ) Tj ET Q q 0 0 0 rg BT 407.66 273.65 Td (independent ) Tj ET Q q 0 0 0 rg BT 460.65 273.65 Td (reserve ) Tj ET Q q 0 0 0 rg BT 494.09 273.65 Td (engineers ) Tj ET Q q 0 0 0 rg BT 537.05 273.65 Td (at ) Tj ET Q q 0 0 0 rg BT 547.99 273.65 Td (least ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 262.85 Td (annually) Tj ET Q q 0 0 0 rg BT 95.86 262.85 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 246.05 Td (Proved ) Tj ET Q q 0 0 0 rg BT 95.57 246.05 Td (plus ) Tj ET Q q 0 0 0 rg BT 116.13 246.05 Td (probable ) Tj ET Q q 0 0 0 rg BT 155.21 246.05 Td (reserves ) Tj ET Q q 0 0 0 rg BT 193.77 246.05 Td (are ) Tj ET Q q 0 0 0 rg BT 210.83 246.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 253.90 246.05 Td (using ) Tj ET Q q 0 0 0 rg BT 279.47 246.05 Td (independent ) Tj ET Q q 0 0 0 rg BT 333.07 246.05 Td (reserve ) Tj ET Q q 0 0 0 rg BT 367.13 246.05 Td (engineering ) Tj ET Q q 0 0 0 rg BT 418.22 246.05 Td (reports ) Tj ET Q q 0 0 0 rg BT 450.28 246.05 Td (and ) Tj ET Q q 0 0 0 rg BT 469.35 246.05 Td (represent ) Tj ET Q q 0 0 0 rg BT 511.42 246.05 Td (the ) Tj ET Q q 0 0 0 rg BT 527.98 246.05 Td (estimated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 235.25 Td (quantities ) Tj ET Q q 0 0 0 rg BT 104.77 235.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.53 235.25 Td (oil, ) Tj ET Q q 0 0 0 rg BT 130.28 235.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 161.04 235.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 178.80 235.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.06 235.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 227.83 235.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 245.58 235.25 Td (liquids, ) Tj ET Q q 0 0 0 rg BT 276.85 235.25 Td (which ) Tj ET Q q 0 0 0 rg BT 303.10 235.25 Td (geological, ) Tj ET Q q 0 0 0 rg BT 349.38 235.25 Td (geophysical ) Tj ET Q q 0 0 0 rg BT 400.16 235.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.42 235.25 Td (engineering ) Tj ET Q q 0 0 0 rg BT 468.71 235.25 Td (data ) Tj ET Q q 0 0 0 rg BT 489.47 235.25 Td (demonstrate ) Tj ET Q q 0 0 0 rg BT 542.74 235.25 Td (with ) Tj ET Q q 0 0 0 rg BT 562.00 235.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 224.45 Td (specified ) Tj ET Q q 0 0 0 rg BT 101.54 224.45 Td (degree ) Tj ET Q q 0 0 0 rg BT 132.58 224.45 Td (of ) Tj ET Q q 0 0 0 rg BT 143.10 224.45 Td (certainty ) Tj ET Q q 0 0 0 rg BT 180.13 224.45 Td (to ) Tj ET Q q 0 0 0 rg BT 190.66 224.45 Td (be ) Tj ET Q q 0 0 0 rg BT 203.68 224.45 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 253.73 224.45 Td (in ) Tj ET Q q 0 0 0 rg BT 263.75 224.45 Td (future ) Tj ET Q q 0 0 0 rg BT 289.78 224.45 Td (years ) Tj ET Q q 0 0 0 rg BT 314.80 224.45 Td (from ) Tj ET Q q 0 0 0 rg BT 335.82 224.45 Td (known ) Tj ET Q q 0 0 0 rg BT 364.85 224.45 Td (reservoirs ) Tj ET Q q 0 0 0 rg BT 407.38 224.45 Td (and ) Tj ET Q q 0 0 0 rg BT 425.41 224.45 Td (which ) Tj ET Q q 0 0 0 rg BT 451.44 224.45 Td (are ) Tj ET Q q 0 0 0 rg BT 467.46 224.45 Td (considered ) Tj ET Q q 0 0 0 rg BT 514.51 224.45 Td (commercially ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 213.65 Td (producible. ) Tj ET Q q 0 0 0 rg BT 109.68 213.65 Td (There ) Tj ET Q q 0 0 0 rg BT 136.03 213.65 Td (should ) Tj ET Q q 0 0 0 rg BT 165.39 213.65 Td (be ) Tj ET Q q 0 0 0 rg BT 178.24 213.65 Td (a ) Tj ET Q q 0 0 0 rg BT 186.08 213.65 Td (50% ) Tj ET Q q 0 0 0 rg BT 206.93 213.65 Td (statistical ) Tj ET Q q 0 0 0 rg BT 246.78 213.65 Td (probability ) Tj ET Q q 0 0 0 rg BT 290.64 213.65 Td (that ) Tj ET Q q 0 0 0 rg BT 308.49 213.65 Td (the ) Tj ET Q q 0 0 0 rg BT 323.84 213.65 Td (actual ) Tj ET Q q 0 0 0 rg BT 350.69 213.65 Td (quantity ) Tj ET Q q 0 0 0 rg BT 385.05 213.65 Td (of ) Tj ET Q q 0 0 0 rg BT 395.39 213.65 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 445.26 213.65 Td (reserves ) Tj ET Q q 0 0 0 rg BT 482.60 213.65 Td (will ) Tj ET Q q 0 0 0 rg BT 497.94 213.65 Td (be ) Tj ET Q q 0 0 0 rg BT 510.79 213.65 Td (more ) Tj ET Q q 0 0 0 rg BT 534.13 213.65 Td (than ) Tj ET Q q 0 0 0 rg BT 554.48 213.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 202.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 94.51 202.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 135.02 202.85 Td (as ) Tj ET Q q 0 0 0 rg BT 146.02 202.85 Td (proved ) Tj ET Q q 0 0 0 rg BT 175.02 202.85 Td (plus ) Tj ET Q q 0 0 0 rg BT 193.03 202.85 Td (probable ) Tj ET Q q 0 0 0 rg BT 229.55 202.85 Td (and ) Tj ET Q q 0 0 0 rg BT 246.05 202.85 Td (a ) Tj ET Q q 0 0 0 rg BT 252.55 202.85 Td (50% ) Tj ET Q q 0 0 0 rg BT 272.05 202.85 Td (statistical ) Tj ET Q q 0 0 0 rg BT 310.55 202.85 Td (probability ) Tj ET Q q 0 0 0 rg BT 353.07 202.85 Td (that ) Tj ET Q q 0 0 0 rg BT 369.57 202.85 Td (it ) Tj ET Q q 0 0 0 rg BT 375.56 202.85 Td (will ) Tj ET Q q 0 0 0 rg BT 389.55 202.85 Td (be ) Tj ET Q q 0 0 0 rg BT 401.05 202.85 Td (less. ) Tj ET Q q 0 0 0 rg BT 420.95 202.85 Td (The ) Tj ET Q q 0 0 0 rg BT 437.95 202.85 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 480.47 202.85 Td (statistical ) Tj ET Q q 0 0 0 rg BT 518.97 202.85 Td (probabilities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 192.05 Td (for ) Tj ET Q q 0 0 0 rg BT 76.00 192.05 Td (the ) Tj ET Q q 0 0 0 rg BT 91.02 192.05 Td (proven ) Tj ET Q q 0 0 0 rg BT 121.03 192.05 Td (component ) Tj ET Q q 0 0 0 rg BT 168.06 192.05 Td (of ) Tj ET Q q 0 0 0 rg BT 178.07 192.05 Td (proved ) Tj ET Q q 0 0 0 rg BT 208.09 192.05 Td (plus ) Tj ET Q q 0 0 0 rg BT 227.10 192.05 Td (probable ) Tj ET Q q 0 0 0 rg BT 264.63 192.05 Td (reserves ) Tj ET Q q 0 0 0 rg BT 301.64 192.05 Td (are ) Tj ET Q q 0 0 0 rg BT 317.15 192.05 Td (90% ) Tj ET Q q 0 0 0 rg BT 337.66 192.05 Td (and ) Tj ET Q q 0 0 0 rg BT 355.18 192.05 Td (10%, ) Tj ET Q q 0 0 0 rg BT 378.19 192.05 Td (respectively) Tj ET Q q 0 0 0 rg BT 425.04 192.05 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 175.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 86.03 175.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 123.05 175.25 Td (may ) Tj ET Q q 0 0 0 rg BT 142.57 175.25 Td (be ) Tj ET Q q 0 0 0 rg BT 155.09 175.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 201.64 175.25 Td (commercially ) Tj ET Q q 0 0 0 rg BT 256.66 175.25 Td (producible ) Tj ET Q q 0 0 0 rg BT 300.70 175.25 Td (if ) Tj ET Q q 0 0 0 rg BT 307.71 175.25 Td (management ) Tj ET Q q 0 0 0 rg BT 362.76 175.25 Td (has ) Tj ET Q q 0 0 0 rg BT 379.78 175.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.81 175.25 Td (intention ) Tj ET Q q 0 0 0 rg BT 431.35 175.25 Td (of ) Tj ET Q q 0 0 0 rg BT 441.37 175.25 Td (developing ) Tj ET Q q 0 0 0 rg BT 487.42 175.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.95 175.25 Td (producing ) Tj ET Q q 0 0 0 rg BT 547.00 175.25 Td (them ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 164.45 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 164.45 Td (such ) Tj ET Q q 0 0 0 rg BT 102.03 164.45 Td (intention ) Tj ET Q q 0 0 0 rg BT 138.56 164.45 Td (is ) Tj ET Q q 0 0 0 rg BT 147.56 164.45 Td (based ) Tj ET Q q 0 0 0 rg BT 174.58 164.45 Td (upon:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 147.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 147.65 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 63.00 130.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 130.85 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 63.00 114.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 114.05 Td (evidence that the necessary production, transmission and transportation facilities are available or can be made available.) 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 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 39) 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 (Reserves ) Tj ET Q q 0 0 0 rg BT 103.00 731.45 Td (may ) Tj ET Q q 0 0 0 rg BT 121.99 731.45 Td (only ) Tj ET Q q 0 0 0 rg BT 140.48 731.45 Td (be ) Tj ET Q q 0 0 0 rg BT 152.48 731.45 Td (considered ) Tj ET Q q 0 0 0 rg BT 198.49 731.45 Td (total ) Tj ET Q q 0 0 0 rg BT 217.49 731.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 246.99 731.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 265.49 731.45 Td (probable ) Tj ET Q q 0 0 0 rg BT 302.50 731.45 Td (if ) Tj ET Q q 0 0 0 rg BT 308.99 731.45 Td (producibility ) Tj ET Q q 0 0 0 rg BT 358.50 731.45 Td (is ) Tj ET Q q 0 0 0 rg BT 366.98 731.45 Td (supported ) Tj ET Q q 0 0 0 rg BT 409.00 731.45 Td (by ) Tj ET Q q 0 0 0 rg BT 420.49 731.45 Td (either ) Tj ET Q q 0 0 0 rg BT 444.98 731.45 Td (actual ) Tj ET Q q 0 0 0 rg BT 470.99 731.45 Td (production ) Tj ET Q q 0 0 0 rg BT 515.00 731.45 Td (or ) Tj ET Q q 0 0 0 rg BT 524.99 731.45 Td (conclusive ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 720.65 Td (formation ) Tj ET Q q 0 0 0 rg BT 102.51 720.65 Td (test. ) Tj ET Q q 0 0 0 rg BT 121.38 720.65 Td (The ) Tj ET Q q 0 0 0 rg BT 138.88 720.65 Td (area ) Tj ET Q q 0 0 0 rg BT 158.89 720.65 Td (of ) Tj ET Q q 0 0 0 rg BT 168.38 720.65 Td (reservoir ) Tj ET Q q 0 0 0 rg BT 205.38 720.65 Td (considered ) Tj ET Q q 0 0 0 rg BT 251.40 720.65 Td (proved ) Tj ET Q q 0 0 0 rg BT 280.92 720.65 Td (includes: ) Tj ET Q q 0 0 0 rg BT 318.43 720.65 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 331.42 720.65 Td (that ) Tj ET Q q 0 0 0 rg BT 348.43 720.65 Td (portion ) Tj ET Q q 0 0 0 rg BT 377.94 720.65 Td (delineated ) Tj ET Q q 0 0 0 rg BT 421.47 720.65 Td (by ) Tj ET Q q 0 0 0 rg BT 432.97 720.65 Td (drilling ) Tj ET Q q 0 0 0 rg BT 460.97 720.65 Td (and ) Tj ET Q q 0 0 0 rg BT 477.98 720.65 Td (defined ) Tj ET Q q 0 0 0 rg BT 509.50 720.65 Td (by ) Tj ET Q q 0 0 0 rg BT 521.00 720.65 Td (gas-oil ) Tj ET Q q 0 0 0 rg BT 549.50 720.65 Td (and/) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 709.85 Td (or ) Tj ET Q q 0 0 0 rg BT 72.93 709.85 Td (oil-water ) Tj ET Q q 0 0 0 rg BT 108.86 709.85 Td (contacts, ) Tj ET Q q 0 0 0 rg BT 146.80 709.85 Td (if ) Tj ET Q q 0 0 0 rg BT 153.23 709.85 Td (any) Tj ET Q q 0 0 0 rg BT 167.07 709.85 Td (, ) Tj ET Q q 0 0 0 rg BT 171.49 709.85 Td (or ) Tj ET Q q 0 0 0 rg BT 181.42 709.85 Td (both; ) Tj ET Q q 0 0 0 rg BT 203.36 709.85 Td (and ) Tj ET Q q 0 0 0 rg BT 220.30 709.85 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 233.23 709.85 Td (the ) Tj ET Q q 0 0 0 rg BT 247.66 709.85 Td (immediately ) Tj ET Q q 0 0 0 rg BT 297.60 709.85 Td (adjoining ) Tj ET Q q 0 0 0 rg BT 335.56 709.85 Td (portions ) Tj ET Q q 0 0 0 rg BT 369.50 709.85 Td (not ) Tj ET Q q 0 0 0 rg BT 383.93 709.85 Td (yet ) Tj ET Q q 0 0 0 rg BT 397.86 709.85 Td (drilled, ) Tj ET Q q 0 0 0 rg BT 426.30 709.85 Td (but ) Tj ET Q q 0 0 0 rg BT 440.74 709.85 Td (which ) Tj ET Q q 0 0 0 rg BT 465.67 709.85 Td (can ) Tj ET Q q 0 0 0 rg BT 482.11 709.85 Td (be ) Tj ET Q q 0 0 0 rg BT 494.04 709.85 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 539.99 709.85 Td (judged ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 699.05 Td (as ) Tj ET Q q 0 0 0 rg BT 74.60 699.05 Td (economically ) Tj ET Q q 0 0 0 rg BT 128.73 699.05 Td (productive ) Tj ET Q q 0 0 0 rg BT 172.35 699.05 Td (on ) Tj ET Q q 0 0 0 rg BT 184.46 699.05 Td (the ) Tj ET Q q 0 0 0 rg BT 199.07 699.05 Td (basis ) Tj ET Q q 0 0 0 rg BT 222.18 699.05 Td (of ) Tj ET Q q 0 0 0 rg BT 231.78 699.05 Td (available ) Tj ET Q q 0 0 0 rg BT 269.40 699.05 Td (geophysical, ) Tj ET Q q 0 0 0 rg BT 321.53 699.05 Td (geological ) Tj ET Q q 0 0 0 rg BT 364.16 699.05 Td (and ) Tj ET Q q 0 0 0 rg BT 381.28 699.05 Td (engineering ) Tj ET Q q 0 0 0 rg BT 430.42 699.05 Td (data. ) Tj ET Q q 0 0 0 rg BT 452.53 699.05 Td (In ) Tj ET Q q 0 0 0 rg BT 462.14 699.05 Td (the ) Tj ET Q q 0 0 0 rg BT 476.75 699.05 Td (absence ) Tj ET Q q 0 0 0 rg BT 512.87 699.05 Td (of ) Tj ET Q q 0 0 0 rg BT 522.48 699.05 Td (information ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 688.25 Td (on ) Tj ET Q q 0 0 0 rg BT 75.51 688.25 Td (fluid ) Tj ET Q q 0 0 0 rg BT 94.52 688.25 Td (contacts, ) Tj ET Q q 0 0 0 rg BT 133.04 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 148.05 688.25 Td (lowest ) Tj ET Q q 0 0 0 rg BT 176.06 688.25 Td (known ) Tj ET Q q 0 0 0 rg BT 204.58 688.25 Td (structural ) Tj ET Q q 0 0 0 rg BT 244.09 688.25 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 291.11 688.25 Td (of ) Tj ET Q q 0 0 0 rg BT 301.12 688.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 312.62 688.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.14 688.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 360.16 688.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 377.17 688.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 411.18 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.19 688.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 450.20 688.25 Td (proved ) Tj ET Q q 0 0 0 rg BT 480.22 688.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 498.72 688.25 Td (of ) Tj ET Q q 0 0 0 rg BT 508.72 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.74 688.25 Td (reservoir) Tj ET Q q 0 0 0 rg BT 558.25 688.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 671.45 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 103.25 671.45 Td (which ) Tj ET Q q 0 0 0 rg BT 128.49 671.45 Td (can ) Tj ET Q q 0 0 0 rg BT 145.24 671.45 Td (be ) Tj ET Q q 0 0 0 rg BT 157.48 671.45 Td (produced ) Tj ET Q q 0 0 0 rg BT 197.25 671.45 Td (economically ) Tj ET Q q 0 0 0 rg BT 251.50 671.45 Td (through ) Tj ET Q q 0 0 0 rg BT 284.26 671.45 Td (application ) Tj ET Q q 0 0 0 rg BT 329.53 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 339.27 671.45 Td (improved ) Tj ET Q q 0 0 0 rg BT 378.52 671.45 Td (recovery ) Tj ET Q q 0 0 0 rg BT 415.26 671.45 Td (techniques ) Tj ET Q q 0 0 0 rg BT 461.03 671.45 Td (\(such ) Tj ET Q q 0 0 0 rg BT 485.27 671.45 Td (as ) Tj ET Q q 0 0 0 rg BT 497.01 671.45 Td (fluid ) Tj ET Q q 0 0 0 rg BT 515.75 671.45 Td (injection\) ) Tj ET Q q 0 0 0 rg BT 554.01 671.45 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 660.65 Td (only ) Tj ET Q q 0 0 0 rg BT 82.31 660.65 Td (included ) Tj ET Q q 0 0 0 rg BT 118.64 660.65 Td (in ) Tj ET Q q 0 0 0 rg BT 128.44 660.65 Td (the ) Tj ET Q q 0 0 0 rg BT 143.76 660.65 Td (proved ) Tj ET Q q 0 0 0 rg BT 174.07 660.65 Td (plus ) Tj ET Q q 0 0 0 rg BT 193.39 660.65 Td (probable ) Tj ET Q q 0 0 0 rg BT 231.22 660.65 Td (classification ) Tj ET Q q 0 0 0 rg BT 285.04 660.65 Td (when ) Tj ET Q q 0 0 0 rg BT 309.35 660.65 Td (successful ) Tj ET Q q 0 0 0 rg BT 354.17 660.65 Td (testing ) Tj ET Q q 0 0 0 rg BT 383.49 660.65 Td (by ) Tj ET Q q 0 0 0 rg BT 395.79 660.65 Td (a ) Tj ET Q q 0 0 0 rg BT 403.60 660.65 Td (pilot ) Tj ET Q q 0 0 0 rg BT 422.91 660.65 Td (project, ) Tj ET Q q 0 0 0 rg BT 455.23 660.65 Td (the ) Tj ET Q q 0 0 0 rg BT 470.54 660.65 Td (operation ) Tj ET Q q 0 0 0 rg BT 510.87 660.65 Td (of ) Tj ET Q q 0 0 0 rg BT 521.17 660.65 Td (an ) Tj ET Q q 0 0 0 rg BT 533.99 660.65 Td (installed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 649.85 Td (program ) Tj ET Q q 0 0 0 rg BT 99.72 649.85 Td (in ) Tj ET Q q 0 0 0 rg BT 109.94 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 125.66 649.85 Td (reservoir) Tj ET Q q 0 0 0 rg BT 160.17 649.85 Td (, ) Tj ET Q q 0 0 0 rg BT 165.88 649.85 Td (or ) Tj ET Q q 0 0 0 rg BT 177.09 649.85 Td (other ) Tj ET Q q 0 0 0 rg BT 200.82 649.85 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 248.56 649.85 Td (evidence ) Tj ET Q q 0 0 0 rg BT 287.80 649.85 Td (\(such ) Tj ET Q q 0 0 0 rg BT 313.01 649.85 Td (as, ) Tj ET Q q 0 0 0 rg BT 328.23 649.85 Td (experience ) Tj ET Q q 0 0 0 rg BT 375.47 649.85 Td (of ) Tj ET Q q 0 0 0 rg BT 386.18 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 401.91 649.85 Td (same ) Tj ET Q q 0 0 0 rg BT 427.12 649.85 Td (techniques ) Tj ET Q q 0 0 0 rg BT 473.87 649.85 Td (on ) Tj ET Q q 0 0 0 rg BT 487.09 649.85 Td (similar ) Tj ET Q q 0 0 0 rg BT 516.29 649.85 Td (reservoirs ) Tj ET Q q 0 0 0 rg BT 559.01 649.85 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 639.05 Td (reservoir ) Tj ET Q q 0 0 0 rg BT 100.51 639.05 Td (simulation ) Tj ET Q q 0 0 0 rg BT 143.53 639.05 Td (studies\) ) Tj ET Q q 0 0 0 rg BT 177.54 639.05 Td (provides ) Tj ET Q q 0 0 0 rg BT 214.06 639.05 Td (support ) Tj ET Q q 0 0 0 rg BT 246.58 639.05 Td (for ) Tj ET Q q 0 0 0 rg BT 259.58 639.05 Td (the ) Tj ET Q q 0 0 0 rg BT 274.59 639.05 Td (engineering ) Tj ET Q q 0 0 0 rg BT 324.13 639.05 Td (analysis ) Tj ET Q q 0 0 0 rg BT 359.15 639.05 Td (on ) Tj ET Q q 0 0 0 rg BT 371.66 639.05 Td (which ) Tj ET Q q 0 0 0 rg BT 397.17 639.05 Td (the ) Tj ET Q q 0 0 0 rg BT 412.18 639.05 Td (project ) Tj ET Q q 0 0 0 rg BT 441.69 639.05 Td (or ) Tj ET Q q 0 0 0 rg BT 452.20 639.05 Td (program ) Tj ET Q q 0 0 0 rg BT 488.21 639.05 Td (was ) Tj ET Q q 0 0 0 rg BT 506.72 639.05 Td (based.) 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 81.01 622.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 122.53 622.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 149.04 622.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 169.55 622.25 Td (for ) Tj ET Q q 0 0 0 rg BT 182.55 622.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 212.07 622.25 Td (production ) Tj ET Q q 0 0 0 rg BT 256.60 622.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 285.11 622.25 Td (for ) Tj ET Q q 0 0 0 rg BT 298.11 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.12 622.25 Td (current ) Tj ET Q q 0 0 0 rg BT 343.63 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.15 622.25 Td (comparative ) Tj ET Q q 0 0 0 rg BT 412.67 622.25 Td (years ) Tj ET Q q 0 0 0 rg BT 437.18 622.25 Td (are ) Tj ET Q q 0 0 0 rg BT 452.69 622.25 Td (as ) Tj ET Q q 0 0 0 rg BT 464.70 622.25 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 608.75 m 314.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 608.75 m 566.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 578.75 m 314.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 578.75 m 566.5 578.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 598.15 Td (Facilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.00 598.15 Td (15 years) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 583.15 Td (Oil and natural gas properties) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.00 583.15 Td (Based on CGU Reserve Life) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 562.45 Td (For ) Tj ET Q q 0 0 0 rg BT 79.11 562.45 Td (other ) Tj ET Q q 0 0 0 rg BT 102.23 562.45 Td (assets, ) Tj ET Q q 0 0 0 rg BT 133.35 562.45 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 184.99 562.45 Td (is ) Tj ET Q q 0 0 0 rg BT 194.10 562.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 240.74 562.45 Td (in ) Tj ET Q q 0 0 0 rg BT 250.35 562.45 Td (profit ) Tj ET Q q 0 0 0 rg BT 272.96 562.45 Td (or ) Tj ET Q q 0 0 0 rg BT 283.57 562.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 302.19 562.45 Td (on ) Tj ET Q q 0 0 0 rg BT 314.81 562.45 Td (a ) Tj ET Q q 0 0 0 rg BT 322.42 562.45 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 371.55 562.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 395.17 562.45 Td (over ) Tj ET Q q 0 0 0 rg BT 415.28 562.45 Td (the ) Tj ET Q q 0 0 0 rg BT 430.40 562.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 472.03 562.45 Td (useful ) Tj ET Q q 0 0 0 rg BT 498.65 562.45 Td (lives ) Tj ET Q q 0 0 0 rg BT 519.26 562.45 Td (of ) Tj ET Q q 0 0 0 rg BT 529.38 562.45 Td (each ) Tj ET Q q 0 0 0 rg BT 551.50 562.45 Td (part ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 551.65 Td (of ) Tj ET Q q 0 0 0 rg BT 73.29 551.65 Td (an ) Tj ET Q q 0 0 0 rg BT 86.08 551.65 Td (item ) Tj ET Q q 0 0 0 rg BT 105.86 551.65 Td (of ) Tj ET Q q 0 0 0 rg BT 116.15 551.65 Td (property) Tj ET Q q 0 0 0 rg BT 148.49 551.65 Td (, ) Tj ET Q q 0 0 0 rg BT 153.77 551.65 Td (plant ) Tj ET Q q 0 0 0 rg BT 176.07 551.65 Td (and ) Tj ET Q q 0 0 0 rg BT 193.87 551.65 Td (equipment. ) Tj ET Q q 0 0 0 rg BT 241.18 551.65 Td (Leased ) Tj ET Q q 0 0 0 rg BT 273.48 551.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 302.28 551.65 Td (are ) Tj ET Q q 0 0 0 rg BT 318.06 551.65 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 367.88 551.65 Td (over ) Tj ET Q q 0 0 0 rg BT 388.17 551.65 Td (the ) Tj ET Q q 0 0 0 rg BT 403.46 551.65 Td (shorter ) Tj ET Q q 0 0 0 rg BT 434.25 551.65 Td (of ) Tj ET Q q 0 0 0 rg BT 444.54 551.65 Td (the ) Tj ET Q q 0 0 0 rg BT 459.83 551.65 Td (lease ) Tj ET Q q 0 0 0 rg BT 484.12 551.65 Td (term ) Tj ET Q q 0 0 0 rg BT 504.90 551.65 Td (and ) Tj ET Q q 0 0 0 rg BT 522.70 551.65 Td (their ) Tj ET Q q 0 0 0 rg BT 542.99 551.65 Td (useful ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 540.85 Td (lives ) Tj ET Q q 0 0 0 rg BT 83.50 540.85 Td (unless ) Tj ET Q q 0 0 0 rg BT 112.02 540.85 Td (it ) Tj ET Q q 0 0 0 rg BT 119.02 540.85 Td (is ) Tj ET Q q 0 0 0 rg BT 128.02 540.85 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 174.55 540.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 204.06 540.85 Td (that ) Tj ET Q q 0 0 0 rg BT 221.58 540.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 263.60 540.85 Td (will ) Tj ET Q q 0 0 0 rg BT 278.60 540.85 Td (obtain ) Tj ET Q q 0 0 0 rg BT 305.62 540.85 Td (ownership ) Tj ET Q q 0 0 0 rg BT 349.15 540.85 Td (by ) Tj ET Q q 0 0 0 rg BT 361.15 540.85 Td (the ) Tj ET Q q 0 0 0 rg BT 376.16 540.85 Td (end ) Tj ET Q q 0 0 0 rg BT 393.68 540.85 Td (of ) Tj ET Q q 0 0 0 rg BT 403.69 540.85 Td (the ) Tj ET Q q 0 0 0 rg BT 418.70 540.85 Td (lease ) Tj ET Q q 0 0 0 rg BT 442.71 540.85 Td (term.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 524.05 Td (The ) Tj ET Q q 0 0 0 rg BT 81.01 524.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 122.53 524.05 Td (useful ) Tj ET Q q 0 0 0 rg BT 149.04 524.05 Td (lives ) Tj ET Q q 0 0 0 rg BT 169.55 524.05 Td (for ) Tj ET Q q 0 0 0 rg BT 182.55 524.05 Td (other ) Tj ET Q q 0 0 0 rg BT 205.57 524.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 234.08 524.05 Td (for ) Tj ET Q q 0 0 0 rg BT 247.08 524.05 Td (the ) Tj ET Q q 0 0 0 rg BT 262.09 524.05 Td (current ) Tj ET Q q 0 0 0 rg BT 292.61 524.05 Td (and ) Tj ET Q q 0 0 0 rg BT 310.12 524.05 Td (comparative ) Tj ET Q q 0 0 0 rg BT 361.64 524.05 Td (years ) Tj ET Q q 0 0 0 rg BT 386.15 524.05 Td (are ) Tj ET Q q 0 0 0 rg BT 401.66 524.05 Td (as ) Tj ET Q q 0 0 0 rg BT 413.67 524.05 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 510.55 m 314.5 510.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 510.55 m 566.5 510.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 468.55 m 314.5 468.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 468.55 m 566.5 468.55 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 500.95 Td (Office equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.00 500.95 Td (5 years) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 486.95 Td (Fixtures and fittings) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.00 486.95 Td (5 years) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 472.95 Td (Leaseholds) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.00 472.95 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 63.00 452.25 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 116.03 452.25 Td (methods, ) Tj ET Q q 0 0 0 rg BT 155.55 452.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 182.07 452.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 202.57 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.09 452.25 Td (residual ) Tj ET Q q 0 0 0 rg BT 254.10 452.25 Td (values ) Tj ET Q q 0 0 0 rg BT 282.62 452.25 Td (are ) Tj ET Q q 0 0 0 rg BT 298.13 452.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 336.65 452.25 Td (at ) Tj ET Q q 0 0 0 rg BT 346.65 452.25 Td (each ) Tj ET Q q 0 0 0 rg BT 368.67 452.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 406.69 452.25 Td (date. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 435.45 Td (Exploration ) Tj ET Q q 0 0 0 rg BT 115.00 435.45 Td (and ) Tj ET Q q 0 0 0 rg BT 133.51 435.45 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 180.52 435.45 Td (assets) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 418.65 Td (Exploration ) Tj ET Q q 0 0 0 rg BT 110.53 418.65 Td (and ) Tj ET Q q 0 0 0 rg BT 128.04 418.65 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 171.58 418.65 Td (assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 404.85 Td (Other ) Tj ET Q q 0 0 0 rg BT 88.44 404.85 Td (intangible ) Tj ET Q q 0 0 0 rg BT 129.90 404.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 158.84 404.85 Td (that ) Tj ET Q q 0 0 0 rg BT 176.78 404.85 Td (are ) Tj ET Q q 0 0 0 rg BT 192.72 404.85 Td (acquired ) Tj ET Q q 0 0 0 rg BT 230.18 404.85 Td (by ) Tj ET Q q 0 0 0 rg BT 242.61 404.85 Td (Bonavista, ) Tj ET Q q 0 0 0 rg BT 287.57 404.85 Td (which ) Tj ET Q q 0 0 0 rg BT 313.51 404.85 Td (have ) Tj ET Q q 0 0 0 rg BT 335.95 404.85 Td (finite ) Tj ET Q q 0 0 0 rg BT 357.89 404.85 Td (useful ) Tj ET Q q 0 0 0 rg BT 384.84 404.85 Td (lives, ) Tj ET Q q 0 0 0 rg BT 408.27 404.85 Td (are ) Tj ET Q q 0 0 0 rg BT 424.21 404.85 Td (measured ) Tj ET Q q 0 0 0 rg BT 467.16 404.85 Td (at ) Tj ET Q q 0 0 0 rg BT 477.60 404.85 Td (cost ) Tj ET Q q 0 0 0 rg BT 497.04 404.85 Td (less ) Tj ET Q q 0 0 0 rg BT 515.97 404.85 Td (accumulated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 394.05 Td (amortization ) Tj ET Q q 0 0 0 rg BT 114.52 394.05 Td (and ) Tj ET Q q 0 0 0 rg BT 132.04 394.05 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 185.57 394.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 232.58 394.05 Td (losses.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 377.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 112.83 377.25 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 161.66 377.25 Td (is ) Tj ET Q q 0 0 0 rg BT 169.95 377.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 214.26 377.25 Td (only ) Tj ET Q q 0 0 0 rg BT 232.56 377.25 Td (when ) Tj ET Q q 0 0 0 rg BT 255.87 377.25 Td (it ) Tj ET Q q 0 0 0 rg BT 262.16 377.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 302.47 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.77 377.25 Td (future ) Tj ET Q q 0 0 0 rg BT 341.57 377.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 381.88 377.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 415.19 377.25 Td (embodied ) Tj ET Q q 0 0 0 rg BT 456.51 377.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.30 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.61 377.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 511.41 377.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 534.71 377.25 Td (to ) Tj ET Q q 0 0 0 rg BT 544.00 377.25 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 366.45 Td (it ) Tj ET Q q 0 0 0 rg BT 70.00 366.45 Td (relates.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 349.65 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 115.18 349.65 Td (is ) Tj ET Q q 0 0 0 rg BT 123.85 349.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 170.04 349.65 Td (in ) Tj ET Q q 0 0 0 rg BT 179.21 349.65 Td (profit ) Tj ET Q q 0 0 0 rg BT 201.38 349.65 Td (or ) Tj ET Q q 0 0 0 rg BT 211.54 349.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 229.71 349.65 Td (on ) Tj ET Q q 0 0 0 rg BT 241.89 349.65 Td (a ) Tj ET Q q 0 0 0 rg BT 249.06 349.65 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 297.74 349.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 320.91 349.65 Td (over ) Tj ET Q q 0 0 0 rg BT 340.58 349.65 Td (the ) Tj ET Q q 0 0 0 rg BT 355.26 349.65 Td (estimated ) Tj ET Q q 0 0 0 rg BT 396.44 349.65 Td (useful ) Tj ET Q q 0 0 0 rg BT 422.62 349.65 Td (lives ) Tj ET Q q 0 0 0 rg BT 442.79 349.65 Td (of ) Tj ET Q q 0 0 0 rg BT 452.46 349.65 Td (other ) Tj ET Q q 0 0 0 rg BT 475.14 349.65 Td (intangible ) Tj ET Q q 0 0 0 rg BT 515.83 349.65 Td (assets, ) Tj ET Q q 0 0 0 rg BT 546.51 349.65 Td (other ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 338.85 Td (than ) Tj ET Q q 0 0 0 rg BT 83.02 338.85 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 120.54 338.85 Td (from ) Tj ET Q q 0 0 0 rg BT 141.04 338.85 Td (the ) Tj ET Q q 0 0 0 rg BT 156.05 338.85 Td (date ) Tj ET Q q 0 0 0 rg BT 176.07 338.85 Td (they ) Tj ET Q q 0 0 0 rg BT 195.58 338.85 Td (were ) Tj ET Q q 0 0 0 rg BT 217.59 338.85 Td (available ) Tj ET Q q 0 0 0 rg BT 255.61 338.85 Td (for ) Tj ET Q q 0 0 0 rg BT 268.62 338.85 Td (use.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 322.05 Td (Impairment) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 305.25 Td (Non-derivative ) Tj ET Q q 0 0 0 rg BT 123.53 305.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.05 305.25 Td (assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 291.45 Td (A) Tj ET Q q 0 0 0 rg BT 68.51 291.45 Td ( ) Tj ET Q q 0 0 0 rg BT 71.31 291.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 107.13 291.45 Td (asset ) Tj ET Q q 0 0 0 rg BT 131.44 291.45 Td (is ) Tj ET Q q 0 0 0 rg BT 140.74 291.45 Td (assessed ) Tj ET Q q 0 0 0 rg BT 181.56 291.45 Td (at ) Tj ET Q q 0 0 0 rg BT 191.86 291.45 Td (each ) Tj ET Q q 0 0 0 rg BT 214.18 291.45 Td (reporting ) Tj ET Q q 0 0 0 rg BT 252.50 291.45 Td (date ) Tj ET Q q 0 0 0 rg BT 272.82 291.45 Td (to ) Tj ET Q q 0 0 0 rg BT 283.12 291.45 Td (determine ) Tj ET Q q 0 0 0 rg BT 325.94 291.45 Td (whether ) Tj ET Q q 0 0 0 rg BT 360.76 291.45 Td (there ) Tj ET Q q 0 0 0 rg BT 384.08 291.45 Td (is ) Tj ET Q q 0 0 0 rg BT 393.37 291.45 Td (any ) Tj ET Q q 0 0 0 rg BT 410.69 291.45 Td (objective ) Tj ET Q q 0 0 0 rg BT 449.01 291.45 Td (evidence ) Tj ET Q q 0 0 0 rg BT 487.83 291.45 Td (that ) Tj ET Q q 0 0 0 rg BT 505.64 291.45 Td (it ) Tj ET Q q 0 0 0 rg BT 512.94 291.45 Td (is ) Tj ET Q q 0 0 0 rg BT 522.24 291.45 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 561.50 291.45 Td (A) Tj ET Q q 0 0 0 rg BT 567.01 291.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 280.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 98.76 280.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 123.02 280.65 Td (is ) Tj ET Q q 0 0 0 rg BT 132.26 280.65 Td (considered ) Tj ET Q q 0 0 0 rg BT 179.03 280.65 Td (to ) Tj ET Q q 0 0 0 rg BT 189.28 280.65 Td (be ) Tj ET Q q 0 0 0 rg BT 202.04 280.65 Td (impaired ) Tj ET Q q 0 0 0 rg BT 239.30 280.65 Td (if ) Tj ET Q q 0 0 0 rg BT 246.54 280.65 Td (objective ) Tj ET Q q 0 0 0 rg BT 284.81 280.65 Td (evidence ) Tj ET Q q 0 0 0 rg BT 323.58 280.65 Td (indicates ) Tj ET Q q 0 0 0 rg BT 361.84 280.65 Td (that ) Tj ET Q q 0 0 0 rg BT 379.60 280.65 Td (one ) Tj ET Q q 0 0 0 rg BT 397.35 280.65 Td (or ) Tj ET Q q 0 0 0 rg BT 408.10 280.65 Td (more ) Tj ET Q q 0 0 0 rg BT 431.35 280.65 Td (events ) Tj ET Q q 0 0 0 rg BT 460.61 280.65 Td (have ) Tj ET Q q 0 0 0 rg BT 482.87 280.65 Td (had ) Tj ET Q q 0 0 0 rg BT 500.63 280.65 Td (a ) Tj ET Q q 0 0 0 rg BT 508.38 280.65 Td (negative ) Tj ET Q q 0 0 0 rg BT 545.15 280.65 Td (ef) Tj ET Q q 0 0 0 rg BT 552.49 280.65 Td (fect ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 269.85 Td (on ) Tj ET Q q 0 0 0 rg BT 75.51 269.85 Td (the ) Tj ET Q q 0 0 0 rg BT 90.52 269.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 132.04 269.85 Td (future ) Tj ET Q q 0 0 0 rg BT 157.56 269.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 179.07 269.85 Td (flows ) Tj ET Q q 0 0 0 rg BT 202.07 269.85 Td (of ) Tj ET Q q 0 0 0 rg BT 212.08 269.85 Td (that ) Tj ET Q q 0 0 0 rg BT 229.59 269.85 Td (asset.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 253.05 Td (An ) Tj ET Q q 0 0 0 rg BT 76.10 253.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 122.71 253.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 140.81 253.05 Td (in ) Tj ET Q q 0 0 0 rg BT 149.92 253.05 Td (respect ) Tj ET Q q 0 0 0 rg BT 181.52 253.05 Td (of ) Tj ET Q q 0 0 0 rg BT 191.13 253.05 Td (a ) Tj ET Q q 0 0 0 rg BT 198.23 253.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 233.35 253.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 256.95 253.05 Td (measured ) Tj ET Q q 0 0 0 rg BT 299.07 253.05 Td (at ) Tj ET Q q 0 0 0 rg BT 308.67 253.05 Td (amortized ) Tj ET Q q 0 0 0 rg BT 350.28 253.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 368.89 253.05 Td (is ) Tj ET Q q 0 0 0 rg BT 377.48 253.05 Td (calculated ) Tj ET Q q 0 0 0 rg BT 420.10 253.05 Td (as ) Tj ET Q q 0 0 0 rg BT 431.71 253.05 Td (the ) Tj ET Q q 0 0 0 rg BT 446.31 253.05 Td (dif) Tj ET Q q 0 0 0 rg BT 455.66 253.05 Td (ference ) Tj ET Q q 0 0 0 rg BT 487.77 253.05 Td (between ) Tj ET Q q 0 0 0 rg BT 523.89 253.05 Td (its ) Tj ET Q q 0 0 0 rg BT 534.99 253.05 Td (carrying ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 242.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 95.52 242.25 Td (and ) Tj ET Q q 0 0 0 rg BT 113.04 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.05 242.25 Td (present ) Tj ET Q q 0 0 0 rg BT 160.57 242.25 Td (value ) Tj ET Q q 0 0 0 rg BT 184.58 242.25 Td (of ) Tj ET Q q 0 0 0 rg BT 194.59 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.60 242.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 251.12 242.25 Td (future ) Tj ET Q q 0 0 0 rg BT 276.64 242.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 298.15 242.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 321.15 242.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 367.19 242.25 Td (at ) Tj ET Q q 0 0 0 rg BT 377.19 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.20 242.25 Td (original ) Tj ET Q q 0 0 0 rg BT 423.72 242.25 Td (ef) Tj ET Q q 0 0 0 rg BT 431.06 242.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 459.58 242.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 491.59 242.25 Td (rate.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 225.45 Td (Significant ) Tj ET Q q 0 0 0 rg BT 105.78 225.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.06 225.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 167.32 225.45 Td (are ) Tj ET Q q 0 0 0 rg BT 181.58 225.45 Td (tested ) Tj ET Q q 0 0 0 rg BT 207.36 225.45 Td (for ) Tj ET Q q 0 0 0 rg BT 219.12 225.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 264.88 225.45 Td (on ) Tj ET Q q 0 0 0 rg BT 276.15 225.45 Td (an ) Tj ET Q q 0 0 0 rg BT 287.42 225.45 Td (individual ) Tj ET Q q 0 0 0 rg BT 326.20 225.45 Td (basis. ) Tj ET Q q 0 0 0 rg BT 350.88 225.45 Td (The ) Tj ET Q q 0 0 0 rg BT 367.64 225.45 Td (remaining ) Tj ET Q q 0 0 0 rg BT 408.42 225.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 442.69 225.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 469.96 225.45 Td (are ) Tj ET Q q 0 0 0 rg BT 484.22 225.45 Td (assessed ) Tj ET Q q 0 0 0 rg BT 523.50 225.45 Td (collectively ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 214.65 Td (in ) Tj ET Q q 0 0 0 rg BT 72.51 214.65 Td (groups ) Tj ET Q q 0 0 0 rg BT 102.52 214.65 Td (that ) Tj ET Q q 0 0 0 rg BT 120.04 214.65 Td (share ) Tj ET Q q 0 0 0 rg BT 145.05 214.65 Td (similar ) Tj ET Q q 0 0 0 rg BT 173.55 214.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 198.06 214.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 214.55 214.65 Td (characteristics.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 197.85 Td (All ) Tj ET Q q 0 0 0 rg BT 75.50 197.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 122.52 197.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 150.53 197.85 Td (are ) Tj ET Q q 0 0 0 rg BT 166.03 197.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 212.56 197.85 Td (in ) Tj ET Q q 0 0 0 rg BT 222.07 197.85 Td (the ) Tj ET Q q 0 0 0 rg BT 237.08 197.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 290.12 197.85 Td (statement ) Tj ET Q q 0 0 0 rg BT 332.14 197.85 Td (of ) Tj ET Q q 0 0 0 rg BT 342.15 197.85 Td (income. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 181.05 Td (An ) Tj ET Q q 0 0 0 rg BT 77.22 181.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 124.95 181.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 144.17 181.05 Td (is ) Tj ET Q q 0 0 0 rg BT 153.88 181.05 Td (reversed ) Tj ET Q q 0 0 0 rg BT 192.11 181.05 Td (if ) Tj ET Q q 0 0 0 rg BT 199.83 181.05 Td (the ) Tj ET Q q 0 0 0 rg BT 215.56 181.05 Td (reversal ) Tj ET Q q 0 0 0 rg BT 250.78 181.05 Td (can ) Tj ET Q q 0 0 0 rg BT 268.51 181.05 Td (be ) Tj ET Q q 0 0 0 rg BT 281.73 181.05 Td (related ) Tj ET Q q 0 0 0 rg BT 312.46 181.05 Td (objectively ) Tj ET Q q 0 0 0 rg BT 357.70 181.05 Td (to ) Tj ET Q q 0 0 0 rg BT 368.42 181.05 Td (an ) Tj ET Q q 0 0 0 rg BT 381.65 181.05 Td (event ) Tj ET Q q 0 0 0 rg BT 406.88 181.05 Td (occurring ) Tj ET Q q 0 0 0 rg BT 447.11 181.05 Td (after ) Tj ET Q q 0 0 0 rg BT 468.33 181.05 Td (the ) Tj ET Q q 0 0 0 rg BT 484.06 181.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 531.78 181.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 551.00 181.05 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 170.25 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 111.75 170.25 Td (For ) Tj ET Q q 0 0 0 rg BT 127.47 170.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 162.71 170.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 190.94 170.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 233.19 170.25 Td (at ) Tj ET Q q 0 0 0 rg BT 242.91 170.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 284.65 170.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 303.38 170.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.11 170.25 Td (reversal ) Tj ET Q q 0 0 0 rg BT 352.34 170.25 Td (is ) Tj ET Q q 0 0 0 rg BT 361.06 170.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 407.31 170.25 Td (in ) Tj ET Q q 0 0 0 rg BT 416.53 170.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.26 170.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 484.02 170.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 525.76 170.25 Td (of ) Tj ET Q q 0 0 0 rg BT 535.49 170.25 Td (income. ) 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 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 40) Tj ET Q BT /F1 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 731.45 Td (Non-financial ) Tj ET Q q 0 0 0 rg BT 118.03 731.45 Td (assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 717.65 Td (The ) Tj ET Q q 0 0 0 rg BT 80.86 717.65 Td (carrying ) Tj ET Q q 0 0 0 rg BT 115.23 717.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 152.10 717.65 Td (of ) Tj ET Q q 0 0 0 rg BT 161.96 717.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 210.06 717.65 Td (non-financial ) Tj ET Q q 0 0 0 rg BT 263.45 717.65 Td (assets, ) Tj ET Q q 0 0 0 rg BT 294.32 717.65 Td (other ) Tj ET Q q 0 0 0 rg BT 317.18 717.65 Td (than ) Tj ET Q q 0 0 0 rg BT 337.06 717.65 Td (E&E ) Tj ET Q q 0 0 0 rg BT 357.42 717.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 385.79 717.65 Td (and ) Tj ET Q q 0 0 0 rg BT 403.16 717.65 Td (deferred ) Tj ET Q q 0 0 0 rg BT 439.03 717.65 Td (income ) Tj ET Q q 0 0 0 rg BT 470.40 717.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 484.76 717.65 Td (assets, ) Tj ET Q q 0 0 0 rg BT 515.63 717.65 Td (are ) Tj ET Q q 0 0 0 rg BT 530.99 717.65 Td (reviewed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 706.85 Td (at ) Tj ET Q q 0 0 0 rg BT 73.03 706.85 Td (each ) Tj ET Q q 0 0 0 rg BT 95.06 706.85 Td (reporting ) Tj ET Q q 0 0 0 rg BT 133.10 706.85 Td (date ) Tj ET Q q 0 0 0 rg BT 153.14 706.85 Td (to ) Tj ET Q q 0 0 0 rg BT 163.17 706.85 Td (determine ) Tj ET Q q 0 0 0 rg BT 205.71 706.85 Td (whether ) Tj ET Q q 0 0 0 rg BT 240.25 706.85 Td (there ) Tj ET Q q 0 0 0 rg BT 263.28 706.85 Td (is ) Tj ET Q q 0 0 0 rg BT 272.30 706.85 Td (any ) Tj ET Q q 0 0 0 rg BT 289.33 706.85 Td (indication ) Tj ET Q q 0 0 0 rg BT 329.88 706.85 Td (of ) Tj ET Q q 0 0 0 rg BT 339.90 706.85 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 389.43 706.85 Td (If ) Tj ET Q q 0 0 0 rg BT 396.95 706.85 Td (any ) Tj ET Q q 0 0 0 rg BT 413.99 706.85 Td (such ) Tj ET Q q 0 0 0 rg BT 435.52 706.85 Td (indication ) Tj ET Q q 0 0 0 rg BT 476.06 706.85 Td (exists, ) Tj ET Q q 0 0 0 rg BT 504.09 706.85 Td (then ) Tj ET Q q 0 0 0 rg BT 524.12 706.85 Td (the ) Tj ET Q q 0 0 0 rg BT 539.16 706.85 Td (asset) Tj ET Q q 0 0 0 rg BT 562.50 706.85 Td (s ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 696.05 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 112.62 696.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 145.24 696.05 Td (is ) Tj ET Q q 0 0 0 rg BT 154.34 696.05 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 197.94 696.05 Td (An ) Tj ET Q q 0 0 0 rg BT 211.55 696.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 258.66 696.05 Td (test ) Tj ET Q q 0 0 0 rg BT 275.76 696.05 Td (is ) Tj ET Q q 0 0 0 rg BT 284.86 696.05 Td (completed ) Tj ET Q q 0 0 0 rg BT 328.98 696.05 Td (each ) Tj ET Q q 0 0 0 rg BT 351.10 696.05 Td (year ) Tj ET Q q 0 0 0 rg BT 371.20 696.05 Td (for ) Tj ET Q q 0 0 0 rg BT 384.30 696.05 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 419.42 696.05 Td (and ) Tj ET Q q 0 0 0 rg BT 437.03 696.05 Td (other ) Tj ET Q q 0 0 0 rg BT 460.15 696.05 Td (intangible ) Tj ET Q q 0 0 0 rg BT 501.28 696.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 529.89 696.05 Td (that ) Tj ET Q q 0 0 0 rg BT 547.50 696.05 Td (have ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 685.25 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 100.81 685.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 120.60 685.25 Td (or ) Tj ET Q q 0 0 0 rg BT 130.38 685.25 Td (that ) Tj ET Q q 0 0 0 rg BT 147.18 685.25 Td (are ) Tj ET Q q 0 0 0 rg BT 161.97 685.25 Td (not ) Tj ET Q q 0 0 0 rg BT 176.26 685.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 190.05 685.25 Td (available ) Tj ET Q q 0 0 0 rg BT 227.36 685.25 Td (for ) Tj ET Q q 0 0 0 rg BT 239.64 685.25 Td (use. ) Tj ET Q q 0 0 0 rg BT 258.44 685.25 Td (E&E ) Tj ET Q q 0 0 0 rg BT 278.23 685.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 306.02 685.25 Td (are ) Tj ET Q q 0 0 0 rg BT 320.81 685.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 360.62 685.25 Td (for ) Tj ET Q q 0 0 0 rg BT 372.90 685.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 419.20 685.25 Td (when ) Tj ET Q q 0 0 0 rg BT 442.50 685.25 Td (they ) Tj ET Q q 0 0 0 rg BT 461.29 685.25 Td (are ) Tj ET Q q 0 0 0 rg BT 476.08 685.25 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 522.88 685.25 Td (to ) Tj ET Q q 0 0 0 rg BT 532.17 685.25 Td (property) Tj ET Q q 0 0 0 rg BT 564.52 685.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 674.45 Td (plant ) Tj ET Q q 0 0 0 rg BT 85.90 674.45 Td (and ) Tj ET Q q 0 0 0 rg BT 104.29 674.45 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 152.20 674.45 Td (as ) Tj ET Q q 0 0 0 rg BT 165.09 674.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 177.48 674.45 Td (and ) Tj ET Q q 0 0 0 rg BT 195.87 674.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 226.77 674.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 244.66 674.45 Td (interests, ) Tj ET Q q 0 0 0 rg BT 284.56 674.45 Td (and ) Tj ET Q q 0 0 0 rg BT 302.96 674.45 Td (also ) Tj ET Q q 0 0 0 rg BT 322.85 674.45 Td (if ) Tj ET Q q 0 0 0 rg BT 330.73 674.45 Td (facts ) Tj ET Q q 0 0 0 rg BT 353.12 674.45 Td (and ) Tj ET Q q 0 0 0 rg BT 371.51 674.45 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 432.41 674.45 Td (suggest ) Tj ET Q q 0 0 0 rg BT 467.31 674.45 Td (that ) Tj ET Q q 0 0 0 rg BT 485.70 674.45 Td (the ) Tj ET Q q 0 0 0 rg BT 501.60 674.45 Td (carrying ) Tj ET Q q 0 0 0 rg BT 536.99 674.45 Td (amount ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 663.65 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 99.02 663.65 Td (the ) Tj ET Q q 0 0 0 rg BT 114.03 663.65 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 163.56 663.65 Td (amount. ) Tj ET Q q 0 0 0 rg BT 198.58 663.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 646.85 Td (For ) Tj ET Q q 0 0 0 rg BT 78.67 646.85 Td (the ) Tj ET Q q 0 0 0 rg BT 93.35 646.85 Td (purpose ) Tj ET Q q 0 0 0 rg BT 128.05 646.85 Td (of ) Tj ET Q q 0 0 0 rg BT 137.72 646.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 184.41 646.85 Td (testing, ) Tj ET Q q 0 0 0 rg BT 215.60 646.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 243.78 646.85 Td (are ) Tj ET Q q 0 0 0 rg BT 258.96 646.85 Td (grouped ) Tj ET Q q 0 0 0 rg BT 294.16 646.85 Td (together ) Tj ET Q q 0 0 0 rg BT 329.35 646.85 Td (into ) Tj ET Q q 0 0 0 rg BT 346.03 646.85 Td (the ) Tj ET Q q 0 0 0 rg BT 360.72 646.85 Td (smallest ) Tj ET Q q 0 0 0 rg BT 395.89 646.85 Td (group ) Tj ET Q q 0 0 0 rg BT 421.08 646.85 Td (of ) Tj ET Q q 0 0 0 rg BT 430.76 646.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 458.94 646.85 Td (that ) Tj ET Q q 0 0 0 rg BT 476.13 646.85 Td (generates ) Tj ET Q q 0 0 0 rg BT 518.33 646.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 539.51 646.85 Td (inflows ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 636.05 Td (from ) Tj ET Q q 0 0 0 rg BT 82.75 636.05 Td (continuing ) Tj ET Q q 0 0 0 rg BT 125.54 636.05 Td (use ) Tj ET Q q 0 0 0 rg BT 141.81 636.05 Td (that ) Tj ET Q q 0 0 0 rg BT 158.57 636.05 Td (are ) Tj ET Q q 0 0 0 rg BT 173.33 636.05 Td (largely ) Tj ET Q q 0 0 0 rg BT 201.60 636.05 Td (independent ) Tj ET Q q 0 0 0 rg BT 252.90 636.05 Td (of ) Tj ET Q q 0 0 0 rg BT 262.16 636.05 Td (the ) Tj ET Q q 0 0 0 rg BT 276.43 636.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 297.19 636.05 Td (inflows ) Tj ET Q q 0 0 0 rg BT 326.46 636.05 Td (of ) Tj ET Q q 0 0 0 rg BT 335.72 636.05 Td (other ) Tj ET Q q 0 0 0 rg BT 357.99 636.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 385.75 636.05 Td (or ) Tj ET Q q 0 0 0 rg BT 395.51 636.05 Td (groups ) Tj ET Q q 0 0 0 rg BT 424.78 636.05 Td (of ) Tj ET Q q 0 0 0 rg BT 434.04 636.05 Td (assets, ) Tj ET Q q 0 0 0 rg BT 464.31 636.05 Td (the ) Tj ET Q q 0 0 0 rg BT 478.57 636.05 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 502.71 636.05 Td (The ) Tj ET Q q 0 0 0 rg BT 519.98 636.05 Td (recoverable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 625.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 95.52 625.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.53 625.25 Td (an ) Tj ET Q q 0 0 0 rg BT 118.04 625.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 142.05 625.25 Td (or ) Tj ET Q q 0 0 0 rg BT 152.55 625.25 Td (a ) Tj ET Q q 0 0 0 rg BT 160.06 625.25 Td (CGU ) Tj ET Q q 0 0 0 rg BT 182.56 625.25 Td (is ) Tj ET Q q 0 0 0 rg BT 191.56 625.25 Td (the ) Tj ET Q q 0 0 0 rg BT 206.57 625.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 237.59 625.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.59 625.25 Td (its ) Tj ET Q q 0 0 0 rg BT 259.09 625.25 Td (value ) Tj ET Q q 0 0 0 rg BT 283.11 625.25 Td (in ) Tj ET Q q 0 0 0 rg BT 292.61 625.25 Td (use ) Tj ET Q q 0 0 0 rg BT 309.63 625.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.14 625.25 Td (its ) Tj ET Q q 0 0 0 rg BT 338.64 625.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 353.65 625.25 Td (value ) Tj ET Q q 0 0 0 rg BT 377.66 625.25 Td (less ) Tj ET Q q 0 0 0 rg BT 396.17 625.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 419.67 625.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.68 625.25 Td (sell. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 608.45 Td (In ) Tj ET Q q 0 0 0 rg BT 72.66 608.45 Td (assessing ) Tj ET Q q 0 0 0 rg BT 114.83 608.45 Td (value ) Tj ET Q q 0 0 0 rg BT 138.50 608.45 Td (in ) Tj ET Q q 0 0 0 rg BT 147.66 608.45 Td (use, ) Tj ET Q q 0 0 0 rg BT 166.83 608.45 Td (the ) Tj ET Q q 0 0 0 rg BT 181.49 608.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 222.67 608.45 Td (future ) Tj ET Q q 0 0 0 rg BT 247.83 608.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 269.00 608.45 Td (flows ) Tj ET Q q 0 0 0 rg BT 291.66 608.45 Td (are ) Tj ET Q q 0 0 0 rg BT 306.82 608.45 Td (discounted ) Tj ET Q q 0 0 0 rg BT 352.50 608.45 Td (to ) Tj ET Q q 0 0 0 rg BT 362.16 608.45 Td (their ) Tj ET Q q 0 0 0 rg BT 381.83 608.45 Td (present ) Tj ET Q q 0 0 0 rg BT 414.00 608.45 Td (value ) Tj ET Q q 0 0 0 rg BT 437.67 608.45 Td (using ) Tj ET Q q 0 0 0 rg BT 461.34 608.45 Td (a ) Tj ET Q q 0 0 0 rg BT 468.50 608.45 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 498.66 608.45 Td (discount ) Tj ET Q q 0 0 0 rg BT 534.34 608.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 552.00 608.45 Td (that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 597.65 Td (reflects ) Tj ET Q q 0 0 0 rg BT 95.20 597.65 Td (current ) Tj ET Q q 0 0 0 rg BT 126.40 597.65 Td (market ) Tj ET Q q 0 0 0 rg BT 157.09 597.65 Td (assessments ) Tj ET Q q 0 0 0 rg BT 212.80 597.65 Td (of ) Tj ET Q q 0 0 0 rg BT 223.49 597.65 Td (the ) Tj ET Q q 0 0 0 rg BT 239.19 597.65 Td (time ) Tj ET Q q 0 0 0 rg BT 259.38 597.65 Td (value ) Tj ET Q q 0 0 0 rg BT 284.08 597.65 Td (of ) Tj ET Q q 0 0 0 rg BT 294.78 597.65 Td (money ) Tj ET Q q 0 0 0 rg BT 324.98 597.65 Td (and ) Tj ET Q q 0 0 0 rg BT 343.18 597.65 Td (the ) Tj ET Q q 0 0 0 rg BT 358.88 597.65 Td (risks ) Tj ET Q q 0 0 0 rg BT 380.57 597.65 Td (specific ) Tj ET Q q 0 0 0 rg BT 413.76 597.65 Td (to ) Tj ET Q q 0 0 0 rg BT 424.46 597.65 Td (the ) Tj ET Q q 0 0 0 rg BT 440.16 597.65 Td (asset. ) Tj ET Q q 0 0 0 rg BT 467.36 597.65 Td (V) Tj ET Q q 0 0 0 rg BT 472.69 597.65 Td (alue ) Tj ET Q q 0 0 0 rg BT 492.90 597.65 Td (in ) Tj ET Q q 0 0 0 rg BT 503.09 597.65 Td (use ) Tj ET Q q 0 0 0 rg BT 520.79 597.65 Td (is ) Tj ET Q q 0 0 0 rg BT 530.47 597.65 Td (generally ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 586.85 Td (computed ) Tj ET Q q 0 0 0 rg BT 105.91 586.85 Td (by ) Tj ET Q q 0 0 0 rg BT 118.80 586.85 Td (reference ) Tj ET Q q 0 0 0 rg BT 160.21 586.85 Td (to ) Tj ET Q q 0 0 0 rg BT 171.10 586.85 Td (the ) Tj ET Q q 0 0 0 rg BT 187.00 586.85 Td (present ) Tj ET Q q 0 0 0 rg BT 220.41 586.85 Td (value ) Tj ET Q q 0 0 0 rg BT 245.31 586.85 Td (of ) Tj ET Q q 0 0 0 rg BT 256.20 586.85 Td (the ) Tj ET Q q 0 0 0 rg BT 272.10 586.85 Td (future ) Tj ET Q q 0 0 0 rg BT 298.50 586.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 320.90 586.85 Td (flows ) Tj ET Q q 0 0 0 rg BT 344.79 586.85 Td (expected ) Tj ET Q q 0 0 0 rg BT 384.70 586.85 Td (to ) Tj ET Q q 0 0 0 rg BT 395.60 586.85 Td (be ) Tj ET Q q 0 0 0 rg BT 408.99 586.85 Td (derived ) Tj ET Q q 0 0 0 rg BT 441.90 586.85 Td (from ) Tj ET Q q 0 0 0 rg BT 463.29 586.85 Td (production ) Tj ET Q q 0 0 0 rg BT 508.70 586.85 Td (of ) Tj ET Q q 0 0 0 rg BT 519.59 586.85 Td (proved ) Tj ET Q q 0 0 0 rg BT 550.50 586.85 Td (plus ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 576.05 Td (probable ) Tj ET Q q 0 0 0 rg BT 100.53 576.05 Td (reserves.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 559.25 Td (An ) Tj ET Q q 0 0 0 rg BT 77.47 559.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 125.45 559.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 144.91 559.25 Td (is ) Tj ET Q q 0 0 0 rg BT 154.87 559.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 202.37 559.25 Td (if ) Tj ET Q q 0 0 0 rg BT 210.33 559.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.30 559.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 261.77 559.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 295.26 559.25 Td (of ) Tj ET Q q 0 0 0 rg BT 306.22 559.25 Td (an ) Tj ET Q q 0 0 0 rg BT 319.70 559.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 344.67 559.25 Td (or ) Tj ET Q q 0 0 0 rg BT 356.14 559.25 Td (its ) Tj ET Q q 0 0 0 rg BT 368.60 559.25 Td (CGU ) Tj ET Q q 0 0 0 rg BT 392.06 559.25 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 429.04 559.25 Td (its ) Tj ET Q q 0 0 0 rg BT 441.51 559.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 483.99 559.25 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 534.48 559.25 Td (amount. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 548.45 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 110.19 548.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 137.87 548.45 Td (are ) Tj ET Q q 0 0 0 rg BT 153.05 548.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 199.25 548.45 Td (in ) Tj ET Q q 0 0 0 rg BT 208.43 548.45 Td (profit ) Tj ET Q q 0 0 0 rg BT 230.61 548.45 Td (or ) Tj ET Q q 0 0 0 rg BT 240.79 548.45 Td (loss. ) Tj ET Q q 0 0 0 rg BT 261.47 548.45 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 308.65 548.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 336.34 548.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 382.54 548.45 Td (in ) Tj ET Q q 0 0 0 rg BT 391.72 548.45 Td (respect ) Tj ET Q q 0 0 0 rg BT 423.41 548.45 Td (of ) Tj ET Q q 0 0 0 rg BT 433.08 548.45 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 459.76 548.45 Td (are ) Tj ET Q q 0 0 0 rg BT 474.94 548.45 Td (allocated ) Tj ET Q q 0 0 0 rg BT 513.14 548.45 Td (first ) Tj ET Q q 0 0 0 rg BT 529.81 548.45 Td (to ) Tj ET Q q 0 0 0 rg BT 539.49 548.45 Td (reduce ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 537.65 Td (the ) Tj ET Q q 0 0 0 rg BT 77.80 537.65 Td (carrying ) Tj ET Q q 0 0 0 rg BT 112.10 537.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 144.41 537.65 Td (of ) Tj ET Q q 0 0 0 rg BT 154.21 537.65 Td (any ) Tj ET Q q 0 0 0 rg BT 171.01 537.65 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 205.83 537.65 Td (allocated ) Tj ET Q q 0 0 0 rg BT 244.14 537.65 Td (to ) Tj ET Q q 0 0 0 rg BT 253.94 537.65 Td (the ) Tj ET Q q 0 0 0 rg BT 268.74 537.65 Td (units ) Tj ET Q q 0 0 0 rg BT 290.05 537.65 Td (and ) Tj ET Q q 0 0 0 rg BT 307.35 537.65 Td (then ) Tj ET Q q 0 0 0 rg BT 327.16 537.65 Td (to ) Tj ET Q q 0 0 0 rg BT 336.96 537.65 Td (reduce ) Tj ET Q q 0 0 0 rg BT 366.77 537.65 Td (the ) Tj ET Q q 0 0 0 rg BT 381.57 537.65 Td (carrying ) Tj ET Q q 0 0 0 rg BT 415.87 537.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 452.68 537.65 Td (of ) Tj ET Q q 0 0 0 rg BT 462.48 537.65 Td (the ) Tj ET Q q 0 0 0 rg BT 477.28 537.65 Td (other ) Tj ET Q q 0 0 0 rg BT 500.09 537.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 528.39 537.65 Td (in ) Tj ET Q q 0 0 0 rg BT 537.69 537.65 Td (the ) Tj ET Q q 0 0 0 rg BT 552.49 537.65 Td (unit ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 526.85 Td (\(group ) Tj ET Q q 0 0 0 rg BT 91.52 526.85 Td (of ) Tj ET Q q 0 0 0 rg BT 101.52 526.85 Td (units\) ) Tj ET Q q 0 0 0 rg BT 126.03 526.85 Td (on ) Tj ET Q q 0 0 0 rg BT 138.54 526.85 Td (a ) Tj ET Q q 0 0 0 rg BT 146.05 526.85 Td (pro ) Tj ET Q q 0 0 0 rg BT 161.56 526.85 Td (rata ) Tj ET Q q 0 0 0 rg BT 179.56 526.85 Td (basis.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 510.05 Td (Employee ) Tj ET Q q 0 0 0 rg BT 108.02 510.05 Td (benefits) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 493.25 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 117.04 493.25 Td (compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 479.45 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 106.43 479.45 Td (incentives ) Tj ET Q q 0 0 0 rg BT 148.87 479.45 Td (are ) Tj ET Q q 0 0 0 rg BT 164.29 479.45 Td (granted ) Tj ET Q q 0 0 0 rg BT 197.23 479.45 Td (to ) Tj ET Q q 0 0 0 rg BT 207.15 479.45 Td (of) Tj ET Q q 0 0 0 rg BT 214.49 479.45 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 240.91 479.45 Td (directors, ) Tj ET Q q 0 0 0 rg BT 280.33 479.45 Td (employees ) Tj ET Q q 0 0 0 rg BT 326.27 479.45 Td (and ) Tj ET Q q 0 0 0 rg BT 343.70 479.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 373.12 479.45 Td (consultants ) Tj ET Q q 0 0 0 rg BT 421.06 479.45 Td (in ) Tj ET Q q 0 0 0 rg BT 430.48 479.45 Td (accordance ) Tj ET Q q 0 0 0 rg BT 479.43 479.45 Td (with ) Tj ET Q q 0 0 0 rg BT 497.84 479.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 546.00 479.45 Td (stock ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 468.65 Td (option, ) Tj ET Q q 0 0 0 rg BT 92.52 468.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 145.55 468.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 183.57 468.65 Td (award, ) Tj ET Q q 0 0 0 rg BT 213.08 468.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 252.59 468.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 290.61 468.65 Td (award ) Tj ET Q q 0 0 0 rg BT 317.63 468.65 Td (and ) Tj ET Q q 0 0 0 rg BT 335.14 468.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 374.66 468.65 Td (share ) Tj ET Q q 0 0 0 rg BT 399.67 468.65 Td (award ) Tj ET Q q 0 0 0 rg BT 426.68 468.65 Td (plans. ) Tj ET Q q 0 0 0 rg BT 453.20 468.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 451.85 Td (The ) Tj ET Q q 0 0 0 rg BT 81.70 451.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 97.39 451.85 Td (value ) Tj ET Q q 0 0 0 rg BT 122.09 451.85 Td (of ) Tj ET Q q 0 0 0 rg BT 132.78 451.85 Td (stock ) Tj ET Q q 0 0 0 rg BT 156.98 451.85 Td (options ) Tj ET Q q 0 0 0 rg BT 189.19 451.85 Td (is ) Tj ET Q q 0 0 0 rg BT 198.88 451.85 Td (assessed ) Tj ET Q q 0 0 0 rg BT 240.08 451.85 Td (on ) Tj ET Q q 0 0 0 rg BT 253.28 451.85 Td (the ) Tj ET Q q 0 0 0 rg BT 268.98 451.85 Td (grant ) Tj ET Q q 0 0 0 rg BT 292.68 451.85 Td (date ) Tj ET Q q 0 0 0 rg BT 313.39 451.85 Td (using ) Tj ET Q q 0 0 0 rg BT 338.09 451.85 Td (the ) Tj ET Q q 0 0 0 rg BT 353.79 451.85 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 414.00 451.85 Td (option ) Tj ET Q q 0 0 0 rg BT 441.71 451.85 Td (pricing ) Tj ET Q q 0 0 0 rg BT 471.41 451.85 Td (model. ) Tj ET Q q 0 0 0 rg BT 501.41 451.85 Td (The ) Tj ET Q q 0 0 0 rg BT 520.10 451.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 535.79 451.85 Td (value ) Tj ET Q q 0 0 0 rg BT 560.50 451.85 Td (is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 441.05 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 117.95 441.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 163.89 441.05 Td (as ) Tj ET Q q 0 0 0 rg BT 175.31 441.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 233.26 441.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 269.20 441.05 Td (over ) Tj ET Q q 0 0 0 rg BT 288.62 441.05 Td (the ) Tj ET Q q 0 0 0 rg BT 303.04 441.05 Td (vesting ) Tj ET Q q 0 0 0 rg BT 333.47 441.05 Td (period ) Tj ET Q q 0 0 0 rg BT 360.40 441.05 Td (with ) Tj ET Q q 0 0 0 rg BT 378.32 441.05 Td (a ) Tj ET Q q 0 0 0 rg BT 385.24 441.05 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 444.19 441.05 Td (increase ) Tj ET Q q 0 0 0 rg BT 480.12 441.05 Td (in ) Tj ET Q q 0 0 0 rg BT 489.04 441.05 Td (contributed ) Tj ET Q q 0 0 0 rg BT 535.48 441.05 Td (surplus. ) Tj ET Q q 0 0 0 rg BT 569.50 441.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 430.25 Td (Upon ) Tj ET Q q 0 0 0 rg BT 87.32 430.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 123.63 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.93 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.24 430.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 183.57 430.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 239.90 430.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 259.72 430.25 Td (by ) Tj ET Q q 0 0 0 rg BT 272.02 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 287.33 430.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 311.14 430.25 Td (option ) Tj ET Q q 0 0 0 rg BT 338.46 430.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 370.78 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 388.59 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.90 430.25 Td (value ) Tj ET Q q 0 0 0 rg BT 428.22 430.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.02 430.25 Td (contributed ) Tj ET Q q 0 0 0 rg BT 485.35 430.25 Td (surplus ) Tj ET Q q 0 0 0 rg BT 517.17 430.25 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 559.49 430.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 419.45 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 419.45 Td (exercised ) Tj ET Q q 0 0 0 rg BT 119.03 419.45 Td (options ) Tj ET Q q 0 0 0 rg BT 150.55 419.45 Td (is ) Tj ET Q q 0 0 0 rg BT 159.55 419.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 197.57 419.45 Td (as ) Tj ET Q q 0 0 0 rg BT 209.58 419.45 Td (shareholders) Tj ET Q q 0 0 0 rg BT 263.28 419.45 Td ( ) Tj ET Q q 0 0 0 rg BT 265.78 419.45 Td (capital. ) Tj ET Q q 0 0 0 rg BT 296.79 419.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 402.65 Td (The ) Tj ET Q q 0 0 0 rg BT 80.85 402.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 95.68 402.65 Td (value ) Tj ET Q q 0 0 0 rg BT 119.54 402.65 Td (of ) Tj ET Q q 0 0 0 rg BT 129.38 402.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 168.73 402.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 206.59 402.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 237.94 402.65 Td (and ) Tj ET Q q 0 0 0 rg BT 255.29 402.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 294.64 402.65 Td (share ) Tj ET Q q 0 0 0 rg BT 319.49 402.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 350.84 402.65 Td (is ) Tj ET Q q 0 0 0 rg BT 359.67 402.65 Td (assessed ) Tj ET Q q 0 0 0 rg BT 400.03 402.65 Td (on ) Tj ET Q q 0 0 0 rg BT 412.38 402.65 Td (the ) Tj ET Q q 0 0 0 rg BT 427.23 402.65 Td (grant ) Tj ET Q q 0 0 0 rg BT 450.08 402.65 Td (date ) Tj ET Q q 0 0 0 rg BT 469.93 402.65 Td (factoring ) Tj ET Q q 0 0 0 rg BT 506.79 402.65 Td (in ) Tj ET Q q 0 0 0 rg BT 516.13 402.65 Td (the ) Tj ET Q q 0 0 0 rg BT 530.98 402.65 Td (weighted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 391.85 Td (average ) Tj ET Q q 0 0 0 rg BT 99.36 391.85 Td (trading ) Tj ET Q q 0 0 0 rg BT 130.72 391.85 Td (price ) Tj ET Q q 0 0 0 rg BT 154.07 391.85 Td (of ) Tj ET Q q 0 0 0 rg BT 165.42 391.85 Td (the ) Tj ET Q q 0 0 0 rg BT 181.77 391.85 Td (five ) Tj ET Q q 0 0 0 rg BT 199.62 391.85 Td (days ) Tj ET Q q 0 0 0 rg BT 222.47 391.85 Td (preceding ) Tj ET Q q 0 0 0 rg BT 265.84 391.85 Td (the ) Tj ET Q q 0 0 0 rg BT 282.19 391.85 Td (grant ) Tj ET Q q 0 0 0 rg BT 306.54 391.85 Td (date ) Tj ET Q q 0 0 0 rg BT 327.90 391.85 Td (and ) Tj ET Q q 0 0 0 rg BT 346.76 391.85 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 392.63 391.85 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 436.74 391.85 Td (This ) Tj ET Q q 0 0 0 rg BT 457.59 391.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 473.93 391.85 Td (value ) Tj ET Q q 0 0 0 rg BT 499.29 391.85 Td (is ) Tj ET Q q 0 0 0 rg BT 509.63 391.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 557.50 391.85 Td (as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 381.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 121.25 381.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 157.50 381.05 Td (over ) Tj ET Q q 0 0 0 rg BT 177.22 381.05 Td (the ) Tj ET Q q 0 0 0 rg BT 191.95 381.05 Td (vesting ) Tj ET Q q 0 0 0 rg BT 222.69 381.05 Td (period ) Tj ET Q q 0 0 0 rg BT 249.92 381.05 Td (with ) Tj ET Q q 0 0 0 rg BT 268.15 381.05 Td (a ) Tj ET Q q 0 0 0 rg BT 275.37 381.05 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 334.63 381.05 Td (increase ) Tj ET Q q 0 0 0 rg BT 370.86 381.05 Td (in ) Tj ET Q q 0 0 0 rg BT 380.09 381.05 Td (contributed ) Tj ET Q q 0 0 0 rg BT 426.83 381.05 Td (surplus. ) Tj ET Q q 0 0 0 rg BT 460.56 381.05 Td (Upon ) Tj ET Q q 0 0 0 rg BT 484.30 381.05 Td (the ) Tj ET Q q 0 0 0 rg BT 499.03 381.05 Td (conversion ) Tj ET Q q 0 0 0 rg BT 544.77 381.05 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 381.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 370.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 102.75 370.25 Td (share ) Tj ET Q q 0 0 0 rg BT 128.00 370.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 159.75 370.25 Td (or ) Tj ET Q q 0 0 0 rg BT 170.48 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.73 370.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 229.99 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 240.23 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.48 370.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 293.73 370.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 325.48 370.25 Td (by ) Tj ET Q q 0 0 0 rg BT 337.73 370.25 Td (common ) Tj ET Q q 0 0 0 rg BT 374.97 370.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 407.22 370.25 Td (on ) Tj ET Q q 0 0 0 rg BT 419.97 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.22 370.25 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 495.99 370.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 527.24 370.25 Td (dates, ) Tj ET Q q 0 0 0 rg BT 554.49 370.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 359.45 Td (value ) Tj ET Q q 0 0 0 rg BT 87.02 359.45 Td (in ) Tj ET Q q 0 0 0 rg BT 96.52 359.45 Td (contributed ) Tj ET Q q 0 0 0 rg BT 143.55 359.45 Td (surplus ) Tj ET Q q 0 0 0 rg BT 175.06 359.45 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 217.09 359.45 Td (to ) Tj ET Q q 0 0 0 rg BT 227.10 359.45 Td (the ) Tj ET Q q 0 0 0 rg BT 242.11 359.45 Td (awards ) Tj ET Q q 0 0 0 rg BT 273.63 359.45 Td (is ) Tj ET Q q 0 0 0 rg BT 282.63 359.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 320.65 359.45 Td (as ) Tj ET Q q 0 0 0 rg BT 332.65 359.45 Td (shareholders) Tj ET Q q 0 0 0 rg BT 386.35 359.45 Td ( ) Tj ET Q q 0 0 0 rg BT 388.85 359.45 Td (capital. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 342.65 Td (The ) Tj ET Q q 0 0 0 rg BT 81.72 342.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 97.44 342.65 Td (value ) Tj ET Q q 0 0 0 rg BT 122.16 342.65 Td (of ) Tj ET Q q 0 0 0 rg BT 132.88 342.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 186.62 342.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 225.35 342.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 257.58 342.65 Td (is ) Tj ET Q q 0 0 0 rg BT 267.29 342.65 Td (assessed ) Tj ET Q q 0 0 0 rg BT 308.52 342.65 Td (on ) Tj ET Q q 0 0 0 rg BT 321.75 342.65 Td (grant ) Tj ET Q q 0 0 0 rg BT 345.47 342.65 Td (date ) Tj ET Q q 0 0 0 rg BT 366.20 342.65 Td (by ) Tj ET Q q 0 0 0 rg BT 378.92 342.65 Td (using ) Tj ET Q q 0 0 0 rg BT 403.65 342.65 Td (the ) Tj ET Q q 0 0 0 rg BT 419.37 342.65 Td (closing ) Tj ET Q q 0 0 0 rg BT 450.60 342.65 Td (price ) Tj ET Q q 0 0 0 rg BT 473.32 342.65 Td (of ) Tj ET Q q 0 0 0 rg BT 484.04 342.65 Td (common ) Tj ET Q q 0 0 0 rg BT 521.76 342.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 551.98 342.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 331.85 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 103.91 331.85 Td (by ) Tj ET Q q 0 0 0 rg BT 116.30 331.85 Td (the ) Tj ET Q q 0 0 0 rg BT 131.71 331.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 173.62 331.85 Td (performance ) Tj ET Q q 0 0 0 rg BT 227.03 331.85 Td (multiplier) Tj ET Q q 0 0 0 rg BT 262.54 331.85 Td (. ) Tj ET Q q 0 0 0 rg BT 267.75 331.85 Td (The ) Tj ET Q q 0 0 0 rg BT 286.15 331.85 Td (performance ) Tj ET Q q 0 0 0 rg BT 339.56 331.85 Td (multiplier ) Tj ET Q q 0 0 0 rg BT 378.46 331.85 Td (can ) Tj ET Q q 0 0 0 rg BT 395.86 331.85 Td (range ) Tj ET Q q 0 0 0 rg BT 421.77 331.85 Td (from ) Tj ET Q q 0 0 0 rg BT 442.67 331.85 Td (0 ) Tj ET Q q 0 0 0 rg BT 450.56 331.85 Td (to ) Tj ET Q q 0 0 0 rg BT 460.96 331.85 Td (2 ) Tj ET Q q 0 0 0 rg BT 468.85 331.85 Td (and ) Tj ET Q q 0 0 0 rg BT 486.76 331.85 Td (is ) Tj ET Q q 0 0 0 rg BT 496.15 331.85 Td (dependent ) Tj ET Q q 0 0 0 rg BT 541.59 331.85 Td (on ) Tj ET Q q 0 0 0 rg BT 554.49 331.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 321.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 116.20 321.05 Td (of ) Tj ET Q q 0 0 0 rg BT 126.39 321.05 Td (the ) Tj ET Q q 0 0 0 rg BT 141.58 321.05 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 191.29 321.05 Td (at ) Tj ET Q q 0 0 0 rg BT 201.47 321.05 Td (the ) Tj ET Q q 0 0 0 rg BT 216.67 321.05 Td (end ) Tj ET Q q 0 0 0 rg BT 234.36 321.05 Td (of ) Tj ET Q q 0 0 0 rg BT 244.55 321.05 Td (the ) Tj ET Q q 0 0 0 rg BT 259.74 321.05 Td (vesting ) Tj ET Q q 0 0 0 rg BT 290.94 321.05 Td (period ) Tj ET Q q 0 0 0 rg BT 318.63 321.05 Td (relative ) Tj ET Q q 0 0 0 rg BT 350.33 321.05 Td (to ) Tj ET Q q 0 0 0 rg BT 360.51 321.05 Td (corporate ) Tj ET Q q 0 0 0 rg BT 401.21 321.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 454.42 321.05 Td (measures ) Tj ET Q q 0 0 0 rg BT 496.61 321.05 Td (determined ) Tj ET Q q 0 0 0 rg BT 544.32 321.05 Td (at ) Tj ET Q q 0 0 0 rg BT 554.51 321.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 310.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 103.92 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 113.82 310.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 161.96 310.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 188.38 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.28 310.25 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 239.03 310.25 Td (The ) Tj ET Q q 0 0 0 rg BT 256.94 310.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 271.84 310.25 Td (value ) Tj ET Q q 0 0 0 rg BT 295.75 310.25 Td (is ) Tj ET Q q 0 0 0 rg BT 304.65 310.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 351.08 310.25 Td (as ) Tj ET Q q 0 0 0 rg BT 362.98 310.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 421.42 310.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 457.84 310.25 Td (over ) Tj ET Q q 0 0 0 rg BT 477.75 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.66 310.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 523.58 310.25 Td (period ) Tj ET Q q 0 0 0 rg BT 550.99 310.25 Td (with ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 299.45 Td (a ) Tj ET Q q 0 0 0 rg BT 70.55 299.45 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 130.13 299.45 Td (increase ) Tj ET Q q 0 0 0 rg BT 166.69 299.45 Td (to ) Tj ET Q q 0 0 0 rg BT 176.74 299.45 Td (contributed ) Tj ET Q q 0 0 0 rg BT 223.81 299.45 Td (surplus. ) Tj ET Q q 0 0 0 rg BT 257.87 299.45 Td (Upon ) Tj ET Q q 0 0 0 rg BT 281.93 299.45 Td (settlement ) Tj ET Q q 0 0 0 rg BT 325.99 299.45 Td (of ) Tj ET Q q 0 0 0 rg BT 336.04 299.45 Td (the ) Tj ET Q q 0 0 0 rg BT 351.10 299.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 404.16 299.45 Td (share ) Tj ET Q q 0 0 0 rg BT 429.22 299.45 Td (awards ) Tj ET Q q 0 0 0 rg BT 460.78 299.45 Td (by ) Tj ET Q q 0 0 0 rg BT 472.82 299.45 Td (common ) Tj ET Q q 0 0 0 rg BT 509.88 299.45 Td (shares, ) Tj ET Q q 0 0 0 rg BT 541.94 299.45 Td (on ) Tj ET Q q 0 0 0 rg BT 554.49 299.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 288.65 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 123.53 288.65 Td (payment ) Tj ET Q q 0 0 0 rg BT 160.55 288.65 Td (date, ) Tj ET Q q 0 0 0 rg BT 183.07 288.65 Td (the ) Tj ET Q q 0 0 0 rg BT 198.08 288.65 Td (value ) Tj ET Q q 0 0 0 rg BT 222.10 288.65 Td (in ) Tj ET Q q 0 0 0 rg BT 231.60 288.65 Td (contributed ) Tj ET Q q 0 0 0 rg BT 278.64 288.65 Td (surplus ) Tj ET Q q 0 0 0 rg BT 310.15 288.65 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 352.18 288.65 Td (to ) Tj ET Q q 0 0 0 rg BT 362.18 288.65 Td (the ) Tj ET Q q 0 0 0 rg BT 377.20 288.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 408.71 288.65 Td (is ) Tj ET Q q 0 0 0 rg BT 417.71 288.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 455.73 288.65 Td (as ) Tj ET Q q 0 0 0 rg BT 467.74 288.65 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 523.99 288.65 Td (capital.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 271.85 Td (Under ) Tj ET Q q 0 0 0 rg BT 89.87 271.85 Td (the ) Tj ET Q q 0 0 0 rg BT 104.73 271.85 Td (long-term ) Tj ET Q q 0 0 0 rg BT 145.10 271.85 Td (incentive ) Tj ET Q q 0 0 0 rg BT 182.98 271.85 Td (plans, ) Tj ET Q q 0 0 0 rg BT 209.35 271.85 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 247.22 271.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 269.58 271.85 Td (are ) Tj ET Q q 0 0 0 rg BT 284.95 271.85 Td (assigned ) Tj ET Q q 0 0 0 rg BT 323.33 271.85 Td (in ) Tj ET Q q 0 0 0 rg BT 332.69 271.85 Td (the ) Tj ET Q q 0 0 0 rg BT 347.55 271.85 Td (determination ) Tj ET Q q 0 0 0 rg BT 404.44 271.85 Td (of ) Tj ET Q q 0 0 0 rg BT 414.30 271.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 429.16 271.85 Td (value. ) Tj ET Q q 0 0 0 rg BT 455.53 271.85 Td (Upon ) Tj ET Q q 0 0 0 rg BT 479.40 271.85 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 512.77 271.85 Td (the ) Tj ET Q q 0 0 0 rg BT 527.64 271.85 Td (dif) Tj ET Q q 0 0 0 rg BT 536.98 271.85 Td (ference ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 261.05 Td (between ) Tj ET Q q 0 0 0 rg BT 99.53 261.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 141.05 261.05 Td (and ) Tj ET Q q 0 0 0 rg BT 158.56 261.05 Td (actual ) Tj ET Q q 0 0 0 rg BT 185.08 261.05 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 227.60 261.05 Td (is ) Tj ET Q q 0 0 0 rg BT 236.60 261.05 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 273.12 261.05 Td (through ) Tj ET Q q 0 0 0 rg BT 306.15 261.05 Td (share-based ) Tj ET Q q 0 0 0 rg BT 358.68 261.05 Td (compensation.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 244.25 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 108.01 244.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 149.53 244.25 Td (benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 230.45 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 107.91 230.45 Td (employee ) Tj ET Q q 0 0 0 rg BT 149.33 230.45 Td (benefit ) Tj ET Q q 0 0 0 rg BT 178.75 230.45 Td (obligations ) Tj ET Q q 0 0 0 rg BT 224.19 230.45 Td (are ) Tj ET Q q 0 0 0 rg BT 239.59 230.45 Td (expensed ) Tj ET Q q 0 0 0 rg BT 281.03 230.45 Td (as ) Tj ET Q q 0 0 0 rg BT 292.93 230.45 Td (the ) Tj ET Q q 0 0 0 rg BT 307.84 230.45 Td (related ) Tj ET Q q 0 0 0 rg BT 337.76 230.45 Td (service ) Tj ET Q q 0 0 0 rg BT 368.67 230.45 Td (is ) Tj ET Q q 0 0 0 rg BT 377.57 230.45 Td (provided. ) Tj ET Q q 0 0 0 rg BT 416.52 230.45 Td (A) Tj ET Q q 0 0 0 rg BT 422.03 230.45 Td ( ) Tj ET Q q 0 0 0 rg BT 424.43 230.45 Td (liability ) Tj ET Q q 0 0 0 rg BT 453.83 230.45 Td (is ) Tj ET Q q 0 0 0 rg BT 462.73 230.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 509.16 230.45 Td (for ) Tj ET Q q 0 0 0 rg BT 522.07 230.45 Td (the ) Tj ET Q q 0 0 0 rg BT 536.98 230.45 Td (amount ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 219.65 Td (expected ) Tj ET Q q 0 0 0 rg BT 101.43 219.65 Td (to ) Tj ET Q q 0 0 0 rg BT 110.84 219.65 Td (be ) Tj ET Q q 0 0 0 rg BT 122.76 219.65 Td (paid ) Tj ET Q q 0 0 0 rg BT 141.68 219.65 Td (under ) Tj ET Q q 0 0 0 rg BT 166.61 219.65 Td (short-term ) Tj ET Q q 0 0 0 rg BT 209.52 219.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 230.43 219.65 Td (bonus ) Tj ET Q q 0 0 0 rg BT 256.86 219.65 Td (or ) Tj ET Q q 0 0 0 rg BT 266.77 219.65 Td (profit-sharing ) Tj ET Q q 0 0 0 rg BT 321.20 219.65 Td (plans ) Tj ET Q q 0 0 0 rg BT 344.62 219.65 Td (if ) Tj ET Q q 0 0 0 rg BT 351.03 219.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 392.46 219.65 Td (has ) Tj ET Q q 0 0 0 rg BT 408.87 219.65 Td (a ) Tj ET Q q 0 0 0 rg BT 415.78 219.65 Td (present ) Tj ET Q q 0 0 0 rg BT 447.71 219.65 Td (legal ) Tj ET Q q 0 0 0 rg BT 468.63 219.65 Td (or ) Tj ET Q q 0 0 0 rg BT 478.54 219.65 Td (constructive ) Tj ET Q q 0 0 0 rg BT 528.46 219.65 Td (obligation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 208.85 Td (to ) Tj ET Q q 0 0 0 rg BT 73.01 208.85 Td (pay ) Tj ET Q q 0 0 0 rg BT 90.02 208.85 Td (this ) Tj ET Q q 0 0 0 rg BT 106.52 208.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 139.04 208.85 Td (as ) Tj ET Q q 0 0 0 rg BT 151.05 208.85 Td (a ) Tj ET Q q 0 0 0 rg BT 158.55 208.85 Td (result ) Tj ET Q q 0 0 0 rg BT 183.06 208.85 Td (of ) Tj ET Q q 0 0 0 rg BT 193.07 208.85 Td (past ) Tj ET Q q 0 0 0 rg BT 212.58 208.85 Td (service ) Tj ET Q q 0 0 0 rg BT 243.59 208.85 Td (provided ) Tj ET Q q 0 0 0 rg BT 280.61 208.85 Td (by ) Tj ET Q q 0 0 0 rg BT 292.62 208.85 Td (the ) Tj ET Q q 0 0 0 rg BT 307.63 208.85 Td (employee, ) Tj ET Q q 0 0 0 rg BT 351.65 208.85 Td (and ) Tj ET Q q 0 0 0 rg BT 369.17 208.85 Td (the ) Tj ET Q q 0 0 0 rg BT 384.18 208.85 Td (obligation ) Tj ET Q q 0 0 0 rg BT 425.21 208.85 Td (can ) Tj ET Q q 0 0 0 rg BT 442.23 208.85 Td (be ) Tj ET Q q 0 0 0 rg BT 454.74 208.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 496.26 208.85 Td (reliably) Tj ET Q q 0 0 0 rg BT 524.10 208.85 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 192.05 Td (Lease ) Tj ET Q q 0 0 0 rg BT 91.02 192.05 Td (payments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 175.25 Td (Payments ) Tj ET Q q 0 0 0 rg BT 104.96 175.25 Td (made ) Tj ET Q q 0 0 0 rg BT 129.41 175.25 Td (under ) Tj ET Q q 0 0 0 rg BT 154.37 175.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 193.83 175.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 221.79 175.25 Td (are ) Tj ET Q q 0 0 0 rg BT 236.73 175.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 282.70 175.25 Td (in ) Tj ET Q q 0 0 0 rg BT 291.65 175.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 313.59 175.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.55 175.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 348.49 175.25 Td (on ) Tj ET Q q 0 0 0 rg BT 360.44 175.25 Td (a ) Tj ET Q q 0 0 0 rg BT 367.39 175.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 415.85 175.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 438.80 175.25 Td (over ) Tj ET Q q 0 0 0 rg BT 458.24 175.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.69 175.25 Td (term ) Tj ET Q q 0 0 0 rg BT 492.63 175.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.08 175.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.53 175.25 Td (lease. ) Tj ET Q q 0 0 0 rg BT 542.48 175.25 Td (Lease ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 164.45 Td (incentives ) Tj ET Q q 0 0 0 rg BT 105.52 164.45 Td (received ) Tj ET Q q 0 0 0 rg BT 142.04 164.45 Td (are ) Tj ET Q q 0 0 0 rg BT 157.55 164.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 204.08 164.45 Td (as ) Tj ET Q q 0 0 0 rg BT 216.08 164.45 Td (an ) Tj ET Q q 0 0 0 rg BT 228.59 164.45 Td (integral ) Tj ET Q q 0 0 0 rg BT 260.61 164.45 Td (part ) Tj ET Q q 0 0 0 rg BT 278.62 164.45 Td (of ) Tj ET Q q 0 0 0 rg BT 288.63 164.45 Td (the ) Tj ET Q q 0 0 0 rg BT 303.64 164.45 Td (total ) Tj ET Q q 0 0 0 rg BT 323.15 164.45 Td (lease ) Tj ET Q q 0 0 0 rg BT 347.17 164.45 Td (expense, ) Tj ET Q q 0 0 0 rg BT 386.20 164.45 Td (over ) Tj ET Q q 0 0 0 rg BT 406.20 164.45 Td (the ) Tj ET Q q 0 0 0 rg BT 421.22 164.45 Td (term ) Tj ET Q q 0 0 0 rg BT 441.72 164.45 Td (of ) Tj ET Q q 0 0 0 rg BT 451.72 164.45 Td (the ) Tj ET Q q 0 0 0 rg BT 466.73 164.45 Td (lease.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 147.65 Td (Provisions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 130.85 Td (A) Tj ET Q q 0 0 0 rg BT 68.51 130.85 Td ( ) Tj ET Q q 0 0 0 rg BT 71.79 130.85 Td (provision ) Tj ET Q q 0 0 0 rg BT 111.09 130.85 Td (is ) Tj ET Q q 0 0 0 rg BT 120.87 130.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 168.19 130.85 Td (if, ) Tj ET Q q 0 0 0 rg BT 178.47 130.85 Td (as ) Tj ET Q q 0 0 0 rg BT 191.26 130.85 Td (a ) Tj ET Q q 0 0 0 rg BT 199.55 130.85 Td (result ) Tj ET Q q 0 0 0 rg BT 224.84 130.85 Td (of ) Tj ET Q q 0 0 0 rg BT 235.63 130.85 Td (a ) Tj ET Q q 0 0 0 rg BT 243.91 130.85 Td (past ) Tj ET Q q 0 0 0 rg BT 264.21 130.85 Td (event, ) Tj ET Q q 0 0 0 rg BT 292.01 130.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 334.82 130.85 Td (has ) Tj ET Q q 0 0 0 rg BT 352.61 130.85 Td (a ) Tj ET Q q 0 0 0 rg BT 360.90 130.85 Td (present ) Tj ET Q q 0 0 0 rg BT 394.20 130.85 Td (legal ) Tj ET Q q 0 0 0 rg BT 416.50 130.85 Td (or ) Tj ET Q q 0 0 0 rg BT 427.79 130.85 Td (constructive ) Tj ET Q q 0 0 0 rg BT 479.09 130.85 Td (obligation ) Tj ET Q q 0 0 0 rg BT 520.90 130.85 Td (that ) Tj ET Q q 0 0 0 rg BT 539.20 130.85 Td (can ) Tj ET Q q 0 0 0 rg BT 556.99 130.85 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 120.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 104.51 120.05 Td (reliably) Tj ET Q q 0 0 0 rg BT 132.36 120.05 Td (, ) Tj ET Q q 0 0 0 rg BT 137.35 120.05 Td (and ) Tj ET Q q 0 0 0 rg BT 154.87 120.05 Td (it ) Tj ET Q q 0 0 0 rg BT 161.86 120.05 Td (is ) Tj ET Q q 0 0 0 rg BT 170.86 120.05 Td (probable ) Tj ET Q q 0 0 0 rg BT 208.38 120.05 Td (that ) Tj ET Q q 0 0 0 rg BT 225.89 120.05 Td (an ) Tj ET Q q 0 0 0 rg BT 238.40 120.05 Td (outflow ) Tj ET Q q 0 0 0 rg BT 269.41 120.05 Td (of ) Tj ET Q q 0 0 0 rg BT 279.41 120.05 Td (economic ) Tj ET Q q 0 0 0 rg BT 320.42 120.05 Td (benefits ) Tj ET Q q 0 0 0 rg BT 354.44 120.05 Td (will ) Tj ET Q q 0 0 0 rg BT 369.43 120.05 Td (be ) Tj ET Q q 0 0 0 rg BT 381.94 120.05 Td (required ) Tj ET Q q 0 0 0 rg BT 417.46 120.05 Td (to ) Tj ET Q q 0 0 0 rg BT 427.46 120.05 Td (settle ) Tj ET Q q 0 0 0 rg BT 451.46 120.05 Td (the ) Tj ET Q q 0 0 0 rg BT 466.47 120.05 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 510.00 120.05 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 554.01 120.05 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 109.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 110.51 109.25 Td (by ) Tj ET Q q 0 0 0 rg BT 122.51 109.25 Td (discounting ) Tj ET Q q 0 0 0 rg BT 170.53 109.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.53 109.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 224.54 109.25 Td (future ) Tj ET Q q 0 0 0 rg BT 250.05 109.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 271.54 109.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 294.54 109.25 Td (at ) Tj ET Q q 0 0 0 rg BT 304.53 109.25 Td (a ) Tj ET Q q 0 0 0 rg BT 312.03 109.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 342.52 109.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 360.52 109.25 Td (that ) Tj ET Q q 0 0 0 rg BT 378.02 109.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 409.52 109.25 Td (current ) Tj ET Q q 0 0 0 rg BT 440.02 109.25 Td (market ) Tj ET Q q 0 0 0 rg BT 470.01 109.25 Td (assessments ) Tj ET Q q 0 0 0 rg BT 525.02 109.25 Td (of ) Tj ET Q q 0 0 0 rg BT 535.01 109.25 Td (the ) Tj ET Q q 0 0 0 rg BT 550.01 109.25 Td (time ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 98.45 Td (value ) Tj ET Q q 0 0 0 rg BT 87.02 98.45 Td (of ) Tj ET Q q 0 0 0 rg BT 97.02 98.45 Td (money ) Tj ET Q q 0 0 0 rg BT 126.54 98.45 Td (and ) Tj ET Q q 0 0 0 rg BT 144.05 98.45 Td (the ) Tj ET Q q 0 0 0 rg BT 159.06 98.45 Td (risks ) Tj ET Q q 0 0 0 rg BT 180.06 98.45 Td (specific ) Tj ET Q q 0 0 0 rg BT 212.57 98.45 Td (to ) Tj ET Q q 0 0 0 rg BT 222.58 98.45 Td (the ) Tj ET Q q 0 0 0 rg BT 237.59 98.45 Td (liability) Tj ET Q q 0 0 0 rg BT 263.93 98.45 Td (. ) Tj ET Q q 0 0 0 rg BT 268.93 98.45 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 312.95 98.45 Td (are ) Tj ET Q q 0 0 0 rg BT 328.46 98.45 Td (not ) Tj ET Q q 0 0 0 rg BT 343.47 98.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 390.00 98.45 Td (for ) Tj ET Q q 0 0 0 rg BT 403.00 98.45 Td (future ) Tj ET Q q 0 0 0 rg BT 428.52 98.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 468.54 98.45 Td (losses.) 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 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 41) 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 (Decommissioning ) Tj ET Q q 0 0 0 rg BT 143.02 731.45 Td (liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 714.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 110.85 714.65 Td (activities ) Tj ET Q q 0 0 0 rg BT 147.46 714.65 Td (give ) Tj ET Q q 0 0 0 rg BT 166.07 714.65 Td (rise ) Tj ET Q q 0 0 0 rg BT 182.68 714.65 Td (to ) Tj ET Q q 0 0 0 rg BT 192.29 714.65 Td (dismantling, ) Tj ET Q q 0 0 0 rg BT 242.42 714.65 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 314.05 714.65 Td (and ) Tj ET Q q 0 0 0 rg BT 331.17 714.65 Td (site ) Tj ET Q q 0 0 0 rg BT 347.28 714.65 Td (disturbance ) Tj ET Q q 0 0 0 rg BT 395.91 714.65 Td (remediation ) Tj ET Q q 0 0 0 rg BT 445.04 714.65 Td (activities. ) Tj ET Q q 0 0 0 rg BT 484.15 714.65 Td (Provision ) Tj ET Q q 0 0 0 rg BT 523.27 714.65 Td (is ) Tj ET Q q 0 0 0 rg BT 531.88 714.65 Td (made ) Tj ET Q q 0 0 0 rg BT 556.49 714.65 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 703.85 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 703.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 119.53 703.85 Td (cost ) Tj ET Q q 0 0 0 rg BT 138.54 703.85 Td (of ) Tj ET Q q 0 0 0 rg BT 148.54 703.85 Td (site ) Tj ET Q q 0 0 0 rg BT 165.05 703.85 Td (restoration ) Tj ET Q q 0 0 0 rg BT 210.07 703.85 Td (and ) Tj ET Q q 0 0 0 rg BT 227.59 703.85 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 272.61 703.85 Td (in ) Tj ET Q q 0 0 0 rg BT 282.12 703.85 Td (the ) Tj ET Q q 0 0 0 rg BT 297.13 703.85 Td (relevant ) Tj ET Q q 0 0 0 rg BT 331.65 703.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 355.66 703.85 Td (category) Tj ET Q q 0 0 0 rg BT 389.51 703.85 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 687.05 Td (Decommissioning ) Tj ET Q q 0 0 0 rg BT 136.55 687.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 173.09 687.05 Td (are ) Tj ET Q q 0 0 0 rg BT 188.62 687.05 Td (measured ) Tj ET Q q 0 0 0 rg BT 231.17 687.05 Td (at ) Tj ET Q q 0 0 0 rg BT 241.20 687.05 Td (the ) Tj ET Q q 0 0 0 rg BT 256.23 687.05 Td (present ) Tj ET Q q 0 0 0 rg BT 288.78 687.05 Td (value ) Tj ET Q q 0 0 0 rg BT 312.82 687.05 Td (of ) Tj ET Q q 0 0 0 rg BT 322.85 687.05 Td (management) Tj ET Q q 0 0 0 rg BT 377.22 687.05 Td (s ) Tj ET Q q 0 0 0 rg BT 384.24 687.05 Td (best ) Tj ET Q q 0 0 0 rg BT 403.78 687.05 Td (estimate ) Tj ET Q q 0 0 0 rg BT 440.32 687.05 Td (of ) Tj ET Q q 0 0 0 rg BT 450.35 687.05 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 499.91 687.05 Td (required ) Tj ET Q q 0 0 0 rg BT 535.45 687.05 Td (to ) Tj ET Q q 0 0 0 rg BT 545.48 687.05 Td (settle ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 676.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.88 676.25 Td (present ) Tj ET Q q 0 0 0 rg BT 110.27 676.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 151.17 676.25 Td (at ) Tj ET Q q 0 0 0 rg BT 161.05 676.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.93 676.25 Td (date ) Tj ET Q q 0 0 0 rg BT 195.82 676.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.70 676.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.58 676.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 273.49 676.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 315.38 676.25 Td (of ) Tj ET Q q 0 0 0 rg BT 325.26 676.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 360.65 676.25 Td (position. ) Tj ET Q q 0 0 0 rg BT 396.54 676.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 446.95 676.25 Td (to ) Tj ET Q q 0 0 0 rg BT 456.83 676.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.71 676.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 494.59 676.25 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 554.49 676.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 665.45 Td (obligation ) Tj ET Q q 0 0 0 rg BT 104.47 665.45 Td (is ) Tj ET Q q 0 0 0 rg BT 113.91 665.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 150.88 665.45 Td (at ) Tj ET Q q 0 0 0 rg BT 161.33 665.45 Td (the ) Tj ET Q q 0 0 0 rg BT 176.78 665.45 Td (end ) Tj ET Q q 0 0 0 rg BT 194.74 665.45 Td (of ) Tj ET Q q 0 0 0 rg BT 205.19 665.45 Td (each ) Tj ET Q q 0 0 0 rg BT 227.64 665.45 Td (period ) Tj ET Q q 0 0 0 rg BT 255.60 665.45 Td (to ) Tj ET Q q 0 0 0 rg BT 266.05 665.45 Td (reflect ) Tj ET Q q 0 0 0 rg BT 293.50 665.45 Td (the ) Tj ET Q q 0 0 0 rg BT 308.95 665.45 Td (passage ) Tj ET Q q 0 0 0 rg BT 345.92 665.45 Td (of ) Tj ET Q q 0 0 0 rg BT 356.37 665.45 Td (time ) Tj ET Q q 0 0 0 rg BT 376.31 665.45 Td (and ) Tj ET Q q 0 0 0 rg BT 394.27 665.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 431.24 665.45 Td (in ) Tj ET Q q 0 0 0 rg BT 441.18 665.45 Td (the ) Tj ET Q q 0 0 0 rg BT 456.64 665.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 498.60 665.45 Td (future ) Tj ET Q q 0 0 0 rg BT 524.55 665.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 546.51 665.45 Td (flows ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 654.65 Td (underlying ) Tj ET Q q 0 0 0 rg BT 108.03 654.65 Td (the ) Tj ET Q q 0 0 0 rg BT 124.04 654.65 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 168.34 654.65 Td (The ) Tj ET Q q 0 0 0 rg BT 187.34 654.65 Td (increase ) Tj ET Q q 0 0 0 rg BT 224.86 654.65 Td (in ) Tj ET Q q 0 0 0 rg BT 235.36 654.65 Td (the ) Tj ET Q q 0 0 0 rg BT 251.37 654.65 Td (provision ) Tj ET Q q 0 0 0 rg BT 290.89 654.65 Td (due ) Tj ET Q q 0 0 0 rg BT 309.40 654.65 Td (to ) Tj ET Q q 0 0 0 rg BT 320.41 654.65 Td (the ) Tj ET Q q 0 0 0 rg BT 336.42 654.65 Td (passage ) Tj ET Q q 0 0 0 rg BT 373.94 654.65 Td (of ) Tj ET Q q 0 0 0 rg BT 384.94 654.65 Td (time ) Tj ET Q q 0 0 0 rg BT 405.44 654.65 Td (is ) Tj ET Q q 0 0 0 rg BT 415.44 654.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 462.97 654.65 Td (as ) Tj ET Q q 0 0 0 rg BT 475.97 654.65 Td (finance ) Tj ET Q q 0 0 0 rg BT 508.49 654.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 533.00 654.65 Td (whereas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 643.85 Td (increases/decreases ) Tj ET Q q 0 0 0 rg BT 147.82 643.85 Td (due ) Tj ET Q q 0 0 0 rg BT 165.11 643.85 Td (to ) Tj ET Q q 0 0 0 rg BT 174.89 643.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 211.19 643.85 Td (in ) Tj ET Q q 0 0 0 rg BT 220.48 643.85 Td (the ) Tj ET Q q 0 0 0 rg BT 235.26 643.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 276.56 643.85 Td (future ) Tj ET Q q 0 0 0 rg BT 301.85 643.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 323.13 643.85 Td (flows ) Tj ET Q q 0 0 0 rg BT 345.92 643.85 Td (are ) Tj ET Q q 0 0 0 rg BT 361.20 643.85 Td (capitalized. ) Tj ET Q q 0 0 0 rg BT 408.05 643.85 Td (Actual ) Tj ET Q q 0 0 0 rg BT 435.34 643.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 458.62 643.85 Td (incurred ) Tj ET Q q 0 0 0 rg BT 493.41 643.85 Td (upon ) Tj ET Q q 0 0 0 rg BT 515.71 643.85 Td (settlement ) Tj ET Q q 0 0 0 rg BT 559.50 643.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 633.05 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 633.05 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 150.04 633.05 Td (obligations ) Tj ET Q q 0 0 0 rg BT 195.57 633.05 Td (are ) Tj ET Q q 0 0 0 rg BT 211.08 633.05 Td (charged ) Tj ET Q q 0 0 0 rg BT 246.11 633.05 Td (against ) Tj ET Q q 0 0 0 rg BT 277.63 633.05 Td (the ) Tj ET Q q 0 0 0 rg BT 292.64 633.05 Td (provision ) Tj ET Q q 0 0 0 rg BT 331.16 633.05 Td (to ) Tj ET Q q 0 0 0 rg BT 341.17 633.05 Td (the ) Tj ET Q q 0 0 0 rg BT 356.18 633.05 Td (extent ) Tj ET Q q 0 0 0 rg BT 383.19 633.05 Td (the ) Tj ET Q q 0 0 0 rg BT 398.21 633.05 Td (provision ) Tj ET Q q 0 0 0 rg BT 436.72 633.05 Td (was ) Tj ET Q q 0 0 0 rg BT 455.23 633.05 Td (established.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 616.25 Td (Revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 599.45 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 105.25 599.45 Td (from ) Tj ET Q q 0 0 0 rg BT 124.98 599.45 Td (the ) Tj ET Q q 0 0 0 rg BT 139.21 599.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 157.45 599.45 Td (of ) Tj ET Q q 0 0 0 rg BT 166.68 599.45 Td (oil, ) Tj ET Q q 0 0 0 rg BT 179.91 599.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 209.15 599.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 225.39 599.45 Td (and ) Tj ET Q q 0 0 0 rg BT 242.13 599.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 271.37 599.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 287.61 599.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 314.85 599.45 Td (are ) Tj ET Q q 0 0 0 rg BT 329.58 599.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 366.83 599.45 Td (when ) Tj ET Q q 0 0 0 rg BT 390.07 599.45 Td (the ) Tj ET Q q 0 0 0 rg BT 404.31 599.45 Td (significant ) Tj ET Q q 0 0 0 rg BT 446.05 599.45 Td (risks ) Tj ET Q q 0 0 0 rg BT 466.27 599.45 Td (and ) Tj ET Q q 0 0 0 rg BT 483.01 599.45 Td (rewards ) Tj ET Q q 0 0 0 rg BT 516.75 599.45 Td (of ) Tj ET Q q 0 0 0 rg BT 525.98 599.45 Td (ownership ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 588.65 Td (of ) Tj ET Q q 0 0 0 rg BT 72.95 588.65 Td (the ) Tj ET Q q 0 0 0 rg BT 87.91 588.65 Td (product ) Tj ET Q q 0 0 0 rg BT 120.38 588.65 Td (is ) Tj ET Q q 0 0 0 rg BT 129.33 588.65 Td (transferred ) Tj ET Q q 0 0 0 rg BT 175.29 588.65 Td (to ) Tj ET Q q 0 0 0 rg BT 185.25 588.65 Td (the ) Tj ET Q q 0 0 0 rg BT 200.21 588.65 Td (buyer) Tj ET Q q 0 0 0 rg BT 222.22 588.65 Td (, ) Tj ET Q q 0 0 0 rg BT 227.17 588.65 Td (which ) Tj ET Q q 0 0 0 rg BT 252.63 588.65 Td (is ) Tj ET Q q 0 0 0 rg BT 261.58 588.65 Td (usually ) Tj ET Q q 0 0 0 rg BT 292.04 588.65 Td (when ) Tj ET Q q 0 0 0 rg BT 316.00 588.65 Td (legal ) Tj ET Q q 0 0 0 rg BT 337.46 588.65 Td (title ) Tj ET Q q 0 0 0 rg BT 353.92 588.65 Td (passes ) Tj ET Q q 0 0 0 rg BT 384.88 588.65 Td (to ) Tj ET Q q 0 0 0 rg BT 394.84 588.65 Td (the ) Tj ET Q q 0 0 0 rg BT 409.79 588.65 Td (external ) Tj ET Q q 0 0 0 rg BT 444.26 588.65 Td (party) Tj ET Q q 0 0 0 rg BT 463.60 588.65 Td (. ) Tj ET Q q 0 0 0 rg BT 468.55 588.65 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 511.52 588.65 Td (are ) Tj ET Q q 0 0 0 rg BT 526.98 588.65 Td (measured ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 577.85 Td (net ) Tj ET Q q 0 0 0 rg BT 77.59 577.85 Td (of ) Tj ET Q q 0 0 0 rg BT 87.18 577.85 Td (discounts, ) Tj ET Q q 0 0 0 rg BT 129.79 577.85 Td (customs, ) Tj ET Q q 0 0 0 rg BT 167.88 577.85 Td (duties ) Tj ET Q q 0 0 0 rg BT 193.98 577.85 Td (and ) Tj ET Q q 0 0 0 rg BT 211.08 577.85 Td (royalties. ) Tj ET Q q 0 0 0 rg BT 249.17 577.85 Td (With ) Tj ET Q q 0 0 0 rg BT 269.26 577.85 Td (respect ) Tj ET Q q 0 0 0 rg BT 300.85 577.85 Td (to ) Tj ET Q q 0 0 0 rg BT 310.44 577.85 Td (the ) Tj ET Q q 0 0 0 rg BT 325.04 577.85 Td (latter) Tj ET Q q 0 0 0 rg BT 344.55 577.85 Td (, ) Tj ET Q q 0 0 0 rg BT 349.13 577.85 Td (the ) Tj ET Q q 0 0 0 rg BT 363.73 577.85 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 412.84 577.85 Td (is ) Tj ET Q q 0 0 0 rg BT 421.42 577.85 Td (acting ) Tj ET Q q 0 0 0 rg BT 447.52 577.85 Td (as ) Tj ET Q q 0 0 0 rg BT 459.11 577.85 Td (a ) Tj ET Q q 0 0 0 rg BT 466.19 577.85 Td (collection ) Tj ET Q q 0 0 0 rg BT 505.80 577.85 Td (agent ) Tj ET Q q 0 0 0 rg BT 530.40 577.85 Td (on ) Tj ET Q q 0 0 0 rg BT 542.50 577.85 Td (behalf ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 567.05 Td (of ) Tj ET Q q 0 0 0 rg BT 73.01 567.05 Td (others.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 550.25 Td (Royalty ) Tj ET Q q 0 0 0 rg BT 95.51 550.25 Td (income ) Tj ET Q q 0 0 0 rg BT 127.02 550.25 Td (is ) Tj ET Q q 0 0 0 rg BT 136.02 550.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 182.55 550.25 Td (as ) Tj ET Q q 0 0 0 rg BT 194.56 550.25 Td (it ) Tj ET Q q 0 0 0 rg BT 201.56 550.25 Td (accrues ) Tj ET Q q 0 0 0 rg BT 235.57 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 245.08 550.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 294.11 550.25 Td (with ) Tj ET Q q 0 0 0 rg BT 312.61 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.63 550.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 352.63 550.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.63 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 377.64 550.25 Td (overriding ) Tj ET Q q 0 0 0 rg BT 419.66 550.25 Td (royalty ) Tj ET Q q 0 0 0 rg BT 448.67 550.25 Td (agreements.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 533.45 Td (Finance ) Tj ET Q q 0 0 0 rg BT 99.51 533.45 Td (income ) Tj ET Q q 0 0 0 rg BT 133.52 533.45 Td (and ) Tj ET Q q 0 0 0 rg BT 152.02 533.45 Td (costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 516.65 Td (Finance ) Tj ET Q q 0 0 0 rg BT 98.60 516.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 123.18 516.65 Td (comprise ) Tj ET Q q 0 0 0 rg BT 163.27 516.65 Td (of ) Tj ET Q q 0 0 0 rg BT 174.35 516.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 207.45 516.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 245.05 516.65 Td (on ) Tj ET Q q 0 0 0 rg BT 258.64 516.65 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 308.74 516.65 Td (unwinding ) Tj ET Q q 0 0 0 rg BT 352.85 516.65 Td (of ) Tj ET Q q 0 0 0 rg BT 363.93 516.65 Td (the ) Tj ET Q q 0 0 0 rg BT 380.02 516.65 Td (discount ) Tj ET Q q 0 0 0 rg BT 417.12 516.65 Td (on ) Tj ET Q q 0 0 0 rg BT 430.71 516.65 Td (provisions ) Tj ET Q q 0 0 0 rg BT 474.81 516.65 Td (and ) Tj ET Q q 0 0 0 rg BT 493.40 516.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 541.50 516.65 Td (losses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 505.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 109.53 505.85 Td (on ) Tj ET Q q 0 0 0 rg BT 122.04 505.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 157.56 505.85 Td (assets, ) Tj ET Q q 0 0 0 rg BT 188.57 505.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 203.58 505.85 Td (value ) Tj ET Q q 0 0 0 rg BT 227.59 505.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 255.60 505.85 Td (on ) Tj ET Q q 0 0 0 rg BT 268.11 505.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 303.64 505.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 332.15 505.85 Td (at ) Tj ET Q q 0 0 0 rg BT 342.15 505.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 357.16 505.85 Td (value ) Tj ET Q q 0 0 0 rg BT 381.17 505.85 Td (through ) Tj ET Q q 0 0 0 rg BT 414.20 505.85 Td (profit ) Tj ET Q q 0 0 0 rg BT 436.71 505.85 Td (and ) Tj ET Q q 0 0 0 rg BT 454.22 505.85 Td (loss. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 489.05 Td (Interest ) Tj ET Q q 0 0 0 rg BT 95.52 489.05 Td (income ) Tj ET Q q 0 0 0 rg BT 127.03 489.05 Td (is ) Tj ET Q q 0 0 0 rg BT 136.03 489.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 182.56 489.05 Td (as ) Tj ET Q q 0 0 0 rg BT 194.56 489.05 Td (it ) Tj ET Q q 0 0 0 rg BT 201.56 489.05 Td (accrues ) Tj ET Q q 0 0 0 rg BT 235.58 489.05 Td (in ) Tj ET Q q 0 0 0 rg BT 245.08 489.05 Td (profit ) Tj ET Q q 0 0 0 rg BT 267.59 489.05 Td (or ) Tj ET Q q 0 0 0 rg BT 278.09 489.05 Td (loss, ) Tj ET Q q 0 0 0 rg BT 299.10 489.05 Td (using ) Tj ET Q q 0 0 0 rg BT 323.12 489.05 Td (the ) Tj ET Q q 0 0 0 rg BT 338.13 489.05 Td (ef) Tj ET Q q 0 0 0 rg BT 345.47 489.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 373.98 489.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 406.00 489.05 Td (method.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 472.25 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 96.02 472.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 133.03 472.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 157.04 472.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.56 472.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 202.57 472.25 Td (are ) Tj ET Q q 0 0 0 rg BT 218.08 472.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 254.10 472.25 Td (under ) Tj ET Q q 0 0 0 rg BT 279.62 472.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 311.14 472.25 Td (income ) Tj ET Q q 0 0 0 rg BT 342.65 472.25 Td (or ) Tj ET Q q 0 0 0 rg BT 353.16 472.25 Td (expenses.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 455.45 Td (Income ) Tj ET Q q 0 0 0 rg BT 97.01 455.45 Td (taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 438.65 Td (Income ) Tj ET Q q 0 0 0 rg BT 95.59 438.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 110.67 438.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 147.77 438.65 Td (comprises ) Tj ET Q q 0 0 0 rg BT 191.85 438.65 Td (current ) Tj ET Q q 0 0 0 rg BT 222.93 438.65 Td (and ) Tj ET Q q 0 0 0 rg BT 241.02 438.65 Td (deferred ) Tj ET Q q 0 0 0 rg BT 277.62 438.65 Td (income ) Tj ET Q q 0 0 0 rg BT 309.70 438.65 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 336.79 438.65 Td (Current ) Tj ET Q q 0 0 0 rg BT 369.87 438.65 Td (and ) Tj ET Q q 0 0 0 rg BT 387.96 438.65 Td (deferred ) Tj ET Q q 0 0 0 rg BT 424.56 438.65 Td (income ) Tj ET Q q 0 0 0 rg BT 456.64 438.65 Td (taxes ) Tj ET Q q 0 0 0 rg BT 481.23 438.65 Td (are ) Tj ET Q q 0 0 0 rg BT 497.31 438.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 544.41 438.65 Td (in ) Tj ET Q q 0 0 0 rg BT 554.49 438.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 427.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 116.26 427.85 Td (statement ) Tj ET Q q 0 0 0 rg BT 158.51 427.85 Td (of ) Tj ET Q q 0 0 0 rg BT 168.74 427.85 Td (income ) Tj ET Q q 0 0 0 rg BT 200.47 427.85 Td (except ) Tj ET Q q 0 0 0 rg BT 229.71 427.85 Td (to ) Tj ET Q q 0 0 0 rg BT 239.94 427.85 Td (the ) Tj ET Q q 0 0 0 rg BT 255.18 427.85 Td (extent ) Tj ET Q q 0 0 0 rg BT 282.42 427.85 Td (that ) Tj ET Q q 0 0 0 rg BT 300.16 427.85 Td (it ) Tj ET Q q 0 0 0 rg BT 307.38 427.85 Td (relates ) Tj ET Q q 0 0 0 rg BT 337.12 427.85 Td (to ) Tj ET Q q 0 0 0 rg BT 347.35 427.85 Td (a ) Tj ET Q q 0 0 0 rg BT 355.08 427.85 Td (business) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 390.60 427.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.32 427.85 Td (combination, ) Tj ET Q q 0 0 0 rg BT 447.07 427.85 Td (or ) Tj ET Q q 0 0 0 rg BT 457.80 427.85 Td (items ) Tj ET Q q 0 0 0 rg BT 482.03 427.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 528.78 427.85 Td (directly ) Tj ET Q q 0 0 0 rg BT 560.01 427.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 417.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 89.52 417.05 Td (or ) Tj ET Q q 0 0 0 rg BT 100.02 417.05 Td (in ) Tj ET Q q 0 0 0 rg BT 109.52 417.05 Td (other ) Tj ET Q q 0 0 0 rg BT 132.54 417.05 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 196.07 417.05 Td (income. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 400.25 Td (Current ) Tj ET Q q 0 0 0 rg BT 95.98 400.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 110.95 400.25 Td (is ) Tj ET Q q 0 0 0 rg BT 120.41 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.89 400.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 175.38 400.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 190.35 400.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 224.85 400.25 Td (or ) Tj ET Q q 0 0 0 rg BT 235.82 400.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 279.80 400.25 Td (on ) Tj ET Q q 0 0 0 rg BT 292.78 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.26 400.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 340.25 400.25 Td (income ) Tj ET Q q 0 0 0 rg BT 372.22 400.25 Td (or ) Tj ET Q q 0 0 0 rg BT 383.19 400.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 402.16 400.25 Td (for ) Tj ET Q q 0 0 0 rg BT 415.63 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.11 400.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 461.59 400.25 Td (using ) Tj ET Q q 0 0 0 rg BT 486.07 400.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 501.05 400.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 524.02 400.25 Td (enacted ) Tj ET Q q 0 0 0 rg BT 559.01 400.25 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 389.45 Td (substantively ) Tj ET Q q 0 0 0 rg BT 117.53 389.45 Td (enacted ) Tj ET Q q 0 0 0 rg BT 152.06 389.45 Td (at ) Tj ET Q q 0 0 0 rg BT 162.06 389.45 Td (the ) Tj ET Q q 0 0 0 rg BT 177.07 389.45 Td (reporting ) Tj ET Q q 0 0 0 rg BT 215.09 389.45 Td (date, ) Tj ET Q q 0 0 0 rg BT 237.61 389.45 Td (and ) Tj ET Q q 0 0 0 rg BT 255.13 389.45 Td (any ) Tj ET Q q 0 0 0 rg BT 272.14 389.45 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 318.67 389.45 Td (to ) Tj ET Q q 0 0 0 rg BT 328.67 389.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 343.18 389.45 Td (payable ) Tj ET Q q 0 0 0 rg BT 377.20 389.45 Td (in ) Tj ET Q q 0 0 0 rg BT 386.71 389.45 Td (respect ) Tj ET Q q 0 0 0 rg BT 418.72 389.45 Td (of ) Tj ET Q q 0 0 0 rg BT 428.73 389.45 Td (previous ) Tj ET Q q 0 0 0 rg BT 465.25 389.45 Td (years. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 372.65 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 100.22 372.65 Td (income ) Tj ET Q q 0 0 0 rg BT 131.43 372.65 Td (taxes ) Tj ET Q q 0 0 0 rg BT 155.14 372.65 Td (are ) Tj ET Q q 0 0 0 rg BT 170.35 372.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 216.58 372.65 Td (in ) Tj ET Q q 0 0 0 rg BT 225.79 372.65 Td (respect ) Tj ET Q q 0 0 0 rg BT 257.50 372.65 Td (of ) Tj ET Q q 0 0 0 rg BT 267.21 372.65 Td (temporary ) Tj ET Q q 0 0 0 rg BT 309.92 372.65 Td (dif) Tj ET Q q 0 0 0 rg BT 319.27 372.65 Td (ferences ) Tj ET Q q 0 0 0 rg BT 355.99 372.65 Td (between ) Tj ET Q q 0 0 0 rg BT 392.22 372.65 Td (the ) Tj ET Q q 0 0 0 rg BT 406.93 372.65 Td (carrying ) Tj ET Q q 0 0 0 rg BT 441.14 372.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 477.86 372.65 Td (of ) Tj ET Q q 0 0 0 rg BT 487.57 372.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 515.78 372.65 Td (and ) Tj ET Q q 0 0 0 rg BT 533.00 372.65 Td (liabilities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 361.85 Td (for ) Tj ET Q q 0 0 0 rg BT 76.00 361.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 111.52 361.85 Td (reporting ) Tj ET Q q 0 0 0 rg BT 149.55 361.85 Td (purposes ) Tj ET Q q 0 0 0 rg BT 189.07 361.85 Td (and ) Tj ET Q q 0 0 0 rg BT 206.59 361.85 Td (the ) Tj ET Q q 0 0 0 rg BT 221.60 361.85 Td (amounts ) Tj ET Q q 0 0 0 rg BT 258.62 361.85 Td (used ) Tj ET Q q 0 0 0 rg BT 280.63 361.85 Td (for ) Tj ET Q q 0 0 0 rg BT 293.64 361.85 Td (taxation ) Tj ET Q q 0 0 0 rg BT 327.66 361.85 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 369.69 361.85 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 407.20 361.85 Td (income ) Tj ET Q q 0 0 0 rg BT 438.71 361.85 Td (taxes ) Tj ET Q q 0 0 0 rg BT 462.73 361.85 Td (are ) Tj ET Q q 0 0 0 rg BT 478.23 361.85 Td (not ) Tj ET Q q 0 0 0 rg BT 493.25 361.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 539.78 361.85 Td (for:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 343.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 343.85 Td (temporary ) Tj ET Q q 0 0 0 rg BT 123.88 343.85 Td (dif) Tj ET Q q 0 0 0 rg BT 133.22 343.85 Td (ferences ) Tj ET Q q 0 0 0 rg BT 170.10 343.85 Td (on ) Tj ET Q q 0 0 0 rg BT 182.48 343.85 Td (the ) Tj ET Q q 0 0 0 rg BT 197.35 343.85 Td (initial ) Tj ET Q q 0 0 0 rg BT 220.23 343.85 Td (recognition ) Tj ET Q q 0 0 0 rg BT 266.62 343.85 Td (of ) Tj ET Q q 0 0 0 rg BT 276.49 343.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 304.86 343.85 Td (or ) Tj ET Q q 0 0 0 rg BT 315.23 343.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 351.61 343.85 Td (in ) Tj ET Q q 0 0 0 rg BT 360.97 343.85 Td (a ) Tj ET Q q 0 0 0 rg BT 368.34 343.85 Td (transaction ) Tj ET Q q 0 0 0 rg BT 414.73 343.85 Td (that ) Tj ET Q q 0 0 0 rg BT 432.11 343.85 Td (is ) Tj ET Q q 0 0 0 rg BT 440.97 343.85 Td (not ) Tj ET Q q 0 0 0 rg BT 455.85 343.85 Td (a ) Tj ET Q q 0 0 0 rg BT 463.21 343.85 Td (business ) Tj ET Q q 0 0 0 rg BT 501.10 343.85 Td (combination ) Tj ET Q q 0 0 0 rg BT 551.99 343.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 333.05 Td (that ) Tj ET Q q 0 0 0 rg BT 98.51 333.05 Td (af) Tj ET Q q 0 0 0 rg BT 105.86 333.05 Td (fects ) Tj ET Q q 0 0 0 rg BT 127.36 333.05 Td (neither ) Tj ET Q q 0 0 0 rg BT 157.38 333.05 Td (accounting ) Tj ET Q q 0 0 0 rg BT 203.41 333.05 Td (nor ) Tj ET Q q 0 0 0 rg BT 218.92 333.05 Td (taxable ) Tj ET Q q 0 0 0 rg BT 250.44 333.05 Td (profit ) Tj ET Q q 0 0 0 rg BT 272.95 333.05 Td (or ) Tj ET Q q 0 0 0 rg BT 283.46 333.05 Td (loss; ) Tj ET Q q 0 0 0 rg BT 304.46 333.05 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 315.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 315.05 Td (temporary ) Tj ET Q q 0 0 0 rg BT 124.11 315.05 Td (dif) Tj ET Q q 0 0 0 rg BT 133.45 315.05 Td (ferences ) Tj ET Q q 0 0 0 rg BT 170.57 315.05 Td (related ) Tj ET Q q 0 0 0 rg BT 200.69 315.05 Td (to ) Tj ET Q q 0 0 0 rg BT 210.79 315.05 Td (investments ) Tj ET Q q 0 0 0 rg BT 261.40 315.05 Td (in ) Tj ET Q q 0 0 0 rg BT 271.01 315.05 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 321.13 315.05 Td (to ) Tj ET Q q 0 0 0 rg BT 331.23 315.05 Td (the ) Tj ET Q q 0 0 0 rg BT 346.34 315.05 Td (extent ) Tj ET Q q 0 0 0 rg BT 373.45 315.05 Td (that ) Tj ET Q q 0 0 0 rg BT 391.06 315.05 Td (it ) Tj ET Q q 0 0 0 rg BT 398.16 315.05 Td (is ) Tj ET Q q 0 0 0 rg BT 407.25 315.05 Td (probable ) Tj ET Q q 0 0 0 rg BT 444.88 315.05 Td (that ) Tj ET Q q 0 0 0 rg BT 462.49 315.05 Td (they ) Tj ET Q q 0 0 0 rg BT 482.10 315.05 Td (will ) Tj ET Q q 0 0 0 rg BT 497.19 315.05 Td (not ) Tj ET Q q 0 0 0 rg BT 512.30 315.05 Td (reverse ) Tj ET Q q 0 0 0 rg BT 544.91 315.05 Td (in ) Tj ET Q q 0 0 0 rg BT 554.51 315.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 304.25 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 130.54 304.25 Td (future; ) Tj ET Q q 0 0 0 rg BT 158.55 304.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 286.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 286.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 112.52 286.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 155.54 286.25 Td (dif) Tj ET Q q 0 0 0 rg BT 164.88 286.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 201.90 286.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 230.91 286.25 Td (on ) Tj ET Q q 0 0 0 rg BT 243.42 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.43 286.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 281.44 286.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 327.97 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 337.98 286.25 Td (goodwill.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 269.45 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 99.99 269.45 Td (income ) Tj ET Q q 0 0 0 rg BT 130.97 269.45 Td (taxes ) Tj ET Q q 0 0 0 rg BT 154.45 269.45 Td (are ) Tj ET Q q 0 0 0 rg BT 169.43 269.45 Td (measured ) Tj ET Q q 0 0 0 rg BT 211.42 269.45 Td (at ) Tj ET Q q 0 0 0 rg BT 220.90 269.45 Td (the ) Tj ET Q q 0 0 0 rg BT 235.38 269.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 249.36 269.45 Td (rates ) Tj ET Q q 0 0 0 rg BT 271.34 269.45 Td (that ) Tj ET Q q 0 0 0 rg BT 288.32 269.45 Td (are ) Tj ET Q q 0 0 0 rg BT 303.30 269.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 341.79 269.45 Td (to ) Tj ET Q q 0 0 0 rg BT 351.27 269.45 Td (be ) Tj ET Q q 0 0 0 rg BT 363.25 269.45 Td (applied ) Tj ET Q q 0 0 0 rg BT 394.25 269.45 Td (to ) Tj ET Q q 0 0 0 rg BT 403.73 269.45 Td (temporary ) Tj ET Q q 0 0 0 rg BT 446.21 269.45 Td (dif) Tj ET Q q 0 0 0 rg BT 455.55 269.45 Td (ferences ) Tj ET Q q 0 0 0 rg BT 492.04 269.45 Td (when ) Tj ET Q q 0 0 0 rg BT 515.53 269.45 Td (they ) Tj ET Q q 0 0 0 rg BT 534.51 269.45 Td (reverse, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 258.65 Td (based ) Tj ET Q q 0 0 0 rg BT 90.02 258.65 Td (on ) Tj ET Q q 0 0 0 rg BT 102.53 258.65 Td (the ) Tj ET Q q 0 0 0 rg BT 117.54 258.65 Td (laws ) Tj ET Q q 0 0 0 rg BT 138.05 258.65 Td (that ) Tj ET Q q 0 0 0 rg BT 155.56 258.65 Td (have ) Tj ET Q q 0 0 0 rg BT 177.58 258.65 Td (been ) Tj ET Q q 0 0 0 rg BT 200.10 258.65 Td (enacted ) Tj ET Q q 0 0 0 rg BT 234.63 258.65 Td (or ) Tj ET Q q 0 0 0 rg BT 245.13 258.65 Td (substantively ) Tj ET Q q 0 0 0 rg BT 299.66 258.65 Td (enacted ) Tj ET Q q 0 0 0 rg BT 334.19 258.65 Td (by ) Tj ET Q q 0 0 0 rg BT 346.19 258.65 Td (the ) Tj ET Q q 0 0 0 rg BT 361.20 258.65 Td (reporting ) Tj ET Q q 0 0 0 rg BT 399.23 258.65 Td (date.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 241.85 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 100.14 241.85 Td (income ) Tj ET Q q 0 0 0 rg BT 131.27 241.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 145.40 241.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 173.54 241.85 Td (and ) Tj ET Q q 0 0 0 rg BT 190.68 241.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 226.81 241.85 Td (are ) Tj ET Q q 0 0 0 rg BT 241.94 241.85 Td (of) Tj ET Q q 0 0 0 rg BT 249.29 241.85 Td (fset ) Tj ET Q q 0 0 0 rg BT 265.92 241.85 Td (if ) Tj ET Q q 0 0 0 rg BT 272.54 241.85 Td (there ) Tj ET Q q 0 0 0 rg BT 295.18 241.85 Td (is ) Tj ET Q q 0 0 0 rg BT 303.80 241.85 Td (a ) Tj ET Q q 0 0 0 rg BT 310.93 241.85 Td (legally ) Tj ET Q q 0 0 0 rg BT 338.57 241.85 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 387.72 241.85 Td (right ) Tj ET Q q 0 0 0 rg BT 407.35 241.85 Td (to ) Tj ET Q q 0 0 0 rg BT 416.98 241.85 Td (of) Tj ET Q q 0 0 0 rg BT 424.33 241.85 Td (fset ) Tj ET Q q 0 0 0 rg BT 440.96 241.85 Td (current ) Tj ET Q q 0 0 0 rg BT 471.09 241.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 485.22 241.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 521.35 241.85 Td (and ) Tj ET Q q 0 0 0 rg BT 538.49 241.85 Td (assets, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 231.05 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 231.05 Td (they ) Tj ET Q q 0 0 0 rg BT 100.03 231.05 Td (relate ) Tj ET Q q 0 0 0 rg BT 125.05 231.05 Td (to ) Tj ET Q q 0 0 0 rg BT 135.06 231.05 Td (income ) Tj ET Q q 0 0 0 rg BT 166.57 231.05 Td (taxes ) Tj ET Q q 0 0 0 rg BT 190.59 231.05 Td (levied ) Tj ET Q q 0 0 0 rg BT 216.61 231.05 Td (by ) Tj ET Q q 0 0 0 rg BT 228.61 231.05 Td (the ) Tj ET Q q 0 0 0 rg BT 243.63 231.05 Td (same ) Tj ET Q q 0 0 0 rg BT 268.14 231.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 282.65 231.05 Td (authority ) Tj ET Q q 0 0 0 rg BT 319.67 231.05 Td (on ) Tj ET Q q 0 0 0 rg BT 332.18 231.05 Td (the ) Tj ET Q q 0 0 0 rg BT 347.20 231.05 Td (same ) Tj ET Q q 0 0 0 rg BT 371.71 231.05 Td (taxable ) Tj ET Q q 0 0 0 rg BT 403.23 231.05 Td (entity) Tj ET Q q 0 0 0 rg BT 424.08 231.05 Td (, ) Tj ET Q q 0 0 0 rg BT 429.08 231.05 Td (or ) Tj ET Q q 0 0 0 rg BT 439.58 231.05 Td (on ) Tj ET Q q 0 0 0 rg BT 452.10 231.05 Td (dif) Tj ET Q q 0 0 0 rg BT 461.44 231.05 Td (ferent ) Tj ET Q q 0 0 0 rg BT 486.96 231.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 501.47 231.05 Td (entities, ) Tj ET Q q 0 0 0 rg BT 534.99 231.05 Td (but ) Tj ET Q q 0 0 0 rg BT 550.00 231.05 Td (they ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 220.25 Td (intend ) Tj ET Q q 0 0 0 rg BT 90.02 220.25 Td (to ) Tj ET Q q 0 0 0 rg BT 100.03 220.25 Td (settle ) Tj ET Q q 0 0 0 rg BT 124.04 220.25 Td (current ) Tj ET Q q 0 0 0 rg BT 154.55 220.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 169.06 220.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 205.57 220.25 Td (and ) Tj ET Q q 0 0 0 rg BT 223.09 220.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.60 220.25 Td (on ) Tj ET Q q 0 0 0 rg BT 264.11 220.25 Td (a ) Tj ET Q q 0 0 0 rg BT 271.62 220.25 Td (net ) Tj ET Q q 0 0 0 rg BT 286.63 220.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 310.14 220.25 Td (or ) Tj ET Q q 0 0 0 rg BT 320.64 220.25 Td (their ) Tj ET Q q 0 0 0 rg BT 340.65 220.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 355.16 220.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 383.67 220.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.19 220.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 437.70 220.25 Td (will ) Tj ET Q q 0 0 0 rg BT 452.70 220.25 Td (be ) Tj ET Q q 0 0 0 rg BT 465.21 220.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 499.23 220.25 Td (simultaneously) Tj ET Q q 0 0 0 rg BT 558.09 220.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 203.45 Td (A) Tj ET Q q 0 0 0 rg BT 68.51 203.45 Td ( ) Tj ET Q q 0 0 0 rg BT 70.92 203.45 Td (deferred ) Tj ET Q q 0 0 0 rg BT 106.86 203.45 Td (income ) Tj ET Q q 0 0 0 rg BT 138.29 203.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 152.71 203.45 Td (asset ) Tj ET Q q 0 0 0 rg BT 176.64 203.45 Td (is ) Tj ET Q q 0 0 0 rg BT 185.55 203.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 232.00 203.45 Td (for ) Tj ET Q q 0 0 0 rg BT 244.92 203.45 Td (unused ) Tj ET Q q 0 0 0 rg BT 276.86 203.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 291.28 203.45 Td (losses, ) Tj ET Q q 0 0 0 rg BT 321.71 203.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 336.13 203.45 Td (credits ) Tj ET Q q 0 0 0 rg BT 365.05 203.45 Td (and ) Tj ET Q q 0 0 0 rg BT 382.49 203.45 Td (deductible ) Tj ET Q q 0 0 0 rg BT 425.93 203.45 Td (temporary ) Tj ET Q q 0 0 0 rg BT 468.86 203.45 Td (dif) Tj ET Q q 0 0 0 rg BT 478.21 203.45 Td (ferences, ) Tj ET Q q 0 0 0 rg BT 517.64 203.45 Td (to ) Tj ET Q q 0 0 0 rg BT 527.56 203.45 Td (the ) Tj ET Q q 0 0 0 rg BT 542.49 203.45 Td (extent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 192.65 Td (that ) Tj ET Q q 0 0 0 rg BT 80.60 192.65 Td (it ) Tj ET Q q 0 0 0 rg BT 87.68 192.65 Td (is ) Tj ET Q q 0 0 0 rg BT 96.76 192.65 Td (probable ) Tj ET Q q 0 0 0 rg BT 134.37 192.65 Td (that ) Tj ET Q q 0 0 0 rg BT 151.97 192.65 Td (future ) Tj ET Q q 0 0 0 rg BT 177.57 192.65 Td (taxable ) Tj ET Q q 0 0 0 rg BT 209.17 192.65 Td (profits ) Tj ET Q q 0 0 0 rg BT 236.26 192.65 Td (will ) Tj ET Q q 0 0 0 rg BT 251.35 192.65 Td (be ) Tj ET Q q 0 0 0 rg BT 263.94 192.65 Td (available ) Tj ET Q q 0 0 0 rg BT 302.05 192.65 Td (against ) Tj ET Q q 0 0 0 rg BT 333.65 192.65 Td (which ) Tj ET Q q 0 0 0 rg BT 359.25 192.65 Td (they ) Tj ET Q q 0 0 0 rg BT 378.84 192.65 Td (can ) Tj ET Q q 0 0 0 rg BT 395.94 192.65 Td (be ) Tj ET Q q 0 0 0 rg BT 408.53 192.65 Td (utilized. ) Tj ET Q q 0 0 0 rg BT 441.63 192.65 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 479.23 192.65 Td (income ) Tj ET Q q 0 0 0 rg BT 510.82 192.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 525.41 192.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 554.01 192.65 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 181.85 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 102.07 181.85 Td (at ) Tj ET Q q 0 0 0 rg BT 112.63 181.85 Td (each ) Tj ET Q q 0 0 0 rg BT 135.20 181.85 Td (reporting ) Tj ET Q q 0 0 0 rg BT 173.77 181.85 Td (date ) Tj ET Q q 0 0 0 rg BT 194.34 181.85 Td (and ) Tj ET Q q 0 0 0 rg BT 212.41 181.85 Td (are ) Tj ET Q q 0 0 0 rg BT 228.47 181.85 Td (reduced ) Tj ET Q q 0 0 0 rg BT 264.04 181.85 Td (to ) Tj ET Q q 0 0 0 rg BT 274.60 181.85 Td (the ) Tj ET Q q 0 0 0 rg BT 290.16 181.85 Td (extent ) Tj ET Q q 0 0 0 rg BT 317.73 181.85 Td (that ) Tj ET Q q 0 0 0 rg BT 335.80 181.85 Td (it ) Tj ET Q q 0 0 0 rg BT 343.35 181.85 Td (is ) Tj ET Q q 0 0 0 rg BT 352.90 181.85 Td (no ) Tj ET Q q 0 0 0 rg BT 365.96 181.85 Td (longer ) Tj ET Q q 0 0 0 rg BT 394.04 181.85 Td (probable ) Tj ET Q q 0 0 0 rg BT 432.12 181.85 Td (that ) Tj ET Q q 0 0 0 rg BT 450.18 181.85 Td (the ) Tj ET Q q 0 0 0 rg BT 465.74 181.85 Td (related ) Tj ET Q q 0 0 0 rg BT 496.31 181.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 511.37 181.85 Td (benefit ) Tj ET Q q 0 0 0 rg BT 541.45 181.85 Td (will ) Tj ET Q q 0 0 0 rg BT 557.00 181.85 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 171.05 Td (realized.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 154.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 80.00 154.25 Td (income ) Tj ET Q q 0 0 0 rg BT 114.01 154.25 Td (per ) Tj ET Q q 0 0 0 rg BT 130.52 154.25 Td (share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 137.45 Td (Basic ) Tj ET Q q 0 0 0 rg BT 87.70 137.45 Td (net ) Tj ET Q q 0 0 0 rg BT 102.89 137.45 Td (income ) Tj ET Q q 0 0 0 rg BT 134.59 137.45 Td (per ) Tj ET Q q 0 0 0 rg BT 150.29 137.45 Td (share ) Tj ET Q q 0 0 0 rg BT 175.49 137.45 Td (is ) Tj ET Q q 0 0 0 rg BT 184.68 137.45 Td (calculated ) Tj ET Q q 0 0 0 rg BT 227.89 137.45 Td (by ) Tj ET Q q 0 0 0 rg BT 240.08 137.45 Td (dividing ) Tj ET Q q 0 0 0 rg BT 273.29 137.45 Td (the ) Tj ET Q q 0 0 0 rg BT 288.49 137.45 Td (profit ) Tj ET Q q 0 0 0 rg BT 311.19 137.45 Td (or ) Tj ET Q q 0 0 0 rg BT 321.88 137.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 340.57 137.45 Td (attributable ) Tj ET Q q 0 0 0 rg BT 387.79 137.45 Td (to ) Tj ET Q q 0 0 0 rg BT 397.98 137.45 Td (common ) Tj ET Q q 0 0 0 rg BT 435.18 137.45 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 489.90 137.45 Td (of ) Tj ET Q q 0 0 0 rg BT 500.09 137.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 542.30 137.45 Td (by ) Tj ET Q q 0 0 0 rg BT 554.49 137.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 126.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 102.45 126.65 Td (average ) Tj ET Q q 0 0 0 rg BT 138.40 126.65 Td (number ) Tj ET Q q 0 0 0 rg BT 172.34 126.65 Td (of ) Tj ET Q q 0 0 0 rg BT 183.27 126.65 Td (common ) Tj ET Q q 0 0 0 rg BT 221.21 126.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 251.64 126.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 301.61 126.65 Td (during ) Tj ET Q q 0 0 0 rg BT 330.05 126.65 Td (the ) Tj ET Q q 0 0 0 rg BT 345.99 126.65 Td (period. ) Tj ET Q q 0 0 0 rg BT 376.93 126.65 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 408.37 126.65 Td (net ) Tj ET Q q 0 0 0 rg BT 424.31 126.65 Td (income ) Tj ET Q q 0 0 0 rg BT 456.74 126.65 Td (per ) Tj ET Q q 0 0 0 rg BT 473.18 126.65 Td (share ) Tj ET Q q 0 0 0 rg BT 499.11 126.65 Td (is ) Tj ET Q q 0 0 0 rg BT 509.04 126.65 Td (determined ) Tj ET Q q 0 0 0 rg BT 557.49 126.65 Td (by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 115.85 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 100.83 115.85 Td (the ) Tj ET Q q 0 0 0 rg BT 115.15 115.85 Td (profit ) Tj ET Q q 0 0 0 rg BT 136.97 115.85 Td (or ) Tj ET Q q 0 0 0 rg BT 146.78 115.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 164.59 115.85 Td (attributable ) Tj ET Q q 0 0 0 rg BT 210.93 115.85 Td (to ) Tj ET Q q 0 0 0 rg BT 220.24 115.85 Td (common ) Tj ET Q q 0 0 0 rg BT 256.56 115.85 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 310.39 115.85 Td (and ) Tj ET Q q 0 0 0 rg BT 327.22 115.85 Td (the ) Tj ET Q q 0 0 0 rg BT 341.54 115.85 Td (weighted ) Tj ET Q q 0 0 0 rg BT 379.37 115.85 Td (average ) Tj ET Q q 0 0 0 rg BT 413.70 115.85 Td (number ) Tj ET Q q 0 0 0 rg BT 446.02 115.85 Td (of ) Tj ET Q q 0 0 0 rg BT 455.34 115.85 Td (common ) Tj ET Q q 0 0 0 rg BT 491.65 115.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 520.47 115.85 Td (outstanding ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 105.05 Td (for ) Tj ET Q q 0 0 0 rg BT 75.23 105.05 Td (the ) Tj ET Q q 0 0 0 rg BT 89.47 105.05 Td (ef) Tj ET Q q 0 0 0 rg BT 96.82 105.05 Td (fects ) Tj ET Q q 0 0 0 rg BT 117.55 105.05 Td (of ) Tj ET Q q 0 0 0 rg BT 126.79 105.05 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 156.53 105.05 Td (instruments ) Tj ET Q q 0 0 0 rg BT 204.78 105.05 Td (such ) Tj ET Q q 0 0 0 rg BT 225.52 105.05 Td (as ) Tj ET Q q 0 0 0 rg BT 236.76 105.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 259.49 105.05 Td (options, ) Tj ET Q q 0 0 0 rg BT 292.74 105.05 Td (restricted ) Tj ET Q q 0 0 0 rg BT 331.49 105.05 Td (incentive ) Tj ET Q q 0 0 0 rg BT 368.74 105.05 Td (awards ) Tj ET Q q 0 0 0 rg BT 399.48 105.05 Td (and ) Tj ET Q q 0 0 0 rg BT 416.23 105.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 468.48 105.05 Td (incentive ) Tj ET Q q 0 0 0 rg BT 505.73 105.05 Td (awards ) Tj ET Q q 0 0 0 rg BT 536.47 105.05 Td (granted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 94.25 Td (to ) Tj ET Q q 0 0 0 rg BT 73.01 94.25 Td (employees.) 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 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 42) 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 (4. ) Tj ET Q q 0 0 0 rg BT 55.01 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 57.51 731.45 Td ( ) 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 (Future ) Tj ET Q q 0 0 0 rg BT 93.01 731.45 Td (accounting ) Tj ET Q q 0 0 0 rg BT 143.51 731.45 Td (policies) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 714.65 Td (In ) Tj ET Q q 0 0 0 rg BT 72.34 714.65 Td (April ) Tj ET Q q 0 0 0 rg BT 92.63 714.65 Td (2016, ) Tj ET Q q 0 0 0 rg BT 117.44 714.65 Td (the ) Tj ET Q q 0 0 0 rg BT 132.24 714.65 Td (IASB ) Tj ET Q q 0 0 0 rg BT 155.03 714.65 Td (issued ) Tj ET Q q 0 0 0 rg BT 183.33 714.65 Td (its ) Tj ET Q q 0 0 0 rg BT 194.62 714.65 Td (final ) Tj ET Q q 0 0 0 rg BT 213.42 714.65 Td (amendments ) Tj ET Q q 0 0 0 rg BT 267.73 714.65 Td (to ) Tj ET Q q 0 0 0 rg BT 277.52 714.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 300.31 714.65 Td (15 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 312.61 714.65 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 350.92 714.65 Td (from ) Tj ET Q q 0 0 0 rg BT 371.21 714.65 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 412.01 714.65 Td (with ) Tj ET Q q 0 0 0 rg BT 430.30 714.65 Td (Customers,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.31 714.65 Td ( ) Tj ET Q q 0 0 0 rg BT 478.60 714.65 Td (which ) Tj ET Q q 0 0 0 rg BT 503.89 714.65 Td (replaces ) Tj ET Q q 0 0 0 rg BT 540.20 714.65 Td (IAS ) Tj ET Q q 0 0 0 rg BT 556.99 714.65 Td (18 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 703.85 Td (Revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.03 703.85 Td (, ) Tj ET Q q 0 0 0 rg BT 104.09 703.85 Td (IAS ) Tj ET Q q 0 0 0 rg BT 121.16 703.85 Td (1) Tj ET Q q 0 0 0 rg BT 125.49 703.85 Td (1 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 133.06 703.85 Td (Construction ) Tj ET Q q 0 0 0 rg BT 186.15 703.85 Td (Contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.66 703.85 Td (, ) Tj ET Q q 0 0 0 rg BT 229.72 703.85 Td (and ) Tj ET Q q 0 0 0 rg BT 247.30 703.85 Td (related ) Tj ET Q q 0 0 0 rg BT 277.38 703.85 Td (interpretations. ) Tj ET Q q 0 0 0 rg BT 339.31 703.85 Td (The ) Tj ET Q q 0 0 0 rg BT 357.38 703.85 Td (new ) Tj ET Q q 0 0 0 rg BT 376.45 703.85 Td (standard ) Tj ET Q q 0 0 0 rg BT 414.03 703.85 Td (contains ) Tj ET Q q 0 0 0 rg BT 450.12 703.85 Td (a ) Tj ET Q q 0 0 0 rg BT 457.68 703.85 Td (single ) Tj ET Q q 0 0 0 rg BT 483.76 703.85 Td (model ) Tj ET Q q 0 0 0 rg BT 510.84 703.85 Td (that ) Tj ET Q q 0 0 0 rg BT 528.41 703.85 Td (applies ) Tj ET Q q 0 0 0 rg BT 559.49 703.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 693.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 102.86 693.05 Td (with ) Tj ET Q q 0 0 0 rg BT 122.22 693.05 Td (customers ) Tj ET Q q 0 0 0 rg BT 167.08 693.05 Td (and ) Tj ET Q q 0 0 0 rg BT 185.44 693.05 Td (two ) Tj ET Q q 0 0 0 rg BT 202.80 693.05 Td (approaches ) Tj ET Q q 0 0 0 rg BT 253.18 693.05 Td (to ) Tj ET Q q 0 0 0 rg BT 264.04 693.05 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 313.41 693.05 Td (revenue: ) Tj ET Q q 0 0 0 rg BT 351.79 693.05 Td (at ) Tj ET Q q 0 0 0 rg BT 362.64 693.05 Td (a ) Tj ET Q q 0 0 0 rg BT 371.00 693.05 Td (point ) Tj ET Q q 0 0 0 rg BT 393.86 693.05 Td (in ) Tj ET Q q 0 0 0 rg BT 404.22 693.05 Td (time ) Tj ET Q q 0 0 0 rg BT 424.57 693.05 Td (or ) Tj ET Q q 0 0 0 rg BT 435.92 693.05 Td (over ) Tj ET Q q 0 0 0 rg BT 456.78 693.05 Td (time. ) Tj ET Q q 0 0 0 rg BT 479.41 693.05 Td (The ) Tj ET Q q 0 0 0 rg BT 498.27 693.05 Td (model ) Tj ET Q q 0 0 0 rg BT 526.13 693.05 Td (features ) Tj ET Q q 0 0 0 rg BT 562.00 693.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 682.25 Td (contract-based ) Tj ET Q q 0 0 0 rg BT 125.13 682.25 Td (five-step ) Tj ET Q q 0 0 0 rg BT 161.75 682.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 196.87 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 206.98 682.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 258.10 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 268.21 682.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 310.83 682.25 Td (whether) Tj ET Q q 0 0 0 rg BT 342.35 682.25 Td (, ) Tj ET Q q 0 0 0 rg BT 347.46 682.25 Td (how ) Tj ET Q q 0 0 0 rg BT 366.57 682.25 Td (much ) Tj ET Q q 0 0 0 rg BT 391.18 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.80 682.25 Td (when ) Tj ET Q q 0 0 0 rg BT 432.92 682.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 468.04 682.25 Td (is ) Tj ET Q q 0 0 0 rg BT 477.14 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.25 682.25 Td (be ) Tj ET Q q 0 0 0 rg BT 499.86 682.25 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 549.00 682.25 Td (New ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 671.45 Td (estimates ) Tj ET Q q 0 0 0 rg BT 103.77 671.45 Td (and ) Tj ET Q q 0 0 0 rg BT 121.04 671.45 Td (judgmental ) Tj ET Q q 0 0 0 rg BT 167.33 671.45 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 211.11 671.45 Td (have ) Tj ET Q q 0 0 0 rg BT 232.89 671.45 Td (been ) Tj ET Q q 0 0 0 rg BT 255.16 671.45 Td (introduced, ) Tj ET Q q 0 0 0 rg BT 301.95 671.45 Td (which ) Tj ET Q q 0 0 0 rg BT 327.22 671.45 Td (may ) Tj ET Q q 0 0 0 rg BT 346.48 671.45 Td (af) Tj ET Q q 0 0 0 rg BT 353.82 671.45 Td (fect ) Tj ET Q q 0 0 0 rg BT 370.58 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 385.35 671.45 Td (amount ) Tj ET Q q 0 0 0 rg BT 417.63 671.45 Td (and ) Tj ET Q q 0 0 0 rg BT 434.90 671.45 Td (timing ) Tj ET Q q 0 0 0 rg BT 461.17 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 470.93 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 485.70 671.45 Td (revenue ) Tj ET Q q 0 0 0 rg BT 520.48 671.45 Td (recognized. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 660.65 Td (The ) Tj ET Q q 0 0 0 rg BT 80.94 660.65 Td (new ) Tj ET Q q 0 0 0 rg BT 99.88 660.65 Td (standard ) Tj ET Q q 0 0 0 rg BT 137.33 660.65 Td (applies ) Tj ET Q q 0 0 0 rg BT 168.29 660.65 Td (to ) Tj ET Q q 0 0 0 rg BT 178.22 660.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 217.17 660.65 Td (with ) Tj ET Q q 0 0 0 rg BT 235.60 660.65 Td (customers ) Tj ET Q q 0 0 0 rg BT 279.54 660.65 Td (and ) Tj ET Q q 0 0 0 rg BT 296.99 660.65 Td (does ) Tj ET Q q 0 0 0 rg BT 318.94 660.65 Td (not ) Tj ET Q q 0 0 0 rg BT 333.88 660.65 Td (apply ) Tj ET Q q 0 0 0 rg BT 357.83 660.65 Td (to ) Tj ET Q q 0 0 0 rg BT 367.76 660.65 Td (insurance ) Tj ET Q q 0 0 0 rg BT 409.22 660.65 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 450.66 660.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.11 660.65 Td (instruments ) Tj ET Q q 0 0 0 rg BT 535.06 660.65 Td (or ) Tj ET Q q 0 0 0 rg BT 545.49 660.65 Td (lease ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 649.85 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 103.90 649.85 Td (The ) Tj ET Q q 0 0 0 rg BT 121.43 649.85 Td (new ) Tj ET Q q 0 0 0 rg BT 139.96 649.85 Td (standard ) Tj ET Q q 0 0 0 rg BT 177.00 649.85 Td (is ) Tj ET Q q 0 0 0 rg BT 185.52 649.85 Td (to ) Tj ET Q q 0 0 0 rg BT 195.05 649.85 Td (be ) Tj ET Q q 0 0 0 rg BT 207.08 649.85 Td (adopted ) Tj ET Q q 0 0 0 rg BT 241.63 649.85 Td (either ) Tj ET Q q 0 0 0 rg BT 266.16 649.85 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 326.20 649.85 Td (or ) Tj ET Q q 0 0 0 rg BT 336.23 649.85 Td (using ) Tj ET Q q 0 0 0 rg BT 359.76 649.85 Td (a ) Tj ET Q q 0 0 0 rg BT 366.79 649.85 Td (modified ) Tj ET Q q 0 0 0 rg BT 402.82 649.85 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 456.37 649.85 Td (approach ) Tj ET Q q 0 0 0 rg BT 495.91 649.85 Td (for ) Tj ET Q q 0 0 0 rg BT 508.44 649.85 Td (annual ) Tj ET Q q 0 0 0 rg BT 537.48 649.85 Td (periods ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 639.05 Td (beginning ) Tj ET Q q 0 0 0 rg BT 104.30 639.05 Td (on ) Tj ET Q q 0 0 0 rg BT 116.57 639.05 Td (or ) Tj ET Q q 0 0 0 rg BT 126.83 639.05 Td (after ) Tj ET Q q 0 0 0 rg BT 147.10 639.05 Td (January ) Tj ET Q q 0 0 0 rg BT 181.38 639.05 Td (1, ) Tj ET Q q 0 0 0 rg BT 191.15 639.05 Td (2018, ) Tj ET Q q 0 0 0 rg BT 215.93 639.05 Td (with ) Tj ET Q q 0 0 0 rg BT 234.20 639.05 Td (early ) Tj ET Q q 0 0 0 rg BT 255.97 639.05 Td (adoption ) Tj ET Q q 0 0 0 rg BT 292.76 639.05 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 335.04 639.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 376.83 639.05 Td (intends ) Tj ET Q q 0 0 0 rg BT 408.11 639.05 Td (to ) Tj ET Q q 0 0 0 rg BT 417.88 639.05 Td (adopt ) Tj ET Q q 0 0 0 rg BT 442.66 639.05 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 465.42 639.05 Td (9 ) Tj ET Q q 0 0 0 rg BT 472.69 639.05 Td (on ) Tj ET Q q 0 0 0 rg BT 484.96 639.05 Td (a ) Tj ET Q q 0 0 0 rg BT 492.23 639.05 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 546.01 639.05 Td (basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 628.25 Td (on ) Tj ET Q q 0 0 0 rg BT 75.05 628.25 Td (January ) Tj ET Q q 0 0 0 rg BT 109.11 628.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 118.66 628.25 Td (2018. ) Tj ET Q q 0 0 0 rg BT 143.22 628.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 184.79 628.25 Td (is ) Tj ET Q q 0 0 0 rg BT 193.33 628.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 229.88 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.93 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.48 628.25 Td (process ) Tj ET Q q 0 0 0 rg BT 287.04 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 296.58 628.25 Td (identifying ) Tj ET Q q 0 0 0 rg BT 339.15 628.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 382.72 628.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 417.29 628.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 455.84 628.25 Td (with ) Tj ET Q q 0 0 0 rg BT 473.89 628.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 517.44 628.25 Td (to ) Tj ET Q q 0 0 0 rg BT 526.99 628.25 Td (determine ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 617.45 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 617.45 Td (impact, ) Tj ET Q q 0 0 0 rg BT 109.52 617.45 Td (if ) Tj ET Q q 0 0 0 rg BT 116.52 617.45 Td (any) Tj ET Q q 0 0 0 rg BT 130.36 617.45 Td (, ) Tj ET Q q 0 0 0 rg BT 135.36 617.45 Td (that ) Tj ET Q q 0 0 0 rg BT 152.88 617.45 Td (the ) Tj ET Q q 0 0 0 rg BT 167.89 617.45 Td (adoption ) Tj ET Q q 0 0 0 rg BT 204.92 617.45 Td (of ) Tj ET Q q 0 0 0 rg BT 214.93 617.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 237.93 617.45 Td (15 ) Tj ET Q q 0 0 0 rg BT 250.44 617.45 Td (will ) Tj ET Q q 0 0 0 rg BT 265.44 617.45 Td (have ) Tj ET Q q 0 0 0 rg BT 287.46 617.45 Td (on ) Tj ET Q q 0 0 0 rg BT 299.97 617.45 Td (its ) Tj ET Q q 0 0 0 rg BT 311.47 617.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.99 617.45 Td (statements.) 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 73.10 600.65 Td (July ) Tj ET Q q 0 0 0 rg BT 91.71 600.65 Td (2014, ) Tj ET Q q 0 0 0 rg BT 116.83 600.65 Td (the ) Tj ET Q q 0 0 0 rg BT 131.94 600.65 Td (IASB ) Tj ET Q q 0 0 0 rg BT 155.04 600.65 Td (issued ) Tj ET Q q 0 0 0 rg BT 183.66 600.65 Td (the ) Tj ET Q q 0 0 0 rg BT 198.77 600.65 Td (complete ) Tj ET Q q 0 0 0 rg BT 237.88 600.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 260.98 600.65 Td (9 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 268.59 600.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 307.20 600.65 Td (Instruments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.22 600.65 Td ( ) Tj ET Q q 0 0 0 rg BT 356.82 600.65 Td (to ) Tj ET Q q 0 0 0 rg BT 366.92 600.65 Td (replace ) Tj ET Q q 0 0 0 rg BT 399.04 600.65 Td (IAS ) Tj ET Q q 0 0 0 rg BT 416.14 600.65 Td (39 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 428.75 600.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 467.37 600.65 Td (Instruments: ) Tj ET Q q 0 0 0 rg BT 519.48 600.65 Td (Recognition ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 63.00 589.85 Td (and ) Tj ET Q q 0 0 0 rg BT 81.06 589.85 Td (Measurement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.09 589.85 Td (. ) Tj ET Q q 0 0 0 rg BT 141.63 589.85 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 165.18 589.85 Td (9, ) Tj ET Q q 0 0 0 rg BT 175.73 589.85 Td (includes ) Tj ET Q q 0 0 0 rg BT 211.80 589.85 Td (a ) Tj ET Q q 0 0 0 rg BT 219.85 589.85 Td (principle-based ) Tj ET Q q 0 0 0 rg BT 283.93 589.85 Td (approach ) Tj ET Q q 0 0 0 rg BT 324.51 589.85 Td (for ) Tj ET Q q 0 0 0 rg BT 338.06 589.85 Td (the ) Tj ET Q q 0 0 0 rg BT 353.62 589.85 Td (classification ) Tj ET Q q 0 0 0 rg BT 407.68 589.85 Td (and ) Tj ET Q q 0 0 0 rg BT 425.75 589.85 Td (measurement ) Tj ET Q q 0 0 0 rg BT 483.82 589.85 Td (of ) Tj ET Q q 0 0 0 rg BT 494.37 589.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.43 589.85 Td (assets, ) Tj ET Q q 0 0 0 rg BT 561.99 589.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 579.05 Td (single ) Tj ET Q q 0 0 0 rg BT 88.30 579.05 Td ('expected ) Tj ET Q q 0 0 0 rg BT 128.32 579.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 152.11 579.05 Td (loss' ) Tj ET Q q 0 0 0 rg BT 171.62 579.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 217.91 579.05 Td (model ) Tj ET Q q 0 0 0 rg BT 244.20 579.05 Td (and ) Tj ET Q q 0 0 0 rg BT 261.00 579.05 Td (a ) Tj ET Q q 0 0 0 rg BT 267.79 579.05 Td (new ) Tj ET Q q 0 0 0 rg BT 286.08 579.05 Td (hedge ) Tj ET Q q 0 0 0 rg BT 312.89 579.05 Td (accounting ) Tj ET Q q 0 0 0 rg BT 358.20 579.05 Td (standard ) Tj ET Q q 0 0 0 rg BT 395.01 579.05 Td (which ) Tj ET Q q 0 0 0 rg BT 419.80 579.05 Td (aligns ) Tj ET Q q 0 0 0 rg BT 445.09 579.05 Td (hedge ) Tj ET Q q 0 0 0 rg BT 471.90 579.05 Td (accounting ) Tj ET Q q 0 0 0 rg BT 517.22 579.05 Td (more ) Tj ET Q q 0 0 0 rg BT 539.50 579.05 Td (closely ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 568.25 Td (with ) Tj ET Q q 0 0 0 rg BT 81.66 568.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 98.31 568.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 155.82 568.25 Td (The ) Tj ET Q q 0 0 0 rg BT 173.99 568.25 Td (new ) Tj ET Q q 0 0 0 rg BT 193.15 568.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 230.83 568.25 Td (is ) Tj ET Q q 0 0 0 rg BT 239.98 568.25 Td (to ) Tj ET Q q 0 0 0 rg BT 250.14 568.25 Td (be ) Tj ET Q q 0 0 0 rg BT 262.81 568.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 298.00 568.25 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 358.67 568.25 Td (with ) Tj ET Q q 0 0 0 rg BT 377.33 568.25 Td (some ) Tj ET Q q 0 0 0 rg BT 401.99 568.25 Td (exemptions ) Tj ET Q q 0 0 0 rg BT 450.67 568.25 Td (for ) Tj ET Q q 0 0 0 rg BT 463.83 568.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 493.51 568.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 525.68 568.25 Td (on ) Tj ET Q q 0 0 0 rg BT 538.35 568.25 Td (or ) Tj ET Q q 0 0 0 rg BT 549.00 568.25 Td (after ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 557.45 Td (January ) Tj ET Q q 0 0 0 rg BT 97.43 557.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 107.34 557.45 Td (2018, ) Tj ET Q q 0 0 0 rg BT 132.28 557.45 Td (with ) Tj ET Q q 0 0 0 rg BT 150.69 557.45 Td (early ) Tj ET Q q 0 0 0 rg BT 172.61 557.45 Td (adoption ) Tj ET Q q 0 0 0 rg BT 209.55 557.45 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 251.98 557.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 293.91 557.45 Td (intends ) Tj ET Q q 0 0 0 rg BT 325.34 557.45 Td (to ) Tj ET Q q 0 0 0 rg BT 335.26 557.45 Td (adopt ) Tj ET Q q 0 0 0 rg BT 360.19 557.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 383.10 557.45 Td (9 ) Tj ET Q q 0 0 0 rg BT 390.52 557.45 Td (on ) Tj ET Q q 0 0 0 rg BT 402.94 557.45 Td (a ) Tj ET Q q 0 0 0 rg BT 410.36 557.45 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 464.29 557.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 487.71 557.45 Td (on ) Tj ET Q q 0 0 0 rg BT 500.13 557.45 Td (January ) Tj ET Q q 0 0 0 rg BT 534.56 557.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 544.47 557.45 Td (2018. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 546.65 Td (The ) Tj ET Q q 0 0 0 rg BT 81.27 546.65 Td (extent ) Tj ET Q q 0 0 0 rg BT 108.55 546.65 Td (of ) Tj ET Q q 0 0 0 rg BT 118.82 546.65 Td (the ) Tj ET Q q 0 0 0 rg BT 134.10 546.65 Td (adoption ) Tj ET Q q 0 0 0 rg BT 171.39 546.65 Td (of ) Tj ET Q q 0 0 0 rg BT 181.66 546.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 204.92 546.65 Td (9 ) Tj ET Q q 0 0 0 rg BT 212.69 546.65 Td (on ) Tj ET Q q 0 0 0 rg BT 225.47 546.65 Td (the ) Tj ET Q q 0 0 0 rg BT 240.74 546.65 Td (classification ) Tj ET Q q 0 0 0 rg BT 294.52 546.65 Td (and ) Tj ET Q q 0 0 0 rg BT 312.30 546.65 Td (measurement ) Tj ET Q q 0 0 0 rg BT 370.09 546.65 Td (of ) Tj ET Q q 0 0 0 rg BT 380.36 546.65 Td (the ) Tj ET Q q 0 0 0 rg BT 395.63 546.65 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 451.64 546.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 487.42 546.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 516.20 546.65 Td (and ) Tj ET Q q 0 0 0 rg BT 533.98 546.65 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 535.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 98.69 535.85 Td (and ) Tj ET Q q 0 0 0 rg BT 115.39 535.85 Td (related ) Tj ET Q q 0 0 0 rg BT 144.58 535.85 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 191.28 535.85 Td (has ) Tj ET Q q 0 0 0 rg BT 207.47 535.85 Td (not ) Tj ET Q q 0 0 0 rg BT 221.65 535.85 Td (yet ) Tj ET Q q 0 0 0 rg BT 235.34 535.85 Td (been ) Tj ET Q q 0 0 0 rg BT 257.04 535.85 Td (determined. ) Tj ET Q q 0 0 0 rg BT 306.24 535.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 347.44 535.85 Td (does ) Tj ET Q q 0 0 0 rg BT 368.64 535.85 Td (not ) Tj ET Q q 0 0 0 rg BT 382.83 535.85 Td (currently ) Tj ET Q q 0 0 0 rg BT 419.01 535.85 Td (apply ) Tj ET Q q 0 0 0 rg BT 442.21 535.85 Td (hedge ) Tj ET Q q 0 0 0 rg BT 468.91 535.85 Td (accounting ) Tj ET Q q 0 0 0 rg BT 514.12 535.85 Td (to ) Tj ET Q q 0 0 0 rg BT 523.31 535.85 Td (its ) Tj ET Q q 0 0 0 rg BT 533.98 535.85 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 525.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 107.89 525.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 147.28 525.05 Td (and ) Tj ET Q q 0 0 0 rg BT 165.17 525.05 Td (does ) Tj ET Q q 0 0 0 rg BT 187.56 525.05 Td (not ) Tj ET Q q 0 0 0 rg BT 202.94 525.05 Td (currently ) Tj ET Q q 0 0 0 rg BT 240.33 525.05 Td (intend ) Tj ET Q q 0 0 0 rg BT 267.72 525.05 Td (to ) Tj ET Q q 0 0 0 rg BT 278.10 525.05 Td (apply ) Tj ET Q q 0 0 0 rg BT 302.49 525.05 Td (hedge ) Tj ET Q q 0 0 0 rg BT 330.39 525.05 Td (accounting ) Tj ET Q q 0 0 0 rg BT 376.80 525.05 Td (to ) Tj ET Q q 0 0 0 rg BT 387.18 525.05 Td (any ) Tj ET Q q 0 0 0 rg BT 404.56 525.05 Td (of ) Tj ET Q q 0 0 0 rg BT 414.94 525.05 Td (its ) Tj ET Q q 0 0 0 rg BT 426.82 525.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.71 525.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 507.60 525.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 546.99 525.05 Td (upon ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 514.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 100.03 514.25 Td (of ) Tj ET Q q 0 0 0 rg BT 110.04 514.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 133.04 514.25 Td (9.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 497.45 Td (In ) Tj ET Q q 0 0 0 rg BT 71.85 497.45 Td (January ) Tj ET Q q 0 0 0 rg BT 105.20 497.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 129.06 497.45 Td (the ) Tj ET Q q 0 0 0 rg BT 142.92 497.45 Td (IASB ) Tj ET Q q 0 0 0 rg BT 164.76 497.45 Td (issued ) Tj ET Q q 0 0 0 rg BT 192.12 497.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 213.96 497.45 Td (16 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 225.31 497.45 Td (Leases) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.33 497.45 Td (, ) Tj ET Q q 0 0 0 rg BT 258.17 497.45 Td (which ) Tj ET Q q 0 0 0 rg BT 282.52 497.45 Td (replaces ) Tj ET Q q 0 0 0 rg BT 317.88 497.45 Td (IAS ) Tj ET Q q 0 0 0 rg BT 333.72 497.45 Td (17 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 345.07 497.45 Td (Leases) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.09 497.45 Td (. ) Tj ET Q q 0 0 0 rg BT 377.85 497.45 Td (The ) Tj ET Q q 0 0 0 rg BT 394.69 497.45 Td (new ) Tj ET Q q 0 0 0 rg BT 412.54 497.45 Td (standard ) Tj ET Q q 0 0 0 rg BT 448.91 497.45 Td (introduces ) Tj ET Q q 0 0 0 rg BT 491.77 497.45 Td (a ) Tj ET Q q 0 0 0 rg BT 498.12 497.45 Td (single ) Tj ET Q q 0 0 0 rg BT 522.97 497.45 Td (recognition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 486.65 Td (and ) Tj ET Q q 0 0 0 rg BT 80.73 486.65 Td (measurement ) Tj ET Q q 0 0 0 rg BT 138.47 486.65 Td (model ) Tj ET Q q 0 0 0 rg BT 165.69 486.65 Td (for ) Tj ET Q q 0 0 0 rg BT 178.91 486.65 Td (leases, ) Tj ET Q q 0 0 0 rg BT 210.14 486.65 Td (which ) Tj ET Q q 0 0 0 rg BT 235.86 486.65 Td (would ) Tj ET Q q 0 0 0 rg BT 262.09 486.65 Td (require ) Tj ET Q q 0 0 0 rg BT 292.81 486.65 Td (the ) Tj ET Q q 0 0 0 rg BT 308.04 486.65 Td (recognition ) Tj ET Q q 0 0 0 rg BT 354.78 486.65 Td (of ) Tj ET Q q 0 0 0 rg BT 365.00 486.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 393.72 486.65 Td (and ) Tj ET Q q 0 0 0 rg BT 411.45 486.65 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 448.18 486.65 Td (for ) Tj ET Q q 0 0 0 rg BT 461.40 486.65 Td (most ) Tj ET Q q 0 0 0 rg BT 483.61 486.65 Td (leases ) Tj ET Q q 0 0 0 rg BT 512.34 486.65 Td (with ) Tj ET Q q 0 0 0 rg BT 531.06 486.65 Td (a ) Tj ET Q q 0 0 0 rg BT 538.78 486.65 Td (term ) Tj ET Q q 0 0 0 rg BT 559.49 486.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 475.85 Td (more ) Tj ET Q q 0 0 0 rg BT 85.63 475.85 Td (than ) Tj ET Q q 0 0 0 rg BT 105.27 475.85 Td (twelve ) Tj ET Q q 0 0 0 rg BT 132.91 475.85 Td (months. ) Tj ET Q q 0 0 0 rg BT 166.91 475.85 Td (The ) Tj ET Q q 0 0 0 rg BT 184.54 475.85 Td (new ) Tj ET Q q 0 0 0 rg BT 203.18 475.85 Td (standard ) Tj ET Q q 0 0 0 rg BT 240.33 475.85 Td (is ) Tj ET Q q 0 0 0 rg BT 248.95 475.85 Td (ef) Tj ET Q q 0 0 0 rg BT 256.30 475.85 Td (fective ) Tj ET Q q 0 0 0 rg BT 284.43 475.85 Td (for ) Tj ET Q q 0 0 0 rg BT 297.06 475.85 Td (annual ) Tj ET Q q 0 0 0 rg BT 326.21 475.85 Td (periods ) Tj ET Q q 0 0 0 rg BT 357.86 475.85 Td (beginning ) Tj ET Q q 0 0 0 rg BT 399.02 475.85 Td (on ) Tj ET Q q 0 0 0 rg BT 411.16 475.85 Td (or ) Tj ET Q q 0 0 0 rg BT 421.28 475.85 Td (after ) Tj ET Q q 0 0 0 rg BT 441.42 475.85 Td (January ) Tj ET Q q 0 0 0 rg BT 475.56 475.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 485.19 475.85 Td (2019. ) Tj ET Q q 0 0 0 rg BT 509.84 475.85 Td (Early ) Tj ET Q q 0 0 0 rg BT 532.47 475.85 Td (adoption ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 465.05 Td (is ) Tj ET Q q 0 0 0 rg BT 71.23 465.05 Td (permitted ) Tj ET Q q 0 0 0 rg BT 110.47 465.05 Td (for ) Tj ET Q q 0 0 0 rg BT 122.70 465.05 Td (entities ) Tj ET Q q 0 0 0 rg BT 152.94 465.05 Td (that ) Tj ET Q q 0 0 0 rg BT 169.68 465.05 Td (apply ) Tj ET Q q 0 0 0 rg BT 192.92 465.05 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 215.15 465.05 Td (15 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 226.89 465.05 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 264.64 465.05 Td (from ) Tj ET Q q 0 0 0 rg BT 284.37 465.05 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 324.61 465.05 Td (with ) Tj ET Q q 0 0 0 rg BT 342.34 465.05 Td (Customers) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.85 465.05 Td ( ) Tj ET Q q 0 0 0 rg BT 387.57 465.05 Td (at ) Tj ET Q q 0 0 0 rg BT 396.81 465.05 Td (or ) Tj ET Q q 0 0 0 rg BT 406.54 465.05 Td (before ) Tj ET Q q 0 0 0 rg BT 433.78 465.05 Td (the ) Tj ET Q q 0 0 0 rg BT 448.02 465.05 Td (initial ) Tj ET Q q 0 0 0 rg BT 470.25 465.05 Td (adoption ) Tj ET Q q 0 0 0 rg BT 506.51 465.05 Td (date ) Tj ET Q q 0 0 0 rg BT 525.76 465.05 Td (of ) Tj ET Q q 0 0 0 rg BT 534.99 465.05 Td (January ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 454.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 73.15 454.25 Td (2018. ) Tj ET Q q 0 0 0 rg BT 98.14 454.25 Td (The ) Tj ET Q q 0 0 0 rg BT 116.29 454.25 Td (new ) Tj ET Q q 0 0 0 rg BT 135.44 454.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 173.11 454.25 Td (is ) Tj ET Q q 0 0 0 rg BT 182.25 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.40 454.25 Td (be ) Tj ET Q q 0 0 0 rg BT 205.05 454.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 240.23 454.25 Td (either ) Tj ET Q q 0 0 0 rg BT 265.38 454.25 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 326.04 454.25 Td (or ) Tj ET Q q 0 0 0 rg BT 336.69 454.25 Td (using ) Tj ET Q q 0 0 0 rg BT 360.85 454.25 Td (a ) Tj ET Q q 0 0 0 rg BT 368.49 454.25 Td (modified ) Tj ET Q q 0 0 0 rg BT 405.15 454.25 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 459.32 454.25 Td (approach. ) Tj ET Q q 0 0 0 rg BT 501.82 454.25 Td (The ) Tj ET Q q 0 0 0 rg BT 519.97 454.25 Td (Corporation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 443.45 Td (intends ) Tj ET Q q 0 0 0 rg BT 94.24 443.45 Td (to ) Tj ET Q q 0 0 0 rg BT 103.97 443.45 Td (adopt ) Tj ET Q q 0 0 0 rg BT 128.71 443.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 151.43 443.45 Td (16 ) Tj ET Q q 0 0 0 rg BT 163.66 443.45 Td (in ) Tj ET Q q 0 0 0 rg BT 172.88 443.45 Td (its ) Tj ET Q q 0 0 0 rg BT 184.10 443.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 219.34 443.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 265.58 443.45 Td (for ) Tj ET Q q 0 0 0 rg BT 278.31 443.45 Td (the ) Tj ET Q q 0 0 0 rg BT 293.04 443.45 Td (annual ) Tj ET Q q 0 0 0 rg BT 322.28 443.45 Td (period ) Tj ET Q q 0 0 0 rg BT 349.52 443.45 Td (beginning ) Tj ET Q q 0 0 0 rg BT 390.78 443.45 Td (on ) Tj ET Q q 0 0 0 rg BT 403.01 443.45 Td (January ) Tj ET Q q 0 0 0 rg BT 437.25 443.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 446.97 443.45 Td (2019. ) Tj ET Q q 0 0 0 rg BT 471.57 443.45 Td (The ) Tj ET Q q 0 0 0 rg BT 489.30 443.45 Td (extent ) Tj ET Q q 0 0 0 rg BT 516.03 443.45 Td (of ) Tj ET Q q 0 0 0 rg BT 525.76 443.45 Td (the ) Tj ET Q q 0 0 0 rg BT 540.49 443.45 Td (impact ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 432.65 Td (of ) Tj ET Q q 0 0 0 rg BT 73.01 432.65 Td (the ) Tj ET Q q 0 0 0 rg BT 88.02 432.65 Td (adoption ) Tj ET Q q 0 0 0 rg BT 125.05 432.65 Td (of ) Tj ET Q q 0 0 0 rg BT 135.06 432.65 Td (the ) Tj ET Q q 0 0 0 rg BT 150.07 432.65 Td (standard ) Tj ET Q q 0 0 0 rg BT 187.59 432.65 Td (has ) Tj ET Q q 0 0 0 rg BT 204.60 432.65 Td (not ) Tj ET Q q 0 0 0 rg BT 219.62 432.65 Td (yet ) Tj ET Q q 0 0 0 rg BT 234.12 432.65 Td (been ) Tj ET Q q 0 0 0 rg BT 256.65 432.65 Td (determined.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 415.85 Td (5. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 415.85 Td (Financial risk management) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 399.05 Td (T) Tj ET Q q 0 0 0 rg BT 67.50 399.05 Td (o ) Tj ET Q q 0 0 0 rg BT 75.91 399.05 Td (manage ) Tj ET Q q 0 0 0 rg BT 111.84 399.05 Td (its ) Tj ET Q q 0 0 0 rg BT 124.24 399.05 Td (exposure ) Tj ET Q q 0 0 0 rg BT 164.67 399.05 Td (to ) Tj ET Q q 0 0 0 rg BT 175.58 399.05 Td (these ) Tj ET Q q 0 0 0 rg BT 201.00 399.05 Td (market ) Tj ET Q q 0 0 0 rg BT 231.91 399.05 Td (risks, ) Tj ET Q q 0 0 0 rg BT 256.31 399.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 299.24 399.05 Td (has ) Tj ET Q q 0 0 0 rg BT 317.15 399.05 Td (a ) Tj ET Q q 0 0 0 rg BT 325.56 399.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 342.96 399.05 Td (management ) Tj ET Q q 0 0 0 rg BT 398.90 399.05 Td (program ) Tj ET Q q 0 0 0 rg BT 435.81 399.05 Td (in ) Tj ET Q q 0 0 0 rg BT 446.22 399.05 Td (place ) Tj ET Q q 0 0 0 rg BT 471.14 399.05 Td (which ) Tj ET Q q 0 0 0 rg BT 497.56 399.05 Td (includes ) Tj ET Q q 0 0 0 rg BT 533.98 399.05 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 388.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 111.60 388.25 Td (as ) Tj ET Q q 0 0 0 rg BT 123.20 388.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 162.81 388.25 Td (in ) Tj ET Q q 0 0 0 rg BT 171.90 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.50 388.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 232.10 388.25 Td (price ) Tj ET Q q 0 0 0 rg BT 253.70 388.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 269.78 388.25 Td (and ) Tj ET Q q 0 0 0 rg BT 286.89 388.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 316.50 388.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 357.62 388.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 373.70 388.25 Td (sections ) Tj ET Q q 0 0 0 rg BT 408.81 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 418.40 388.25 Td (this ) Tj ET Q q 0 0 0 rg BT 434.50 388.25 Td (note. ) Tj ET Q q 0 0 0 rg BT 456.47 388.25 Td (The ) Tj ET Q q 0 0 0 rg BT 474.06 388.25 Td (objective ) Tj ET Q q 0 0 0 rg BT 511.67 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.27 388.25 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 377.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 79.37 377.45 Td (management ) Tj ET Q q 0 0 0 rg BT 134.27 377.45 Td (program ) Tj ET Q q 0 0 0 rg BT 170.15 377.45 Td (is ) Tj ET Q q 0 0 0 rg BT 179.02 377.45 Td (to ) Tj ET Q q 0 0 0 rg BT 188.89 377.45 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 222.77 377.45 Td (exposure ) Tj ET Q q 0 0 0 rg BT 262.16 377.45 Td (to ) Tj ET Q q 0 0 0 rg BT 272.04 377.45 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 319.94 377.45 Td (in ) Tj ET Q q 0 0 0 rg BT 329.31 377.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 375.19 377.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 404.06 377.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 435.95 377.45 Td (rates ) Tj ET Q q 0 0 0 rg BT 458.32 377.45 Td (and ) Tj ET Q q 0 0 0 rg BT 475.71 377.45 Td (foreign ) Tj ET Q q 0 0 0 rg BT 505.60 377.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 547.00 377.45 Td (rates ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 366.65 Td (to ) Tj ET Q q 0 0 0 rg BT 73.01 366.65 Td (reduce ) Tj ET Q q 0 0 0 rg BT 103.03 366.65 Td (volatility ) Tj ET Q q 0 0 0 rg BT 137.54 366.65 Td (in ) Tj ET Q q 0 0 0 rg BT 147.04 366.65 Td (the ) Tj ET Q q 0 0 0 rg BT 162.05 366.65 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 217.80 366.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 242.31 366.65 Td (from ) Tj ET Q q 0 0 0 rg BT 262.81 366.65 Td (operations.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 349.85 Td (Commodity ) Tj ET Q q 0 0 0 rg BT 115.00 349.85 Td (price ) Tj ET Q q 0 0 0 rg BT 139.01 349.85 Td (risk) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 333.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 104.41 333.05 Td (is ) Tj ET Q q 0 0 0 rg BT 112.80 333.05 Td (exposed ) Tj ET Q q 0 0 0 rg BT 148.71 333.05 Td (to ) Tj ET Q q 0 0 0 rg BT 158.11 333.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 203.51 333.05 Td (price ) Tj ET Q q 0 0 0 rg BT 224.90 333.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 240.78 333.05 Td (as ) Tj ET Q q 0 0 0 rg BT 252.18 333.05 Td (prices ) Tj ET Q q 0 0 0 rg BT 278.07 333.05 Td (received ) Tj ET Q q 0 0 0 rg BT 313.98 333.05 Td (for ) Tj ET Q q 0 0 0 rg BT 326.37 333.05 Td (its ) Tj ET Q q 0 0 0 rg BT 337.26 333.05 Td (oil, ) Tj ET Q q 0 0 0 rg BT 350.65 333.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 380.06 333.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 396.45 333.05 Td (and ) Tj ET Q q 0 0 0 rg BT 413.36 333.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 442.76 333.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 459.16 333.05 Td (liquids ) Tj ET Q q 0 0 0 rg BT 486.56 333.05 Td (production ) Tj ET Q q 0 0 0 rg BT 530.48 333.05 Td (fluctuate. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 322.25 Td (Commodity ) Tj ET Q q 0 0 0 rg BT 111.29 322.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 138.07 322.25 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 174.87 322.25 Td (as ) Tj ET Q q 0 0 0 rg BT 187.15 322.25 Td (a ) Tj ET Q q 0 0 0 rg BT 194.93 322.25 Td (result ) Tj ET Q q 0 0 0 rg BT 219.72 322.25 Td (of ) Tj ET Q q 0 0 0 rg BT 230.00 322.25 Td (a ) Tj ET Q q 0 0 0 rg BT 237.78 322.25 Td (number ) Tj ET Q q 0 0 0 rg BT 271.07 322.25 Td (of ) Tj ET Q q 0 0 0 rg BT 281.35 322.25 Td (local ) Tj ET Q q 0 0 0 rg BT 302.64 322.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.43 322.25 Td (global ) Tj ET Q q 0 0 0 rg BT 347.23 322.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 377.02 322.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 417.82 322.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 446.61 322.25 Td (and ) Tj ET Q q 0 0 0 rg BT 464.40 322.25 Td (demand, ) Tj ET Q q 0 0 0 rg BT 502.20 322.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 541.50 322.25 Td (levels, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 311.45 Td (weather ) Tj ET Q q 0 0 0 rg BT 97.27 311.45 Td (patterns, ) Tj ET Q q 0 0 0 rg BT 134.54 311.45 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 167.81 311.45 Td (transportation ) Tj ET Q q 0 0 0 rg BT 225.09 311.45 Td (constraints, ) Tj ET Q q 0 0 0 rg BT 273.36 311.45 Td (political ) Tj ET Q q 0 0 0 rg BT 305.63 311.45 Td (stability ) Tj ET Q q 0 0 0 rg BT 337.88 311.45 Td (and ) Tj ET Q q 0 0 0 rg BT 355.15 311.45 Td (economic ) Tj ET Q q 0 0 0 rg BT 395.92 311.45 Td (factors. ) Tj ET Q q 0 0 0 rg BT 427.67 311.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 469.45 311.45 Td (mitigates ) Tj ET Q q 0 0 0 rg BT 507.71 311.45 Td (a ) Tj ET Q q 0 0 0 rg BT 514.96 311.45 Td (portion ) Tj ET Q q 0 0 0 rg BT 544.73 311.45 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 311.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 300.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 108.97 300.65 Td (price ) Tj ET Q q 0 0 0 rg BT 130.93 300.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 147.38 300.65 Td (through ) Tj ET Q q 0 0 0 rg BT 180.36 300.65 Td (the ) Tj ET Q q 0 0 0 rg BT 195.33 300.65 Td (use ) Tj ET Q q 0 0 0 rg BT 212.30 300.65 Td (of ) Tj ET Q q 0 0 0 rg BT 222.26 300.65 Td (various ) Tj ET Q q 0 0 0 rg BT 253.73 300.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 289.21 300.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 333.68 300.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 379.65 300.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 418.62 300.65 Td (and ) Tj ET Q q 0 0 0 rg BT 436.09 300.65 Td (physical ) Tj ET Q q 0 0 0 rg BT 471.06 300.65 Td (delivery ) Tj ET Q q 0 0 0 rg BT 504.53 300.65 Td (sales ) Tj ET Q q 0 0 0 rg BT 528.00 300.65 Td (contracts. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 289.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 111.47 289.85 Td (policy ) Tj ET Q q 0 0 0 rg BT 137.20 289.85 Td (is ) Tj ET Q q 0 0 0 rg BT 146.43 289.85 Td (to ) Tj ET Q q 0 0 0 rg BT 156.66 289.85 Td (enter ) Tj ET Q q 0 0 0 rg BT 179.90 289.85 Td (into ) Tj ET Q q 0 0 0 rg BT 197.13 289.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 243.37 289.85 Td (price ) Tj ET Q q 0 0 0 rg BT 265.60 289.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 304.84 289.85 Td (when ) Tj ET Q q 0 0 0 rg BT 329.08 289.85 Td (considered ) Tj ET Q q 0 0 0 rg BT 375.83 289.85 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 424.09 289.85 Td (to ) Tj ET Q q 0 0 0 rg BT 434.32 289.85 Td (a ) Tj ET Q q 0 0 0 rg BT 442.05 289.85 Td (maximum ) Tj ET Q q 0 0 0 rg BT 483.78 289.85 Td (of ) Tj ET Q q 0 0 0 rg BT 494.01 289.85 Td (70% ) Tj ET Q q 0 0 0 rg BT 514.75 289.85 Td (of ) Tj ET Q q 0 0 0 rg BT 524.98 289.85 Td (forecasted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 279.05 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 103.88 279.05 Td (net ) Tj ET Q q 0 0 0 rg BT 117.76 279.05 Td (of ) Tj ET Q q 0 0 0 rg BT 126.62 279.05 Td (royalties ) Tj ET Q q 0 0 0 rg BT 161.50 279.05 Td (for ) Tj ET Q q 0 0 0 rg BT 173.36 279.05 Td (the ) Tj ET Q q 0 0 0 rg BT 187.23 279.05 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 235.13 279.05 Td (twelve ) Tj ET Q q 0 0 0 rg BT 262.00 279.05 Td (month ) Tj ET Q q 0 0 0 rg BT 288.37 279.05 Td (period ) Tj ET Q q 0 0 0 rg BT 314.75 279.05 Td (and ) Tj ET Q q 0 0 0 rg BT 331.13 279.05 Td (60% ) Tj ET Q q 0 0 0 rg BT 350.50 279.05 Td (thereafter) Tj ET Q q 0 0 0 rg BT 388.53 279.05 Td (, ) Tj ET Q q 0 0 0 rg BT 392.39 279.05 Td (provided ) Tj ET Q q 0 0 0 rg BT 428.27 279.05 Td (that ) Tj ET Q q 0 0 0 rg BT 444.64 279.05 Td (no ) Tj ET Q q 0 0 0 rg BT 456.02 279.05 Td (more ) Tj ET Q q 0 0 0 rg BT 477.88 279.05 Td (than ) Tj ET Q q 0 0 0 rg BT 496.76 279.05 Td (80% ) Tj ET Q q 0 0 0 rg BT 516.13 279.05 Td (of ) Tj ET Q q 0 0 0 rg BT 525.00 279.05 Td (forecasted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 268.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 105.01 268.25 Td (net ) Tj ET Q q 0 0 0 rg BT 120.00 268.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.99 268.25 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 168.49 268.25 Td (from ) Tj ET Q q 0 0 0 rg BT 188.98 268.25 Td (any ) Tj ET Q q 0 0 0 rg BT 205.97 268.25 Td (one ) Tj ET Q q 0 0 0 rg BT 223.47 268.25 Td (product ) Tj ET Q q 0 0 0 rg BT 255.98 268.25 Td (may ) Tj ET Q q 0 0 0 rg BT 275.46 268.25 Td (be ) Tj ET Q q 0 0 0 rg BT 287.96 268.25 Td (hedged, ) Tj ET Q q 0 0 0 rg BT 322.97 268.25 Td (or ) Tj ET Q q 0 0 0 rg BT 333.46 268.25 Td (in ) Tj ET Q q 0 0 0 rg BT 342.95 268.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.95 268.25 Td (case ) Tj ET Q q 0 0 0 rg BT 379.44 268.25 Td (of ) Tj ET Q q 0 0 0 rg BT 389.43 268.25 Td (electricity) Tj ET Q q 0 0 0 rg BT 426.27 268.25 Td (, ) Tj ET Q q 0 0 0 rg BT 431.26 268.25 Td (60% ) Tj ET Q q 0 0 0 rg BT 451.75 268.25 Td (of ) Tj ET Q q 0 0 0 rg BT 461.74 268.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 509.97 268.25 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 554.48 268.25 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 257.45 Td (consumption. ) Tj ET Q q 0 0 0 rg BT 118.51 257.45 Td (The ) Tj ET Q q 0 0 0 rg BT 136.14 257.45 Td (term ) Tj ET Q q 0 0 0 rg BT 156.25 257.45 Td (of ) Tj ET Q q 0 0 0 rg BT 165.88 257.45 Td (any ) Tj ET Q q 0 0 0 rg BT 182.51 257.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 228.14 257.45 Td (hedge ) Tj ET Q q 0 0 0 rg BT 255.28 257.45 Td (executed ) Tj ET Q q 0 0 0 rg BT 293.93 257.45 Td (will ) Tj ET Q q 0 0 0 rg BT 308.54 257.45 Td (be ) Tj ET Q q 0 0 0 rg BT 320.67 257.45 Td (limited ) Tj ET Q q 0 0 0 rg BT 348.80 257.45 Td (to ) Tj ET Q q 0 0 0 rg BT 358.42 257.45 Td (no ) Tj ET Q q 0 0 0 rg BT 370.55 257.45 Td (more ) Tj ET Q q 0 0 0 rg BT 393.17 257.45 Td (than ) Tj ET Q q 0 0 0 rg BT 412.81 257.45 Td (three ) Tj ET Q q 0 0 0 rg BT 435.44 257.45 Td (calendar ) Tj ET Q q 0 0 0 rg BT 472.08 257.45 Td (years ) Tj ET Q q 0 0 0 rg BT 496.21 257.45 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 544.86 257.45 Td (to ) Tj ET Q q 0 0 0 rg BT 554.49 257.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 246.65 Td (current ) Tj ET Q q 0 0 0 rg BT 93.51 246.65 Td (calendar ) Tj ET Q q 0 0 0 rg BT 130.54 246.65 Td (year) Tj ET Q q 0 0 0 rg BT 147.55 246.65 Td (. ) Tj ET Q q 0 0 0 rg BT 152.55 246.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 200.79 246.65 Td (management ) Tj ET Q q 0 0 0 rg BT 255.82 246.65 Td (regularly ) Tj ET Q q 0 0 0 rg BT 292.84 246.65 Td (reviews ) Tj ET Q q 0 0 0 rg BT 325.85 246.65 Td (this ) Tj ET Q q 0 0 0 rg BT 342.35 246.65 Td (policy ) Tj ET Q q 0 0 0 rg BT 367.86 246.65 Td (to ) Tj ET Q q 0 0 0 rg BT 377.87 246.65 Td (reflect ) Tj ET Q q 0 0 0 rg BT 404.88 246.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 441.40 246.65 Td (in ) Tj ET Q q 0 0 0 rg BT 450.91 246.65 Td (market ) Tj ET Q q 0 0 0 rg BT 480.92 246.65 Td (conditions.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 229.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 104.51 229.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 153.51 229.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 204.02 229.85 Td (contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 213.05 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 213.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.03 213.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.05 213.05 Td (, ) Tj ET Q q 0 0 0 rg BT 158.05 213.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 200.08 213.05 Td (had ) Tj ET Q q 0 0 0 rg BT 217.60 213.05 Td (entered ) Tj ET Q q 0 0 0 rg BT 250.62 213.05 Td (into ) Tj ET Q q 0 0 0 rg BT 267.63 213.05 Td (the ) Tj ET Q q 0 0 0 rg BT 282.64 213.05 Td (following ) Tj ET Q q 0 0 0 rg BT 320.16 213.05 Td (costless ) Tj ET Q q 0 0 0 rg BT 355.17 213.05 Td (collars ) Tj ET Q q 0 0 0 rg BT 383.68 213.05 Td (to ) Tj ET Q q 0 0 0 rg BT 393.69 213.05 Td (sell ) Tj ET Q q 0 0 0 rg BT 409.69 213.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 421.20 213.05 Td (and ) Tj ET Q q 0 0 0 rg BT 438.71 213.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 468.73 213.05 Td (gas: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 199.54999999999995 m 106.5 199.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 185.54999999999995 m 106.5 185.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 199.54999999999995 m 157.5 199.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 185.54999999999995 m 157.5 185.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 199.54999999999995 m 358.5 199.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 185.54999999999995 m 358.5 185.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 199.54999999999995 m 564.5 199.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 185.54999999999995 m 564.5 185.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 185.54999999999995 m 106.5 185.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 171.54999999999995 m 106.5 171.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 185.54999999999995 m 157.5 185.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 171.54999999999995 m 157.5 171.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 185.54999999999995 m 358.5 185.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 171.54999999999995 m 358.5 171.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 185.54999999999995 m 564.5 185.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 171.54999999999995 m 564.5 171.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 115.54999999999995 m 106.5 115.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 101.54999999999995 m 106.5 101.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 115.54999999999995 m 157.5 115.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 101.54999999999995 m 157.5 101.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 115.54999999999995 m 358.5 115.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 101.54999999999995 m 358.5 101.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 115.54999999999995 m 564.5 115.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 101.54999999999995 m 564.5 101.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 73.54999999999995 m 106.5 73.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 73.54999999999995 m 157.5 73.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 73.54999999999995 m 358.5 73.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 73.54999999999995 m 564.5 73.54999999999995 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 189.95 Td (V) Tj ET Q q 0 0 0 rg BT 71.67 189.95 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 160.00 189.95 Td (A) Tj ET Q q 0 0 0 rg BT 166.33 189.95 Td (verage ) Tj ET Q q 0 0 0 rg BT 197.69 189.95 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.00 189.95 Td (T) Tj ET Q q 0 0 0 rg BT 365.83 189.95 Td (erm) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 175.95 Td (Natural gas contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 161.95 Td (25,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 161.95 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 161.95 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 161.95 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 161.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 161.95 Td ($3.30 ) Tj ET Q q 0 0 0 rg BT 207.02 161.95 Td (- ) Tj ET Q q 0 0 0 rg BT 212.52 161.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 234.52 161.95 Td ($3.66 ) Tj ET Q q 0 0 0 rg BT 259.54 161.95 Td (- ) Tj ET Q q 0 0 0 rg BT 264.54 161.95 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 161.95 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 161.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 161.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 428.05 161.95 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 161.95 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 161.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 161.95 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 147.95 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 147.95 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 147.95 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 147.95 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 147.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 147.95 Td ($2.60 ) Tj ET Q q 0 0 0 rg BT 207.02 147.95 Td (- ) Tj ET Q q 0 0 0 rg BT 212.52 147.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 234.52 147.95 Td ($3.00 ) Tj ET Q q 0 0 0 rg BT 259.54 147.95 Td (- ) Tj ET Q q 0 0 0 rg BT 264.54 147.95 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 147.95 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 147.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 147.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 428.05 147.95 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 147.95 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 147.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 147.95 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.45 133.95 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 133.95 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 133.95 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 133.95 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 133.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 133.95 Td ($2.90 ) Tj ET Q q 0 0 0 rg BT 207.02 133.95 Td (- ) Tj ET Q q 0 0 0 rg BT 212.52 133.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 234.52 133.95 Td ($3.10 ) Tj ET Q q 0 0 0 rg BT 259.54 133.95 Td (- ) Tj ET Q q 0 0 0 rg BT 264.54 133.95 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 133.95 Td (November ) Tj ET Q q 0 0 0 rg BT 405.02 133.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 415.02 133.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 437.54 133.95 Td (- ) Tj ET Q q 0 0 0 rg BT 443.04 133.95 Td (March ) Tj ET Q q 0 0 0 rg BT 470.55 133.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 485.56 133.95 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.45 119.95 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 119.95 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 119.95 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 119.95 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 119.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 119.95 Td ($2.90 ) Tj ET Q q 0 0 0 rg BT 207.02 119.95 Td (- ) Tj ET Q q 0 0 0 rg BT 212.52 119.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 234.52 119.95 Td ($3.10 ) Tj ET Q q 0 0 0 rg BT 259.54 119.95 Td (- ) Tj ET Q q 0 0 0 rg BT 264.54 119.95 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 119.95 Td (November ) Tj ET Q q 0 0 0 rg BT 405.02 119.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 415.02 119.95 Td (2018 ) Tj ET Q q 0 0 0 rg BT 437.54 119.95 Td (- ) Tj ET Q q 0 0 0 rg BT 443.04 119.95 Td (March ) Tj ET Q q 0 0 0 rg BT 470.55 119.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 485.56 119.95 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 105.95 Td (Oil contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 91.95 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 91.95 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 91.95 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 91.95 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 91.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 91.95 Td ($56.00 ) Tj ET Q q 0 0 0 rg BT 212.03 91.95 Td (- ) Tj ET Q q 0 0 0 rg BT 217.52 91.95 Td ($64.25 ) Tj ET Q q 0 0 0 rg BT 247.55 91.95 Td (- ) Tj ET Q q 0 0 0 rg BT 253.05 91.95 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 91.95 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 91.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 91.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 428.05 91.95 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 91.95 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 91.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 91.95 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 77.95 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 77.95 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 77.95 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 77.95 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 77.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 77.95 Td ($57.00 ) Tj ET Q q 0 0 0 rg BT 212.03 77.95 Td (- ) Tj ET Q q 0 0 0 rg BT 217.52 77.95 Td ($65.00 ) Tj ET Q q 0 0 0 rg BT 247.55 77.95 Td (- ) Tj ET Q q 0 0 0 rg BT 253.05 77.95 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 77.95 Td (July ) Tj ET Q q 0 0 0 rg BT 379.51 77.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 389.51 77.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 412.03 77.95 Td (- ) Tj ET Q q 0 0 0 rg BT 417.53 77.95 Td (December ) Tj ET Q q 0 0 0 rg BT 461.55 77.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 476.56 77.95 Td (2017) Tj ET Q BT /F1 10.00 Tf ET 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 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 43) 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 (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 731.45 Td (December31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.05 731.45 Td (, Bonavista had 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 63.5 717.95 m 106.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 703.95 m 106.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 717.95 m 157.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 703.95 m 157.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 717.95 m 242.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 703.95 m 242.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 717.95 m 357.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 703.95 m 357.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 717.95 m 563.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 703.95 m 563.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 703.95 m 106.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 689.95 m 106.5 689.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 703.95 m 157.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 689.95 m 157.5 689.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 703.95 m 242.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 689.95 m 242.5 689.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 703.95 m 357.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 689.95 m 357.5 689.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 703.95 m 563.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 689.95 m 563.5 689.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 451.95000000000005 m 106.5 451.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 437.95000000000005 m 106.5 437.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 451.95000000000005 m 157.5 451.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 437.95000000000005 m 157.5 437.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 451.95000000000005 m 242.5 451.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 437.95000000000005 m 242.5 437.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 451.95000000000005 m 357.5 451.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 437.95000000000005 m 357.5 437.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 451.95000000000005 m 563.5 451.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 437.95000000000005 m 563.5 437.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 199.95000000000005 m 106.5 199.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 199.95000000000005 m 157.5 199.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 199.95000000000005 m 242.5 199.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 199.95000000000005 m 357.5 199.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 199.95000000000005 m 563.5 199.95000000000005 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 708.35 Td (V) Tj ET Q q 0 0 0 rg BT 71.67 708.35 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 160.00 708.35 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 708.35 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.00 708.35 Td (T) Tj ET Q q 0 0 0 rg BT 364.83 708.35 Td (erm) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 694.35 Td (Natural gas contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 680.35 Td (40,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 680.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 680.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 680.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 680.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 680.35 Td ($2.92) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 680.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 680.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.01 680.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 680.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 680.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 680.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 680.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 680.35 Td (March ) Tj ET Q q 0 0 0 rg BT 460.05 680.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 475.06 680.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 666.35 Td (65,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 666.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 666.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 666.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 666.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 666.35 Td ($3.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 666.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 666.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.01 666.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 666.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 666.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 666.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 666.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 666.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 666.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 666.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 652.35 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 652.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 652.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 652.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 652.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 652.35 Td ($2.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 652.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 652.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.01 652.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 652.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 652.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 652.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 652.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 652.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 652.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 652.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 638.35 Td (50,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 638.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 638.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 638.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 638.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 638.35 Td ($2.93) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 638.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 638.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.01 638.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 638.35 Td (April ) Tj ET Q q 0 0 0 rg BT 380.50 638.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 390.51 638.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 413.03 638.35 Td (- ) Tj ET Q q 0 0 0 rg BT 418.53 638.35 Td (October ) Tj ET Q q 0 0 0 rg BT 453.05 638.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.06 638.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 488.08 642.64 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 624.35 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 624.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 624.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 624.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 624.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 624.35 Td ($3.04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 624.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 624.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.01 624.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 624.35 Td (October ) Tj ET Q q 0 0 0 rg BT 394.51 624.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.52 624.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.04 624.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 624.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 624.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 624.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 610.35 Td (45,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 610.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 610.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 610.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 610.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 610.35 Td ($3.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 610.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 610.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.01 610.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 610.35 Td (November ) Tj ET Q q 0 0 0 rg BT 404.02 610.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 414.02 610.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 436.54 610.35 Td (- ) Tj ET Q q 0 0 0 rg BT 442.04 610.35 Td (March ) Tj ET Q q 0 0 0 rg BT 469.55 610.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 484.56 610.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 596.35 Td (40,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 596.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 596.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 596.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 596.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 596.35 Td ($3.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 596.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 596.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.01 596.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 596.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 596.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 596.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 427.05 596.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 596.35 Td (March ) Tj ET Q q 0 0 0 rg BT 460.05 596.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 475.06 596.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 582.35 Td (30,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 582.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 582.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 582.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 582.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 582.35 Td ($2.91) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 582.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 582.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.01 582.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 582.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 582.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 582.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 427.05 582.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 582.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 582.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 582.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 586.64 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 568.35 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 568.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 568.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 568.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 568.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 568.35 Td ($2.70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 568.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 568.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.01 568.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 568.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 568.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 568.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 427.05 568.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 568.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 568.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 568.35 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.45 554.35 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 554.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 554.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 554.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 554.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 554.35 Td ($3.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 554.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 554.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.01 554.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 554.35 Td (November ) Tj ET Q q 0 0 0 rg BT 404.02 554.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 414.02 554.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 436.54 554.35 Td (- ) Tj ET Q q 0 0 0 rg BT 442.04 554.35 Td (March ) Tj ET Q q 0 0 0 rg BT 469.55 554.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 484.56 554.35 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 540.35 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 540.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 540.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 540.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 540.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 540.35 Td ($\(0.60\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 540.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 540.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.01 540.35 Td (AECO ) Tj ET Q q 0 0 0 rg BT 303.02 540.35 Td (Basis) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 540.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 540.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 540.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 540.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 540.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 540.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 540.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 526.35 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 526.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 526.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 526.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 526.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 526.35 Td ($3.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 526.35 Td (Sold ) Tj ET Q q 0 0 0 rg BT 265.51 526.35 Td (Call ) Tj ET Q q 0 0 0 rg BT 283.52 526.35 Td (- ) Tj ET Q q 0 0 0 rg BT 288.52 526.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 526.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 526.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 526.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 526.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 526.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 526.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 526.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 512.35 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 512.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 512.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 512.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 512.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 512.35 Td ($3.50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 512.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 512.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 512.35 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 512.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 512.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 512.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 512.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 512.35 Td (March ) Tj ET Q q 0 0 0 rg BT 460.05 512.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 475.06 512.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 498.35 Td (26,375) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 498.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 498.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 498.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 498.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 498.35 Td ($3.12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 498.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 498.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 498.35 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 498.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 498.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 498.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 498.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 498.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 498.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 498.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 484.35 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 484.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 484.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 484.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 484.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 484.35 Td ($3.04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 484.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 484.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 484.35 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 484.35 Td (April ) Tj ET Q q 0 0 0 rg BT 380.50 484.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 390.51 484.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 413.03 484.35 Td (- ) Tj ET Q q 0 0 0 rg BT 418.53 484.35 Td (October ) Tj ET Q q 0 0 0 rg BT 453.05 484.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 468.06 484.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.45 470.35 Td (5,275) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 470.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 470.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 470.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 470.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 470.35 Td ($3.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 470.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 470.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 470.35 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 470.35 Td (October ) Tj ET Q q 0 0 0 rg BT 394.51 470.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.52 470.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.04 470.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 470.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 470.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 470.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 474.64 Td (\(6\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 456.35 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 456.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 456.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 456.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 456.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 456.35 Td ($2.95) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 456.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 456.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 456.35 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 456.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 456.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 456.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 427.05 456.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 456.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 456.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 456.35 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 442.35 Td (Natural gas liquids contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 428.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 428.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 428.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 428.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 428.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 428.35 Td ($27.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 428.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 428.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 428.35 Td (MTB ) Tj ET Q q 0 0 0 rg BT 297.01 428.35 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 428.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 428.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 428.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 428.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 428.35 Td (March ) Tj ET Q q 0 0 0 rg BT 460.05 428.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 475.06 428.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 495.08 432.64 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 414.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 414.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 414.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 414.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 414.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 414.35 Td ($27.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 414.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 414.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 414.35 Td (MTB ) Tj ET Q q 0 0 0 rg BT 297.01 414.35 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 414.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 414.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 414.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 414.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 414.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 414.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 414.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 418.64 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 400.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 400.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 400.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 400.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 400.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 400.35 Td ($32.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 400.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 400.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 400.35 Td (MTB ) Tj ET Q q 0 0 0 rg BT 297.01 400.35 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 400.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 400.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 400.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 400.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 400.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 400.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 400.35 Td (2019) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 404.64 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 386.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 386.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 386.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 386.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 386.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 386.35 Td ($31.50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 386.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 386.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 386.35 Td (MTB ) Tj ET Q q 0 0 0 rg BT 297.01 386.35 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 386.35 Td (October ) Tj ET Q q 0 0 0 rg BT 394.51 386.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.52 386.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.04 386.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 386.35 Td (March ) Tj ET Q q 0 0 0 rg BT 460.05 386.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 475.06 386.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 495.08 390.64 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 372.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 372.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 372.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 372.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 372.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 372.35 Td ($29.82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 372.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 372.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 372.35 Td (MTB ) Tj ET Q q 0 0 0 rg BT 297.01 372.35 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 372.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 372.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 372.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 427.05 372.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 372.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 372.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 372.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 376.64 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 358.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 358.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 358.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 358.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 358.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 358.35 Td ($29.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 358.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 358.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 358.35 Td (MTB ) Tj ET Q q 0 0 0 rg BT 297.01 358.35 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 358.35 Td (April ) Tj ET Q q 0 0 0 rg BT 380.50 358.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 390.51 358.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 413.03 358.35 Td (- ) Tj ET Q q 0 0 0 rg BT 418.53 358.35 Td (December ) Tj ET Q q 0 0 0 rg BT 462.55 358.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 477.56 358.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 497.58 362.64 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 344.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 344.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 344.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 344.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 344.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 344.35 Td ($30.66) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 344.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 344.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 344.35 Td (MTB ) Tj ET Q q 0 0 0 rg BT 297.01 344.35 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 344.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 344.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 344.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 427.05 344.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 344.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 344.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 344.35 Td (2019) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 348.64 Td (\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.45 330.35 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 330.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 330.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 330.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 330.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 330.35 Td (40.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 330.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 330.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 330.35 Td (CNWY) Tj ET Q q 0 0 0 rg BT 302.85 330.35 Td ( ) Tj ET Q q 0 0 0 rg BT 305.35 330.35 Td (PN/WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 330.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 330.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 330.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 330.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 330.35 Td (March ) Tj ET Q q 0 0 0 rg BT 460.05 330.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 475.06 330.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 495.08 334.64 Td (\(4\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.45 316.35 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 316.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 316.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 316.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 316.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 316.35 Td (54.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 316.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 316.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 316.35 Td (CNWY) Tj ET Q q 0 0 0 rg BT 302.85 316.35 Td ( ) Tj ET Q q 0 0 0 rg BT 305.35 316.35 Td (PN/WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 316.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 316.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 316.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 316.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 316.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 316.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 316.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 320.64 Td (\(4\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.45 302.35 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 302.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 302.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 302.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 302.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 302.35 Td ($23.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 302.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 302.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 302.35 Td (CNWY) Tj ET Q q 0 0 0 rg BT 302.85 302.35 Td ( ) Tj ET Q q 0 0 0 rg BT 305.35 302.35 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 302.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 302.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 302.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 302.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 302.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 302.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 302.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 306.64 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 80.45 288.35 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 288.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 288.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 288.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 288.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 288.35 Td ($20.63) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 288.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 288.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 288.35 Td (CNWY) Tj ET Q q 0 0 0 rg BT 302.85 288.35 Td ( ) Tj ET Q q 0 0 0 rg BT 305.35 288.35 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 288.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 288.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 288.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 288.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 288.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 288.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 288.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 292.64 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 274.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 274.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 274.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 274.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 274.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 274.35 Td ($21.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 274.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 274.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 274.35 Td (CNWY) Tj ET Q q 0 0 0 rg BT 302.85 274.35 Td ( ) Tj ET Q q 0 0 0 rg BT 305.35 274.35 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 274.35 Td (April ) Tj ET Q q 0 0 0 rg BT 380.50 274.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 390.51 274.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 413.03 274.35 Td (- ) Tj ET Q q 0 0 0 rg BT 418.53 274.35 Td (March ) Tj ET Q q 0 0 0 rg BT 446.04 274.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 461.05 274.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 481.07 278.64 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 260.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 260.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 260.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 260.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 260.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 260.35 Td ($22.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 260.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 260.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 260.35 Td (CNWY) Tj ET Q q 0 0 0 rg BT 302.85 260.35 Td ( ) Tj ET Q q 0 0 0 rg BT 305.35 260.35 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 260.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 260.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 260.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 427.05 260.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 260.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 260.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 260.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 264.64 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 246.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 246.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 246.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 246.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 246.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 246.35 Td ($24.78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 246.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 246.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 246.35 Td (CNWY) Tj ET Q q 0 0 0 rg BT 302.85 246.35 Td ( ) Tj ET Q q 0 0 0 rg BT 305.35 246.35 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 246.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 246.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 246.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 427.05 246.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 246.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 246.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 246.35 Td (2019) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 250.64 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 232.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 232.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 232.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 232.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 232.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 232.35 Td ($22.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 232.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 232.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 232.35 Td (CNWY) Tj ET Q q 0 0 0 rg BT 302.85 232.35 Td ( ) Tj ET Q q 0 0 0 rg BT 305.35 232.35 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 232.35 Td (July ) Tj ET Q q 0 0 0 rg BT 378.51 232.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 388.51 232.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 411.03 232.35 Td (- ) Tj ET Q q 0 0 0 rg BT 416.53 232.35 Td (December ) Tj ET Q q 0 0 0 rg BT 460.55 232.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 475.56 232.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 495.58 236.64 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 218.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 218.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 218.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 218.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 218.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 218.35 Td ($23.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 218.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 218.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 218.35 Td (CNWY) Tj ET Q q 0 0 0 rg BT 302.85 218.35 Td ( ) Tj ET Q q 0 0 0 rg BT 305.35 218.35 Td (PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 218.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 218.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 218.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 427.05 218.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 218.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 218.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 218.35 Td (2019) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 222.64 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 204.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 204.35 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 204.35 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 204.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 204.35 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 204.35 Td ($\(2.75\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 204.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 204.35 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 204.35 Td (WTI-MSW) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 204.35 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 204.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 204.35 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 204.35 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 204.35 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 204.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 204.35 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 190.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 190.25 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 190.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 190.25 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 190.25 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 190.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 190.25 Td (Includes ) Tj ET Q q 0 0 0 rg BT 104.35 190.25 Td (a ) Tj ET Q q 0 0 0 rg BT 109.35 190.25 Td (feature ) Tj ET Q q 0 0 0 rg BT 129.70 190.25 Td (which ) Tj ET Q q 0 0 0 rg BT 146.71 190.25 Td (at ) Tj ET Q q 0 0 0 rg BT 153.38 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.39 190.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 190.73 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.40 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.41 190.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 242.43 190.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 260.77 190.25 Td (for ) Tj ET Q q 0 0 0 rg BT 269.44 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.45 190.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 306.80 190.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 333.15 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 339.82 190.25 Td (5,000 ) Tj ET Q q 0 0 0 rg BT 356.50 190.25 Td (gjs/d ) Tj ET Q q 0 0 0 rg BT 370.84 190.25 Td (on ) Tj ET Q q 0 0 0 rg BT 379.18 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.19 190.25 Td (last ) Tj ET Q q 0 0 0 rg BT 400.20 190.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 415.54 190.25 Td (date ) Tj ET Q q 0 0 0 rg BT 428.88 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.55 190.25 Td (each ) Tj ET Q q 0 0 0 rg BT 450.23 190.25 Td (month ) Tj ET Q q 0 0 0 rg BT 468.57 190.25 Td (for ) Tj ET Q q 0 0 0 rg BT 477.24 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.25 190.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 510.60 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 517.27 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.28 190.25 Td (contract.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 183.05 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 183.05 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 183.05 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 183.05 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 183.05 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 183.05 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 183.05 Td (Includes ) Tj ET Q q 0 0 0 rg BT 104.35 183.05 Td (a ) Tj ET Q q 0 0 0 rg BT 109.35 183.05 Td (feature ) Tj ET Q q 0 0 0 rg BT 129.70 183.05 Td (which ) Tj ET Q q 0 0 0 rg BT 146.71 183.05 Td (at ) Tj ET Q q 0 0 0 rg BT 153.38 183.05 Td (the ) Tj ET Q q 0 0 0 rg BT 163.39 183.05 Td (discretion ) Tj ET Q q 0 0 0 rg BT 190.73 183.05 Td (of ) Tj ET Q q 0 0 0 rg BT 197.40 183.05 Td (the ) Tj ET Q q 0 0 0 rg BT 207.41 183.05 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 242.43 183.05 Td (allows ) Tj ET Q q 0 0 0 rg BT 260.77 183.05 Td (for ) Tj ET Q q 0 0 0 rg BT 269.44 183.05 Td (the ) Tj ET Q q 0 0 0 rg BT 279.45 183.05 Td (additional ) Tj ET Q q 0 0 0 rg BT 306.80 183.05 Td (purchase ) Tj ET Q q 0 0 0 rg BT 333.15 183.05 Td (of ) Tj ET Q q 0 0 0 rg BT 339.82 183.05 Td (10,000 ) Tj ET Q q 0 0 0 rg BT 359.84 183.05 Td (gjs/d ) Tj ET Q q 0 0 0 rg BT 374.18 183.05 Td (on ) Tj ET Q q 0 0 0 rg BT 382.52 183.05 Td (the ) Tj ET Q q 0 0 0 rg BT 392.53 183.05 Td (last ) Tj ET Q q 0 0 0 rg BT 403.53 183.05 Td (trade ) Tj ET Q q 0 0 0 rg BT 418.88 183.05 Td (date ) Tj ET Q q 0 0 0 rg BT 432.22 183.05 Td (of ) Tj ET Q q 0 0 0 rg BT 438.89 183.05 Td (each ) Tj ET Q q 0 0 0 rg BT 453.57 183.05 Td (month ) Tj ET Q q 0 0 0 rg BT 471.91 183.05 Td (for ) Tj ET Q q 0 0 0 rg BT 480.58 183.05 Td (the ) Tj ET Q q 0 0 0 rg BT 490.59 183.05 Td (duration ) Tj ET Q q 0 0 0 rg BT 513.94 183.05 Td (of ) Tj ET Q q 0 0 0 rg BT 520.61 183.05 Td (the ) Tj ET Q q 0 0 0 rg BT 530.62 183.05 Td (contract.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 175.85 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 72.00 175.85 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 175.85 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 175.85 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 175.85 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 175.85 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 175.85 Td (Mont ) Tj ET Q q 0 0 0 rg BT 95.34 175.85 Td (Belvieu ) Tj ET Q q 0 0 0 rg BT 116.69 175.85 Td (65 ) Tj ET Q q 0 0 0 rg BT 125.03 175.85 Td (nC4/35 ) Tj ET Q q 0 0 0 rg BT 146.04 175.85 Td (iC4 ) Tj ET Q q 0 0 0 rg BT 156.71 175.85 Td (price.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 168.65 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 72.00 168.65 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 168.65 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 168.65 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 168.65 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 168.65 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 168.65 Td (Conway ) Tj ET Q q 0 0 0 rg BT 103.68 168.65 Td (propane ) Tj ET Q q 0 0 0 rg BT 127.37 168.65 Td (price ) Tj ET Q q 0 0 0 rg BT 142.04 168.65 Td (as ) Tj ET Q q 0 0 0 rg BT 150.04 168.65 Td (a ) Tj ET Q q 0 0 0 rg BT 155.04 168.65 Td (percentage ) Tj ET Q q 0 0 0 rg BT 186.74 168.65 Td (of ) Tj ET Q q 0 0 0 rg BT 193.41 168.65 Td (WTI.) 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rg BT 405.53 699.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 428.05 699.90 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 699.90 Td (June ) Tj ET Q q 0 0 0 rg BT 455.56 699.90 Td (30, ) Tj ET Q q 0 0 0 rg BT 470.57 699.90 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.45 685.90 Td (1,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.00 685.90 Td ( ) Tj ET Q q 0 0 0 rg BT 112.50 685.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.00 685.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.00 685.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 183.00 685.90 Td ($67.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.00 685.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 271.01 685.90 Td (- ) Tj ET Q q 0 0 0 rg BT 276.51 685.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 685.90 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 685.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 685.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 428.05 685.90 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 685.90 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 685.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 685.90 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 88.95 671.90 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.00 671.90 Td ( ) Tj ET Q q 0 0 0 rg BT 112.50 671.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.00 671.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.00 671.90 Td (US ) Tj ET Q q 0 0 0 rg BT 176.00 671.90 Td ($49.50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.00 671.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 271.01 671.90 Td (- ) Tj ET Q q 0 0 0 rg BT 276.51 671.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 671.90 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 671.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 671.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 428.05 671.90 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 671.90 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 671.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 671.90 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 88.95 657.90 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.00 657.90 Td ( ) Tj ET Q q 0 0 0 rg BT 112.50 657.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.00 657.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.00 657.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 183.00 657.90 Td ($70.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.00 657.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 271.01 657.90 Td (- ) Tj ET Q q 0 0 0 rg BT 276.51 657.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 657.90 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 657.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 657.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 428.05 657.90 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 657.90 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 657.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 657.90 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 88.95 643.90 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.00 643.90 Td ( ) Tj ET Q q 0 0 0 rg BT 112.50 643.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.00 643.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.00 643.90 Td (US ) Tj ET Q q 0 0 0 rg BT 176.00 643.90 Td ($49.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.00 643.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 271.01 643.90 Td (- ) Tj ET Q q 0 0 0 rg BT 276.51 643.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 643.90 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 643.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 643.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 428.05 643.90 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 643.90 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 643.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 643.90 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 88.95 629.90 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.00 629.90 Td ( ) Tj ET Q q 0 0 0 rg BT 112.50 629.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.00 629.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.00 629.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 183.00 629.90 Td ($71.61) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.00 629.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 271.01 629.90 Td (- ) Tj ET Q q 0 0 0 rg BT 276.51 629.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 629.90 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 629.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 629.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 428.05 629.90 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 629.90 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 629.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 629.90 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.45 615.90 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.00 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 112.50 615.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.00 615.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.00 615.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 183.00 615.90 Td ($70.20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.00 615.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 271.01 615.90 Td (- ) Tj ET Q q 0 0 0 rg BT 276.51 615.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 615.90 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 615.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 615.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 428.05 615.90 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 615.90 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 615.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 615.90 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 88.95 601.90 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.00 601.90 Td ( ) Tj ET Q q 0 0 0 rg BT 112.50 601.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.00 601.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.00 601.90 Td (US ) Tj ET Q q 0 0 0 rg BT 176.00 601.90 Td ($51.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.00 601.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 271.01 601.90 Td (- ) Tj ET Q q 0 0 0 rg BT 276.51 601.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 601.90 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 601.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 601.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 428.05 601.90 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 601.90 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 601.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 601.90 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.45 587.90 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.00 587.90 Td ( ) Tj ET Q q 0 0 0 rg BT 112.50 587.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.00 587.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.00 587.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 183.00 587.90 Td ($68.92) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.00 587.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 271.01 587.90 Td (- ) Tj ET Q q 0 0 0 rg BT 276.51 587.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 587.90 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 587.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 587.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 428.05 587.90 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 587.90 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 587.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 587.90 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.45 573.90 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.00 573.90 Td ( ) Tj ET Q q 0 0 0 rg BT 112.50 573.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.00 573.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.00 573.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 183.00 573.90 Td ($70.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.00 573.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 271.01 573.90 Td (- ) Tj ET Q q 0 0 0 rg BT 276.51 573.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 573.90 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 573.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 573.90 Td (2019 ) Tj ET Q q 0 0 0 rg BT 428.05 573.90 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 573.90 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 573.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 573.90 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 88.95 559.90 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.00 559.90 Td ( ) Tj ET Q q 0 0 0 rg BT 112.50 559.90 Td ( ) Tj ET Q q 0 0 0 rg BT 115.00 559.90 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.00 559.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 183.00 559.90 Td ($65.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.00 559.90 Td (Sold ) Tj ET Q q 0 0 0 rg BT 266.51 559.90 Td (Call ) Tj ET Q q 0 0 0 rg BT 284.52 559.90 Td (- ) Tj ET Q q 0 0 0 rg BT 290.02 559.90 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.00 559.90 Td (January ) Tj ET Q q 0 0 0 rg BT 395.52 559.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.53 559.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 428.05 559.90 Td (- ) Tj ET Q q 0 0 0 rg BT 433.54 559.90 Td (December ) Tj ET Q q 0 0 0 rg BT 477.56 559.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.57 559.90 Td (2018) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 539.20 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 113.54 539.20 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.55 539.20 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.58 539.20 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.60 539.20 Td (, ) Tj ET Q q 0 0 0 rg BT 207.60 539.20 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 249.62 539.20 Td (entered ) Tj ET Q q 0 0 0 rg BT 282.65 539.20 Td (into ) Tj ET Q q 0 0 0 rg BT 299.66 539.20 Td (the ) Tj ET Q q 0 0 0 rg BT 314.67 539.20 Td (following ) Tj ET Q q 0 0 0 rg BT 352.19 539.20 Td (contracts ) Tj ET Q q 0 0 0 rg BT 391.21 539.20 Td (to ) Tj ET Q q 0 0 0 rg BT 401.21 539.20 Td (manage ) Tj ET Q q 0 0 0 rg BT 436.24 539.20 Td (its ) Tj ET Q q 0 0 0 rg BT 447.74 539.20 Td (overall ) Tj ET Q q 0 0 0 rg BT 476.75 539.20 Td (commodity ) Tj ET Q q 0 0 0 rg BT 522.76 539.20 Td (exposure:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 525.7 m 106.5 525.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 525.7 m 157.5 525.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 525.7 m 242.5 525.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 525.7 m 357.5 525.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 525.7 m 563.5 525.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 511.7 m 106.5 511.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 511.7 m 157.5 511.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 511.7 m 242.5 511.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 511.7 m 357.5 511.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 511.7 m 563.5 511.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 455.7 m 106.5 455.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 455.7 m 157.5 455.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 455.7 m 242.5 455.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 455.7 m 357.5 455.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 455.7 m 563.5 455.7 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 516.10 Td (V) Tj ET Q q 0 0 0 rg BT 71.67 516.10 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 160.00 516.10 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 516.10 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.00 516.10 Td (T) Tj ET Q q 0 0 0 rg BT 364.83 516.10 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 502.10 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 502.10 Td ( bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 502.10 Td (US $25.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 502.10 Td (Swap - CNWY) Tj ET Q q 0 0 0 rg BT 302.85 502.10 Td ( PN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 502.10 Td (January 1, 2018 - December 31, 2019) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 506.39 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.95 488.10 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 488.10 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 488.10 Td (US ) Tj ET Q q 0 0 0 rg BT 175.00 488.10 Td ($33.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 488.10 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 488.10 Td (- ) Tj ET Q q 0 0 0 rg BT 275.51 488.10 Td (MTB ) Tj ET Q q 0 0 0 rg BT 297.01 488.10 Td (BT) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 488.10 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 488.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 488.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 427.05 488.10 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 488.10 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 488.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 488.10 Td (2019) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 511.59 492.39 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 474.10 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 474.10 Td ( gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 474.10 Td (US $\(0.77\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 474.10 Td (Swap - ) Tj ET Q q 0 0 0 rg BT 275.01 474.10 Td (AECO Basis) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 474.10 Td (January 1, 2018 - December 31, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 460.10 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 460.10 Td ( gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 460.10 Td (US $4.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 460.10 Td (Sold Call - NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 460.10 Td (January 1, 2018 - December 31, 2018) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 446.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 446.00 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 446.00 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 446.00 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 446.00 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 446.00 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 446.00 Td (Conway ) Tj ET Q q 0 0 0 rg BT 103.68 446.00 Td (propane ) Tj ET Q q 0 0 0 rg BT 127.37 446.00 Td (price.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 438.80 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 438.80 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 438.80 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 438.80 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 438.80 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 438.80 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 438.80 Td (Mont ) Tj ET Q q 0 0 0 rg BT 95.34 438.80 Td (Belvieu ) Tj ET Q q 0 0 0 rg BT 116.69 438.80 Td (65 ) Tj ET Q q 0 0 0 rg BT 125.03 438.80 Td (nC4/35 ) Tj ET Q q 0 0 0 rg BT 146.04 438.80 Td (iC4 ) Tj ET Q q 0 0 0 rg BT 156.71 438.80 Td (price.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 422.00 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 422.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.03 422.00 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.05 422.00 Td (, ) Tj ET Q q 0 0 0 rg BT 158.05 422.00 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 200.08 422.00 Td (had ) Tj ET Q q 0 0 0 rg BT 217.60 422.00 Td (entered ) Tj ET Q q 0 0 0 rg BT 250.62 422.00 Td (into ) Tj ET Q q 0 0 0 rg BT 267.63 422.00 Td (the ) Tj ET Q q 0 0 0 rg BT 282.64 422.00 Td (following ) Tj ET Q q 0 0 0 rg BT 320.16 422.00 Td (contracts ) Tj ET Q q 0 0 0 rg BT 359.18 422.00 Td (to ) Tj ET Q q 0 0 0 rg BT 369.18 422.00 Td (purchase ) Tj ET Q q 0 0 0 rg BT 408.71 422.00 Td (electricity:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 408.5 m 106.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 394.5 m 106.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 408.5 m 157.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 394.5 m 157.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 408.5 m 242.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 394.5 m 242.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 408.5 m 357.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 394.5 m 357.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 408.5 m 563.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 394.5 m 563.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 380.5 m 106.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 394.5 m 157.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 380.5 m 157.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 380.5 m 242.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 380.5 m 357.5 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 380.5 m 563.5 380.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 398.90 Td (V) Tj ET Q q 0 0 0 rg BT 71.67 398.90 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 160.00 398.90 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 398.90 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.00 398.90 Td (T) Tj ET Q q 0 0 0 rg BT 364.83 398.90 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.95 384.90 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 384.90 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 384.90 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 384.90 Td (mwh) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 384.90 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 384.90 Td ($48.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 384.90 Td (Swap ) Tj ET Q q 0 0 0 rg BT 270.01 384.90 Td (- ) Tj ET Q q 0 0 0 rg BT 275.01 384.90 Td (AESO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.00 384.90 Td (January ) Tj ET Q q 0 0 0 rg BT 394.52 384.90 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.53 384.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 427.05 384.90 Td (- ) Tj ET Q q 0 0 0 rg BT 432.54 384.90 Td (December ) Tj ET Q q 0 0 0 rg BT 476.56 384.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 491.57 384.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 364.20 Td (The ) Tj ET Q q 0 0 0 rg BT 80.92 364.20 Td (change ) Tj ET Q q 0 0 0 rg BT 112.86 364.20 Td (in ) Tj ET Q q 0 0 0 rg BT 122.27 364.20 Td (fair ) Tj ET Q q 0 0 0 rg BT 137.19 364.20 Td (value ) Tj ET Q q 0 0 0 rg BT 161.11 364.20 Td (for ) Tj ET Q q 0 0 0 rg BT 174.03 364.20 Td (those ) Tj ET Q q 0 0 0 rg BT 198.46 364.20 Td (natural ) Tj ET Q q 0 0 0 rg BT 228.39 364.20 Td (gas ) Tj ET Q q 0 0 0 rg BT 245.31 364.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 280.74 364.20 Td (instrument ) Tj ET Q q 0 0 0 rg BT 325.17 364.20 Td (commodity ) Tj ET Q q 0 0 0 rg BT 371.09 364.20 Td (contracts ) Tj ET Q q 0 0 0 rg BT 410.01 364.20 Td (in ) Tj ET Q q 0 0 0 rg BT 419.43 364.20 Td (place ) Tj ET Q q 0 0 0 rg BT 443.36 364.20 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.27 364.20 Td (December31, ) Tj ET Q q 0 0 0 rg BT 512.21 364.20 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.23 364.20 Td ( ) Tj ET Q q 0 0 0 rg BT 534.64 364.20 Td (due ) Tj ET Q q 0 0 0 rg BT 552.07 364.20 Td (to ) Tj ET Q q 0 0 0 rg BT 561.99 364.20 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 353.40 Td ($0.10 ) Tj ET Q q 0 0 0 rg BT 87.60 353.40 Td (change ) Tj ET Q q 0 0 0 rg BT 119.20 353.40 Td (in ) Tj ET Q q 0 0 0 rg BT 128.28 353.40 Td (the ) Tj ET Q q 0 0 0 rg BT 142.86 353.40 Td (price ) Tj ET Q q 0 0 0 rg BT 164.44 353.40 Td (per ) Tj ET Q q 0 0 0 rg BT 179.53 353.40 Td (thousand ) Tj ET Q q 0 0 0 rg BT 218.63 353.40 Td (cubic ) Tj ET Q q 0 0 0 rg BT 241.72 353.40 Td (feet ) Tj ET Q q 0 0 0 rg BT 258.80 353.40 Td (of ) Tj ET Q q 0 0 0 rg BT 268.38 353.40 Td (natural ) Tj ET Q q 0 0 0 rg BT 297.98 353.40 Td (gas ) Tj ET Q q 0 0 0 rg BT 314.56 353.40 Td (- ) Tj ET Q q 0 0 0 rg BT 319.22 353.40 Td (AECO, ) Tj ET Q q 0 0 0 rg BT 349.30 353.40 Td (would ) Tj ET Q q 0 0 0 rg BT 374.89 353.40 Td (have ) Tj ET Q q 0 0 0 rg BT 396.48 353.40 Td (had ) Tj ET Q q 0 0 0 rg BT 413.57 353.40 Td (an ) Tj ET Q q 0 0 0 rg BT 425.66 353.40 Td (impact ) Tj ET Q q 0 0 0 rg BT 454.24 353.40 Td (of ) Tj ET Q q 0 0 0 rg BT 463.82 353.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 521.92 353.40 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.92 353.40 Td (8.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.43 353.40 Td ( ) Tj ET Q q 0 0 0 rg BT 541.51 353.40 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 342.60 Td (on ) Tj ET Q q 0 0 0 rg BT 75.00 342.60 Td (net ) Tj ET Q q 0 0 0 rg BT 89.51 342.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 107.51 342.60 Td (and ) Tj ET Q q 0 0 0 rg BT 124.52 342.60 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 187.54 342.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 205.54 342.60 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.54 342.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 267.06 342.60 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.08 342.60 Td ( ) Tj ET Q q 0 0 0 rg BT 289.07 342.60 Td (- ) Tj ET Q q 0 0 0 rg BT 294.06 342.60 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.07 342.60 Td (7.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.58 342.60 Td ( ) Tj ET Q q 0 0 0 rg BT 313.57 342.60 Td (million\). ) Tj ET Q q 0 0 0 rg BT 346.44 342.60 Td (The ) Tj ET Q q 0 0 0 rg BT 363.94 342.60 Td (change ) Tj ET Q q 0 0 0 rg BT 395.46 342.60 Td (in ) Tj ET Q q 0 0 0 rg BT 404.46 342.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 418.96 342.60 Td (value ) Tj ET Q q 0 0 0 rg BT 442.47 342.60 Td (for ) Tj ET Q q 0 0 0 rg BT 454.97 342.60 Td (those ) Tj ET Q q 0 0 0 rg BT 478.98 342.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 489.97 342.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.99 342.60 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 331.80 Td (commodity ) Tj ET Q q 0 0 0 rg BT 109.24 331.80 Td (contracts ) Tj ET Q q 0 0 0 rg BT 148.48 331.80 Td (in ) Tj ET Q q 0 0 0 rg BT 158.21 331.80 Td (place ) Tj ET Q q 0 0 0 rg BT 182.46 331.80 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 192.69 331.80 Td (December31, ) Tj ET Q q 0 0 0 rg BT 251.94 331.80 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.96 331.80 Td ( ) Tj ET Q q 0 0 0 rg BT 274.69 331.80 Td (due ) Tj ET Q q 0 0 0 rg BT 292.44 331.80 Td (to ) Tj ET Q q 0 0 0 rg BT 302.67 331.80 Td (a ) Tj ET Q q 0 0 0 rg BT 310.40 331.80 Td ($1.00 ) Tj ET Q q 0 0 0 rg BT 335.65 331.80 Td (change ) Tj ET Q q 0 0 0 rg BT 367.91 331.80 Td (in ) Tj ET Q q 0 0 0 rg BT 377.64 331.80 Td (the ) Tj ET Q q 0 0 0 rg BT 392.88 331.80 Td (price ) Tj ET Q q 0 0 0 rg BT 415.11 331.80 Td (per ) Tj ET Q q 0 0 0 rg BT 430.85 331.80 Td (barrel ) Tj ET Q q 0 0 0 rg BT 456.58 331.80 Td (of ) Tj ET Q q 0 0 0 rg BT 466.82 331.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 478.55 331.80 Td (- ) Tj ET Q q 0 0 0 rg BT 484.27 331.80 Td (WTI ) Tj ET Q q 0 0 0 rg BT 503.49 331.80 Td (would ) Tj ET Q q 0 0 0 rg BT 529.74 331.80 Td (have ) Tj ET Q q 0 0 0 rg BT 551.98 331.80 Td (had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 321.00 Td (an ) Tj ET Q q 0 0 0 rg BT 75.51 321.00 Td (impact ) Tj ET Q q 0 0 0 rg BT 104.52 321.00 Td (of ) Tj ET Q q 0 0 0 rg BT 114.53 321.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 173.05 321.00 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.06 321.00 Td (2.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.57 321.00 Td ( ) Tj ET Q q 0 0 0 rg BT 193.07 321.00 Td (million ) Tj ET Q q 0 0 0 rg BT 221.08 321.00 Td (on ) Tj ET Q q 0 0 0 rg BT 233.59 321.00 Td (net ) Tj ET Q q 0 0 0 rg BT 248.60 321.00 Td (loss ) Tj ET Q q 0 0 0 rg BT 267.10 321.00 Td (and ) Tj ET Q q 0 0 0 rg BT 284.62 321.00 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 348.15 321.00 Td (loss ) Tj ET Q q 0 0 0 rg BT 366.66 321.00 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.65 321.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 428.68 321.00 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.70 321.00 Td ( ) Tj ET Q q 0 0 0 rg BT 451.20 321.00 Td (- ) Tj ET Q q 0 0 0 rg BT 456.70 321.00 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.71 321.00 Td (1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.22 321.00 Td ( ) Tj ET Q q 0 0 0 rg BT 476.72 321.00 Td (million\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 304.20 Td (Financial ) Tj ET Q q 0 0 0 rg BT 101.65 304.20 Td (instrument ) Tj ET Q q 0 0 0 rg BT 146.30 304.20 Td (commodity ) Tj ET Q q 0 0 0 rg BT 192.44 304.20 Td (contracts ) Tj ET Q q 0 0 0 rg BT 231.59 304.20 Td (are ) Tj ET Q q 0 0 0 rg BT 247.23 304.20 Td (recorded ) Tj ET Q q 0 0 0 rg BT 285.38 304.20 Td (on ) Tj ET Q q 0 0 0 rg BT 298.02 304.20 Td (the ) Tj ET Q q 0 0 0 rg BT 313.17 304.20 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 366.34 304.20 Td (statement ) Tj ET Q q 0 0 0 rg BT 408.49 304.20 Td (of ) Tj ET Q q 0 0 0 rg BT 418.63 304.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 454.28 304.20 Td (position ) Tj ET Q q 0 0 0 rg BT 487.93 304.20 Td (at ) Tj ET Q q 0 0 0 rg BT 498.07 304.20 Td (fair ) Tj ET Q q 0 0 0 rg BT 513.21 304.20 Td (value ) Tj ET Q q 0 0 0 rg BT 537.35 304.20 Td (at ) Tj ET Q q 0 0 0 rg BT 547.49 304.20 Td (each ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 293.40 Td (reporting ) Tj ET Q q 0 0 0 rg BT 101.11 293.40 Td (period ) Tj ET Q q 0 0 0 rg BT 128.71 293.40 Td (with ) Tj ET Q q 0 0 0 rg BT 147.30 293.40 Td (the ) Tj ET Q q 0 0 0 rg BT 162.40 293.40 Td (change ) Tj ET Q q 0 0 0 rg BT 194.51 293.40 Td (in ) Tj ET Q q 0 0 0 rg BT 204.10 293.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 219.18 293.40 Td (value ) Tj ET Q q 0 0 0 rg BT 243.28 293.40 Td (being ) Tj ET Q q 0 0 0 rg BT 267.89 293.40 Td (recognized ) Tj ET Q q 0 0 0 rg BT 314.50 293.40 Td (as ) Tj ET Q q 0 0 0 rg BT 326.59 293.40 Td (an ) Tj ET Q q 0 0 0 rg BT 339.19 293.40 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 383.30 293.40 Td (gain ) Tj ET Q q 0 0 0 rg BT 402.90 293.40 Td (or ) Tj ET Q q 0 0 0 rg BT 413.49 293.40 Td (loss ) Tj ET Q q 0 0 0 rg BT 432.08 293.40 Td (on ) Tj ET Q q 0 0 0 rg BT 444.68 293.40 Td (the ) Tj ET Q q 0 0 0 rg BT 459.77 293.40 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 512.90 293.40 Td (statements ) Tj ET Q q 0 0 0 rg BT 559.50 293.40 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 282.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 81.37 282.60 Td (and ) Tj ET Q q 0 0 0 rg BT 98.75 282.60 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 162.14 282.60 Td (loss. ) Tj ET Q q 0 0 0 rg BT 182.54 282.60 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.41 282.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 252.30 282.60 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.32 282.60 Td (, ) Tj ET Q q 0 0 0 rg BT 277.19 282.60 Td (the ) Tj ET Q q 0 0 0 rg BT 292.06 282.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 306.93 282.60 Td (value ) Tj ET Q q 0 0 0 rg BT 330.81 282.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 368.69 282.60 Td (on ) Tj ET Q q 0 0 0 rg BT 381.07 282.60 Td (the ) Tj ET Q q 0 0 0 rg BT 395.94 282.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 448.84 282.60 Td (statement ) Tj ET Q q 0 0 0 rg BT 490.73 282.60 Td (of ) Tj ET Q q 0 0 0 rg BT 500.60 282.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 535.98 282.60 Td (position ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 271.80 Td (for ) Tj ET Q q 0 0 0 rg BT 76.55 271.80 Td (these ) Tj ET Q q 0 0 0 rg BT 101.60 271.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 137.67 271.80 Td (instrument ) Tj ET Q q 0 0 0 rg BT 182.73 271.80 Td (commodity ) Tj ET Q q 0 0 0 rg BT 229.28 271.80 Td (contracts ) Tj ET Q q 0 0 0 rg BT 268.84 271.80 Td (was ) Tj ET Q q 0 0 0 rg BT 287.88 271.80 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.93 271.80 Td (net ) Tj ET Q q 0 0 0 rg BT 311.48 271.80 Td (liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.49 271.80 Td ( ) Tj ET Q q 0 0 0 rg BT 341.54 271.80 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.08 271.80 Td ($81.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.61 271.80 Td ( ) Tj ET Q q 0 0 0 rg BT 377.65 271.80 Td (million ) Tj ET Q q 0 0 0 rg BT 406.20 271.80 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.19 271.80 Td (December31, ) Tj ET Q q 0 0 0 rg BT 468.76 271.80 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.78 271.80 Td ( ) Tj ET Q q 0 0 0 rg BT 491.83 271.80 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.87 271.80 Td ($80.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.39 271.80 Td ( ) Tj ET Q q 0 0 0 rg BT 523.43 271.80 Td (million, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.48 271.80 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 261.00 Td (asset) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.51 261.00 Td (\) ) Tj ET Q q 0 0 0 rg BT 91.15 261.00 Td (of ) Tj ET Q q 0 0 0 rg BT 102.31 261.00 Td (which ) Tj ET Q q 0 0 0 rg BT 128.96 261.00 Td (a ) Tj ET Q q 0 0 0 rg BT 137.61 261.00 Td (net ) Tj ET Q q 0 0 0 rg BT 153.77 261.00 Td (liability ) Tj ET Q q 0 0 0 rg BT 184.42 261.00 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.57 261.00 Td ($48.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.10 261.00 Td ( ) Tj ET Q q 0 0 0 rg BT 221.74 261.00 Td (million ) Tj ET Q q 0 0 0 rg BT 250.89 261.00 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.89 261.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 314.06 261.00 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.08 261.00 Td ( ) Tj ET Q q 0 0 0 rg BT 337.73 261.00 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.37 261.00 Td ($63.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.89 261.00 Td ( ) Tj ET Q q 0 0 0 rg BT 370.54 261.00 Td (million, ) Tj ET Q q 0 0 0 rg BT 402.19 261.00 Td (net ) Tj ET Q q 0 0 0 rg BT 418.35 261.00 Td (asset\) ) Tj ET Q q 0 0 0 rg BT 446.50 261.00 Td (relates ) Tj ET Q q 0 0 0 rg BT 477.16 261.00 Td (to ) Tj ET Q q 0 0 0 rg BT 488.31 261.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.98 261.00 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 250.20 Td (commodity ) Tj ET Q q 0 0 0 rg BT 108.98 250.20 Td (contracts ) Tj ET Q q 0 0 0 rg BT 147.95 250.20 Td (with ) Tj ET Q q 0 0 0 rg BT 166.42 250.20 Td (term ) Tj ET Q q 0 0 0 rg BT 186.89 250.20 Td (dates ) Tj ET Q q 0 0 0 rg BT 211.37 250.20 Td (within ) Tj ET Q q 0 0 0 rg BT 236.84 250.20 Td (one ) Tj ET Q q 0 0 0 rg BT 254.33 250.20 Td (year ) Tj ET Q q 0 0 0 rg BT 274.30 250.20 Td (and ) Tj ET Q q 0 0 0 rg BT 291.78 250.20 Td (a ) Tj ET Q q 0 0 0 rg BT 299.25 250.20 Td (net ) Tj ET Q q 0 0 0 rg BT 314.23 250.20 Td (liability ) Tj ET Q q 0 0 0 rg BT 343.70 250.20 Td (of ) Tj ET Q q 0 0 0 rg BT 353.67 250.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.13 250.20 Td ($33.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.66 250.20 Td ( ) Tj ET Q q 0 0 0 rg BT 381.12 250.20 Td (million ) Tj ET Q q 0 0 0 rg BT 409.09 250.20 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.09 250.20 Td (December31, ) Tj ET Q q 0 0 0 rg BT 471.08 250.20 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.10 250.20 Td ( ) Tj ET Q q 0 0 0 rg BT 493.57 250.20 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.03 250.20 Td ($17.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.55 250.20 Td ( ) Tj ET Q q 0 0 0 rg BT 524.02 250.20 Td (million, ) Tj ET Q q 0 0 0 rg BT 554.49 250.20 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 239.40 Td (asset\) ) Tj ET Q q 0 0 0 rg BT 93.03 239.40 Td (relates ) Tj ET Q q 0 0 0 rg BT 125.56 239.40 Td (to ) Tj ET Q q 0 0 0 rg BT 138.58 239.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.12 239.40 Td (instrument ) Tj ET Q q 0 0 0 rg BT 224.65 239.40 Td (commodity ) Tj ET Q q 0 0 0 rg BT 273.68 239.40 Td (contracts ) Tj ET Q q 0 0 0 rg BT 315.71 239.40 Td (with ) Tj ET Q q 0 0 0 rg BT 337.23 239.40 Td (term ) Tj ET Q q 0 0 0 rg BT 360.75 239.40 Td (dates ) Tj ET Q q 0 0 0 rg BT 388.29 239.40 Td (beyond ) Tj ET Q q 0 0 0 rg BT 423.33 239.40 Td (one ) Tj ET Q q 0 0 0 rg BT 443.86 239.40 Td (year) Tj ET Q q 0 0 0 rg BT 460.88 239.40 Td (. ) Tj ET Q q 0 0 0 rg BT 468.89 239.40 Td (During ) Tj ET Q q 0 0 0 rg BT 500.92 239.40 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.95 239.40 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.46 239.40 Td ( ) Tj ET Q q 0 0 0 rg BT 541.98 239.40 Td (ended ) Tj ET Q q 0 0 0 rg BT 569.50 239.40 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 239.40 Td ( ) Tj ET Q q 0 0 0 rg BT 574.51 239.40 Td ( ) Tj ET Q q 0 0 0 rg BT 577.01 239.40 Td ( ) Tj ET Q q 0 0 0 rg BT 579.51 239.40 Td ( ) Tj ET Q q 0 0 0 rg BT 582.01 239.40 Td ( ) Tj ET Q q 0 0 0 rg BT 584.51 239.40 Td ( ) Tj ET Q q 0 0 0 rg BT 587.01 239.40 Td ( ) Tj ET Q q 0 0 0 rg BT 589.51 239.40 Td ( ) Tj ET Q q 0 0 0 rg BT 592.01 239.40 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 239.40 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 239.40 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 228.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 121.93 228.60 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.95 228.60 Td (, ) Tj ET Q q 0 0 0 rg BT 146.86 228.60 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.27 228.60 Td (net ) Tj ET Q q 0 0 0 rg BT 169.19 228.60 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.20 228.60 Td ( ) Tj ET Q q 0 0 0 rg BT 187.60 228.60 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.51 228.60 Td ($70.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.04 228.60 Td ( ) Tj ET Q q 0 0 0 rg BT 222.44 228.60 Td (million ) Tj ET Q q 0 0 0 rg BT 250.35 228.60 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.35 228.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 312.28 228.60 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.31 228.60 Td ( ) Tj ET Q q 0 0 0 rg BT 334.71 228.60 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.12 228.60 Td ($75.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.64 228.60 Td ( ) Tj ET Q q 0 0 0 rg BT 365.04 228.60 Td (million, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.46 228.60 Td (net ) Tj ET Q q 0 0 0 rg BT 410.37 228.60 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.39 228.60 Td (\) ) Tj ET Q q 0 0 0 rg BT 432.79 228.60 Td (was ) Tj ET Q q 0 0 0 rg BT 451.20 228.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 489.13 228.60 Td (on ) Tj ET Q q 0 0 0 rg BT 501.55 228.60 Td (the ) Tj ET Q q 0 0 0 rg BT 516.47 228.60 Td (consolidated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 217.80 Td (statement ) Tj ET Q q 0 0 0 rg BT 105.37 217.80 Td (of ) Tj ET Q q 0 0 0 rg BT 115.72 217.80 Td (loss ) Tj ET Q q 0 0 0 rg BT 134.57 217.80 Td (and ) Tj ET Q q 0 0 0 rg BT 152.44 217.80 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 216.31 217.80 Td (loss, ) Tj ET Q q 0 0 0 rg BT 237.67 217.80 Td (consisting ) Tj ET Q q 0 0 0 rg BT 280.53 217.80 Td (of ) Tj ET Q q 0 0 0 rg BT 290.89 217.80 Td (a ) Tj ET Q q 0 0 0 rg BT 298.74 217.80 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.10 217.80 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.12 217.80 Td ( ) Tj ET Q q 0 0 0 rg BT 352.97 217.80 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.32 217.80 Td ($91.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.84 217.80 Td ( ) Tj ET Q q 0 0 0 rg BT 388.69 217.80 Td (million ) Tj ET Q q 0 0 0 rg BT 417.04 217.80 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.04 217.80 Td (December31, ) Tj ET Q q 0 0 0 rg BT 479.41 217.80 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.44 217.80 Td ( ) Tj ET Q q 0 0 0 rg BT 502.28 217.80 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.13 217.80 Td ($149.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.65 217.80 Td ( ) Tj ET Q q 0 0 0 rg BT 538.50 217.80 Td (million\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 207.00 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 207.00 Td (an ) Tj ET Q q 0 0 0 rg BT 93.03 207.00 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 137.06 207.00 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.06 207.00 Td ( ) Tj ET Q q 0 0 0 rg BT 155.56 207.00 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.57 207.00 Td ($161.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.10 207.00 Td ( ) Tj ET Q q 0 0 0 rg BT 195.60 207.00 Td (million ) Tj ET Q q 0 0 0 rg BT 223.60 207.00 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.60 207.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 285.63 207.00 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.65 207.00 Td ( ) Tj ET Q q 0 0 0 rg BT 308.15 207.00 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.65 207.00 Td ($73.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.17 207.00 Td ( ) Tj ET Q q 0 0 0 rg BT 338.67 207.00 Td (million\).) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 190.20 Td (Physical ) Tj ET Q q 0 0 0 rg BT 102.02 190.20 Td (purchase ) Tj ET Q q 0 0 0 rg BT 144.54 190.20 Td (and ) Tj ET Q q 0 0 0 rg BT 163.04 190.20 Td (sale ) Tj ET Q q 0 0 0 rg BT 183.06 190.20 Td (contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 173.40 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 173.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.03 173.40 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.05 173.40 Td (, ) Tj ET Q q 0 0 0 rg BT 158.05 173.40 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 200.08 173.40 Td (entered ) Tj ET Q q 0 0 0 rg BT 233.10 173.40 Td (into ) Tj ET Q q 0 0 0 rg BT 250.11 173.40 Td (the ) Tj ET Q q 0 0 0 rg BT 265.13 173.40 Td (following ) Tj ET Q q 0 0 0 rg BT 302.65 173.40 Td (physical ) Tj ET Q q 0 0 0 rg BT 337.66 173.40 Td (contracts ) Tj ET Q q 0 0 0 rg BT 376.68 173.40 Td (to ) Tj ET Q q 0 0 0 rg BT 386.68 173.40 Td (sell ) Tj ET Q q 0 0 0 rg BT 402.69 173.40 Td (natural ) Tj ET Q q 0 0 0 rg BT 432.71 173.40 Td (gas:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 159.89999999999998 m 106.5 159.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 159.89999999999998 m 157.5 159.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 159.89999999999998 m 242.5 159.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 159.89999999999998 m 564.5 159.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 145.89999999999998 m 106.5 145.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 145.89999999999998 m 157.5 145.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 145.89999999999998 m 242.5 145.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 145.89999999999998 m 564.5 145.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 89.89999999999998 m 106.5 89.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 106.5 89.89999999999998 m 157.5 89.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 89.89999999999998 m 242.5 89.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 89.89999999999998 m 564.5 89.89999999999998 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 150.30 Td (V) Tj ET Q q 0 0 0 rg BT 71.67 150.30 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 160.00 150.30 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.00 150.30 Td (T) Tj ET Q q 0 0 0 rg BT 249.83 150.30 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 136.30 Td (40,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 136.30 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 136.30 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 136.30 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 136.30 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 136.30 Td ($3.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 136.30 Td (January ) Tj ET Q q 0 0 0 rg BT 279.52 136.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 289.53 136.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 312.05 136.30 Td (- ) Tj ET Q q 0 0 0 rg BT 317.54 136.30 Td (December ) Tj ET Q q 0 0 0 rg BT 361.56 136.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.57 136.30 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 396.59 140.59 Td (\(1\)\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 122.30 Td (15,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 122.30 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 122.30 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 122.30 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 122.30 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 122.30 Td ($2.79) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 122.30 Td (April ) Tj ET Q q 0 0 0 rg BT 265.50 122.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 275.51 122.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 298.03 122.30 Td (- ) Tj ET Q q 0 0 0 rg BT 303.53 122.30 Td (October ) Tj ET Q q 0 0 0 rg BT 338.05 122.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 353.06 122.30 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 373.08 126.59 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 108.30 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 108.30 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 108.30 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 108.30 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.00 108.30 Td (CDN ) Tj ET Q q 0 0 0 rg BT 182.00 108.30 Td ($3.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.00 108.30 Td (January ) Tj ET Q q 0 0 0 rg BT 279.52 108.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 289.53 108.30 Td (2018 ) Tj ET Q q 0 0 0 rg BT 312.05 108.30 Td (- ) Tj ET Q q 0 0 0 rg BT 317.54 108.30 Td (December ) Tj ET Q q 0 0 0 rg BT 361.56 108.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.57 108.30 Td (2018) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 396.59 112.59 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.45 94.30 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.00 94.30 Td ( ) Tj ET Q q 0 0 0 rg BT 111.50 94.30 Td ( ) Tj ET Q q 0 0 0 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0 0 rg BT 191.50 603.95 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.50 603.95 Td (Notional US$) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 603.95 Td (CDN$/US$) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 589.95 Td (June 5, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 589.95 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.50 589.95 Td ($12,500,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.50 589.95 Td (1.3120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 575.95 Td (November 2, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 575.95 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.50 575.95 Td ($90,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.50 575.95 Td (1.3136) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 561.95 Td (November 2, 2020) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 561.95 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.50 561.95 Td ($160,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.50 561.95 Td (1.3049) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 547.95 Td (October 25, 2021) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 547.95 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.50 547.95 Td ($150,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.50 547.95 Td (1.2991) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 533.95 Td (November 2, 2022) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 533.95 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.50 533.95 Td ($50,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.50 533.95 Td (1.3012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 519.95 Td (May 23, 2023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 519.95 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.50 519.95 Td ($40,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.50 519.95 Td (1.2974) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 499.25 Td (Holding ) Tj ET Q q 0 0 0 rg BT 95.82 499.25 Td (all ) Tj ET Q q 0 0 0 rg BT 107.12 499.25 Td (other ) Tj ET Q q 0 0 0 rg BT 129.93 499.25 Td (variables ) Tj ET Q q 0 0 0 rg BT 168.25 499.25 Td (constant, ) Tj ET Q q 0 0 0 rg BT 207.07 499.25 Td (a ) Tj ET Q q 0 0 0 rg BT 214.38 499.25 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 239.20 499.25 Td (change ) Tj ET Q q 0 0 0 rg BT 271.02 499.25 Td (in ) Tj ET Q q 0 0 0 rg BT 280.33 499.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.14 499.25 Td (CDN$/US$ ) Tj ET Q q 0 0 0 rg BT 341.95 499.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 383.28 499.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 401.09 499.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.89 499.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 469.72 499.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.74 499.25 Td ( ) Tj ET Q q 0 0 0 rg BT 492.04 499.25 Td (would ) Tj ET Q q 0 0 0 rg BT 517.85 499.25 Td (have ) Tj ET Q q 0 0 0 rg BT 539.67 499.25 Td (had ) Tj ET Q q 0 0 0 rg BT 556.98 499.25 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 488.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 91.75 488.45 Td (of ) Tj ET Q q 0 0 0 rg BT 101.50 488.45 Td (approximately ) Tj ET Q q 0 0 0 rg BT 159.77 488.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.78 488.45 Td (3.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.29 488.45 Td ( ) Tj ET Q q 0 0 0 rg BT 179.53 488.45 Td (million ) Tj ET Q q 0 0 0 rg BT 207.28 488.45 Td (on ) Tj ET Q q 0 0 0 rg BT 219.54 488.45 Td (net ) Tj ET Q q 0 0 0 rg BT 234.29 488.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 252.54 488.45 Td (and ) Tj ET Q q 0 0 0 rg BT 269.80 488.45 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 333.08 488.45 Td (loss. ) Tj ET Q q 0 0 0 rg BT 353.68 488.45 Td (The ) Tj ET Q q 0 0 0 rg BT 371.43 488.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 386.18 488.45 Td (value ) Tj ET Q q 0 0 0 rg BT 409.94 488.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 447.71 488.45 Td (on ) Tj ET Q q 0 0 0 rg BT 459.96 488.45 Td (the ) Tj ET Q q 0 0 0 rg BT 474.72 488.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 527.50 488.45 Td (statement ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 477.65 Td (of ) Tj ET Q q 0 0 0 rg BT 72.07 477.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.66 477.65 Td (position ) Tj ET Q q 0 0 0 rg BT 139.24 477.65 Td (for ) Tj ET Q q 0 0 0 rg BT 151.31 477.65 Td (these ) Tj ET Q q 0 0 0 rg BT 174.89 477.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 209.48 477.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 253.06 477.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 291.14 477.65 Td (as ) Tj ET Q q 0 0 0 rg BT 302.21 477.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.28 477.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 369.38 477.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.40 477.65 Td ( ) Tj ET Q q 0 0 0 rg BT 390.96 477.65 Td (was ) Tj ET Q q 0 0 0 rg BT 408.53 477.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.10 477.65 Td (net ) Tj ET Q q 0 0 0 rg BT 429.18 477.65 Td (asset) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.69 477.65 Td ( ) Tj ET Q q 0 0 0 rg BT 452.26 477.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.33 477.65 Td ($4.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.84 477.65 Td ( ) Tj ET Q q 0 0 0 rg BT 480.41 477.65 Td (million ) Tj ET Q q 0 0 0 rg BT 507.48 477.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.48 477.65 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 466.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.02 466.85 Td ( ) Tj ET Q q 0 0 0 rg BT 85.54 466.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.05 466.85 Td ($70.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 113.57 466.85 Td ( ) Tj ET Q q 0 0 0 rg BT 116.09 466.85 Td (million\) ) Tj ET Q q 0 0 0 rg BT 147.10 466.85 Td (of ) Tj ET Q q 0 0 0 rg BT 157.13 466.85 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.65 466.85 Td ($2.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 200.17 466.85 Td ( ) Tj ET Q q 0 0 0 rg BT 202.68 466.85 Td (million ) Tj ET Q q 0 0 0 rg BT 230.70 466.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.70 466.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 292.74 466.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.76 466.85 Td ( ) Tj ET Q q 0 0 0 rg BT 315.28 466.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.79 466.85 Td ($2.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.31 466.85 Td ( ) Tj ET Q q 0 0 0 rg BT 340.82 466.85 Td (million\) ) Tj ET Q q 0 0 0 rg BT 371.84 466.85 Td (relates ) Tj ET Q q 0 0 0 rg BT 401.37 466.85 Td (to ) Tj ET Q q 0 0 0 rg BT 411.39 466.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 446.93 466.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 491.46 466.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 530.49 466.85 Td (with ) Tj ET Q q 0 0 0 rg BT 549.01 466.85 Td (term ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 456.05 Td (dates ) Tj ET Q q 0 0 0 rg BT 87.75 456.05 Td (within ) Tj ET Q q 0 0 0 rg BT 113.50 456.05 Td (one ) Tj ET Q q 0 0 0 rg BT 131.25 456.05 Td (year ) Tj ET Q q 0 0 0 rg BT 151.50 456.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.25 456.05 Td ($1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.76 456.05 Td ( ) Tj ET Q q 0 0 0 rg BT 189.50 456.05 Td (million ) Tj ET Q q 0 0 0 rg BT 217.74 456.05 Td (relate ) Tj ET Q q 0 0 0 rg BT 242.99 456.05 Td (to ) Tj ET Q q 0 0 0 rg BT 253.23 456.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.99 456.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 333.74 456.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 372.99 456.05 Td (with ) Tj ET Q q 0 0 0 rg BT 391.74 456.05 Td (term ) Tj ET Q q 0 0 0 rg BT 412.47 456.05 Td (dates ) Tj ET Q q 0 0 0 rg BT 437.23 456.05 Td (beyond ) Tj ET Q q 0 0 0 rg BT 469.49 456.05 Td (one ) Tj ET Q q 0 0 0 rg BT 487.24 456.05 Td (year ) Tj ET Q q 0 0 0 rg BT 507.48 456.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.48 456.05 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 445.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.02 445.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.52 445.25 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.02 445.25 Td ($68.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 113.54 445.25 Td ( ) Tj ET Q q 0 0 0 rg BT 116.04 445.25 Td (million\). ) Tj ET Q q 0 0 0 rg BT 149.55 445.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 428.45 Td (For ) Tj ET Q q 0 0 0 rg BT 78.91 428.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.82 428.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 111.33 428.45 Td ( ) Tj ET Q q 0 0 0 rg BT 113.74 428.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.17 428.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 200.10 428.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.13 428.45 Td (, ) Tj ET Q q 0 0 0 rg BT 225.03 428.45 Td (an ) Tj ET Q q 0 0 0 rg BT 237.45 428.45 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.38 428.45 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.39 428.45 Td ( ) Tj ET Q q 0 0 0 rg BT 299.79 428.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.71 428.45 Td ($66.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.23 428.45 Td ( ) Tj ET Q q 0 0 0 rg BT 334.64 428.45 Td (million ) Tj ET Q q 0 0 0 rg BT 362.55 428.45 Td (was ) Tj ET Q q 0 0 0 rg BT 380.96 428.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 418.89 428.45 Td (on ) Tj ET Q q 0 0 0 rg BT 431.30 428.45 Td (the ) Tj ET Q q 0 0 0 rg BT 446.22 428.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 499.16 428.45 Td (statement ) Tj ET Q q 0 0 0 rg BT 541.09 428.45 Td (of ) Tj ET Q q 0 0 0 rg BT 551.00 428.45 Td (loss ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 417.65 Td (and ) Tj ET Q q 0 0 0 rg BT 81.80 417.65 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 146.61 417.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 166.40 417.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.39 417.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 229.70 417.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.72 417.65 Td ( ) Tj ET Q q 0 0 0 rg BT 253.51 417.65 Td (- ) Tj ET Q q 0 0 0 rg BT 260.29 417.65 Td ($54.7 ) Tj ET Q q 0 0 0 rg BT 286.59 417.65 Td (million ) Tj ET Q q 0 0 0 rg BT 315.88 417.65 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 361.19 417.65 Td (gain\). ) Tj ET Q q 0 0 0 rg BT 387.48 417.65 Td (During ) Tj ET Q q 0 0 0 rg BT 417.78 417.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.07 417.65 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.58 417.65 Td ( ) Tj ET Q q 0 0 0 rg BT 455.36 417.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.17 417.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 544.48 417.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.50 417.65 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 406.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 104.94 406.85 Td (reduced ) Tj ET Q q 0 0 0 rg BT 139.88 406.85 Td (its ) Tj ET Q q 0 0 0 rg BT 151.29 406.85 Td (exposure ) Tj ET Q q 0 0 0 rg BT 190.73 406.85 Td (to ) Tj ET Q q 0 0 0 rg BT 200.65 406.85 Td (foreign ) Tj ET Q q 0 0 0 rg BT 230.58 406.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 272.02 406.85 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 319.96 406.85 Td (on ) Tj ET Q q 0 0 0 rg BT 332.39 406.85 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 381.34 406.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.77 406.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 461.20 406.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 500.13 406.85 Td (by ) Tj ET Q q 0 0 0 rg BT 512.05 406.85 Td (monetizing ) Tj ET Q q 0 0 0 rg BT 557.99 406.85 Td (all ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 396.05 Td (positions ) Tj ET Q q 0 0 0 rg BT 101.17 396.05 Td (and ) Tj ET Q q 0 0 0 rg BT 118.83 396.05 Td (re-couponing ) Tj ET Q q 0 0 0 rg BT 174.01 396.05 Td (at ) Tj ET Q q 0 0 0 rg BT 184.16 396.05 Td (the ) Tj ET Q q 0 0 0 rg BT 199.31 396.05 Td (then ) Tj ET Q q 0 0 0 rg BT 219.47 396.05 Td (current ) Tj ET Q q 0 0 0 rg BT 250.13 396.05 Td (market ) Tj ET Q q 0 0 0 rg BT 280.28 396.05 Td (rates. ) Tj ET Q q 0 0 0 rg BT 304.91 396.05 Td (As ) Tj ET Q q 0 0 0 rg BT 318.06 396.05 Td (a ) Tj ET Q q 0 0 0 rg BT 325.71 396.05 Td (result ) Tj ET Q q 0 0 0 rg BT 350.36 396.05 Td (of ) Tj ET Q q 0 0 0 rg BT 360.51 396.05 Td (these ) Tj ET Q q 0 0 0 rg BT 385.17 396.05 Td (transactions ) Tj ET Q q 0 0 0 rg BT 436.34 396.05 Td (a ) Tj ET Q q 0 0 0 rg BT 443.99 396.05 Td (realized ) Tj ET Q q 0 0 0 rg BT 478.15 396.05 Td (foreign ) Tj ET Q q 0 0 0 rg BT 508.31 396.05 Td (exchange ) Tj ET Q q 0 0 0 rg BT 549.99 396.05 Td (gain ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 385.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.01 385.25 Td ($48.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.53 385.25 Td ( ) Tj ET Q q 0 0 0 rg BT 98.03 385.25 Td (million ) Tj ET Q q 0 0 0 rg BT 126.04 385.25 Td (was ) Tj ET Q q 0 0 0 rg BT 144.54 385.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 191.07 385.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.07 385.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 253.09 385.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.12 385.25 Td ( ) Tj ET Q q 0 0 0 rg BT 275.62 385.25 Td (- ) Tj ET Q q 0 0 0 rg BT 281.11 385.25 Td (nil\).) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 368.45 Td (Interest ) Tj ET Q q 0 0 0 rg BT 98.01 368.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 117.02 368.45 Td (risk) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 351.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.52 351.65 Td (is ) Tj ET Q q 0 0 0 rg BT 115.01 351.65 Td (exposed ) Tj ET Q q 0 0 0 rg BT 152.03 351.65 Td (to ) Tj ET Q q 0 0 0 rg BT 162.53 351.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 195.04 351.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 213.54 351.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 230.53 351.65 Td (on ) Tj ET Q q 0 0 0 rg BT 243.54 351.65 Td (any ) Tj ET Q q 0 0 0 rg BT 261.04 351.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 294.05 351.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 343.58 351.65 Td (on ) Tj ET Q q 0 0 0 rg BT 356.59 351.65 Td (its ) Tj ET Q q 0 0 0 rg BT 368.58 351.65 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 410.11 351.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 432.62 351.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 457.62 351.65 Td (facility) Tj ET Q q 0 0 0 rg BT 481.96 351.65 Td (. ) Tj ET Q q 0 0 0 rg BT 487.45 351.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 529.97 351.65 Td (manages ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 340.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 95.39 340.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 113.78 340.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 130.66 340.85 Td (by ) Tj ET Q q 0 0 0 rg BT 143.05 340.85 Td (having ) Tj ET Q q 0 0 0 rg BT 172.45 340.85 Td (both ) Tj ET Q q 0 0 0 rg BT 192.84 340.85 Td (fixed ) Tj ET Q q 0 0 0 rg BT 214.73 340.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 247.13 340.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 270.02 340.85 Td (on ) Tj ET Q q 0 0 0 rg BT 282.91 340.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 310.30 340.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 355.21 340.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 380.11 340.85 Td (and ) Tj ET Q q 0 0 0 rg BT 398.00 340.85 Td (floating ) Tj ET Q q 0 0 0 rg BT 429.91 340.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 462.30 340.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 485.19 340.85 Td (on ) Tj ET Q q 0 0 0 rg BT 498.08 340.85 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 547.50 340.85 Td (bank ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 330.05 Td (debt. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 313.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 91.50 313.25 Td (risk) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 296.45 Td (Credit ) Tj ET Q q 0 0 0 rg BT 88.78 296.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 104.55 296.45 Td (is ) Tj ET Q q 0 0 0 rg BT 112.83 296.45 Td (the ) Tj ET Q q 0 0 0 rg BT 127.11 296.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 142.88 296.45 Td (of ) Tj ET Q q 0 0 0 rg BT 152.16 296.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 186.96 296.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 204.73 296.45 Td (to ) Tj ET Q q 0 0 0 rg BT 214.01 296.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 255.31 296.45 Td (if ) Tj ET Q q 0 0 0 rg BT 261.59 296.45 Td (a ) Tj ET Q q 0 0 0 rg BT 268.37 296.45 Td (customer ) Tj ET Q q 0 0 0 rg BT 307.15 296.45 Td (or ) Tj ET Q q 0 0 0 rg BT 316.93 296.45 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 368.73 296.45 Td (to ) Tj ET Q q 0 0 0 rg BT 378.01 296.45 Td (a ) Tj ET Q q 0 0 0 rg BT 384.79 296.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 419.58 296.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 463.37 296.45 Td (fails ) Tj ET Q q 0 0 0 rg BT 481.15 296.45 Td (to ) Tj ET Q q 0 0 0 rg BT 490.43 296.45 Td (meet ) Tj ET Q q 0 0 0 rg BT 512.21 296.45 Td (its ) Tj ET Q q 0 0 0 rg BT 522.99 296.45 Td (contractual ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 285.65 Td (obligation ) Tj ET Q q 0 0 0 rg BT 104.03 285.65 Td (and ) Tj ET Q q 0 0 0 rg BT 121.55 285.65 Td (arises, ) Tj ET Q q 0 0 0 rg BT 150.56 285.65 Td (primarily ) Tj ET Q q 0 0 0 rg BT 187.06 285.65 Td (from ) Tj ET Q q 0 0 0 rg BT 207.56 285.65 Td (joint ) Tj ET Q q 0 0 0 rg BT 226.57 285.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 271.10 285.65 Td (partners, ) Tj ET Q q 0 0 0 rg BT 309.12 285.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 320.62 285.65 Td (and ) Tj ET Q q 0 0 0 rg BT 338.14 285.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 368.16 285.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 385.17 285.65 Td (marketers ) Tj ET Q q 0 0 0 rg BT 427.68 285.65 Td (and ) Tj ET Q q 0 0 0 rg BT 445.19 285.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 480.71 285.65 Td (intermediaries.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 268.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 111.58 268.85 Td (accounts ) Tj ET Q q 0 0 0 rg BT 150.45 268.85 Td (receivable ) Tj ET Q q 0 0 0 rg BT 194.31 268.85 Td (are ) Tj ET Q q 0 0 0 rg BT 210.16 268.85 Td (with ) Tj ET Q q 0 0 0 rg BT 229.01 268.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 240.86 268.85 Td (and ) Tj ET Q q 0 0 0 rg BT 258.72 268.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 289.08 268.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 306.43 268.85 Td (marketers ) Tj ET Q q 0 0 0 rg BT 349.28 268.85 Td (and ) Tj ET Q q 0 0 0 rg BT 367.14 268.85 Td (joint ) Tj ET Q q 0 0 0 rg BT 386.49 268.85 Td (operations ) Tj ET Q q 0 0 0 rg BT 431.36 268.85 Td (partners ) Tj ET Q q 0 0 0 rg BT 467.22 268.85 Td (in ) Tj ET Q q 0 0 0 rg BT 477.07 268.85 Td (the ) Tj ET Q q 0 0 0 rg BT 492.42 268.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 504.27 268.85 Td (and ) Tj ET Q q 0 0 0 rg BT 522.13 268.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 552.49 268.85 Td (gas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 258.05 Td (business ) Tj ET Q q 0 0 0 rg BT 100.82 258.05 Td (and ) Tj ET Q q 0 0 0 rg BT 118.14 258.05 Td (are ) Tj ET Q q 0 0 0 rg BT 133.46 258.05 Td (subject ) Tj ET Q q 0 0 0 rg BT 164.28 258.05 Td (to ) Tj ET Q q 0 0 0 rg BT 174.09 258.05 Td (normal ) Tj ET Q q 0 0 0 rg BT 203.90 258.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 228.21 258.05 Td (risks. ) Tj ET Q q 0 0 0 rg BT 251.51 258.05 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 309.85 258.05 Td (of ) Tj ET Q q 0 0 0 rg BT 319.66 258.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 343.97 258.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 360.27 258.05 Td (is ) Tj ET Q q 0 0 0 rg BT 369.07 258.05 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 407.90 258.05 Td (by ) Tj ET Q q 0 0 0 rg BT 419.71 258.05 Td (marketing ) Tj ET Q q 0 0 0 rg BT 461.52 258.05 Td (production ) Tj ET Q q 0 0 0 rg BT 505.86 258.05 Td (to ) Tj ET Q q 0 0 0 rg BT 515.67 258.05 Td (numerous ) Tj ET Q q 0 0 0 rg BT 557.99 258.05 Td (oil ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 80.81 247.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 111.13 247.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 128.44 247.25 Td (marketers ) Tj ET Q q 0 0 0 rg BT 171.24 247.25 Td (under ) Tj ET Q q 0 0 0 rg BT 197.06 247.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 227.37 247.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 261.68 247.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 280.98 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.80 247.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 336.11 247.25 Td (terms. ) Tj ET Q q 0 0 0 rg BT 363.91 247.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 406.23 247.25 Td (routinely ) Tj ET Q q 0 0 0 rg BT 443.05 247.25 Td (assesses ) Tj ET Q q 0 0 0 rg BT 483.36 247.25 Td (the ) Tj ET Q q 0 0 0 rg BT 498.67 247.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 534.49 247.25 Td (strength ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 236.45 Td (of ) Tj ET Q q 0 0 0 rg BT 72.88 236.45 Td (its ) Tj ET Q q 0 0 0 rg BT 84.25 236.45 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 146.16 236.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 188.06 236.45 Td (may ) Tj ET Q q 0 0 0 rg BT 207.43 236.45 Td (be ) Tj ET Q q 0 0 0 rg BT 219.82 236.45 Td (exposed ) Tj ET Q q 0 0 0 rg BT 256.22 236.45 Td (to ) Tj ET Q q 0 0 0 rg BT 266.10 236.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 295.48 236.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 323.37 236.45 Td (in ) Tj ET Q q 0 0 0 rg BT 332.75 236.45 Td (the ) Tj ET Q q 0 0 0 rg BT 347.63 236.45 Td (event ) Tj ET Q q 0 0 0 rg BT 372.02 236.45 Td (of ) Tj ET Q q 0 0 0 rg BT 381.90 236.45 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 452.81 236.45 Td (by ) Tj ET Q q 0 0 0 rg BT 464.69 236.45 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 524.10 236.45 Td (to ) Tj ET Q q 0 0 0 rg BT 533.98 236.45 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 225.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 107.52 225.65 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 149.03 225.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 191.06 225.65 Td (mitigates ) Tj ET Q q 0 0 0 rg BT 229.57 225.65 Td (this ) Tj ET Q q 0 0 0 rg BT 246.08 225.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 262.57 225.65 Td (by ) Tj ET Q q 0 0 0 rg BT 274.58 225.65 Td (entering ) Tj ET Q q 0 0 0 rg BT 309.60 225.65 Td (into ) Tj ET Q q 0 0 0 rg BT 326.61 225.65 Td (transactions ) Tj ET Q q 0 0 0 rg BT 377.64 225.65 Td (with ) Tj ET Q q 0 0 0 rg BT 396.15 225.65 Td (highly ) Tj ET Q q 0 0 0 rg BT 422.16 225.65 Td (rated ) Tj ET Q q 0 0 0 rg BT 445.17 225.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 480.70 225.65 Td (institutions.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 208.85 Td (The ) Tj ET Q q 0 0 0 rg BT 80.75 208.85 Td (majority ) Tj ET Q q 0 0 0 rg BT 114.49 208.85 Td (of ) Tj ET Q q 0 0 0 rg BT 124.23 208.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 172.21 208.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 196.45 208.85 Td (exposure ) Tj ET Q q 0 0 0 rg BT 235.71 208.85 Td (on ) Tj ET Q q 0 0 0 rg BT 247.96 208.85 Td (accounts ) Tj ET Q q 0 0 0 rg BT 286.22 208.85 Td (receivable ) Tj ET Q q 0 0 0 rg BT 329.48 208.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.22 208.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 397.99 208.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.01 208.85 Td ( ) Tj ET Q q 0 0 0 rg BT 420.24 208.85 Td (pertains ) Tj ET Q q 0 0 0 rg BT 454.50 208.85 Td (to ) Tj ET Q q 0 0 0 rg BT 464.24 208.85 Td (accrued ) Tj ET Q q 0 0 0 rg BT 498.50 208.85 Td (sales ) Tj ET Q q 0 0 0 rg BT 521.75 208.85 Td (revenue ) Tj ET Q q 0 0 0 rg BT 556.51 208.85 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 198.05 Td (December ) Tj ET Q q 0 0 0 rg BT 106.71 198.05 Td (2016 ) Tj ET Q q 0 0 0 rg BT 128.92 198.05 Td (production ) Tj ET Q q 0 0 0 rg BT 173.14 198.05 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 211.34 198.05 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 262.56 198.05 Td (from ) Tj ET Q q 0 0 0 rg BT 282.75 198.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 293.95 198.05 Td (and ) Tj ET Q q 0 0 0 rg BT 311.16 198.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 340.87 198.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 357.57 198.05 Td (marketers ) Tj ET Q q 0 0 0 rg BT 399.77 198.05 Td (are ) Tj ET Q q 0 0 0 rg BT 414.97 198.05 Td (normally ) Tj ET Q q 0 0 0 rg BT 451.17 198.05 Td (collected ) Tj ET Q q 0 0 0 rg BT 488.88 198.05 Td (by ) Tj ET Q q 0 0 0 rg BT 500.58 198.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 542.29 198.05 Td (on ) Tj ET Q q 0 0 0 rg BT 554.49 198.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 187.25 Td (25) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 73.01 191.54 Td (th) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.89 187.25 Td ( ) Tj ET Q q 0 0 0 rg BT 79.66 187.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.93 187.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.21 187.25 Td (month ) Tj ET Q q 0 0 0 rg BT 130.00 187.25 Td (following ) Tj ET Q q 0 0 0 rg BT 166.78 187.25 Td (production. ) Tj ET Q q 0 0 0 rg BT 213.08 187.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 263.88 187.25 Td (with ) Tj ET Q q 0 0 0 rg BT 281.65 187.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 299.93 187.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 343.73 187.25 Td (partners ) Tj ET Q q 0 0 0 rg BT 378.51 187.25 Td (are ) Tj ET Q q 0 0 0 rg BT 393.29 187.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 427.07 187.25 Td (collected ) Tj ET Q q 0 0 0 rg BT 464.36 187.25 Td (within ) Tj ET Q q 0 0 0 rg BT 489.14 187.25 Td (one ) Tj ET Q q 0 0 0 rg BT 505.92 187.25 Td (to ) Tj ET Q q 0 0 0 rg BT 515.20 187.25 Td (three ) Tj ET Q q 0 0 0 rg BT 537.48 187.25 Td (months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 176.45 Td (of ) Tj ET Q q 0 0 0 rg BT 73.74 176.45 Td (the ) Tj ET Q q 0 0 0 rg BT 89.49 176.45 Td (joint ) Tj ET Q q 0 0 0 rg BT 109.24 176.45 Td (operations ) Tj ET Q q 0 0 0 rg BT 154.50 176.45 Td (invoice ) Tj ET Q q 0 0 0 rg BT 185.76 176.45 Td (being ) Tj ET Q q 0 0 0 rg BT 211.01 176.45 Td (issued ) Tj ET Q q 0 0 0 rg BT 240.27 176.45 Td (to ) Tj ET Q q 0 0 0 rg BT 251.01 176.45 Td (the ) Tj ET Q q 0 0 0 rg BT 266.76 176.45 Td (partner) Tj ET Q q 0 0 0 rg BT 294.78 176.45 Td (. ) Tj ET Q q 0 0 0 rg BT 299.87 176.45 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.61 176.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 371.37 176.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.40 176.45 Td ( ) Tj ET Q q 0 0 0 rg BT 394.63 176.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 435.99 176.45 Td (s ) Tj ET Q q 0 0 0 rg BT 443.73 176.45 Td (receivables ) Tj ET Q q 0 0 0 rg BT 492.49 176.45 Td (consisted ) Tj ET Q q 0 0 0 rg BT 533.75 176.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.49 176.45 Td ($58.6) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 165.65 Td (million ) Tj ET Q q 0 0 0 rg BT 90.27 165.65 Td (of ) Tj ET Q q 0 0 0 rg BT 99.54 165.65 Td (receivables ) Tj ET Q q 0 0 0 rg BT 146.82 165.65 Td (from ) Tj ET Q q 0 0 0 rg BT 166.59 165.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 177.35 165.65 Td (and ) Tj ET Q q 0 0 0 rg BT 194.13 165.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 223.42 165.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 239.69 165.65 Td (marketers ) Tj ET Q q 0 0 0 rg BT 281.46 165.65 Td (of ) Tj ET Q q 0 0 0 rg BT 290.73 165.65 Td (which ) Tj ET Q q 0 0 0 rg BT 315.50 165.65 Td (substantially ) Tj ET Q q 0 0 0 rg BT 366.79 165.65 Td (all ) Tj ET Q q 0 0 0 rg BT 377.56 165.65 Td (has ) Tj ET Q q 0 0 0 rg BT 393.83 165.65 Td (been ) Tj ET Q q 0 0 0 rg BT 415.62 165.65 Td (collected ) Tj ET Q q 0 0 0 rg BT 452.90 165.65 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 501.20 165.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.47 165.65 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 154.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.02 154.85 Td ( ) Tj ET Q q 0 0 0 rg BT 85.52 154.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.04 154.85 Td ($9.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 120.56 154.85 Td ( ) Tj ET Q q 0 0 0 rg BT 123.06 154.85 Td (million ) Tj ET Q q 0 0 0 rg BT 151.06 154.85 Td (from ) Tj ET Q q 0 0 0 rg BT 171.56 154.85 Td (joint ) Tj ET Q q 0 0 0 rg BT 190.57 154.85 Td (operations ) Tj ET Q q 0 0 0 rg BT 235.10 154.85 Td (partners ) Tj ET Q q 0 0 0 rg BT 270.62 154.85 Td (of ) Tj ET Q q 0 0 0 rg BT 280.63 154.85 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.14 154.85 Td ($6.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.65 154.85 Td ( ) Tj ET Q q 0 0 0 rg BT 326.15 154.85 Td (million ) Tj ET Q q 0 0 0 rg BT 354.16 154.85 Td (has ) Tj ET Q q 0 0 0 rg BT 371.17 154.85 Td (been ) Tj ET Q q 0 0 0 rg BT 393.69 154.85 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 449.23 154.85 Td (collected. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 138.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 106.13 138.05 Td (routinely ) Tj ET Q q 0 0 0 rg BT 143.75 138.05 Td (monitors ) Tj ET Q q 0 0 0 rg BT 181.86 138.05 Td (the ) Tj ET Q q 0 0 0 rg BT 197.97 138.05 Td (age ) Tj ET Q q 0 0 0 rg BT 216.59 138.05 Td (of ) Tj ET Q q 0 0 0 rg BT 227.70 138.05 Td (its ) Tj ET Q q 0 0 0 rg BT 240.30 138.05 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 291.92 138.05 Td (investigating ) Tj ET Q q 0 0 0 rg BT 345.56 138.05 Td (the ) Tj ET Q q 0 0 0 rg BT 361.67 138.05 Td (issue ) Tj ET Q q 0 0 0 rg BT 386.28 138.05 Td (behind ) Tj ET Q q 0 0 0 rg BT 416.91 138.05 Td (past ) Tj ET Q q 0 0 0 rg BT 437.52 138.05 Td (due ) Tj ET Q q 0 0 0 rg BT 456.14 138.05 Td (amounts ) Tj ET Q q 0 0 0 rg BT 494.26 138.05 Td (and ) Tj ET Q q 0 0 0 rg BT 512.88 138.05 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 554.50 138.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 127.25 Td (creditworthiness ) Tj ET Q q 0 0 0 rg BT 130.21 127.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.42 127.25 Td (collection ) Tj ET Q q 0 0 0 rg BT 187.13 127.25 Td (history ) Tj ET Q q 0 0 0 rg BT 215.83 127.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.52 127.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.22 127.25 Td (counterparty) Tj ET Q q 0 0 0 rg BT 289.58 127.25 Td (. ) Tj ET Q q 0 0 0 rg BT 294.27 127.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 335.98 127.25 Td (considers ) Tj ET Q q 0 0 0 rg BT 376.69 127.25 Td (all ) Tj ET Q q 0 0 0 rg BT 387.88 127.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 424.59 127.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 455.30 127.25 Td (than ) Tj ET Q q 0 0 0 rg BT 475.00 127.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 487.20 127.25 Td (days ) Tj ET Q q 0 0 0 rg BT 508.40 127.25 Td (to ) Tj ET Q q 0 0 0 rg BT 518.10 127.25 Td (be ) Tj ET Q q 0 0 0 rg BT 530.30 127.25 Td (past ) Tj ET Q q 0 0 0 rg BT 549.50 127.25 Td (due. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 116.45 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.90 116.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 132.82 116.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.84 116.45 Td ( ) Tj ET Q q 0 0 0 rg BT 155.24 116.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 197.16 116.45 Td (has ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.06 116.45 Td ($1.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.58 116.45 Td (million ) Tj ET Q q 0 0 0 rg BT 261.98 116.45 Td (in ) Tj ET Q q 0 0 0 rg BT 271.38 116.45 Td (accounts ) Tj ET Q q 0 0 0 rg BT 309.80 116.45 Td (receivable ) Tj ET Q q 0 0 0 rg BT 353.22 116.45 Td (that ) Tj ET Q q 0 0 0 rg BT 370.63 116.45 Td (is ) Tj ET Q q 0 0 0 rg BT 379.52 116.45 Td (considered ) Tj ET Q q 0 0 0 rg BT 425.95 116.45 Td (to ) Tj ET Q q 0 0 0 rg BT 435.85 116.45 Td (be ) Tj ET Q q 0 0 0 rg BT 448.25 116.45 Td (past ) Tj ET Q q 0 0 0 rg BT 467.66 116.45 Td (due ) Tj ET Q q 0 0 0 rg BT 485.07 116.45 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.07 116.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 546.99 116.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 105.65 Td (- ) Tj ET Q q 0 0 0 rg BT 68.58 105.65 Td ($3.1 ) Tj ET Q q 0 0 0 rg BT 88.69 105.65 Td (million\). ) Tj ET Q q 0 0 0 rg BT 121.76 105.65 Td (Although ) Tj ET Q q 0 0 0 rg BT 159.88 105.65 Td (these ) Tj ET Q q 0 0 0 rg BT 184.48 105.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 221.58 105.65 Td (have ) Tj ET Q q 0 0 0 rg BT 243.69 105.65 Td (been ) Tj ET Q q 0 0 0 rg BT 266.29 105.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 315.42 105.65 Td (for ) Tj ET Q q 0 0 0 rg BT 328.51 105.65 Td (greater ) Tj ET Q q 0 0 0 rg BT 359.61 105.65 Td (than ) Tj ET Q q 0 0 0 rg BT 379.71 105.65 Td (90 ) Tj ET Q q 0 0 0 rg BT 392.31 105.65 Td (days, ) Tj ET Q q 0 0 0 rg BT 416.41 105.65 Td (they ) Tj ET Q q 0 0 0 rg BT 436.00 105.65 Td (are ) Tj ET Q q 0 0 0 rg BT 451.60 105.65 Td (still ) Tj ET Q q 0 0 0 rg BT 467.18 105.65 Td (deemed ) Tj ET Q q 0 0 0 rg BT 502.29 105.65 Td (to ) Tj ET Q q 0 0 0 rg BT 512.38 105.65 Td (be ) Tj ET Q q 0 0 0 rg BT 524.98 105.65 Td (collectible. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 94.85 Td (As ) Tj ET Q q 0 0 0 rg BT 76.82 94.85 Td (the ) Tj ET Q q 0 0 0 rg BT 92.65 94.85 Td (operator ) Tj ET Q q 0 0 0 rg BT 129.49 94.85 Td (of ) Tj ET Q q 0 0 0 rg BT 140.31 94.85 Td (properties, ) Tj ET Q q 0 0 0 rg BT 186.15 94.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 229.00 94.85 Td (does ) Tj ET Q q 0 0 0 rg BT 251.83 94.85 Td (have ) Tj ET Q q 0 0 0 rg BT 274.67 94.85 Td (the ) Tj ET Q q 0 0 0 rg BT 290.50 94.85 Td (ability ) Tj ET Q q 0 0 0 rg BT 316.82 94.85 Td (in ) Tj ET Q q 0 0 0 rg BT 327.15 94.85 Td (most ) Tj ET Q q 0 0 0 rg BT 349.97 94.85 Td (instances ) Tj ET Q q 0 0 0 rg BT 391.31 94.85 Td (to ) Tj ET Q q 0 0 0 rg BT 402.13 94.85 Td (withhold ) Tj ET Q q 0 0 0 rg BT 438.47 94.85 Td (production ) Tj ET Q q 0 0 0 rg BT 483.82 94.85 Td (from ) Tj ET Q q 0 0 0 rg BT 505.14 94.85 Td (joint ) Tj ET Q q 0 0 0 rg BT 524.97 94.85 Td (operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 84.05 Td (partners, ) Tj ET Q q 0 0 0 rg BT 101.02 84.05 Td (who ) Tj ET Q q 0 0 0 rg BT 120.03 84.05 Td (are ) Tj ET Q q 0 0 0 rg BT 135.54 84.05 Td (in ) Tj ET Q q 0 0 0 rg BT 145.04 84.05 Td (default ) Tj ET Q q 0 0 0 rg BT 174.56 84.05 Td (of ) Tj ET Q q 0 0 0 rg BT 184.57 84.05 Td (amounts ) Tj ET Q q 0 0 0 rg BT 221.59 84.05 Td (owing. ) 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 (The ) Tj ET Q q 0 0 0 rg BT 81.06 731.45 Td (carrying ) Tj ET Q q 0 0 0 rg BT 115.62 731.45 Td (amount ) Tj ET Q q 0 0 0 rg BT 148.19 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 158.25 731.45 Td (cash, ) Tj ET Q q 0 0 0 rg BT 182.31 731.45 Td (accounts ) Tj ET Q q 0 0 0 rg BT 220.89 731.45 Td (receivable ) Tj ET Q q 0 0 0 rg BT 264.46 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 282.03 731.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 317.60 731.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 362.17 731.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 401.24 731.45 Td (represents ) Tj ET Q q 0 0 0 rg BT 446.31 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 461.37 731.45 Td (maximum ) Tj ET Q q 0 0 0 rg BT 502.92 731.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 527.48 731.45 Td (exposure. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 720.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 104.46 720.65 Td (does ) Tj ET Q q 0 0 0 rg BT 125.90 720.65 Td (not ) Tj ET Q q 0 0 0 rg BT 140.35 720.65 Td (have ) Tj ET Q q 0 0 0 rg BT 161.79 720.65 Td (an ) Tj ET Q q 0 0 0 rg BT 173.74 720.65 Td (allowance ) Tj ET Q q 0 0 0 rg BT 215.69 720.65 Td (for ) Tj ET Q q 0 0 0 rg BT 228.13 720.65 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 262.09 720.65 Td (accounts ) Tj ET Q q 0 0 0 rg BT 300.04 720.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.48 720.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 367.94 720.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.96 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 389.89 720.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.89 720.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 451.35 720.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.37 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 473.30 720.65 Td (- ) Tj ET Q q 0 0 0 rg BT 478.23 720.65 Td (nil\) ) Tj ET Q q 0 0 0 rg BT 492.16 720.65 Td (and ) Tj ET Q q 0 0 0 rg BT 509.11 720.65 Td (did ) Tj ET Q q 0 0 0 rg BT 523.05 720.65 Td (not ) Tj ET Q q 0 0 0 rg BT 537.49 720.65 Td (provide ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 709.85 Td (for ) Tj ET Q q 0 0 0 rg BT 75.11 709.85 Td (any ) Tj ET Q q 0 0 0 rg BT 91.22 709.85 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 124.86 709.85 Td (accounts ) Tj ET Q q 0 0 0 rg BT 162.48 709.85 Td (nor ) Tj ET Q q 0 0 0 rg BT 177.10 709.85 Td (was ) Tj ET Q q 0 0 0 rg BT 194.71 709.85 Td (it ) Tj ET Q q 0 0 0 rg BT 200.81 709.85 Td (required ) Tj ET Q q 0 0 0 rg BT 235.44 709.85 Td (to ) Tj ET Q q 0 0 0 rg BT 244.55 709.85 Td (write-of) Tj ET Q q 0 0 0 rg BT 273.89 709.85 Td (f ) Tj ET Q q 0 0 0 rg BT 278.00 709.85 Td (any ) Tj ET Q q 0 0 0 rg BT 294.12 709.85 Td (receivables ) Tj ET Q q 0 0 0 rg BT 341.24 709.85 Td (during ) Tj ET Q q 0 0 0 rg BT 367.87 709.85 Td (the ) Tj ET Q q 0 0 0 rg BT 381.98 709.85 Td (year ) Tj ET Q q 0 0 0 rg BT 401.10 709.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.73 709.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 485.86 709.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.88 709.85 Td ( ) Tj ET Q q 0 0 0 rg BT 507.49 709.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.49 709.85 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 699.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.02 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 85.52 699.05 Td (- ) Tj ET Q q 0 0 0 rg BT 91.02 699.05 Td (nil\).) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 682.25 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 102.99 682.25 Td (risk) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 665.45 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 99.84 665.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 117.66 665.45 Td (is ) Tj ET Q q 0 0 0 rg BT 127.98 665.45 Td (the ) Tj ET Q q 0 0 0 rg BT 144.31 665.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 162.13 665.45 Td (that ) Tj ET Q q 0 0 0 rg BT 180.96 665.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 224.30 665.45 Td (will ) Tj ET Q q 0 0 0 rg BT 240.62 665.45 Td (encounter ) Tj ET Q q 0 0 0 rg BT 284.47 665.45 Td (dif) Tj ET Q q 0 0 0 rg BT 293.81 665.45 Td (ficulty ) Tj ET Q q 0 0 0 rg BT 320.64 665.45 Td (in ) Tj ET Q q 0 0 0 rg BT 331.46 665.45 Td (meeting ) Tj ET Q q 0 0 0 rg BT 367.30 665.45 Td (obligations ) Tj ET Q q 0 0 0 rg BT 414.16 665.45 Td (associated ) Tj ET Q q 0 0 0 rg BT 461.00 665.45 Td (with ) Tj ET Q q 0 0 0 rg BT 480.83 665.45 Td (its ) Tj ET Q q 0 0 0 rg BT 493.65 665.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.49 665.45 Td (liabilities. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 654.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 112.82 654.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 149.92 654.65 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 188.01 654.65 Td (consist ) Tj ET Q q 0 0 0 rg BT 220.10 654.65 Td (of ) Tj ET Q q 0 0 0 rg BT 231.69 654.65 Td (accounts ) Tj ET Q q 0 0 0 rg BT 271.79 654.65 Td (payable ) Tj ET Q q 0 0 0 rg BT 307.39 654.65 Td (and ) Tj ET Q q 0 0 0 rg BT 326.49 654.65 Td (accrued ) Tj ET Q q 0 0 0 rg BT 362.58 654.65 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 403.18 654.65 Td (dividends ) Tj ET Q q 0 0 0 rg BT 445.28 654.65 Td (payable, ) Tj ET Q q 0 0 0 rg BT 483.39 654.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.49 654.65 Td (instruments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 643.85 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 104.90 643.85 Td (bank ) Tj ET Q q 0 0 0 rg BT 127.29 643.85 Td (debt, ) Tj ET Q q 0 0 0 rg BT 150.19 643.85 Td (and ) Tj ET Q q 0 0 0 rg BT 168.09 643.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 195.48 643.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 240.39 643.85 Td (notes. ) Tj ET Q q 0 0 0 rg BT 267.21 643.85 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 307.11 643.85 Td (payable ) Tj ET Q q 0 0 0 rg BT 341.52 643.85 Td (consists ) Tj ET Q q 0 0 0 rg BT 376.91 643.85 Td (of ) Tj ET Q q 0 0 0 rg BT 387.30 643.85 Td (invoices ) Tj ET Q q 0 0 0 rg BT 422.69 643.85 Td (payable ) Tj ET Q q 0 0 0 rg BT 457.10 643.85 Td (to ) Tj ET Q q 0 0 0 rg BT 467.49 643.85 Td (trade ) Tj ET Q q 0 0 0 rg BT 490.88 643.85 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 529.78 643.85 Td (for ) Tj ET Q q 0 0 0 rg BT 543.16 643.85 Td (of) Tj ET Q q 0 0 0 rg BT 550.50 643.85 Td (fice, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 633.05 Td (field ) Tj ET Q q 0 0 0 rg BT 82.01 633.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 122.04 633.05 Td (activities, ) Tj ET Q q 0 0 0 rg BT 161.55 633.05 Td (and ) Tj ET Q q 0 0 0 rg BT 179.07 633.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 207.58 633.05 Td (expenditures. ) Tj ET Q q 0 0 0 rg BT 264.12 633.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 306.15 633.05 Td (processes ) Tj ET Q q 0 0 0 rg BT 349.66 633.05 Td (invoices ) Tj ET Q q 0 0 0 rg BT 384.68 633.05 Td (within ) Tj ET Q q 0 0 0 rg BT 410.19 633.05 Td (a ) Tj ET Q q 0 0 0 rg BT 417.70 633.05 Td (normal ) Tj ET Q q 0 0 0 rg BT 447.71 633.05 Td (payment ) Tj ET Q q 0 0 0 rg BT 484.73 633.05 Td (period. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 616.25 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 102.39 616.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 136.29 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.68 616.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 188.07 616.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 224.45 616.25 Td (have ) Tj ET Q q 0 0 0 rg BT 246.34 616.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 292.74 616.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 334.12 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.00 616.25 Td (less ) Tj ET Q q 0 0 0 rg BT 362.38 616.25 Td (than ) Tj ET Q q 0 0 0 rg BT 382.27 616.25 Td (one ) Tj ET Q q 0 0 0 rg BT 399.65 616.25 Td (year) Tj ET Q q 0 0 0 rg BT 416.66 616.25 Td (. ) Tj ET Q q 0 0 0 rg BT 421.54 616.25 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 463.43 616.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 497.33 616.25 Td (are ) Tj ET Q q 0 0 0 rg BT 512.71 616.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 549.60 616.25 Td (on ) Tj ET Q q 0 0 0 rg BT 561.99 616.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 605.45 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 100.91 605.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 124.82 605.45 Td (and ) Tj ET Q q 0 0 0 rg BT 142.73 605.45 Td (are ) Tj ET Q q 0 0 0 rg BT 158.63 605.45 Td (dependent ) Tj ET Q q 0 0 0 rg BT 204.07 605.45 Td (upon ) Tj ET Q q 0 0 0 rg BT 226.98 605.45 Td (a ) Tj ET Q q 0 0 0 rg BT 234.89 605.45 Td (number ) Tj ET Q q 0 0 0 rg BT 268.30 605.45 Td (of ) Tj ET Q q 0 0 0 rg BT 278.70 605.45 Td (factors ) Tj ET Q q 0 0 0 rg BT 308.60 605.45 Td (including ) Tj ET Q q 0 0 0 rg BT 347.02 605.45 Td (current ) Tj ET Q q 0 0 0 rg BT 377.93 605.45 Td (and ) Tj ET Q q 0 0 0 rg BT 395.84 605.45 Td (future ) Tj ET Q q 0 0 0 rg BT 421.75 605.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 468.15 605.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 497.56 605.45 Td (foreign ) Tj ET Q q 0 0 0 rg BT 527.97 605.45 Td (exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 594.65 Td (rates, ) Tj ET Q q 0 0 0 rg BT 88.88 594.65 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 130.24 594.65 Td (s ) Tj ET Q q 0 0 0 rg BT 138.11 594.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 184.99 594.65 Td (hedging ) Tj ET Q q 0 0 0 rg BT 220.39 594.65 Td (program, ) Tj ET Q q 0 0 0 rg BT 259.77 594.65 Td (current ) Tj ET Q q 0 0 0 rg BT 291.15 594.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 336.55 594.65 Td (and ) Tj ET Q q 0 0 0 rg BT 354.93 594.65 Td (future ) Tj ET Q q 0 0 0 rg BT 381.31 594.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 428.20 594.65 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 485.60 594.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 524.99 594.65 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 583.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 101.78 583.85 Td (have ) Tj ET Q q 0 0 0 rg BT 123.56 583.85 Td (contractual ) Tj ET Q q 0 0 0 rg BT 169.85 583.85 Td (maturities ) Tj ET Q q 0 0 0 rg BT 211.12 583.85 Td (of ) Tj ET Q q 0 0 0 rg BT 220.89 583.85 Td (less ) Tj ET Q q 0 0 0 rg BT 239.16 583.85 Td (than ) Tj ET Q q 0 0 0 rg BT 258.94 583.85 Td (three ) Tj ET Q q 0 0 0 rg BT 281.72 583.85 Td (years ) Tj ET Q q 0 0 0 rg BT 306.00 583.85 Td (on ) Tj ET Q q 0 0 0 rg BT 318.27 583.85 Td (all ) Tj ET Q q 0 0 0 rg BT 329.54 583.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 375.31 583.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 414.09 583.85 Td (and ) Tj ET Q q 0 0 0 rg BT 431.37 583.85 Td (range ) Tj ET Q q 0 0 0 rg BT 456.66 583.85 Td (from ) Tj ET Q q 0 0 0 rg BT 476.92 583.85 Td (six ) Tj ET Q q 0 0 0 rg BT 490.19 583.85 Td (months ) Tj ET Q q 0 0 0 rg BT 521.96 583.85 Td (to ) Tj ET Q q 0 0 0 rg BT 531.74 583.85 Td (six ) Tj ET Q q 0 0 0 rg BT 545.00 583.85 Td (years ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 573.05 Td (on ) Tj ET Q q 0 0 0 rg BT 75.99 573.05 Td (foreign ) Tj ET Q q 0 0 0 rg BT 106.49 573.05 Td (exchange ) Tj ET Q q 0 0 0 rg BT 148.50 573.05 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 190.49 573.05 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 231.85 573.05 Td (s ) Tj ET Q q 0 0 0 rg BT 239.33 573.05 Td (four ) Tj ET Q q 0 0 0 rg BT 257.81 573.05 Td (year ) Tj ET Q q 0 0 0 rg BT 278.30 573.05 Td (revolving ) Tj ET Q q 0 0 0 rg BT 317.30 573.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 342.28 573.05 Td (facility) Tj ET Q q 0 0 0 rg BT 366.62 573.05 Td (, ) Tj ET Q q 0 0 0 rg BT 372.10 573.05 Td (as ) Tj ET Q q 0 0 0 rg BT 384.58 573.05 Td (outlined ) Tj ET Q q 0 0 0 rg BT 419.08 573.05 Td (in ) Tj ET Q q 0 0 0 rg BT 429.07 573.05 Td (note ) Tj ET Q q 0 0 0 rg BT 449.56 573.05 Td (14, ) Tj ET Q q 0 0 0 rg BT 465.05 573.05 Td (may ) Tj ET Q q 0 0 0 rg BT 485.03 573.05 Td (at ) Tj ET Q q 0 0 0 rg BT 495.52 573.05 Td (the ) Tj ET Q q 0 0 0 rg BT 511.00 573.05 Td (request ) Tj ET Q q 0 0 0 rg BT 544.00 573.05 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 573.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 562.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 113.09 562.25 Td (with ) Tj ET Q q 0 0 0 rg BT 132.15 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.72 562.25 Td (consent ) Tj ET Q q 0 0 0 rg BT 182.30 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.87 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 208.44 562.25 Td (lenders, ) Tj ET Q q 0 0 0 rg BT 243.52 562.25 Td (be ) Tj ET Q q 0 0 0 rg BT 256.59 562.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 296.68 562.25 Td (on ) Tj ET Q q 0 0 0 rg BT 309.75 562.25 Td (an ) Tj ET Q q 0 0 0 rg BT 322.82 562.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 352.91 562.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 376.98 562.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 409.56 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 425.13 562.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 458.71 562.25 Td (term. ) Tj ET Q q 0 0 0 rg BT 482.27 562.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 524.85 562.25 Td (also ) Tj ET Q q 0 0 0 rg BT 544.42 562.25 Td (has ) Tj ET Q q 0 0 0 rg BT 561.99 562.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 551.45 Td (series ) Tj ET Q q 0 0 0 rg BT 90.28 551.45 Td (of ) Tj ET Q q 0 0 0 rg BT 101.06 551.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 128.85 551.45 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 174.16 551.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 199.45 551.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 249.27 551.45 Td (with ) Tj ET Q q 0 0 0 rg BT 268.55 551.45 Td (fixed ) Tj ET Q q 0 0 0 rg BT 290.83 551.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 323.62 551.45 Td (rates, ) Tj ET Q q 0 0 0 rg BT 349.41 551.45 Td (as ) Tj ET Q q 0 0 0 rg BT 362.19 551.45 Td (outlined ) Tj ET Q q 0 0 0 rg BT 396.99 551.45 Td (in ) Tj ET Q q 0 0 0 rg BT 407.27 551.45 Td (note ) Tj ET Q q 0 0 0 rg BT 428.06 551.45 Td (14, ) Tj ET Q q 0 0 0 rg BT 443.85 551.45 Td (which ) Tj ET Q q 0 0 0 rg BT 470.14 551.45 Td (range ) Tj ET Q q 0 0 0 rg BT 496.43 551.45 Td (in ) Tj ET Q q 0 0 0 rg BT 506.71 551.45 Td (maturities ) Tj ET Q q 0 0 0 rg BT 549.00 551.45 Td (from ) Tj ET Q q 0 0 0 rg BT 569.50 551.45 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 551.45 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 551.45 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 551.45 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 551.45 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 551.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 540.65 Td (June ) Tj ET Q q 0 0 0 rg BT 84.33 540.65 Td (5, ) Tj ET Q q 0 0 0 rg BT 93.65 540.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 115.49 540.65 Td (to ) Tj ET Q q 0 0 0 rg BT 124.81 540.65 Td (May ) Tj ET Q q 0 0 0 rg BT 143.62 540.65 Td (23, ) Tj ET Q q 0 0 0 rg BT 157.95 540.65 Td (2025. ) Tj ET Q q 0 0 0 rg BT 182.29 540.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 223.63 540.65 Td (also ) Tj ET Q q 0 0 0 rg BT 241.95 540.65 Td (maintains ) Tj ET Q q 0 0 0 rg BT 282.28 540.65 Td (and ) Tj ET Q q 0 0 0 rg BT 299.11 540.65 Td (monitors ) Tj ET Q q 0 0 0 rg BT 335.44 540.65 Td (a ) Tj ET Q q 0 0 0 rg BT 342.26 540.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 371.08 540.65 Td (level ) Tj ET Q q 0 0 0 rg BT 391.41 540.65 Td (of ) Tj ET Q q 0 0 0 rg BT 400.73 540.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 421.55 540.65 Td (flow) Tj ET Q q 0 0 0 rg BT 437.06 540.65 Td (, ) Tj ET Q q 0 0 0 rg BT 441.38 540.65 Td (which ) Tj ET Q q 0 0 0 rg BT 466.20 540.65 Td (is ) Tj ET Q q 0 0 0 rg BT 474.52 540.65 Td (used ) Tj ET Q q 0 0 0 rg BT 495.85 540.65 Td (to ) Tj ET Q q 0 0 0 rg BT 505.17 540.65 Td (partially ) Tj ET Q q 0 0 0 rg BT 537.99 540.65 Td (finance ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 529.85 Td (all ) Tj ET Q q 0 0 0 rg BT 74.50 529.85 Td (operating, ) Tj ET Q q 0 0 0 rg BT 117.04 529.85 Td (investing ) Tj ET Q q 0 0 0 rg BT 155.06 529.85 Td (and ) Tj ET Q q 0 0 0 rg BT 172.57 529.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 201.09 529.85 Td (expenditures.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 513.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 104.51 513.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 153.51 513.05 Td (classification ) Tj ET Q q 0 0 0 rg BT 213.04 513.05 Td (and ) Tj ET Q q 0 0 0 rg BT 231.54 513.05 Td (measurement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 496.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 112.20 496.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 148.68 496.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 198.66 496.25 Td (include ) Tj ET Q q 0 0 0 rg BT 230.64 496.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 270.12 496.25 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 317.10 496.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 353.59 496.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 399.06 496.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 446.03 496.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 488.51 496.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.99 496.25 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 485.45 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 104.59 485.45 Td (accounts ) Tj ET Q q 0 0 0 rg BT 143.19 485.45 Td (payable ) Tj ET Q q 0 0 0 rg BT 177.29 485.45 Td (and ) Tj ET Q q 0 0 0 rg BT 194.88 485.45 Td (accrued ) Tj ET Q q 0 0 0 rg BT 229.48 485.45 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 268.57 485.45 Td (dividends ) Tj ET Q q 0 0 0 rg BT 309.17 485.45 Td (payable ) Tj ET Q q 0 0 0 rg BT 343.27 485.45 Td (and ) Tj ET Q q 0 0 0 rg BT 360.87 485.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 401.45 485.45 Td (debt. ) Tj ET Q q 0 0 0 rg BT 424.05 485.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 466.15 485.45 Td (classifies ) Tj ET Q q 0 0 0 rg BT 505.23 485.45 Td (the ) Tj ET Q q 0 0 0 rg BT 520.32 485.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 535.40 485.45 Td (value ) Tj ET Q q 0 0 0 rg BT 559.49 485.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 474.65 Td (these ) Tj ET Q q 0 0 0 rg BT 88.22 474.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 124.45 474.65 Td (instruments ) Tj ET Q q 0 0 0 rg BT 174.17 474.65 Td (according ) Tj ET Q q 0 0 0 rg BT 216.40 474.65 Td (to ) Tj ET Q q 0 0 0 rg BT 227.11 474.65 Td (the ) Tj ET Q q 0 0 0 rg BT 242.83 474.65 Td (following ) Tj ET Q q 0 0 0 rg BT 281.06 474.65 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 321.28 474.65 Td (based ) Tj ET Q q 0 0 0 rg BT 349.00 474.65 Td (on ) Tj ET Q q 0 0 0 rg BT 362.22 474.65 Td (the ) Tj ET Q q 0 0 0 rg BT 377.94 474.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 411.16 474.65 Td (of ) Tj ET Q q 0 0 0 rg BT 421.88 474.65 Td (observable ) Tj ET Q q 0 0 0 rg BT 469.11 474.65 Td (inputs ) Tj ET Q q 0 0 0 rg BT 496.33 474.65 Td (used ) Tj ET Q q 0 0 0 rg BT 519.06 474.65 Td (to ) Tj ET Q q 0 0 0 rg BT 529.77 474.65 Td (value ) Tj ET Q q 0 0 0 rg BT 554.49 474.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 463.85 Td (instrument.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 447.05 Td (Level ) Tj ET Q q 0 0 0 rg BT 104.28 447.05 Td (1 ) Tj ET Q q 0 0 0 rg BT 111.06 447.05 Td ( ) Tj ET Q q 0 0 0 rg BT 117.83 447.05 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 149.12 447.05 Td (prices ) Tj ET Q q 0 0 0 rg BT 174.90 447.05 Td (are ) Tj ET Q q 0 0 0 rg BT 189.67 447.05 Td (available ) Tj ET Q q 0 0 0 rg BT 226.97 447.05 Td (in ) Tj ET Q q 0 0 0 rg BT 235.74 447.05 Td (active ) Tj ET Q q 0 0 0 rg BT 261.02 447.05 Td (markets ) Tj ET Q q 0 0 0 rg BT 294.79 447.05 Td (for ) Tj ET Q q 0 0 0 rg BT 307.06 447.05 Td (identical ) Tj ET Q q 0 0 0 rg BT 341.85 447.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 369.63 447.05 Td (or ) Tj ET Q q 0 0 0 rg BT 379.40 447.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 415.18 447.05 Td (as ) Tj ET Q q 0 0 0 rg BT 426.46 447.05 Td (of ) Tj ET Q q 0 0 0 rg BT 435.73 447.05 Td (the ) Tj ET Q q 0 0 0 rg BT 450.01 447.05 Td (reporting ) Tj ET Q q 0 0 0 rg BT 487.30 447.05 Td (date. ) Tj ET Q q 0 0 0 rg BT 508.73 447.05 Td (Active ) Tj ET Q q 0 0 0 rg BT 535.01 447.05 Td (markets ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 436.25 Td (are ) Tj ET Q q 0 0 0 rg BT 96.28 436.25 Td (those ) Tj ET Q q 0 0 0 rg BT 120.57 436.25 Td (in ) Tj ET Q q 0 0 0 rg BT 129.85 436.25 Td (which ) Tj ET Q q 0 0 0 rg BT 155.13 436.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 205.92 436.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 230.20 436.25 Td (in ) Tj ET Q q 0 0 0 rg BT 239.48 436.25 Td (suf) Tj ET Q q 0 0 0 rg BT 251.32 436.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 277.11 436.25 Td (frequency ) Tj ET Q q 0 0 0 rg BT 318.90 436.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.19 436.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 367.48 436.25 Td (to ) Tj ET Q q 0 0 0 rg BT 377.25 436.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 409.04 436.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 437.83 436.25 Td (information ) Tj ET Q q 0 0 0 rg BT 484.62 436.25 Td (on ) Tj ET Q q 0 0 0 rg BT 496.90 436.25 Td (an ) Tj ET Q q 0 0 0 rg BT 509.19 436.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 543.49 436.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 569.50 436.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 419.45 Td (Level ) Tj ET Q q 0 0 0 rg BT 104.50 419.45 Td (2 ) Tj ET Q q 0 0 0 rg BT 111.50 419.45 Td ( ) Tj ET Q q 0 0 0 rg BT 118.49 419.45 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 147.99 419.45 Td (inputs ) Tj ET Q q 0 0 0 rg BT 174.00 419.45 Td (are ) Tj ET Q q 0 0 0 rg BT 188.99 419.45 Td (other ) Tj ET Q q 0 0 0 rg BT 211.50 419.45 Td (than ) Tj ET Q q 0 0 0 rg BT 231.00 419.45 Td (quoted ) Tj ET Q q 0 0 0 rg BT 260.52 419.45 Td (prices ) Tj ET Q q 0 0 0 rg BT 286.51 419.45 Td (in ) Tj ET Q q 0 0 0 rg BT 295.51 419.45 Td (active ) Tj ET Q q 0 0 0 rg BT 321.01 419.45 Td (markets ) Tj ET Q q 0 0 0 rg BT 355.00 419.45 Td (included ) Tj ET Q q 0 0 0 rg BT 390.51 419.45 Td (in ) Tj ET Q q 0 0 0 rg BT 399.51 419.45 Td (Level ) Tj ET Q q 0 0 0 rg BT 423.01 419.45 Td (1. ) Tj ET Q q 0 0 0 rg BT 432.51 419.45 Td (Prices ) Tj ET Q q 0 0 0 rg BT 459.50 419.45 Td (in ) Tj ET Q q 0 0 0 rg BT 468.49 419.45 Td (Level ) Tj ET Q q 0 0 0 rg BT 492.00 419.45 Td (2 ) Tj ET Q q 0 0 0 rg BT 498.99 419.45 Td (are ) Tj ET Q q 0 0 0 rg BT 513.99 419.45 Td (either ) Tj ET Q q 0 0 0 rg BT 538.49 419.45 Td (directly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 408.65 Td (or ) Tj ET Q q 0 0 0 rg BT 91.36 408.65 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 129.22 408.65 Td (observable ) Tj ET Q q 0 0 0 rg BT 175.61 408.65 Td (as ) Tj ET Q q 0 0 0 rg BT 187.46 408.65 Td (of ) Tj ET Q q 0 0 0 rg BT 197.32 408.65 Td (the ) Tj ET Q q 0 0 0 rg BT 212.19 408.65 Td (reporting ) Tj ET Q q 0 0 0 rg BT 250.06 408.65 Td (date. ) Tj ET Q q 0 0 0 rg BT 272.44 408.65 Td (Level ) Tj ET Q q 0 0 0 rg BT 296.31 408.65 Td (2 ) Tj ET Q q 0 0 0 rg BT 303.67 408.65 Td (valuations ) Tj ET Q q 0 0 0 rg BT 346.55 408.65 Td (are ) Tj ET Q q 0 0 0 rg BT 361.91 408.65 Td (based ) Tj ET Q q 0 0 0 rg BT 388.78 408.65 Td (on ) Tj ET Q q 0 0 0 rg BT 401.15 408.65 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 430.02 408.65 Td (including ) Tj ET Q q 0 0 0 rg BT 467.90 408.65 Td (quoted ) Tj ET Q q 0 0 0 rg BT 497.78 408.65 Td (forward ) Tj ET Q q 0 0 0 rg BT 530.14 408.65 Td (prices ) Tj ET Q q 0 0 0 rg BT 556.50 408.65 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 397.85 Td (commodities, ) Tj ET Q q 0 0 0 rg BT 136.52 397.85 Td (time ) Tj ET Q q 0 0 0 rg BT 156.02 397.85 Td (value ) Tj ET Q q 0 0 0 rg BT 180.04 397.85 Td (and ) Tj ET Q q 0 0 0 rg BT 197.55 397.85 Td (volatility ) Tj ET Q q 0 0 0 rg BT 232.06 397.85 Td (factors, ) Tj ET Q q 0 0 0 rg BT 264.07 397.85 Td (which ) Tj ET Q q 0 0 0 rg BT 289.58 397.85 Td (can ) Tj ET Q q 0 0 0 rg BT 306.59 397.85 Td (be ) Tj ET Q q 0 0 0 rg BT 319.10 397.85 Td (substantially ) Tj ET Q q 0 0 0 rg BT 371.13 397.85 Td (observed ) Tj ET Q q 0 0 0 rg BT 410.66 397.85 Td (or ) Tj ET Q q 0 0 0 rg BT 421.16 397.85 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 474.69 397.85 Td (in ) Tj ET Q q 0 0 0 rg BT 484.19 397.85 Td (the ) Tj ET Q q 0 0 0 rg BT 499.21 397.85 Td (marketplace.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 381.05 Td (Level ) Tj ET Q q 0 0 0 rg BT 104.69 381.05 Td (3 ) Tj ET Q q 0 0 0 rg BT 111.86 381.05 Td ( ) Tj ET Q q 0 0 0 rg BT 119.03 381.05 Td (V) Tj ET Q q 0 0 0 rg BT 124.37 381.05 Td (aluation ) Tj ET Q q 0 0 0 rg BT 158.07 381.05 Td (in ) Tj ET Q q 0 0 0 rg BT 167.24 381.05 Td (this ) Tj ET Q q 0 0 0 rg BT 183.41 381.05 Td (level ) Tj ET Q q 0 0 0 rg BT 204.09 381.05 Td (are ) Tj ET Q q 0 0 0 rg BT 219.27 381.05 Td (those ) Tj ET Q q 0 0 0 rg BT 243.46 381.05 Td (with ) Tj ET Q q 0 0 0 rg BT 261.63 381.05 Td (inputs ) Tj ET Q q 0 0 0 rg BT 287.82 381.05 Td (for ) Tj ET Q q 0 0 0 rg BT 300.49 381.05 Td (the ) Tj ET Q q 0 0 0 rg BT 315.17 381.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 338.85 381.05 Td (or ) Tj ET Q q 0 0 0 rg BT 349.02 381.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 385.21 381.05 Td (that ) Tj ET Q q 0 0 0 rg BT 402.39 381.05 Td (are ) Tj ET Q q 0 0 0 rg BT 417.56 381.05 Td (not ) Tj ET Q q 0 0 0 rg BT 432.24 381.05 Td (based ) Tj ET Q q 0 0 0 rg BT 458.94 381.05 Td (on ) Tj ET Q q 0 0 0 rg BT 471.12 381.05 Td (observable ) Tj ET Q q 0 0 0 rg BT 517.31 381.05 Td (market ) Tj ET Q q 0 0 0 rg BT 546.99 381.05 Td (data.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 364.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 111.10 364.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 146.48 364.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 190.86 364.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 236.73 364.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 278.10 364.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 313.48 364.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 357.86 364.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 399.23 364.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 421.11 364.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 440.99 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.36 364.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 485.24 364.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 529.62 364.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 554.00 364.25 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 353.45 Td (classified ) Tj ET Q q 0 0 0 rg BT 101.81 353.45 Td (as ) Tj ET Q q 0 0 0 rg BT 113.12 353.45 Td (Level ) Tj ET Q q 0 0 0 rg BT 136.43 353.45 Td (2 ) Tj ET Q q 0 0 0 rg BT 143.23 353.45 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 206.94 353.45 Td (T) Tj ET Q q 0 0 0 rg BT 211.44 353.45 Td (o ) Tj ET Q q 0 0 0 rg BT 218.24 353.45 Td (estimate ) Tj ET Q q 0 0 0 rg BT 254.06 353.45 Td (the ) Tj ET Q q 0 0 0 rg BT 268.37 353.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 282.67 353.45 Td (value ) Tj ET Q q 0 0 0 rg BT 305.98 353.45 Td (of ) Tj ET Q q 0 0 0 rg BT 315.29 353.45 Td (these ) Tj ET Q q 0 0 0 rg BT 339.10 353.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 373.92 353.45 Td (instruments ) Tj ET Q q 0 0 0 rg BT 422.23 353.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 463.56 353.45 Td (uses ) Tj ET Q q 0 0 0 rg BT 484.37 353.45 Td (quoted ) Tj ET Q q 0 0 0 rg BT 513.69 353.45 Td (market ) Tj ET Q q 0 0 0 rg BT 542.99 353.45 Td (prices ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 342.65 Td (when ) Tj ET Q q 0 0 0 rg BT 87.47 342.65 Td (available ) Tj ET Q q 0 0 0 rg BT 125.95 342.65 Td (or ) Tj ET Q q 0 0 0 rg BT 136.90 342.65 Td (fair-value ) Tj ET Q q 0 0 0 rg BT 176.87 342.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 218.34 342.65 Td (from ) Tj ET Q q 0 0 0 rg BT 239.29 342.65 Td (third-party ) Tj ET Q q 0 0 0 rg BT 282.76 342.65 Td (valuation ) Tj ET Q q 0 0 0 rg BT 321.74 342.65 Td (models ) Tj ET Q q 0 0 0 rg BT 353.71 342.65 Td (that ) Tj ET Q q 0 0 0 rg BT 371.67 342.65 Td (use ) Tj ET Q q 0 0 0 rg BT 389.14 342.65 Td (observable ) Tj ET Q q 0 0 0 rg BT 436.12 342.65 Td (market ) Tj ET Q q 0 0 0 rg BT 466.58 342.65 Td (data. ) Tj ET Q q 0 0 0 rg BT 489.55 342.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 532.03 342.65 Td (does ) Tj ET Q q 0 0 0 rg BT 554.50 342.65 Td (not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 331.85 Td (have ) Tj ET Q q 0 0 0 rg BT 84.95 331.85 Td (any ) Tj ET Q q 0 0 0 rg BT 101.89 331.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 116.83 331.85 Td (value ) Tj ET Q q 0 0 0 rg BT 140.78 331.85 Td (measurements ) Tj ET Q q 0 0 0 rg BT 202.73 331.85 Td (classified ) Tj ET Q q 0 0 0 rg BT 242.18 331.85 Td (as ) Tj ET Q q 0 0 0 rg BT 254.12 331.85 Td (Level ) Tj ET Q q 0 0 0 rg BT 278.07 331.85 Td (3. ) Tj ET Q q 0 0 0 rg BT 288.01 331.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 329.97 331.85 Td (does ) Tj ET Q q 0 0 0 rg BT 351.92 331.85 Td (not ) Tj ET Q q 0 0 0 rg BT 366.86 331.85 Td (have ) Tj ET Q q 0 0 0 rg BT 388.81 331.85 Td (any ) Tj ET Q q 0 0 0 rg BT 405.75 331.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 441.21 331.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 469.65 331.85 Td (or ) Tj ET Q q 0 0 0 rg BT 480.09 331.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.54 331.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 551.99 331.85 Td (that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 321.05 Td (are ) Tj ET Q q 0 0 0 rg BT 78.51 321.05 Td (subject ) Tj ET Q q 0 0 0 rg BT 109.52 321.05 Td (to ) Tj ET Q q 0 0 0 rg BT 119.53 321.05 Td (of) Tj ET Q q 0 0 0 rg BT 126.87 321.05 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 158.39 321.05 Td (arrangements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 304.25 Td (The ) Tj ET Q q 0 0 0 rg BT 80.60 304.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 95.20 304.25 Td (market ) Tj ET Q q 0 0 0 rg BT 124.80 304.25 Td (value ) Tj ET Q q 0 0 0 rg BT 148.42 304.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 186.03 304.25 Td (on ) Tj ET Q q 0 0 0 rg BT 198.14 304.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 245.98 304.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 298.61 304.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 340.23 304.25 Td (of ) Tj ET Q q 0 0 0 rg BT 349.83 304.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 384.95 304.25 Td (position ) Tj ET Q q 0 0 0 rg BT 418.06 304.25 Td (for ) Tj ET Q q 0 0 0 rg BT 430.66 304.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 465.78 304.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 509.89 304.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 548.50 304.25 Td (was:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 290.75 m 281.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 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[] 0 d 0 J 0 j 3 M 468.5 111.75 m 566.5 111.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 97.75 m 281.5 97.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 97.75 m 366.5 97.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 97.75 m 464.5 97.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 97.75 m 468.5 97.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 97.75 m 566.5 97.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.90 281.15 Td (December 31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 281.15 Td (December 31, 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 269.15 Td (\($ ) Tj ET Q q 0 0 0 rg BT 73.17 269.15 Td (thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 256.15 Td (Current ) Tj ET Q q 0 0 0 rg BT 97.51 256.15 Td (assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 242.15 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 236.56 246.44 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.45 242.15 Td (5,361) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.45 242.15 Td (66,213) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 228.15 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 190.55 232.44 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.45 228.15 Td (2,488) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.45 228.15 Td (2,013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 214.15 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 108.52 214.15 Td (assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 200.15 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 236.56 204.44 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.45 200.15 Td (3,030) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.45 200.15 Td (19,390) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 186.15 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 190.55 190.44 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.45 186.15 Td (2,343) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.45 186.15 Td (68,754) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 172.15 Td (Current ) Tj ET Q q 0 0 0 rg BT 97.51 172.15 Td (liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 158.15 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 236.56 162.44 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.45 158.15 Td (\(53,837) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.00 158.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.45 158.15 Td (\(2,811) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 158.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 144.15 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 108.52 144.15 Td (liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 130.15 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 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(151,270) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 88.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 88.05 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 88.05 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 88.05 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 88.05 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 88.05 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 88.05 Td (Level ) Tj ET Q q 0 0 0 rg BT 96.35 88.05 Td (2) Tj ET Q endstream endobj 95 0 obj <> endobj 96 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 47) 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 (Borrowings ) Tj ET Q q 0 0 0 rg BT 111.19 731.45 Td (under ) Tj ET Q q 0 0 0 rg BT 137.38 731.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 186.29 731.45 Td (bank ) Tj ET Q q 0 0 0 rg BT 208.97 731.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 234.15 731.45 Td (facility ) Tj ET Q q 0 0 0 rg BT 262.32 731.45 Td (bear ) Tj ET Q q 0 0 0 rg BT 283.51 731.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 316.19 731.45 Td (at ) Tj ET Q q 0 0 0 rg BT 326.87 731.45 Td (a ) Tj ET Q q 0 0 0 rg BT 335.04 731.45 Td (floating ) Tj ET Q q 0 0 0 rg BT 367.23 731.45 Td (market ) Tj ET Q q 0 0 0 rg BT 397.91 731.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 416.58 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 434.77 731.45 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 483.46 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 499.14 731.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 514.81 731.45 Td (market ) Tj ET Q q 0 0 0 rg BT 545.49 731.45 Td (value ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 720.65 Td (approximates ) Tj ET Q q 0 0 0 rg BT 122.16 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 139.80 720.65 Td (carrying ) Tj ET Q q 0 0 0 rg BT 176.94 720.65 Td (value. ) Tj ET Q q 0 0 0 rg BT 206.09 720.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 250.75 720.65 Td (had ) Tj ET Q q 0 0 0 rg BT 270.90 720.65 Td (no ) Tj ET Q q 0 0 0 rg BT 286.04 720.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 325.69 720.65 Td (drawn ) Tj ET Q q 0 0 0 rg BT 355.34 720.65 Td (on ) Tj ET Q q 0 0 0 rg BT 370.48 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 388.12 720.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 412.77 720.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 439.91 720.65 Td (facility ) Tj ET Q q 0 0 0 rg BT 470.05 720.65 Td (at ) Tj ET Q q 0 0 0 rg BT 482.69 720.65 Td (December ) Tj ET Q q 0 0 0 rg BT 529.34 720.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 546.98 720.65 Td (2016 ) Tj ET Q q 0 0 0 rg BT 569.50 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 584.50 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 587.00 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 589.50 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 592.01 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 599.51 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 602.01 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 604.51 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 607.01 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 609.51 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 612.01 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 614.51 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 617.01 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 619.51 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 622.01 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 624.51 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 627.01 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 629.51 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 632.01 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 634.51 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 637.01 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 639.51 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 642.02 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 644.52 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 647.02 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 649.52 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 652.02 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 654.52 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 657.02 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 659.52 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 662.02 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 664.52 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 667.02 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 669.52 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 672.02 720.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 709.85 Td (\(December ) Tj ET Q q 0 0 0 rg BT 110.11 709.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 125.21 709.85 Td (2015 ) Tj ET Q q 0 0 0 rg BT 147.83 709.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.42 709.85 Td ($272.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.95 709.85 Td ( ) Tj ET Q q 0 0 0 rg BT 183.54 709.85 Td (million\). ) Tj ET Q q 0 0 0 rg BT 216.97 709.85 Td (The ) Tj ET Q q 0 0 0 rg BT 235.08 709.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 250.17 709.85 Td (market ) Tj ET Q q 0 0 0 rg BT 280.27 709.85 Td (value ) Tj ET Q q 0 0 0 rg BT 304.38 709.85 Td (of ) Tj ET Q q 0 0 0 rg BT 314.48 709.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 362.82 709.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 389.93 709.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 434.55 709.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 459.16 709.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.26 709.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 528.39 709.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.41 709.85 Td ( ) Tj ET Q q 0 0 0 rg BT 551.00 709.85 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 699.05 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.01 699.05 Td ($931.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.53 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 160.52 699.05 Td (million ) Tj ET Q q 0 0 0 rg BT 193.00 699.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.00 699.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 259.51 699.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.53 699.05 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.53 699.05 Td ($1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.04 699.05 Td (billion\), ) Tj ET Q q 0 0 0 rg BT 343.04 699.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 390.04 699.05 Td (to ) Tj ET Q q 0 0 0 rg BT 404.52 699.05 Td (a ) Tj ET Q q 0 0 0 rg BT 416.51 699.05 Td (carrying ) Tj ET Q q 0 0 0 rg BT 455.50 699.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 492.50 699.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.99 699.05 Td ($933.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.52 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 541.50 699.05 Td (million ) Tj ET Q q 0 0 0 rg BT 569.50 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 579.51 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 582.01 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 584.51 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 587.01 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 589.51 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 592.01 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 599.51 699.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 688.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 688.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.02 688.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.05 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.55 688.25 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.04 688.25 Td ($995.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.57 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 183.07 688.25 Td (million\).) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 671.45 Td (6. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 671.45 Td (Capital Management) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 654.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 111.51 654.65 Td (objectives ) Tj ET Q q 0 0 0 rg BT 154.30 654.65 Td (when ) Tj ET Q q 0 0 0 rg BT 178.58 654.65 Td (managing ) Tj ET Q q 0 0 0 rg BT 220.87 654.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 249.66 654.65 Td (are ) Tj ET Q q 0 0 0 rg BT 265.43 654.65 Td (to: ) Tj ET Q q 0 0 0 rg BT 278.20 654.65 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 288.96 654.65 Td (preserve ) Tj ET Q q 0 0 0 rg BT 326.75 654.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 362.53 654.65 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 399.31 654.65 Td (which ) Tj ET Q q 0 0 0 rg BT 425.09 654.65 Td (will ) Tj ET Q q 0 0 0 rg BT 440.35 654.65 Td (allow ) Tj ET Q q 0 0 0 rg BT 463.63 654.65 Td (it ) Tj ET Q q 0 0 0 rg BT 470.89 654.65 Td (to ) Tj ET Q q 0 0 0 rg BT 481.17 654.65 Td (execute ) Tj ET Q q 0 0 0 rg BT 515.45 654.65 Td (on ) Tj ET Q q 0 0 0 rg BT 528.23 654.65 Td (its ) Tj ET Q q 0 0 0 rg BT 540.00 654.65 Td (growth ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 643.85 Td (strategy ) Tj ET Q q 0 0 0 rg BT 96.47 643.85 Td (through ) Tj ET Q q 0 0 0 rg BT 128.44 643.85 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 181.43 643.85 Td (on ) Tj ET Q q 0 0 0 rg BT 192.89 643.85 Td (exploration ) Tj ET Q q 0 0 0 rg BT 238.37 643.85 Td (and ) Tj ET Q q 0 0 0 rg BT 254.84 643.85 Td (development ) Tj ET Q q 0 0 0 rg BT 307.83 643.85 Td (activities; ) Tj ET Q q 0 0 0 rg BT 346.29 643.85 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 357.73 643.85 Td (maintain ) Tj ET Q q 0 0 0 rg BT 393.20 643.85 Td (a ) Tj ET Q q 0 0 0 rg BT 399.66 643.85 Td (strong ) Tj ET Q q 0 0 0 rg BT 426.12 643.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 460.60 643.85 Td (position ) Tj ET Q q 0 0 0 rg BT 493.07 643.85 Td (to ) Tj ET Q q 0 0 0 rg BT 502.03 643.85 Td (support ) Tj ET Q q 0 0 0 rg BT 533.50 643.85 Td (investor) Tj ET Q q 0 0 0 rg BT 564.51 643.85 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 633.05 Td (creditor ) Tj ET Q q 0 0 0 rg BT 94.36 633.05 Td (and ) Tj ET Q q 0 0 0 rg BT 110.73 633.05 Td (market ) Tj ET Q q 0 0 0 rg BT 139.59 633.05 Td (confidence; ) Tj ET Q q 0 0 0 rg BT 186.98 633.05 Td (and ) Tj ET Q q 0 0 0 rg BT 203.35 633.05 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 216.70 633.05 Td (deploy ) Tj ET Q q 0 0 0 rg BT 244.57 633.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 271.94 633.05 Td (to ) Tj ET Q q 0 0 0 rg BT 280.80 633.05 Td (provide ) Tj ET Q q 0 0 0 rg BT 311.67 633.05 Td (an ) Tj ET Q q 0 0 0 rg BT 323.04 633.05 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 369.92 633.05 Td (return ) Tj ET Q q 0 0 0 rg BT 394.79 633.05 Td (on ) Tj ET Q q 0 0 0 rg BT 406.15 633.05 Td (investment ) Tj ET Q q 0 0 0 rg BT 451.03 633.05 Td (to ) Tj ET Q q 0 0 0 rg BT 459.89 633.05 Td (its ) Tj ET Q q 0 0 0 rg BT 470.24 633.05 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 526.13 633.05 Td ( ) Tj ET Q q 0 0 0 rg BT 527.48 633.05 Td (Bonavista ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 622.25 Td (manages ) Tj ET Q q 0 0 0 rg BT 101.30 622.25 Td (its ) Tj ET Q q 0 0 0 rg BT 111.58 622.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 138.87 622.25 Td (structure ) Tj ET Q q 0 0 0 rg BT 175.16 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 191.45 622.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 219.24 622.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 269.04 622.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.82 622.25 Td (it ) Tj ET Q q 0 0 0 rg BT 283.60 622.25 Td (in ) Tj ET Q q 0 0 0 rg BT 291.88 622.25 Td (response ) Tj ET Q q 0 0 0 rg BT 330.18 622.25 Td (to ) Tj ET Q q 0 0 0 rg BT 338.97 622.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 374.27 622.25 Td (in ) Tj ET Q q 0 0 0 rg BT 382.55 622.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 422.35 622.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 464.15 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 480.45 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.24 622.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 509.51 622.25 Td (characteristics ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 611.45 Td (of ) Tj ET Q q 0 0 0 rg BT 73.46 611.45 Td (its ) Tj ET Q q 0 0 0 rg BT 85.42 611.45 Td (underlying ) Tj ET Q q 0 0 0 rg BT 129.91 611.45 Td (light ) Tj ET Q q 0 0 0 rg BT 149.37 611.45 Td (oil, ) Tj ET Q q 0 0 0 rg BT 163.83 611.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 194.31 611.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 211.78 611.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 240.25 611.45 Td (and ) Tj ET Q q 0 0 0 rg BT 258.22 611.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 288.70 611.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 306.17 611.45 Td (assets. ) Tj ET Q q 0 0 0 rg BT 337.44 611.45 Td (This ) Tj ET Q q 0 0 0 rg BT 357.40 611.45 Td (is ) Tj ET Q q 0 0 0 rg BT 366.86 611.45 Td (accomplished ) Tj ET Q q 0 0 0 rg BT 424.84 611.45 Td (by ) Tj ET Q q 0 0 0 rg BT 437.31 611.45 Td (consistently ) Tj ET Q q 0 0 0 rg BT 487.28 611.45 Td (aligning ) Tj ET Q q 0 0 0 rg BT 521.27 611.45 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 600.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 91.52 600.65 Td (and ) Tj ET Q q 0 0 0 rg BT 109.03 600.65 Td (dividend ) Tj ET Q q 0 0 0 rg BT 145.06 600.65 Td (programs ) Tj ET Q q 0 0 0 rg BT 185.57 600.65 Td (with ) Tj ET Q q 0 0 0 rg BT 204.08 600.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 228.59 600.65 Td (from ) Tj ET Q q 0 0 0 rg BT 249.10 600.65 Td (operations.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 583.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 106.04 583.85 Td (considers ) Tj ET Q q 0 0 0 rg BT 148.08 583.85 Td (its ) Tj ET Q q 0 0 0 rg BT 160.60 583.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 190.13 583.85 Td (structure ) Tj ET Q q 0 0 0 rg BT 228.66 583.85 Td (to ) Tj ET Q q 0 0 0 rg BT 239.68 583.85 Td (include ) Tj ET Q q 0 0 0 rg BT 271.72 583.85 Td (working ) Tj ET Q q 0 0 0 rg BT 306.25 583.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 335.78 583.85 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 380.32 583.85 Td (associated ) Tj ET Q q 0 0 0 rg BT 426.87 583.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 456.40 583.85 Td (and ) Tj ET Q q 0 0 0 rg BT 474.93 583.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 512.46 583.85 Td (from ) Tj ET Q q 0 0 0 rg BT 533.98 583.85 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 573.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 107.49 573.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 153.48 573.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 192.48 573.05 Td (and ) Tj ET Q q 0 0 0 rg BT 209.97 573.05 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 281.98 573.05 Td (liabilities\), ) Tj ET Q q 0 0 0 rg BT 323.97 573.05 Td (bank ) Tj ET Q q 0 0 0 rg BT 345.96 573.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 370.45 573.05 Td (facility) Tj ET Q q 0 0 0 rg BT 394.79 573.05 Td (, ) Tj ET Q q 0 0 0 rg BT 399.77 573.05 Td (senior ) Tj ET Q q 0 0 0 rg BT 426.76 573.05 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 471.27 573.05 Td (notes ) Tj ET Q q 0 0 0 rg BT 495.76 573.05 Td (and ) Tj ET Q q 0 0 0 rg BT 513.25 573.05 Td (shareholders' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 562.25 Td (equity) Tj ET Q q 0 0 0 rg BT 86.35 562.25 Td (. ) Tj ET Q q 0 0 0 rg BT 91.62 562.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 133.91 562.25 Td (monitors ) Tj ET Q q 0 0 0 rg BT 171.18 562.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 199.97 562.25 Td (based ) Tj ET Q q 0 0 0 rg BT 227.25 562.25 Td (on ) Tj ET Q q 0 0 0 rg BT 240.03 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.31 562.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 275.58 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.86 562.25 Td (net ) Tj ET Q q 0 0 0 rg BT 301.13 562.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 321.42 562.25 Td (to ) Tj ET Q q 0 0 0 rg BT 331.69 562.25 Td (annualized ) Tj ET Q q 0 0 0 rg BT 377.99 562.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 402.78 562.25 Td (from ) Tj ET Q q 0 0 0 rg BT 423.54 562.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 470.66 562.25 Td (The ) Tj ET Q q 0 0 0 rg BT 488.93 562.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 509.21 562.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 554.50 562.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 551.45 Td (time ) Tj ET Q q 0 0 0 rg BT 82.09 551.45 Td (period ) Tj ET Q q 0 0 0 rg BT 109.19 551.45 Td (it ) Tj ET Q q 0 0 0 rg BT 115.78 551.45 Td (would ) Tj ET Q q 0 0 0 rg BT 141.38 551.45 Td (take ) Tj ET Q q 0 0 0 rg BT 160.48 551.45 Td (to ) Tj ET Q q 0 0 0 rg BT 170.07 551.45 Td (pay ) Tj ET Q q 0 0 0 rg BT 186.67 551.45 Td (of) Tj ET Q q 0 0 0 rg BT 194.01 551.45 Td (f ) Tj ET Q q 0 0 0 rg BT 198.60 551.45 Td (the ) Tj ET Q q 0 0 0 rg BT 213.20 551.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 232.80 551.45 Td (if ) Tj ET Q q 0 0 0 rg BT 239.39 551.45 Td (no ) Tj ET Q q 0 0 0 rg BT 251.48 551.45 Td (further ) Tj ET Q q 0 0 0 rg BT 279.58 551.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 307.68 551.45 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 361.30 551.45 Td (were ) Tj ET Q q 0 0 0 rg BT 382.90 551.45 Td (incurred ) Tj ET Q q 0 0 0 rg BT 417.50 551.45 Td (and ) Tj ET Q q 0 0 0 rg BT 434.60 551.45 Td (if ) Tj ET Q q 0 0 0 rg BT 441.19 551.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 465.29 551.45 Td (from ) Tj ET Q q 0 0 0 rg BT 485.38 551.45 Td (operations ) Tj ET Q q 0 0 0 rg BT 529.49 551.45 Td (remained ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 540.65 Td (constant. ) Tj ET Q q 0 0 0 rg BT 102.14 540.65 Td (This ) Tj ET Q q 0 0 0 rg BT 121.94 540.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 142.25 540.65 Td (is ) Tj ET Q q 0 0 0 rg BT 151.54 540.65 Td (calculated ) Tj ET Q q 0 0 0 rg BT 194.87 540.65 Td (as ) Tj ET Q q 0 0 0 rg BT 207.17 540.65 Td (net ) Tj ET Q q 0 0 0 rg BT 222.48 540.65 Td (debt, ) Tj ET Q q 0 0 0 rg BT 245.30 540.65 Td (defined ) Tj ET Q q 0 0 0 rg BT 277.62 540.65 Td (as ) Tj ET Q q 0 0 0 rg BT 289.93 540.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 339.26 540.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 361.58 540.65 Td (debt, ) Tj ET Q q 0 0 0 rg BT 384.39 540.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 411.70 540.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 456.53 540.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 481.35 540.65 Td (and ) Tj ET Q q 0 0 0 rg BT 499.16 540.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 535.99 540.65 Td (working ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 529.85 Td (capital, ) Tj ET Q q 0 0 0 rg BT 94.65 529.85 Td (divided ) Tj ET Q q 0 0 0 rg BT 126.31 529.85 Td (by ) Tj ET Q q 0 0 0 rg BT 138.96 529.85 Td (funds ) Tj ET Q q 0 0 0 rg BT 164.11 529.85 Td (from ) Tj ET Q q 0 0 0 rg BT 185.25 529.85 Td (operations ) Tj ET Q q 0 0 0 rg BT 230.41 529.85 Td (for ) Tj ET Q q 0 0 0 rg BT 244.05 529.85 Td (the ) Tj ET Q q 0 0 0 rg BT 259.70 529.85 Td (most ) Tj ET Q q 0 0 0 rg BT 282.34 529.85 Td (recent ) Tj ET Q q 0 0 0 rg BT 310.50 529.85 Td (calendar ) Tj ET Q q 0 0 0 rg BT 348.16 529.85 Td (quarter) Tj ET Q q 0 0 0 rg BT 376.18 529.85 Td (, ) Tj ET Q q 0 0 0 rg BT 381.81 529.85 Td (annualized ) Tj ET Q q 0 0 0 rg BT 428.49 529.85 Td (\(multiplied ) Tj ET Q q 0 0 0 rg BT 472.64 529.85 Td (by ) Tj ET Q q 0 0 0 rg BT 485.28 529.85 Td (four\). ) Tj ET Q q 0 0 0 rg BT 509.22 529.85 Td (This ) Tj ET Q q 0 0 0 rg BT 529.36 529.85 Td (ratio ) Tj ET Q q 0 0 0 rg BT 550.01 529.85 Td (may ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 519.05 Td (increase ) Tj ET Q q 0 0 0 rg BT 99.59 519.05 Td (at ) Tj ET Q q 0 0 0 rg BT 109.67 519.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 139.26 519.05 Td (times ) Tj ET Q q 0 0 0 rg BT 163.33 519.05 Td (as ) Tj ET Q q 0 0 0 rg BT 175.41 519.05 Td (a ) Tj ET Q q 0 0 0 rg BT 182.99 519.05 Td (result ) Tj ET Q q 0 0 0 rg BT 207.57 519.05 Td (of ) Tj ET Q q 0 0 0 rg BT 217.65 519.05 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 267.24 519.05 Td (or ) Tj ET Q q 0 0 0 rg BT 277.82 519.05 Td (low ) Tj ET Q q 0 0 0 rg BT 293.90 519.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 339.98 519.05 Td (prices. ) Tj ET Q q 0 0 0 rg BT 368.55 519.05 Td (As ) Tj ET Q q 0 0 0 rg BT 381.63 519.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.70 519.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 450.80 519.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.82 519.05 Td (, ) Tj ET Q q 0 0 0 rg BT 475.90 519.05 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 517.26 519.05 Td (s ) Tj ET Q q 0 0 0 rg BT 524.33 519.05 Td (ratio ) Tj ET Q q 0 0 0 rg BT 544.41 519.05 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 519.05 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 508.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 83.02 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.02 508.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 118.54 508.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 149.55 508.25 Td (annualized ) Tj ET Q q 0 0 0 rg BT 195.59 508.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 220.11 508.25 Td (from ) Tj ET Q q 0 0 0 rg BT 240.61 508.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 285.14 508.25 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.64 508.25 Td (2.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.16 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 318.66 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 328.66 508.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 336.17 508.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.17 508.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 398.19 508.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.21 508.25 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.21 508.25 Td (3.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.72 508.25 Td (to1\). ) Tj ET Q q 0 0 0 rg BT 464.23 508.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 491.45 Td (T) Tj ET Q q 0 0 0 rg BT 67.50 491.45 Td (o ) Tj ET Q q 0 0 0 rg BT 75.52 491.45 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 111.55 491.45 Td (the ) Tj ET Q q 0 0 0 rg BT 127.07 491.45 Td (management ) Tj ET Q q 0 0 0 rg BT 182.62 491.45 Td (of ) Tj ET Q q 0 0 0 rg BT 193.14 491.45 Td (this ) Tj ET Q q 0 0 0 rg BT 210.16 491.45 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 233.18 491.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 275.71 491.45 Td (prepares ) Tj ET Q q 0 0 0 rg BT 314.25 491.45 Td (annual ) Tj ET Q q 0 0 0 rg BT 344.29 491.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 369.32 491.45 Td (from ) Tj ET Q q 0 0 0 rg BT 390.33 491.45 Td (operations ) Tj ET Q q 0 0 0 rg BT 435.37 491.45 Td (and ) Tj ET Q q 0 0 0 rg BT 453.40 491.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 482.43 491.45 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 532.48 491.45 Td (budgets, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 480.65 Td (which ) Tj ET Q q 0 0 0 rg BT 88.64 480.65 Td (are ) Tj ET Q q 0 0 0 rg BT 104.28 480.65 Td (updated ) Tj ET Q q 0 0 0 rg BT 139.44 480.65 Td (as ) Tj ET Q q 0 0 0 rg BT 151.58 480.65 Td (necessary) Tj ET Q q 0 0 0 rg BT 191.93 480.65 Td (, ) Tj ET Q q 0 0 0 rg BT 197.06 480.65 Td (and ) Tj ET Q q 0 0 0 rg BT 214.71 480.65 Td (are ) Tj ET Q q 0 0 0 rg BT 230.35 480.65 Td (routinely ) Tj ET Q q 0 0 0 rg BT 267.00 480.65 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 305.65 480.65 Td (and ) Tj ET Q q 0 0 0 rg BT 323.30 480.65 Td (approved ) Tj ET Q q 0 0 0 rg BT 363.46 480.65 Td (by ) Tj ET Q q 0 0 0 rg BT 375.59 480.65 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 416.95 480.65 Td (s ) Tj ET Q q 0 0 0 rg BT 424.09 480.65 Td (Board ) Tj ET Q q 0 0 0 rg BT 450.73 480.65 Td (of ) Tj ET Q q 0 0 0 rg BT 460.87 480.65 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 501.84 480.65 Td (The ) Tj ET Q q 0 0 0 rg BT 519.98 480.65 Td (Corporation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 469.85 Td (manages ) Tj ET Q q 0 0 0 rg BT 103.14 469.85 Td (its ) Tj ET Q q 0 0 0 rg BT 115.26 469.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 144.39 469.85 Td (structure ) Tj ET Q q 0 0 0 rg BT 182.52 469.85 Td (and ) Tj ET Q q 0 0 0 rg BT 200.65 469.85 Td (makes ) Tj ET Q q 0 0 0 rg BT 230.28 469.85 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 281.92 469.85 Td (by ) Tj ET Q q 0 0 0 rg BT 294.54 469.85 Td (continually ) Tj ET Q q 0 0 0 rg BT 340.19 469.85 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 385.32 469.85 Td (its ) Tj ET Q q 0 0 0 rg BT 397.44 469.85 Td (business ) Tj ET Q q 0 0 0 rg BT 436.08 469.85 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 482.22 469.85 Td (including: ) Tj ET Q q 0 0 0 rg BT 523.37 469.85 Td (the ) Tj ET Q q 0 0 0 rg BT 538.99 469.85 Td (current ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 459.05 Td (economic ) Tj ET Q q 0 0 0 rg BT 103.95 459.05 Td (conditions; ) Tj ET Q q 0 0 0 rg BT 149.42 459.05 Td (the ) Tj ET Q q 0 0 0 rg BT 164.36 459.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 180.79 459.05 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 240.75 459.05 Td (of ) Tj ET Q q 0 0 0 rg BT 250.69 459.05 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 292.05 459.05 Td (s ) Tj ET Q q 0 0 0 rg BT 298.98 459.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 310.42 459.05 Td (and ) Tj ET Q q 0 0 0 rg BT 327.88 459.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 357.83 459.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 374.78 459.05 Td (assets; ) Tj ET Q q 0 0 0 rg BT 405.72 459.05 Td (the ) Tj ET Q q 0 0 0 rg BT 420.67 459.05 Td (depth ) Tj ET Q q 0 0 0 rg BT 445.63 459.05 Td (of ) Tj ET Q q 0 0 0 rg BT 455.57 459.05 Td (its ) Tj ET Q q 0 0 0 rg BT 467.00 459.05 Td (investment ) Tj ET Q q 0 0 0 rg BT 512.96 459.05 Td (opportunities; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 448.25 Td (current ) Tj ET Q q 0 0 0 rg BT 94.21 448.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.43 448.25 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 157.66 448.25 Td (net ) Tj ET Q q 0 0 0 rg BT 173.38 448.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 194.10 448.25 Td (levels; ) Tj ET Q q 0 0 0 rg BT 222.81 448.25 Td (current ) Tj ET Q q 0 0 0 rg BT 254.03 448.25 Td (and ) Tj ET Q q 0 0 0 rg BT 272.25 448.25 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 317.47 448.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 364.19 448.25 Td (prices; ) Tj ET Q q 0 0 0 rg BT 393.90 448.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.12 448.25 Td (other ) Tj ET Q q 0 0 0 rg BT 435.84 448.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 466.05 448.25 Td (that ) Tj ET Q q 0 0 0 rg BT 484.26 448.25 Td (influence ) Tj ET Q q 0 0 0 rg BT 523.49 448.25 Td (commodity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 437.45 Td (prices ) Tj ET Q q 0 0 0 rg BT 89.51 437.45 Td (and ) Tj ET Q q 0 0 0 rg BT 107.02 437.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 131.54 437.45 Td (from ) Tj ET Q q 0 0 0 rg BT 152.04 437.45 Td (operations, ) Tj ET Q q 0 0 0 rg BT 199.07 437.45 Td (such ) Tj ET Q q 0 0 0 rg BT 220.58 437.45 Td (as ) Tj ET Q q 0 0 0 rg BT 232.59 437.45 Td (quality ) Tj ET Q q 0 0 0 rg BT 261.11 437.45 Td (and ) Tj ET Q q 0 0 0 rg BT 278.62 437.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 302.13 437.45 Td (dif) Tj ET Q q 0 0 0 rg BT 311.48 437.45 Td (ferentials, ) Tj ET Q q 0 0 0 rg BT 353.00 437.45 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 391.51 437.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 431.54 437.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 455.04 437.45 Td (and ) Tj ET Q q 0 0 0 rg BT 472.56 437.45 Td (transportation ) Tj ET Q q 0 0 0 rg BT 530.09 437.45 Td (costs.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 420.65 Td (T) Tj ET Q q 0 0 0 rg BT 67.50 420.65 Td (o ) Tj ET Q q 0 0 0 rg BT 74.31 420.65 Td (maintain ) Tj ET Q q 0 0 0 rg BT 110.13 420.65 Td (or ) Tj ET Q q 0 0 0 rg BT 119.93 420.65 Td (adjust ) Tj ET Q q 0 0 0 rg BT 145.75 420.65 Td (the ) Tj ET Q q 0 0 0 rg BT 160.06 420.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 187.88 420.65 Td (structure, ) Tj ET Q q 0 0 0 rg BT 227.20 420.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 268.52 420.65 Td (considers: ) Tj ET Q q 0 0 0 rg BT 311.34 420.65 Td (its ) Tj ET Q q 0 0 0 rg BT 322.15 420.65 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 365.97 420.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 385.28 420.65 Td (of ) Tj ET Q q 0 0 0 rg BT 394.59 420.65 Td (net ) Tj ET Q q 0 0 0 rg BT 408.90 420.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 428.22 420.65 Td (to ) Tj ET Q q 0 0 0 rg BT 437.53 420.65 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 481.36 420.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 505.18 420.65 Td (from ) Tj ET Q q 0 0 0 rg BT 524.98 420.65 Td (operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 409.85 Td (while ) Tj ET Q q 0 0 0 rg BT 86.59 409.85 Td (attempting ) Tj ET Q q 0 0 0 rg BT 131.70 409.85 Td (to ) Tj ET Q q 0 0 0 rg BT 142.28 409.85 Td (finance ) Tj ET Q q 0 0 0 rg BT 174.38 409.85 Td (an ) Tj ET Q q 0 0 0 rg BT 187.48 409.85 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 234.09 409.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 263.18 409.85 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 313.30 409.85 Td (program ) Tj ET Q q 0 0 0 rg BT 349.89 409.85 Td (including ) Tj ET Q q 0 0 0 rg BT 388.50 409.85 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 434.10 409.85 Td (opportunities; ) Tj ET Q q 0 0 0 rg BT 491.22 409.85 Td (the ) Tj ET Q q 0 0 0 rg BT 506.81 409.85 Td (current ) Tj ET Q q 0 0 0 rg BT 537.90 409.85 Td (level ) Tj ET Q q 0 0 0 rg BT 559.49 409.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 399.05 Td (bank ) Tj ET Q q 0 0 0 rg BT 85.41 399.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 110.31 399.05 Td (available ) Tj ET Q q 0 0 0 rg BT 148.73 399.05 Td (from ) Tj ET Q q 0 0 0 rg BT 169.62 399.05 Td (the ) Tj ET Q q 0 0 0 rg BT 185.03 399.05 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 241.17 399.05 Td (lenders; ) Tj ET Q q 0 0 0 rg BT 276.08 399.05 Td (the ) Tj ET Q q 0 0 0 rg BT 291.48 399.05 Td (availability ) Tj ET Q q 0 0 0 rg BT 335.90 399.05 Td (of ) Tj ET Q q 0 0 0 rg BT 346.30 399.05 Td (other ) Tj ET Q q 0 0 0 rg BT 369.70 399.05 Td (sources ) Tj ET Q q 0 0 0 rg BT 404.11 399.05 Td (of ) Tj ET Q q 0 0 0 rg BT 414.51 399.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 434.92 399.05 Td (with ) Tj ET Q q 0 0 0 rg BT 453.82 399.05 Td (dif) Tj ET Q q 0 0 0 rg BT 463.16 399.05 Td (ferent ) Tj ET Q q 0 0 0 rg BT 489.07 399.05 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 549.48 399.05 Td (than ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.13 388.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 113.26 388.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 136.40 388.25 Td (debt; ) Tj ET Q q 0 0 0 rg BT 160.03 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.16 388.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 196.29 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.42 388.25 Td (assets; ) Tj ET Q q 0 0 0 rg BT 239.55 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.68 388.25 Td (monetization ) Tj ET Q q 0 0 0 rg BT 310.33 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.45 388.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 358.09 388.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 403.72 388.25 Td (contracts; ) Tj ET Q q 0 0 0 rg BT 446.36 388.25 Td (limiting ) Tj ET Q q 0 0 0 rg BT 477.98 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.11 388.25 Td (size ) Tj ET Q q 0 0 0 rg BT 513.74 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.86 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.99 388.25 Td (capital ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 377.45 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 111.60 377.45 Td (program; ) Tj ET Q q 0 0 0 rg BT 149.18 377.45 Td (issuance ) Tj ET Q q 0 0 0 rg BT 186.26 377.45 Td (of ) Tj ET Q q 0 0 0 rg BT 195.33 377.45 Td (new ) Tj ET Q q 0 0 0 rg BT 213.40 377.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 238.98 377.45 Td (if ) Tj ET Q q 0 0 0 rg BT 245.05 377.45 Td (available ) Tj ET Q q 0 0 0 rg BT 282.14 377.45 Td (on ) Tj ET Q q 0 0 0 rg BT 293.71 377.45 Td (favourable ) Tj ET Q q 0 0 0 rg BT 337.31 377.45 Td (terms; ) Tj ET Q q 0 0 0 rg BT 363.87 377.45 Td (and ) Tj ET Q q 0 0 0 rg BT 380.45 377.45 Td (its ) Tj ET Q q 0 0 0 rg BT 391.01 377.45 Td (level ) Tj ET Q q 0 0 0 rg BT 411.09 377.45 Td (of ) Tj ET Q q 0 0 0 rg BT 420.16 377.45 Td (dividends ) Tj ET Q q 0 0 0 rg BT 459.75 377.45 Td (payable ) Tj ET Q q 0 0 0 rg BT 492.84 377.45 Td (to ) Tj ET Q q 0 0 0 rg BT 501.91 377.45 Td (its ) Tj ET Q q 0 0 0 rg BT 512.47 377.45 Td (shareholders. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 366.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.26 366.65 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 161.75 366.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 190.51 366.65 Td (is ) Tj ET Q q 0 0 0 rg BT 199.74 366.65 Td (not ) Tj ET Q q 0 0 0 rg BT 214.99 366.65 Td (subject ) Tj ET Q q 0 0 0 rg BT 246.25 366.65 Td (to ) Tj ET Q q 0 0 0 rg BT 256.49 366.65 Td (external ) Tj ET Q q 0 0 0 rg BT 291.25 366.65 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 340.00 366.65 Td (however) Tj ET Q q 0 0 0 rg BT 373.52 366.65 Td (, ) Tj ET Q q 0 0 0 rg BT 378.76 366.65 Td (the ) Tj ET Q q 0 0 0 rg BT 394.01 366.65 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 449.99 366.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 472.25 366.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 497.00 366.65 Td (facility ) Tj ET Q q 0 0 0 rg BT 524.74 366.65 Td (and ) Tj ET Q q 0 0 0 rg BT 542.49 366.65 Td (senior ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 355.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 107.53 355.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 132.05 355.85 Td (do ) Tj ET Q q 0 0 0 rg BT 144.56 355.85 Td (contain ) Tj ET Q q 0 0 0 rg BT 176.08 355.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 211.60 355.85 Td (covenants ) Tj ET Q q 0 0 0 rg BT 255.13 355.85 Td (that ) Tj ET Q q 0 0 0 rg BT 272.64 355.85 Td (are ) Tj ET Q q 0 0 0 rg BT 288.15 355.85 Td (outlined ) Tj ET Q q 0 0 0 rg BT 322.18 355.85 Td (in ) Tj ET Q q 0 0 0 rg BT 331.68 355.85 Td (note ) Tj ET Q q 0 0 0 rg BT 351.70 355.85 Td (14 ) Tj ET Q q 0 0 0 rg BT 364.21 355.85 Td (of ) Tj ET Q q 0 0 0 rg BT 374.22 355.85 Td (the ) Tj ET Q q 0 0 0 rg BT 389.23 355.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 442.27 355.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 477.79 355.85 Td (statements. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 339.05 Td (The ) Tj ET Q q 0 0 0 rg BT 81.01 339.05 Td (following ) Tj ET Q q 0 0 0 rg BT 118.53 339.05 Td (table ) Tj ET Q q 0 0 0 rg BT 140.55 339.05 Td (provides ) Tj ET Q q 0 0 0 rg BT 177.06 339.05 Td (a ) Tj ET Q q 0 0 0 rg BT 184.57 339.05 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 239.60 339.05 Td (of ) Tj ET Q q 0 0 0 rg BT 249.60 339.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 271.12 339.05 Td (flow ) Tj ET Q q 0 0 0 rg BT 289.62 339.05 Td (from ) Tj ET Q q 0 0 0 rg BT 310.12 339.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 350.15 339.05 Td (activities ) Tj ET Q q 0 0 0 rg BT 387.16 339.05 Td (to ) Tj ET Q q 0 0 0 rg BT 397.17 339.05 Td (funds ) Tj ET Q q 0 0 0 rg BT 421.69 339.05 Td (from ) Tj ET Q q 0 0 0 rg BT 442.19 339.05 Td (operations:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 325.54999999999995 m 263.5 325.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 311.54999999999995 m 263.5 311.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 325.54999999999995 m 339.5 325.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 311.54999999999995 m 339.5 311.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 325.54999999999995 m 415.5 325.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 311.54999999999995 m 415.5 311.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 325.54999999999995 m 491.5 325.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 311.54999999999995 m 491.5 311.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 325.54999999999995 m 567.5 325.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 311.54999999999995 m 567.5 311.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 311.54999999999995 m 263.5 311.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 297.54999999999995 m 263.5 297.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 311.54999999999995 m 339.5 311.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 297.54999999999995 m 339.5 297.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 311.54999999999995 m 415.5 311.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 297.54999999999995 m 415.5 297.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 311.54999999999995 m 491.5 311.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 297.54999999999995 m 491.5 297.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 311.54999999999995 m 567.5 311.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 297.54999999999995 m 567.5 297.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 230.54999999999995 m 263.5 230.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 230.54999999999995 m 339.5 230.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 230.54999999999995 m 415.5 230.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 230.54999999999995 m 491.5 230.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 230.54999999999995 m 567.5 230.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 216.54999999999995 m 263.5 216.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 216.54999999999995 m 339.5 216.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 216.54999999999995 m 415.5 216.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 216.54999999999995 m 491.5 216.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 216.54999999999995 m 567.5 216.54999999999995 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.90 315.95 Td (Three months ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.75 315.95 Td (Years ended December 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 301.95 Td (Calculation of Funds from Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 315.95 301.95 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.95 301.95 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.95 301.95 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 301.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 289.95 Td (\($ 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/F3 9.00 Tf ET q 0 0 0 rg BT 564.00 262.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 248.95 Td (Decommissioning expenditures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 248.95 Td (6,637) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 248.95 Td (3,281) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.45 248.95 Td (15,309) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 248.95 Td (18,925) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 234.95 Td (Changes in non-cash working capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.45 234.95 Td (12,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.45 234.95 Td (\(21,364) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 234.95 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.45 234.95 Td (33,906) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 234.95 Td (9,852) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 220.95 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 158.54 225.24 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.45 220.95 Td (78,742) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.45 220.95 Td (95,792) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.45 220.95 Td (264,391) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 220.95 Td (385,351) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 206.85 Td (\(1\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 81.00 206.85 Td (Accrued ) Tj ET Q q 0 0 0 rg BT 104.68 206.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 126.02 206.85 Td (expense ) Tj ET Q q 0 0 0 rg BT 150.37 206.85 Td (on ) Tj ET Q q 0 0 0 rg BT 158.71 206.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 190.88 206.85 Td (long-term ) Tj ET Q q 0 0 0 rg BT 217.88 206.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 231.23 206.85 Td (excluding ) Tj ET Q q 0 0 0 rg BT 258.25 206.85 Td (the ) Tj ET Q q 0 0 0 rg BT 268.25 206.85 Td (amortization ) Tj ET Q q 0 0 0 rg BT 302.60 206.85 Td (of ) Tj ET Q q 0 0 0 rg BT 309.27 206.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 322.62 206.85 Td (issuance ) Tj ET Q q 0 0 0 rg BT 347.96 206.85 Td (costs. ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 196.65 Td (\(2\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 81.00 196.65 Td (Funds ) Tj ET Q q 0 0 0 rg BT 99.49 196.65 Td (from ) Tj ET Q q 0 0 0 rg BT 113.31 196.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 143.15 196.65 Td (as ) Tj ET Q q 0 0 0 rg BT 151.31 196.65 Td (presented ) Tj ET Q q 0 0 0 rg BT 179.81 196.65 Td (does ) Tj ET Q q 0 0 0 rg BT 194.64 196.65 Td (not ) Tj ET Q q 0 0 0 rg BT 204.80 196.65 Td (have ) Tj ET Q q 0 0 0 rg BT 219.63 196.65 Td (any ) Tj ET Q q 0 0 0 rg BT 231.12 196.65 Td (standardized ) Tj ET Q q 0 0 0 rg BT 267.29 196.65 Td (meaning ) Tj ET Q q 0 0 0 rg BT 292.13 196.65 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 321.96 196.65 Td (by ) Tj ET Q q 0 0 0 rg BT 330.12 196.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 345.60 196.65 Td (and ) Tj ET Q q 0 0 0 rg BT 357.43 196.65 Td (therefore ) Tj ET Q q 0 0 0 rg BT 383.26 196.65 Td (it ) Tj ET Q q 0 0 0 rg BT 388.08 196.65 Td (may ) Tj ET Q q 0 0 0 rg BT 401.24 196.65 Td (not ) Tj ET Q q 0 0 0 rg BT 411.39 196.65 Td (be ) Tj ET Q q 0 0 0 rg BT 419.89 196.65 Td (comparable ) Tj ET Q q 0 0 0 rg BT 453.06 196.65 Td (with ) Tj ET Q q 0 0 0 rg BT 465.54 196.65 Td (the ) Tj ET Q q 0 0 0 rg BT 475.70 196.65 Td (calculation ) Tj ET Q q 0 0 0 rg BT 505.87 196.65 Td (of ) Tj ET Q q 0 0 0 rg BT 512.69 196.65 Td (similar ) Tj ET Q q 0 0 0 rg BT 531.84 196.65 Td (measures ) Tj ET Q q 0 0 0 rg BT 560.01 196.65 Td (for ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 81.00 189.45 Td (other ) Tj ET Q q 0 0 0 rg BT 96.34 189.45 Td (entities.) 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 /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 731.45 Td (The ) Tj ET Q q 0 0 0 rg BT 81.01 731.45 Td (following ) Tj ET Q q 0 0 0 rg BT 118.53 731.45 Td (table ) Tj ET Q q 0 0 0 rg BT 140.55 731.45 Td (represents ) Tj ET Q q 0 0 0 rg BT 185.57 731.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 233.81 731.45 Td (ratio ) Tj ET Q q 0 0 0 rg BT 253.82 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 263.83 731.45 Td (net ) Tj ET Q q 0 0 0 rg BT 278.84 731.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 298.85 731.45 Td (to ) Tj ET Q q 0 0 0 rg BT 308.86 731.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 333.38 731.45 Td (from ) Tj ET Q q 0 0 0 rg BT 353.88 731.45 Td (operations:) 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 368.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 695.95 m 368.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 717.95 m 465.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 695.95 m 465.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 717.95 m 469.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 695.95 m 469.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 717.95 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 469.5 695.95 m 566.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 656.95 m 465.5 656.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 656.95 m 469.5 656.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 656.95 m 566.5 656.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 656.95 m 368.5 656.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 642.95 m 368.5 642.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 656.95 m 465.5 656.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 642.95 m 465.5 642.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 656.95 m 469.5 656.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 642.95 m 469.5 642.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 656.95 m 566.5 656.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 642.95 m 566.5 642.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 586.95 m 368.5 586.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 586.95 m 465.5 586.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 586.95 m 469.5 586.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 586.95 m 566.5 586.95 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 700.35 Td (Net Debt to Funds from Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.95 708.90 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.90 699.90 Td (December 31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.25 708.90 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 699.90 Td (December 31, 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 688.35 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 675.65 Td (Long Term Debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.45 675.35 Td (775,887) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.95 675.35 Td (1,231,031) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 661.35 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 204.57 665.64 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.45 661.35 Td (101,636) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 661.35 Td (79,632) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 647.35 Td (T) Tj ET Q q 0 0 0 rg BT 69.50 647.35 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 119.04 651.64 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.45 647.35 Td (877,523) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.95 647.35 Td (1,310,663) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 633.35 Td (Funds from operations fourth quarter annualized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.45 633.35 Td (314,968) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 633.35 Td (383,168) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 619.35 Td (Total net debt to funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.45 619.35 Td (2.8:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 619.35 Td (3.4:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 605.35 Td (Funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.45 605.35 Td (264,391) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 605.35 Td (385,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 591.35 Td (Total net debt to funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.45 591.35 Td (3.3:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 591.35 Td (3.4:1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 577.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 81.00 577.25 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 105.53 577.25 Td (working ) Tj ET Q q 0 0 0 rg BT 127.39 577.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 145.92 577.25 Td (deficiency ) Tj ET Q q 0 0 0 rg BT 173.78 577.25 Td (as ) Tj ET Q q 0 0 0 rg BT 181.30 577.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 209.17 577.25 Td (does ) Tj ET Q q 0 0 0 rg BT 223.36 577.25 Td (not ) Tj ET Q q 0 0 0 rg BT 232.88 577.25 Td (have ) Tj ET Q q 0 0 0 rg BT 247.08 577.25 Td (any ) Tj ET Q q 0 0 0 rg BT 257.93 577.25 Td (standardized ) Tj ET Q q 0 0 0 rg BT 293.47 577.25 Td (meaning ) Tj ET Q q 0 0 0 rg BT 317.67 577.25 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 346.87 577.25 Td (by ) Tj ET Q q 0 0 0 rg BT 354.39 577.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 369.24 577.25 Td (and ) Tj ET Q q 0 0 0 rg BT 380.43 577.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 405.63 577.25 Td (may ) Tj ET Q q 0 0 0 rg BT 418.15 577.25 Td (not ) Tj ET Q q 0 0 0 rg BT 427.67 577.25 Td (be ) Tj ET Q q 0 0 0 rg BT 435.53 577.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 468.06 577.25 Td (with ) Tj ET Q q 0 0 0 rg BT 479.91 577.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.43 577.25 Td (calculation ) Tj ET Q q 0 0 0 rg BT 518.97 577.25 Td (of ) Tj ET Q q 0 0 0 rg BT 525.15 577.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 543.67 577.25 Td (measure ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 81.00 570.05 Td (for ) Tj ET Q q 0 0 0 rg BT 89.67 570.05 Td (other ) Tj ET Q q 0 0 0 rg BT 105.01 570.05 Td (entities. ) Tj ET Q q 0 0 0 rg BT 127.03 570.05 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 152.04 570.05 Td (working ) Tj ET Q q 0 0 0 rg BT 174.38 570.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 193.39 570.05 Td (deficiency ) Tj ET Q q 0 0 0 rg BT 221.74 570.05 Td (excludes ) Tj ET Q q 0 0 0 rg BT 247.09 570.05 Td (associated ) Tj ET Q q 0 0 0 rg BT 277.44 570.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 296.45 570.05 Td (or ) Tj ET Q q 0 0 0 rg BT 303.45 570.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 327.79 570.05 Td (for ) Tj ET Q q 0 0 0 rg BT 336.46 570.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 360.14 570.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 389.82 570.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 420.50 570.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 446.50 570.05 Td (and ) Tj ET Q q 0 0 0 rg BT 458.18 570.05 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 506.20 570.05 Td (liabilities.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 559.85 Td (\(2\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 81.00 559.85 Td (T) Tj ET Q q 0 0 0 rg BT 84.00 559.85 Td (otal ) Tj ET Q q 0 0 0 rg BT 95.65 559.85 Td (net ) Tj ET Q q 0 0 0 rg BT 105.97 559.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 119.63 559.85 Td (as ) Tj ET Q q 0 0 0 rg BT 127.94 559.85 Td (presented ) Tj ET Q q 0 0 0 rg BT 156.61 559.85 Td (does ) Tj ET Q q 0 0 0 rg BT 171.60 559.85 Td (not ) Tj ET Q q 0 0 0 rg BT 181.92 559.85 Td (have ) Tj ET Q q 0 0 0 rg BT 196.91 559.85 Td (any ) Tj ET Q q 0 0 0 rg BT 208.56 559.85 Td (standardized ) Tj ET Q q 0 0 0 rg BT 244.89 559.85 Td (meaning ) Tj ET Q q 0 0 0 rg BT 269.89 559.85 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 299.88 559.85 Td (by ) Tj ET Q q 0 0 0 rg BT 308.20 559.85 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 323.84 559.85 Td (and ) Tj ET Q q 0 0 0 rg BT 335.83 559.85 Td (therefore ) Tj ET Q q 0 0 0 rg BT 361.82 559.85 Td (may ) Tj ET Q q 0 0 0 rg BT 375.14 559.85 Td (not ) Tj ET Q q 0 0 0 rg BT 385.46 559.85 Td (be ) Tj ET Q q 0 0 0 rg BT 394.11 559.85 Td (comparable ) Tj ET Q q 0 0 0 rg BT 427.44 559.85 Td (with ) Tj ET Q q 0 0 0 rg BT 440.09 559.85 Td (the ) Tj ET Q q 0 0 0 rg BT 450.41 559.85 Td (calculation ) Tj ET Q q 0 0 0 rg BT 480.73 559.85 Td (of ) Tj ET Q q 0 0 0 rg BT 487.72 559.85 Td (similar ) Tj ET Q q 0 0 0 rg BT 507.03 559.85 Td (a ) Tj ET Q q 0 0 0 rg BT 512.34 559.85 Td (measures ) Tj ET Q q 0 0 0 rg BT 540.67 559.85 Td (with ) Tj ET Q q 0 0 0 rg BT 553.31 559.85 Td (other ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 81.00 552.65 Td (entities.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 535.85 Td (7. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 535.85 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 63.5 522.35 m 364.5 522.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 499.35 m 364.5 499.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 522.35 m 461.5 522.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 499.35 m 461.5 499.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 522.35 m 465.5 522.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 499.35 m 465.5 499.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 522.35 m 562.5 522.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 499.35 m 562.5 499.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 362.35 m 364.5 362.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 362.35 m 461.5 362.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 362.35 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ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 478.75 Td (Finance ) Tj ET Q q 0 0 0 rg BT 100.52 478.75 Td (costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 464.75 Td (Accretion of decommissioning liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 464.75 Td (8,251) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 464.75 Td (10,107) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 450.75 Td (Accretion of other liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 450.75 Td (1,258) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 450.75 Td (1,425) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 436.75 Td (Interest on bank debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 436.75 Td (9,309) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 436.75 Td (10,503) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 422.75 Td (Interest on notes payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.45 422.75 Td (37,901) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 422.75 Td (40,745) Tj ET Q BT 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0 0 rg BT 274.73 510.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 316.27 510.85 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 355.31 510.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 384.83 510.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 412.86 510.85 Td (rich ) Tj ET Q q 0 0 0 rg BT 429.87 510.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 459.90 510.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 476.93 510.85 Td (weighted ) Tj ET Q q 0 0 0 rg BT 515.47 510.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 543.99 510.85 Td (within ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 500.05 Td (its ) Tj ET Q q 0 0 0 rg BT 74.25 500.05 Td (Deep ) Tj ET Q q 0 0 0 rg BT 98.01 500.05 Td (Basin ) Tj ET Q q 0 0 0 rg BT 122.77 500.05 Td (and ) Tj ET Q q 0 0 0 rg BT 140.03 500.05 Td (W) Tj ET Q q 0 0 0 rg BT 148.36 500.05 Td (est ) Tj ET Q q 0 0 0 rg BT 162.62 500.05 Td (Central ) Tj ET Q q 0 0 0 rg BT 193.88 500.05 Td (core ) Tj ET Q q 0 0 0 rg BT 213.63 500.05 Td (areas, ) Tj ET Q q 0 0 0 rg BT 240.89 500.05 Td (in ) Tj ET Q q 0 0 0 rg BT 250.14 500.05 Td (exchange ) Tj ET Q q 0 0 0 rg BT 291.42 500.05 Td (for ) Tj ET Q q 0 0 0 rg BT 304.17 500.05 Td (non-core ) Tj ET Q q 0 0 0 rg BT 341.94 500.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 370.19 500.05 Td (located ) Tj ET Q q 0 0 0 rg BT 401.46 500.05 Td (in ) Tj ET Q q 0 0 0 rg BT 410.71 500.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 458.70 500.05 Td (Blueberry ) Tj ET Q q 0 0 0 rg BT 499.47 500.05 Td (area ) Tj ET Q q 0 0 0 rg BT 519.73 500.05 Td (of ) Tj ET Q q 0 0 0 rg BT 529.48 500.05 Td (northeast ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 489.25 Td (British ) Tj ET Q q 0 0 0 rg BT 90.51 489.25 Td (Columbia. ) Tj ET Q q 0 0 0 rg BT 133.36 489.25 Td (The ) Tj ET Q q 0 0 0 rg BT 151.37 489.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 188.39 489.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 234.92 489.25 Td (on ) Tj ET Q q 0 0 0 rg BT 247.43 489.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.44 489.25 Td (close ) Tj ET Q q 0 0 0 rg BT 285.95 489.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.96 489.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.97 489.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 357.50 489.25 Td (to ) Tj ET Q q 0 0 0 rg BT 367.50 489.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.51 489.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 419.54 489.25 Td (net ) Tj ET Q q 0 0 0 rg BT 434.55 489.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 463.06 489.25 Td (were ) Tj ET Q q 0 0 0 rg BT 485.07 489.25 Td (as ) Tj ET Q q 0 0 0 rg BT 497.07 489.25 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 475.75 m 462.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 459.75 m 462.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 475.75 m 566.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 459.75 m 566.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 378.75 m 566.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 378.75 m 462.5 378.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 364.75 m 462.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 378.75 m 566.5 378.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 364.75 m 566.5 364.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.00 464.15 Td (Amount) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 452.15 Td (\($ ) Tj ET Q q 0 0 0 rg BT 73.17 452.15 Td (thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 439.15 Td (Net assets acquired:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 425.15 Td (Exploration and evaluation assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.45 425.15 Td (5,822) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 411.15 Td (Facilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.45 411.15 Td (37,557) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 397.15 Td (Oil and natural gas properties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.45 397.15 Td (108,459) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 383.15 Td (Decommissioning liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.45 383.15 Td (\(10,202) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 383.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 369.15 Td (Total net assets acquired) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.45 369.15 Td (141,636) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 348.45 Td (The ) Tj ET Q q 0 0 0 rg BT 80.78 348.45 Td (carrying ) Tj ET Q q 0 0 0 rg BT 115.06 348.45 Td (value ) Tj ET Q q 0 0 0 rg BT 138.85 348.45 Td (of ) Tj ET Q q 0 0 0 rg BT 148.62 348.45 Td (the ) Tj ET Q q 0 0 0 rg BT 163.41 348.45 Td (Blueberry ) Tj ET Q q 0 0 0 rg BT 204.19 348.45 Td (area ) Tj ET Q q 0 0 0 rg BT 224.48 348.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 252.76 348.45 Td (disposed ) Tj ET Q q 0 0 0 rg BT 291.06 348.45 Td (of ) Tj ET Q q 0 0 0 rg BT 300.84 348.45 Td (in ) Tj ET Q q 0 0 0 rg BT 310.11 348.45 Td (this ) Tj ET Q q 0 0 0 rg BT 326.39 348.45 Td (asset ) Tj ET Q q 0 0 0 rg BT 350.17 348.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 391.47 348.45 Td (was ) Tj ET Q q 0 0 0 rg BT 409.75 348.45 Td ($83.9 ) Tj ET Q q 0 0 0 rg BT 434.54 348.45 Td (million, ) Tj ET Q q 0 0 0 rg BT 464.82 348.45 Td (as ) Tj ET Q q 0 0 0 rg BT 476.60 348.45 Td (a ) Tj ET Q q 0 0 0 rg BT 483.87 348.45 Td (result ) Tj ET Q q 0 0 0 rg BT 508.15 348.45 Td (a ) Tj ET Q q 0 0 0 rg BT 515.43 348.45 Td (gain ) Tj ET Q q 0 0 0 rg BT 534.71 348.45 Td (of ) Tj ET Q q 0 0 0 rg BT 544.49 348.45 Td ($57.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 337.65 Td (million ) Tj ET Q q 0 0 0 rg BT 91.02 337.65 Td (was ) Tj ET Q q 0 0 0 rg BT 109.53 337.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 156.07 337.65 Td (on ) Tj ET Q q 0 0 0 rg BT 168.59 337.65 Td (the ) Tj ET Q q 0 0 0 rg BT 183.61 337.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 225.16 337.65 Td (of ) Tj ET Q q 0 0 0 rg BT 235.17 337.65 Td (these ) Tj ET Q q 0 0 0 rg BT 259.70 337.65 Td (assets. ) Tj ET Q q 0 0 0 rg BT 290.72 337.65 Td (Of ) Tj ET Q q 0 0 0 rg BT 302.73 337.65 Td (the ) Tj ET Q q 0 0 0 rg BT 317.75 337.65 Td ($57.7 ) Tj ET Q q 0 0 0 rg BT 342.79 337.65 Td (million ) Tj ET Q q 0 0 0 rg BT 370.80 337.65 Td (gain ) Tj ET Q q 0 0 0 rg BT 390.33 337.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 436.87 337.65 Td (on ) Tj ET Q q 0 0 0 rg BT 449.39 337.65 Td (the ) Tj ET Q q 0 0 0 rg BT 464.41 337.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 505.95 337.65 Td (of ) Tj ET Q q 0 0 0 rg BT 515.97 337.65 Td (the ) Tj ET Q q 0 0 0 rg BT 530.99 337.65 Td (assets, ) Tj ET Q q 0 0 0 rg BT 562.01 337.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 326.85 Td ($32.1 ) Tj ET Q q 0 0 0 rg BT 87.83 326.85 Td (million ) Tj ET Q q 0 0 0 rg BT 115.64 326.85 Td (gain ) Tj ET Q q 0 0 0 rg BT 134.97 326.85 Td (related ) Tj ET Q q 0 0 0 rg BT 164.79 326.85 Td (to ) Tj ET Q q 0 0 0 rg BT 174.61 326.85 Td (property) Tj ET Q q 0 0 0 rg BT 206.95 326.85 Td (, ) Tj ET Q q 0 0 0 rg BT 211.76 326.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 233.59 326.85 Td (and ) Tj ET Q q 0 0 0 rg BT 250.91 326.85 Td (equipment ) Tj ET Q q 0 0 0 rg BT 295.25 326.85 Td (and ) Tj ET Q q 0 0 0 rg BT 312.57 326.85 Td (a ) Tj ET Q q 0 0 0 rg BT 319.88 326.85 Td ($25.6 ) Tj ET Q q 0 0 0 rg BT 344.71 326.85 Td (million ) Tj ET Q q 0 0 0 rg BT 372.53 326.85 Td (gain ) Tj ET Q q 0 0 0 rg BT 391.85 326.85 Td (related ) Tj ET Q q 0 0 0 rg BT 421.68 326.85 Td (to ) Tj ET Q q 0 0 0 rg BT 431.49 326.85 Td (exploration ) Tj ET Q q 0 0 0 rg BT 477.83 326.85 Td (and ) Tj ET Q q 0 0 0 rg BT 495.15 326.85 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 538.49 326.85 Td (assets. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 316.05 Td (The ) Tj ET Q q 0 0 0 rg BT 81.28 316.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 105.56 316.05 Td (exchange ) Tj ET Q q 0 0 0 rg BT 147.36 316.05 Td (resulted ) Tj ET Q q 0 0 0 rg BT 182.15 316.05 Td (in ) Tj ET Q q 0 0 0 rg BT 191.93 316.05 Td (a ) Tj ET Q q 0 0 0 rg BT 199.70 316.05 Td (net ) Tj ET Q q 0 0 0 rg BT 214.99 316.05 Td (gain ) Tj ET Q q 0 0 0 rg BT 234.77 316.05 Td (due ) Tj ET Q q 0 0 0 rg BT 252.56 316.05 Td (to ) Tj ET Q q 0 0 0 rg BT 262.83 316.05 Td (the ) Tj ET Q q 0 0 0 rg BT 278.12 316.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 293.39 316.05 Td (value ) Tj ET Q q 0 0 0 rg BT 317.68 316.05 Td (of ) Tj ET Q q 0 0 0 rg BT 327.95 316.05 Td (the ) Tj ET Q q 0 0 0 rg BT 343.23 316.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 372.02 316.05 Td (received ) Tj ET Q q 0 0 0 rg BT 408.80 316.05 Td (being ) Tj ET Q q 0 0 0 rg BT 433.60 316.05 Td (greater ) Tj ET Q q 0 0 0 rg BT 464.88 316.05 Td (than ) Tj ET Q q 0 0 0 rg BT 485.17 316.05 Td (the ) Tj ET Q q 0 0 0 rg BT 500.45 316.05 Td (carrying ) Tj ET Q q 0 0 0 rg BT 535.23 316.05 Td (value ) Tj ET Q q 0 0 0 rg BT 559.52 316.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 305.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.20 305.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 104.89 305.25 Td (disposed, ) Tj ET Q q 0 0 0 rg BT 145.11 305.25 Td (as ) Tj ET Q q 0 0 0 rg BT 156.30 305.25 Td (a ) Tj ET Q q 0 0 0 rg BT 162.99 305.25 Td (result ) Tj ET Q q 0 0 0 rg BT 186.68 305.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.88 305.25 Td (both ) Tj ET Q q 0 0 0 rg BT 215.08 305.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 256.29 305.25 Td (and ) Tj ET Q q 0 0 0 rg BT 272.99 305.25 Td (its ) Tj ET Q q 0 0 0 rg BT 283.68 305.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 335.39 305.25 Td (being ) Tj ET Q q 0 0 0 rg BT 359.10 305.25 Td (motivated ) Tj ET Q q 0 0 0 rg BT 399.80 305.25 Td (to ) Tj ET Q q 0 0 0 rg BT 408.99 305.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 440.20 305.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 467.90 305.25 Td (that ) Tj ET Q q 0 0 0 rg BT 484.59 305.25 Td (aligned ) Tj ET Q q 0 0 0 rg BT 515.31 305.25 Td (with ) Tj ET Q q 0 0 0 rg BT 533.00 305.25 Td (strategic ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 294.45 Td (objectives ) Tj ET Q q 0 0 0 rg BT 105.52 294.45 Td (to ) Tj ET Q q 0 0 0 rg BT 115.53 294.45 Td (enhance ) Tj ET Q q 0 0 0 rg BT 152.56 294.45 Td (development ) Tj ET Q q 0 0 0 rg BT 206.60 294.45 Td (in ) Tj ET Q q 0 0 0 rg BT 216.10 294.45 Td (core ) Tj ET Q q 0 0 0 rg BT 236.11 294.45 Td (areas.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 277.65 Td (During ) Tj ET Q q 0 0 0 rg BT 93.46 277.65 Td (the ) Tj ET Q q 0 0 0 rg BT 109.91 277.65 Td (year ) Tj ET Q q 0 0 0 rg BT 131.36 277.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.34 277.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 220.81 277.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.83 277.65 Td (, ) Tj ET Q q 0 0 0 rg BT 247.27 277.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 290.74 277.65 Td (also ) Tj ET Q q 0 0 0 rg BT 311.20 277.65 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 352.16 277.65 Td (through ) Tj ET Q q 0 0 0 rg BT 386.63 277.65 Td (property ) Tj ET Q q 0 0 0 rg BT 423.59 277.65 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 477.06 277.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 508.02 277.65 Td (properties ) Tj ET Q q 0 0 0 rg BT 551.99 277.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 266.85 Td (petroleum ) Tj ET Q q 0 0 0 rg BT 105.25 266.85 Td (and ) Tj ET Q q 0 0 0 rg BT 122.50 266.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 152.25 266.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 168.99 266.85 Td (rights ) Tj ET Q q 0 0 0 rg BT 193.23 266.85 Td (within ) Tj ET Q q 0 0 0 rg BT 218.48 266.85 Td (its ) Tj ET Q q 0 0 0 rg BT 229.71 266.85 Td (core ) Tj ET Q q 0 0 0 rg BT 249.45 266.85 Td (areas ) Tj ET Q q 0 0 0 rg BT 274.19 266.85 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.93 266.85 Td ($12.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 266.85 Td ( ) Tj ET Q q 0 0 0 rg BT 311.68 266.85 Td (million ) Tj ET Q q 0 0 0 rg BT 339.42 266.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.42 266.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 401.17 266.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.20 266.85 Td ( ) Tj ET Q q 0 0 0 rg BT 423.43 266.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.66 266.85 Td ($69.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.18 266.85 Td ( ) Tj ET Q q 0 0 0 rg BT 453.41 266.85 Td (million\). ) Tj ET Q q 0 0 0 rg BT 486.50 266.85 Td (The ) Tj ET Q q 0 0 0 rg BT 504.24 266.85 Td (acquired ) Tj ET Q q 0 0 0 rg BT 541.00 266.85 Td (assets ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 256.05 Td (in ) Tj ET Q q 0 0 0 rg BT 72.97 256.05 Td (both ) Tj ET Q q 0 0 0 rg BT 93.46 256.05 Td (2016 ) Tj ET Q q 0 0 0 rg BT 116.45 256.05 Td (and ) Tj ET Q q 0 0 0 rg BT 134.44 256.05 Td (2015 ) Tj ET Q q 0 0 0 rg BT 157.43 256.05 Td (were ) Tj ET Q q 0 0 0 rg BT 179.90 256.05 Td (predominately ) Tj ET Q q 0 0 0 rg BT 239.40 256.05 Td (located ) Tj ET Q q 0 0 0 rg BT 271.39 256.05 Td (in ) Tj ET Q q 0 0 0 rg BT 281.37 256.05 Td (west ) Tj ET Q q 0 0 0 rg BT 302.84 256.05 Td (central ) Tj ET Q q 0 0 0 rg BT 332.24 256.05 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 363.72 256.05 Td (near ) Tj ET Q q 0 0 0 rg BT 384.70 256.05 Td (Edson ) Tj ET Q q 0 0 0 rg BT 413.19 256.05 Td (and ) Tj ET Q q 0 0 0 rg BT 430.59 256.05 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 458.07 256.05 Td (within ) Tj ET Q q 0 0 0 rg BT 484.05 256.05 Td (the ) Tj ET Q q 0 0 0 rg BT 499.53 256.05 Td (Deep ) Tj ET Q q 0 0 0 rg BT 524.01 256.05 Td (Basin ) Tj ET Q q 0 0 0 rg BT 549.50 256.05 Td (core ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 245.25 Td (area.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 228.45 Td (10. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 228.45 Td (Property Dispositions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 211.65 Td (During ) Tj ET Q q 0 0 0 rg BT 91.46 211.65 Td (the ) Tj ET Q q 0 0 0 rg BT 105.93 211.65 Td (year ) Tj ET Q q 0 0 0 rg BT 125.38 211.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.36 211.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 210.84 211.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 230.86 211.65 Td (, ) Tj ET Q q 0 0 0 rg BT 235.31 211.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 276.79 211.65 Td (disposed, ) Tj ET Q q 0 0 0 rg BT 317.27 211.65 Td (through ) Tj ET Q q 0 0 0 rg BT 349.74 211.65 Td (property ) Tj ET Q q 0 0 0 rg BT 384.71 211.65 Td (dispositions, ) Tj ET Q q 0 0 0 rg BT 436.19 211.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 465.15 211.65 Td (non-core ) Tj ET Q q 0 0 0 rg BT 502.62 211.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 530.59 211.65 Td (for ) Tj ET Q q 0 0 0 rg BT 543.04 211.65 Td (a ) Tj ET Q q 0 0 0 rg BT 550.00 211.65 Td (total ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 200.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 84.05 200.85 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 123.11 200.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.66 200.85 Td ($180.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.19 200.85 Td ( ) Tj ET Q q 0 0 0 rg BT 162.22 200.85 Td (million, ) Tj ET Q q 0 0 0 rg BT 192.27 200.85 Td (resulting ) Tj ET Q q 0 0 0 rg BT 228.33 200.85 Td (in ) Tj ET Q q 0 0 0 rg BT 237.37 200.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.42 200.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.43 200.85 Td ( ) Tj ET Q q 0 0 0 rg BT 263.47 200.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.01 200.85 Td ($34.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.54 200.85 Td ( ) Tj ET Q q 0 0 0 rg BT 297.58 200.85 Td (million ) Tj ET Q q 0 0 0 rg BT 325.12 200.85 Td (on ) Tj ET Q q 0 0 0 rg BT 337.17 200.85 Td (the ) Tj ET Q q 0 0 0 rg BT 351.72 200.85 Td (disposition ) Tj ET Q q 0 0 0 rg BT 396.29 200.85 Td (of ) Tj ET Q q 0 0 0 rg BT 405.83 200.85 Td (property) Tj ET Q q 0 0 0 rg BT 438.18 200.85 Td (, ) Tj ET Q q 0 0 0 rg BT 442.72 200.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 464.27 200.85 Td (and ) Tj ET Q q 0 0 0 rg BT 481.33 200.85 Td (equipment ) Tj ET Q q 0 0 0 rg BT 525.40 200.85 Td (and ) Tj ET Q q 0 0 0 rg BT 542.45 200.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.50 200.85 Td ($1.9) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 190.05 Td (million ) Tj ET Q q 0 0 0 rg BT 92.40 190.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 112.31 190.05 Td (on ) Tj ET Q q 0 0 0 rg BT 126.22 190.05 Td (the ) Tj ET Q q 0 0 0 rg BT 142.63 190.05 Td (disposition ) Tj ET Q q 0 0 0 rg BT 189.05 190.05 Td (exploration ) Tj ET Q q 0 0 0 rg BT 236.98 190.05 Td (and ) Tj ET Q q 0 0 0 rg BT 255.90 190.05 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 300.83 190.05 Td (assets. ) Tj ET Q q 0 0 0 rg BT 332.98 190.05 Td (The ) Tj ET Q q 0 0 0 rg BT 352.39 190.05 Td (non-core ) Tj ET Q q 0 0 0 rg BT 391.81 190.05 Td (properties ) Tj ET Q q 0 0 0 rg BT 435.73 190.05 Td (disposed ) Tj ET Q q 0 0 0 rg BT 475.66 190.05 Td (of ) Tj ET Q q 0 0 0 rg BT 487.06 190.05 Td (were ) Tj ET Q q 0 0 0 rg BT 510.47 190.05 Td (predominately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 179.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 107.02 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.02 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.03 179.25 Td (following ) Tj ET Q q 0 0 0 rg BT 169.55 179.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 220.58 179.25 Td (which ) Tj ET Q q 0 0 0 rg BT 246.09 179.25 Td (closed ) Tj ET Q q 0 0 0 rg BT 274.61 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 284.11 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 299.12 179.25 Td (second ) Tj ET Q q 0 0 0 rg BT 330.64 179.25 Td (half ) Tj ET Q q 0 0 0 rg BT 347.66 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.66 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.67 179.25 Td (year:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 165.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 165.45 Td (Light ) Tj ET Q q 0 0 0 rg BT 103.66 165.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 115.80 165.45 Td (weighted ) Tj ET Q q 0 0 0 rg BT 154.97 165.45 Td (properties ) Tj ET Q q 0 0 0 rg BT 198.13 165.45 Td (located ) Tj ET Q q 0 0 0 rg BT 230.30 165.45 Td (in ) Tj ET Q q 0 0 0 rg BT 240.44 165.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 289.33 165.45 Td (Southern ) Tj ET Q q 0 0 0 rg BT 328.37 165.45 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 360.03 165.45 Td (CGU ) Tj ET Q q 0 0 0 rg BT 383.17 165.45 Td (near ) Tj ET Q q 0 0 0 rg BT 404.33 165.45 Td (Lethbridge, ) Tj ET Q q 0 0 0 rg BT 451.88 165.45 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 483.54 165.45 Td (for ) Tj ET Q q 0 0 0 rg BT 497.18 165.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 519.33 165.45 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 559.50 165.45 Td (of ) Tj ET Q q 0 0 0 rg BT 569.51 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 572.01 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 574.51 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 577.01 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 579.51 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 582.01 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 584.51 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 587.01 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 589.51 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 592.01 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 599.51 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 602.01 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 604.51 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 607.01 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 609.51 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 612.01 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 614.51 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 617.02 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 619.52 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 622.02 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 624.52 165.45 Td ( ) Tj ET Q q 0 0 0 rg BT 627.02 165.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 154.65 Td ($58.3 ) Tj ET Q q 0 0 0 rg BT 106.02 154.65 Td (million. ) Tj ET Q q 0 0 0 rg BT 136.03 154.65 Td (As ) Tj ET Q q 0 0 0 rg BT 149.04 154.65 Td (a ) Tj ET Q q 0 0 0 rg BT 156.54 154.65 Td (result ) Tj ET Q q 0 0 0 rg BT 181.05 154.65 Td (of ) Tj ET Q q 0 0 0 rg BT 191.06 154.65 Td (this ) Tj ET Q q 0 0 0 rg BT 207.56 154.65 Td (transaction ) Tj ET Q q 0 0 0 rg BT 254.09 154.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 302.33 154.65 Td (Southern ) Tj ET Q q 0 0 0 rg BT 340.86 154.65 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 371.88 154.65 Td (CGU ) Tj ET Q q 0 0 0 rg BT 394.38 154.65 Td (was ) Tj ET Q q 0 0 0 rg BT 412.88 154.65 Td (eliminated.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 140.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 140.85 Td (Natural ) Tj ET Q q 0 0 0 rg BT 111.80 140.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 128.10 140.85 Td (and ) Tj ET Q q 0 0 0 rg BT 144.90 140.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 174.21 140.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 190.51 140.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 217.81 140.85 Td (weighted ) Tj ET Q q 0 0 0 rg BT 255.62 140.85 Td (properties ) Tj ET Q q 0 0 0 rg BT 297.43 140.85 Td (located ) Tj ET Q q 0 0 0 rg BT 328.24 140.85 Td (in ) Tj ET Q q 0 0 0 rg BT 337.03 140.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 384.56 140.85 Td (Central ) Tj ET Q q 0 0 0 rg BT 415.01 140.85 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 445.31 140.85 Td (CGU ) Tj ET Q q 0 0 0 rg BT 467.10 140.85 Td (near ) Tj ET Q q 0 0 0 rg BT 486.90 140.85 Td (the ) Tj ET Q q 0 0 0 rg BT 501.20 140.85 Td (Willesden ) Tj ET Q q 0 0 0 rg BT 542.00 140.85 Td (Green ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 130.05 Td (area ) Tj ET Q q 0 0 0 rg BT 101.51 130.05 Td (of ) Tj ET Q q 0 0 0 rg BT 111.02 130.05 Td (Alberta, ) Tj ET Q q 0 0 0 rg BT 144.54 130.05 Td (for ) Tj ET Q q 0 0 0 rg BT 157.54 130.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 179.06 130.05 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 218.58 130.05 Td (of ) Tj ET Q q 0 0 0 rg BT 228.59 130.05 Td ($56.9 ) Tj ET Q q 0 0 0 rg BT 253.61 130.05 Td (million.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 116.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 116.25 Td (Light ) Tj ET Q q 0 0 0 rg BT 102.76 116.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 114.01 116.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 152.28 116.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 194.55 116.25 Td (located ) Tj ET Q q 0 0 0 rg BT 225.81 116.25 Td (in ) Tj ET Q q 0 0 0 rg BT 235.06 116.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 283.05 116.25 Td (South ) Tj ET Q q 0 0 0 rg BT 308.82 116.25 Td (Central ) Tj ET Q q 0 0 0 rg BT 339.63 116.25 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 370.39 116.25 Td (CGU ) Tj ET Q q 0 0 0 rg BT 392.64 116.25 Td (near ) Tj ET Q q 0 0 0 rg BT 412.89 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.65 116.25 Td (Garrington ) Tj ET Q q 0 0 0 rg BT 472.42 116.25 Td (area ) Tj ET Q q 0 0 0 rg BT 492.67 116.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.98 116.25 Td (Alberta, ) Tj ET Q q 0 0 0 rg BT 535.24 116.25 Td (for ) Tj ET Q q 0 0 0 rg BT 547.99 116.25 Td (cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 105.45 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 120.52 105.45 Td (of ) Tj ET Q q 0 0 0 rg BT 130.53 105.45 Td ($62.9 ) Tj ET Q q 0 0 0 rg BT 155.55 105.45 Td (million.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 88.65 Td (During ) Tj ET Q q 0 0 0 rg BT 91.37 88.65 Td (the ) Tj ET Q q 0 0 0 rg BT 105.74 88.65 Td (comparative ) Tj ET Q q 0 0 0 rg BT 156.62 88.65 Td (year ) Tj ET Q q 0 0 0 rg BT 175.98 88.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.86 88.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 261.25 88.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.27 88.65 Td (, ) Tj ET Q q 0 0 0 rg BT 285.63 88.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 327.01 88.65 Td (disposed ) Tj ET Q q 0 0 0 rg BT 364.89 88.65 Td (of ) Tj ET Q q 0 0 0 rg BT 374.25 88.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 403.12 88.65 Td (non-core ) Tj ET Q q 0 0 0 rg BT 440.50 88.65 Td (petroleum ) Tj ET Q q 0 0 0 rg BT 482.38 88.65 Td (and ) Tj ET Q q 0 0 0 rg BT 499.25 88.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 528.63 88.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 545.00 88.65 Td (rights ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 77.85 Td (through ) Tj ET Q q 0 0 0 rg BT 96.09 77.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 120.16 77.85 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 166.26 77.85 Td (and ) Tj ET Q q 0 0 0 rg BT 183.84 77.85 Td (other ) Tj ET Q q 0 0 0 rg BT 206.92 77.85 Td (property ) Tj ET Q q 0 0 0 rg BT 242.50 77.85 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 292.09 77.85 Td (for ) Tj ET Q q 0 0 0 rg BT 305.15 77.85 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 344.74 77.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.81 77.85 Td ($100.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.34 77.85 Td ( ) Tj ET Q q 0 0 0 rg BT 384.90 77.85 Td (million, ) Tj ET Q q 0 0 0 rg BT 415.47 77.85 Td (resulting ) Tj ET Q q 0 0 0 rg BT 452.06 77.85 Td (in ) Tj ET Q q 0 0 0 rg BT 461.62 77.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.19 77.85 Td ($19.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.72 77.85 Td ( ) Tj ET Q q 0 0 0 rg BT 494.28 77.85 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.35 77.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.37 77.85 Td ( ) Tj ET Q q 0 0 0 rg BT 541.93 77.85 Td (on ) Tj ET Q q 0 0 0 rg BT 554.50 77.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 67.05 Td (sale ) Tj ET Q q 0 0 0 rg BT 82.01 67.05 Td (of ) Tj ET Q q 0 0 0 rg BT 92.02 67.05 Td (property) Tj ET Q q 0 0 0 rg BT 124.37 67.05 Td (, ) Tj ET Q q 0 0 0 rg BT 129.37 67.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 151.38 67.05 Td (and ) Tj ET Q q 0 0 0 rg BT 168.90 67.05 Td (equipment ) Tj ET Q q 0 0 0 rg BT 213.43 67.05 Td (and ) Tj ET Q q 0 0 0 rg BT 230.95 67.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.45 67.05 Td ($14.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 260.97 67.05 Td ( ) Tj ET Q q 0 0 0 rg BT 263.47 67.05 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.48 67.05 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 67.05 Td ( ) Tj ET Q q 0 0 0 rg BT 311.00 67.05 Td (on ) Tj ET Q q 0 0 0 rg BT 323.51 67.05 Td (the ) Tj ET Q q 0 0 0 rg BT 338.52 67.05 Td (sale ) Tj ET Q q 0 0 0 rg BT 357.53 67.05 Td (of ) Tj ET Q q 0 0 0 rg BT 367.54 67.05 Td (exploration ) Tj ET Q q 0 0 0 rg BT 414.07 67.05 Td (and ) Tj ET Q q 0 0 0 rg BT 431.58 67.05 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 475.11 67.05 Td (assets. ) 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 /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (1) Tj ET Q q 0 0 0 rg BT 49.51 731.45 Td (1. Property) Tj ET Q q 0 0 0 rg BT 100.86 731.45 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 63.5 717.95 m 297.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 695.95 m 297.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 717.95 m 384.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 695.95 m 384.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 717.95 m 445.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 695.95 m 445.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 717.95 m 506.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 695.95 m 506.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 717.95 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 506.5 695.95 m 567.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 600.95 m 297.5 600.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 600.95 m 384.5 600.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 600.95 m 445.5 600.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 600.95 m 506.5 600.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 600.95 m 567.5 600.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 516.95 m 297.5 516.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 516.95 m 384.5 516.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 516.95 m 445.5 516.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 516.95 m 506.5 516.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 516.95 m 567.5 516.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 502.95 m 297.5 502.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 502.95 m 384.5 502.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 502.95 m 445.5 502.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 502.95 m 506.5 502.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 502.95 m 567.5 502.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 476.95 m 297.5 476.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 476.95 m 384.5 476.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 476.95 m 445.5 476.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 476.95 m 506.5 476.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 476.95 m 567.5 476.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 434.95 m 297.5 434.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 434.95 m 384.5 434.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 434.95 m 445.5 434.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 434.95 m 506.5 434.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 434.95 m 384.5 434.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 434.95 m 445.5 434.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 434.95 m 506.5 434.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 434.95 m 567.5 434.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 392.95 m 297.5 392.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 392.95 m 384.5 392.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 392.95 m 445.5 392.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 392.95 m 506.5 392.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 392.95 m 567.5 392.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 378.95 m 297.5 378.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 378.95 m 384.5 378.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 378.95 m 445.5 378.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 378.95 m 506.5 378.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 378.95 m 567.5 378.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 352.95 m 297.5 352.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 352.95 m 384.5 352.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 352.95 m 445.5 352.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 352.95 m 506.5 352.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 352.95 m 567.5 352.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 352.95 m 297.5 352.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 352.95 m 384.5 352.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 352.95 m 445.5 352.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 352.95 m 506.5 352.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 352.95 m 567.5 352.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 324.95 m 297.5 324.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 324.95 m 384.5 324.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 324.95 m 445.5 324.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 324.95 m 506.5 324.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 324.95 m 567.5 324.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 700.35 Td (Cost) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.95 708.90 Td (Oil and natural) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.95 699.90 Td (gas properties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.95 700.35 Td ( Facilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.45 708.90 Td ( Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.45 699.90 Td (Assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.65 700.35 Td ( Total) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 688.35 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 675.35 Td (Balance as at December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.95 675.35 Td (5,034,363) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 675.35 Td (563,364) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 675.35 Td (27,576) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 675.35 Td (5,625,303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 661.35 Td (Additions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.45 661.35 Td (298,880) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.45 661.35 Td (14,970) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 661.35 Td (1,203) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 661.35 Td (315,053) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 647.35 Td (Acquisitions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.45 647.35 Td (9,052) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 647.35 Td (3,235) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.00 647.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 647.35 Td (12,287) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 633.35 Td (Transfers from exploration and evaluation assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.45 633.35 Td (22,930) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.00 633.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.00 633.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 633.35 Td (22,930) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 619.35 Td (Changes in decommissioning liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.45 619.35 Td (32,304) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.00 619.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.00 619.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 619.35 Td (32,304) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.35 Td (Dispositions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.45 605.35 Td (\(142,507) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 605.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.45 605.35 Td (\(22,895) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 605.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.00 605.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 605.35 Td (\(165,402) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 605.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 591.35 Td (Balance as at December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.95 591.35 Td (5,255,022) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 591.35 Td (558,674) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 591.35 Td (28,779) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 591.35 Td (5,842,475) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.35 Td (Additions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.45 577.35 Td (152,294) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.45 577.35 Td (4,377) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.95 577.35 Td (604) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.45 577.35 Td (157,275) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 563.35 Td (Acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.45 563.35 Td (115,670) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.45 563.35 Td (40,053) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 563.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.45 563.35 Td (155,723) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 549.35 Td (Transfers from exploration and evaluation assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.45 549.35 Td (25,868) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 549.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 549.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.45 549.35 Td (25,868) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 535.35 Td (Changes in decommissioning liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.45 535.35 Td (13,958) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 535.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 535.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.45 535.35 Td (13,958) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 521.35 Td (Dispositions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.45 521.35 Td (\(662,440) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.00 521.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.45 521.35 Td (\(76,848) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 521.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 521.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.45 521.35 Td (\(739,288) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 521.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 507.35 Td (Balance as at December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.95 507.35 Td (4,900,372) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.45 507.35 Td (526,256) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.45 507.35 Td (29,383) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.95 507.35 Td (5,456,011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 481.35 Td (Depletion, depreciation, amortization and impairment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 467.35 Td (Balance as at December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.95 467.35 Td (\(1,578,597) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 467.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 467.35 Td (\(100,732) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 467.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 467.35 Td (\(12,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 467.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 467.35 Td (\(1,691,907) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 467.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 453.35 Td (Depletion, depreciation, amortization and impairment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.95 453.35 Td (\(1,135,273) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 453.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.45 453.35 Td (\(26,420) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 453.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.45 453.35 Td (\(2,979) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 453.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 453.35 Td (\(1,164,672) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 453.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 439.35 Td (Dispositions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.45 439.35 Td (71,119) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 439.35 Td (7,320) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.00 439.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 439.35 Td (78,439) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 425.35 Td (Balance as at December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.95 425.35 Td (\(2,642,751) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 425.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 425.35 Td (\(119,832) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 425.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 425.35 Td (\(15,557) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 425.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 425.35 Td (\(2,778,140) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 425.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 411.35 Td (Depletion, depreciation, amortization and impairment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.45 411.35 Td (\(294,015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.00 411.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.45 411.35 Td (\(23,291) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 411.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.45 411.35 Td (\(2,539) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.00 411.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.45 411.35 Td (\(319,845) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 411.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 397.35 Td (Dispositions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.45 397.35 Td (462,450) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.45 397.35 Td (23,287) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 397.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.45 397.35 Td (485,737) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 383.35 Td (Balance as at December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.95 383.35 Td (\(2,474,316) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.00 383.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.45 383.35 Td (\(119,836) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 383.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.45 383.35 Td (\(18,096) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.00 383.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 520.95 383.35 Td (\(2,612,248) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 383.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 357.35 Td (Carrying amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 343.35 Td (As at December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.95 343.35 Td (2,426,056) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.45 343.35 Td (406,420) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.45 343.35 Td (11,287) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.95 343.35 Td (2,843,763) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 329.35 Td (As at December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.95 329.35 Td (2,612,271) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 329.35 Td (438,842) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 329.35 Td (13,222) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 329.35 Td (3,064,335) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 308.65 Td (For ) Tj ET Q q 0 0 0 rg BT 79.72 308.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.45 308.65 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 112.96 308.65 Td ( ) Tj ET Q q 0 0 0 rg BT 116.18 308.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.43 308.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 204.18 308.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.20 308.65 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.92 308.65 Td ($4.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.44 308.65 Td ( ) Tj ET Q q 0 0 0 rg BT 250.66 308.65 Td (million ) Tj ET Q q 0 0 0 rg BT 279.38 308.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 282.38 308.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 342.13 308.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.15 308.65 Td ( ) Tj ET Q q 0 0 0 rg BT 365.37 308.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.59 308.65 Td ($7.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.10 308.65 Td ( ) Tj ET Q q 0 0 0 rg BT 392.32 308.65 Td (million\) ) Tj ET Q q 0 0 0 rg BT 424.05 308.65 Td (of ) Tj ET Q q 0 0 0 rg BT 434.77 308.65 Td (direct ) Tj ET Q q 0 0 0 rg BT 460.00 308.65 Td (general ) Tj ET Q q 0 0 0 rg BT 493.25 308.65 Td (and ) Tj ET Q q 0 0 0 rg BT 511.48 308.65 Td (administrative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 297.85 Td (expenses ) Tj ET Q q 0 0 0 rg BT 104.50 297.85 Td (were ) Tj ET Q q 0 0 0 rg BT 126.98 297.85 Td (capitalized. ) Tj ET Q q 0 0 0 rg BT 174.39 297.85 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.87 297.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 245.37 297.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.39 297.85 Td (, ) Tj ET Q q 0 0 0 rg BT 270.86 297.85 Td (future ) Tj ET Q q 0 0 0 rg BT 296.85 297.85 Td (development ) Tj ET Q q 0 0 0 rg BT 351.36 297.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 375.34 297.85 Td (of ) Tj ET Q q 0 0 0 rg BT 385.81 297.85 Td ($1,320.0 ) Tj ET Q q 0 0 0 rg BT 423.82 297.85 Td (million ) Tj ET Q q 0 0 0 rg BT 452.30 297.85 Td (were ) Tj ET Q q 0 0 0 rg BT 474.78 297.85 Td (included ) Tj ET Q q 0 0 0 rg BT 511.28 297.85 Td (in ) Tj ET Q q 0 0 0 rg BT 521.26 297.85 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 287.05 Td (depletion ) Tj ET Q q 0 0 0 rg BT 102.03 287.05 Td (calculation ) Tj ET Q q 0 0 0 rg BT 147.06 287.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.06 287.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 209.08 287.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.10 287.05 Td ( ) Tj ET Q q 0 0 0 rg BT 231.60 287.05 Td (- ) Tj ET Q q 0 0 0 rg BT 237.10 287.05 Td ($1,323.9 ) Tj ET Q q 0 0 0 rg BT 274.64 287.05 Td (million\).) 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 (Impairment ) Tj ET Q q 0 0 0 rg BT 113.68 731.45 Td (Assessment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 714.65 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.07 714.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.16 714.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.18 714.65 Td (, ) Tj ET Q q 0 0 0 rg BT 158.24 714.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 200.33 714.65 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 241.93 714.65 Td (its ) Tj ET Q q 0 0 0 rg BT 253.49 714.65 Td (property) Tj ET Q q 0 0 0 rg BT 285.84 714.65 Td (, ) Tj ET Q q 0 0 0 rg BT 290.91 714.65 Td (plant ) Tj ET Q q 0 0 0 rg BT 312.99 714.65 Td (and ) Tj ET Q q 0 0 0 rg BT 330.57 714.65 Td (equipment ) Tj ET Q q 0 0 0 rg BT 375.16 714.65 Td (\("PP&E"\) ) Tj ET Q q 0 0 0 rg BT 414.12 714.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 442.69 714.65 Td (for ) Tj ET Q q 0 0 0 rg BT 455.76 714.65 Td (indicators ) Tj ET Q q 0 0 0 rg BT 496.84 714.65 Td (of ) Tj ET Q q 0 0 0 rg BT 506.91 714.65 Td (any ) Tj ET Q q 0 0 0 rg BT 523.99 714.65 Td (potential ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 703.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 110.84 703.85 Td (or ) Tj ET Q q 0 0 0 rg BT 122.18 703.85 Td (related ) Tj ET Q q 0 0 0 rg BT 153.02 703.85 Td (reversal. ) Tj ET Q q 0 0 0 rg BT 190.87 703.85 Td (No ) Tj ET Q q 0 0 0 rg BT 205.70 703.85 Td (indicators ) Tj ET Q q 0 0 0 rg BT 247.55 703.85 Td (of ) Tj ET Q q 0 0 0 rg BT 258.39 703.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 306.23 703.85 Td (were ) Tj ET Q q 0 0 0 rg BT 329.07 703.85 Td (identified ) Tj ET Q q 0 0 0 rg BT 368.42 703.85 Td (as ) Tj ET Q q 0 0 0 rg BT 381.26 703.85 Td (a ) Tj ET Q q 0 0 0 rg BT 389.60 703.85 Td (result ) Tj ET Q q 0 0 0 rg BT 414.93 703.85 Td (of ) Tj ET Q q 0 0 0 rg BT 425.77 703.85 Td (this ) Tj ET Q q 0 0 0 rg BT 443.11 703.85 Td (assessment ) Tj ET Q q 0 0 0 rg BT 494.46 703.85 Td (and ) Tj ET Q q 0 0 0 rg BT 512.80 703.85 Td (as ) Tj ET Q q 0 0 0 rg BT 525.64 703.85 Td (such ) Tj ET Q q 0 0 0 rg BT 547.98 703.85 Td (no ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 693.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 110.22 693.05 Td (test ) Tj ET Q q 0 0 0 rg BT 127.42 693.05 Td (was ) Tj ET Q q 0 0 0 rg BT 146.13 693.05 Td (performed ) Tj ET Q q 0 0 0 rg BT 189.85 693.05 Td (on ) Tj ET Q q 0 0 0 rg BT 202.57 693.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 251.01 693.05 Td (PP&E ) Tj ET Q q 0 0 0 rg BT 277.73 693.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 306.44 693.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.65 693.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 375.88 693.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.90 693.05 Td (. ) Tj ET Q q 0 0 0 rg BT 401.11 693.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 443.33 693.05 Td (further ) Tj ET Q q 0 0 0 rg BT 472.05 693.05 Td (determined ) Tj ET Q q 0 0 0 rg BT 519.78 693.05 Td (that ) Tj ET Q q 0 0 0 rg BT 537.49 693.05 Td (there ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 682.25 Td (were ) Tj ET Q q 0 0 0 rg BT 85.01 682.25 Td (no ) Tj ET Q q 0 0 0 rg BT 97.52 682.25 Td (sustained ) Tj ET Q q 0 0 0 rg BT 138.55 682.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 175.07 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 185.08 682.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 214.59 682.25 Td (that ) Tj ET Q q 0 0 0 rg BT 232.10 682.25 Td (led ) Tj ET Q q 0 0 0 rg BT 246.61 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.62 682.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 299.64 682.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 346.17 682.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 393.18 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 403.19 682.25 Td (support ) Tj ET Q q 0 0 0 rg BT 435.70 682.25 Td (a ) Tj ET Q q 0 0 0 rg BT 443.21 682.25 Td (reversal.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 665.45 Td (At ) Tj ET Q q 0 0 0 rg BT 73.79 665.45 Td (June ) Tj ET Q q 0 0 0 rg BT 95.59 665.45 Td (30, ) Tj ET Q q 0 0 0 rg BT 110.38 665.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 135.19 665.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 177.00 665.45 Td (had ) Tj ET Q q 0 0 0 rg BT 194.30 665.45 Td (classified ) Tj ET Q q 0 0 0 rg BT 233.60 665.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 262.90 665.45 Td (non-core ) Tj ET Q q 0 0 0 rg BT 300.70 665.45 Td (properties ) Tj ET Q q 0 0 0 rg BT 343.01 665.45 Td (in ) Tj ET Q q 0 0 0 rg BT 352.29 665.45 Td (its ) Tj ET Q q 0 0 0 rg BT 363.58 665.45 Td (Southern ) Tj ET Q q 0 0 0 rg BT 401.94 665.45 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 432.74 665.45 Td (CGU ) Tj ET Q q 0 0 0 rg BT 455.02 665.45 Td (as ) Tj ET Q q 0 0 0 rg BT 466.81 665.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 495.11 665.45 Td (held ) Tj ET Q q 0 0 0 rg BT 514.41 665.45 Td (for ) Tj ET Q q 0 0 0 rg BT 527.19 665.45 Td (sale, ) Tj ET Q q 0 0 0 rg BT 548.49 665.45 Td (as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 654.65 Td (a ) Tj ET Q q 0 0 0 rg BT 70.02 654.65 Td (result, ) Tj ET Q q 0 0 0 rg BT 96.54 654.65 Td (an ) Tj ET Q q 0 0 0 rg BT 108.56 654.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 155.08 654.65 Td (charge ) Tj ET Q q 0 0 0 rg BT 184.61 654.65 Td (of ) Tj ET Q q 0 0 0 rg BT 194.13 654.65 Td ($56.6 ) Tj ET Q q 0 0 0 rg BT 218.66 654.65 Td (million ) Tj ET Q q 0 0 0 rg BT 246.17 654.65 Td (was ) Tj ET Q q 0 0 0 rg BT 264.19 654.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 301.72 654.65 Td (using ) Tj ET Q q 0 0 0 rg BT 325.25 654.65 Td (the ) Tj ET Q q 0 0 0 rg BT 339.77 654.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 354.28 654.65 Td (value ) Tj ET Q q 0 0 0 rg BT 377.81 654.65 Td (less ) Tj ET Q q 0 0 0 rg BT 395.83 654.65 Td (cost ) Tj ET Q q 0 0 0 rg BT 414.34 654.65 Td (to ) Tj ET Q q 0 0 0 rg BT 423.86 654.65 Td (sell ) Tj ET Q q 0 0 0 rg BT 439.37 654.65 Td (model ) Tj ET Q q 0 0 0 rg BT 465.90 654.65 Td (based ) Tj ET Q q 0 0 0 rg BT 492.43 654.65 Td (on ) Tj ET Q q 0 0 0 rg BT 504.45 654.65 Td (the ) Tj ET Q q 0 0 0 rg BT 518.97 654.65 Td (estimated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 643.85 Td (consideration ) Tj ET Q q 0 0 0 rg BT 118.79 643.85 Td (to ) Tj ET Q q 0 0 0 rg BT 128.54 643.85 Td (be ) Tj ET Q q 0 0 0 rg BT 140.81 643.85 Td (received ) Tj ET Q q 0 0 0 rg BT 177.08 643.85 Td (according ) Tj ET Q q 0 0 0 rg BT 218.35 643.85 Td (to ) Tj ET Q q 0 0 0 rg BT 228.11 643.85 Td (the ) Tj ET Q q 0 0 0 rg BT 242.88 643.85 Td (purchase ) Tj ET Q q 0 0 0 rg BT 282.15 643.85 Td (and ) Tj ET Q q 0 0 0 rg BT 299.42 643.85 Td (sale ) Tj ET Q q 0 0 0 rg BT 318.18 643.85 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 365.82 643.85 Td (These ) Tj ET Q q 0 0 0 rg BT 393.08 643.85 Td (Southern ) Tj ET Q q 0 0 0 rg BT 431.42 643.85 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 462.18 643.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 490.45 643.85 Td (were ) Tj ET Q q 0 0 0 rg BT 512.21 643.85 Td (disposed ) Tj ET Q q 0 0 0 rg BT 550.49 643.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 633.05 Td (on ) Tj ET Q q 0 0 0 rg BT 75.51 633.05 Td (July ) Tj ET Q q 0 0 0 rg BT 94.02 633.05 Td (12, ) Tj ET Q q 0 0 0 rg BT 109.03 633.05 Td (2016. ) Tj ET Q q 0 0 0 rg BT 133.55 633.05 Td (As ) Tj ET Q q 0 0 0 rg BT 146.56 633.05 Td (a ) Tj ET Q q 0 0 0 rg BT 154.06 633.05 Td (result ) Tj ET Q q 0 0 0 rg BT 178.57 633.05 Td (of ) Tj ET Q q 0 0 0 rg BT 188.58 633.05 Td (this ) Tj ET Q q 0 0 0 rg BT 205.08 633.05 Td (disposition, ) Tj ET Q q 0 0 0 rg BT 252.61 633.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 294.64 633.05 Td (disposed ) Tj ET Q q 0 0 0 rg BT 333.16 633.05 Td (of ) Tj ET Q q 0 0 0 rg BT 343.17 633.05 Td (its ) Tj ET Q q 0 0 0 rg BT 354.67 633.05 Td (Southern ) Tj ET Q q 0 0 0 rg BT 393.20 633.05 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 424.22 633.05 Td (CGU ) Tj ET Q q 0 0 0 rg BT 446.72 633.05 Td (in ) Tj ET Q q 0 0 0 rg BT 456.22 633.05 Td (its ) Tj ET Q q 0 0 0 rg BT 467.72 633.05 Td (entirety) Tj ET Q q 0 0 0 rg BT 496.57 633.05 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 616.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.75 616.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 150.51 616.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 198.24 616.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 220.47 616.25 Td (on ) Tj ET Q q 0 0 0 rg BT 233.71 616.25 Td (all ) Tj ET Q q 0 0 0 rg BT 245.94 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.67 616.25 Td (its ) Tj ET Q q 0 0 0 rg BT 268.89 616.25 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 296.62 616.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.35 616.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 367.10 616.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.12 616.25 Td (, ) Tj ET Q q 0 0 0 rg BT 392.85 616.25 Td (as ) Tj ET Q q 0 0 0 rg BT 405.58 616.25 Td (a ) Tj ET Q q 0 0 0 rg BT 413.81 616.25 Td (result ) Tj ET Q q 0 0 0 rg BT 439.04 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 449.77 616.25 Td (a ) Tj ET Q q 0 0 0 rg BT 458.00 616.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 501.24 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 519.49 616.25 Td (sustained ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 605.45 Td (decline ) Tj ET Q q 0 0 0 rg BT 93.91 605.45 Td (in ) Tj ET Q q 0 0 0 rg BT 103.30 605.45 Td (forward ) Tj ET Q q 0 0 0 rg BT 135.70 605.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 181.60 605.45 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 228.51 605.45 Td (prices ) Tj ET Q q 0 0 0 rg BT 254.90 605.45 Td (for ) Tj ET Q q 0 0 0 rg BT 267.79 605.45 Td (oil, ) Tj ET Q q 0 0 0 rg BT 281.69 605.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 311.59 605.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 328.49 605.45 Td (and ) Tj ET Q q 0 0 0 rg BT 345.90 605.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 375.80 605.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 392.70 605.45 Td (liquids. ) Tj ET Q q 0 0 0 rg BT 422.63 605.45 Td (As ) Tj ET Q q 0 0 0 rg BT 435.52 605.45 Td (a ) Tj ET Q q 0 0 0 rg BT 442.92 605.45 Td (result ) Tj ET Q q 0 0 0 rg BT 467.31 605.45 Td (of ) Tj ET Q q 0 0 0 rg BT 477.21 605.45 Td (the ) Tj ET Q q 0 0 0 rg BT 492.11 605.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 539.01 605.45 Td (tests ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 594.65 Td (conducted ) Tj ET Q q 0 0 0 rg BT 108.50 594.65 Td (in ) Tj ET Q q 0 0 0 rg BT 119.48 594.65 Td (2015, ) Tj ET Q q 0 0 0 rg BT 145.97 594.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 189.47 594.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 228.96 594.65 Td (an ) Tj ET Q q 0 0 0 rg BT 242.94 594.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 291.42 594.65 Td (charge ) Tj ET Q q 0 0 0 rg BT 322.91 594.65 Td (to ) Tj ET Q q 0 0 0 rg BT 334.39 594.65 Td (its ) Tj ET Q q 0 0 0 rg BT 347.36 594.65 Td (PP&E ) Tj ET Q q 0 0 0 rg BT 375.34 594.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 405.32 594.65 Td (of ) Tj ET Q q 0 0 0 rg BT 416.80 594.65 Td ($809.0 ) Tj ET Q q 0 0 0 rg BT 448.30 594.65 Td (million. ) Tj ET Q q 0 0 0 rg BT 480.02 594.65 Td (The ) Tj ET Q q 0 0 0 rg BT 499.50 594.65 Td (following ) Tj ET Q q 0 0 0 rg BT 538.49 594.65 Td (table ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 583.85 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 118.67 583.85 Td (the ) Tj ET Q q 0 0 0 rg BT 138.35 583.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 184.53 583.85 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 238.72 583.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 275.90 583.85 Td (and ) Tj ET Q q 0 0 0 rg BT 298.08 583.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 349.76 583.85 Td (charge ) Tj ET Q q 0 0 0 rg BT 384.44 583.85 Td (by ) Tj ET Q q 0 0 0 rg BT 401.11 583.85 Td (CGU ) Tj ET Q q 0 0 0 rg BT 428.27 583.85 Td (recorded ) Tj ET Q q 0 0 0 rg BT 470.96 583.85 Td (for ) Tj ET Q q 0 0 0 rg BT 488.63 583.85 Td (the ) Tj ET Q q 0 0 0 rg BT 508.30 583.85 Td (year ) Tj ET Q q 0 0 0 rg BT 532.97 583.85 Td (ended ) Tj ET Q q 0 0 0 rg BT 560.50 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 563.00 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 565.50 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 568.00 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 570.50 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 573.00 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 575.50 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 578.00 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 580.50 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 583.01 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 585.51 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 588.01 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 590.51 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 593.01 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 595.51 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 598.01 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 600.51 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 603.01 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 605.51 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 608.01 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 610.51 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 613.01 583.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 573.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 122.03 573.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.05 573.05 Td (. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 556.55 m 207.5 556.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 542.55 m 207.5 542.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 556.55 m 355.5 556.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 542.55 m 355.5 542.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 556.55 m 455.5 556.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 542.55 m 455.5 542.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 556.55 m 555.5 556.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 542.55 m 555.5 542.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 519.55 m 207.5 519.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 519.55 m 355.5 519.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 519.55 m 455.5 519.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 519.55 m 555.5 519.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 465.55 m 207.5 465.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 465.55 m 355.5 465.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 465.55 m 455.5 465.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 465.55 m 555.5 465.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 437.55 m 207.5 437.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 437.55 m 355.5 437.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 437.55 m 455.5 437.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 437.55 m 555.5 437.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 381.55 m 207.5 381.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 381.55 m 355.5 381.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 381.55 m 455.5 381.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 381.55 m 555.5 381.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 367.55 m 207.5 367.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 367.55 m 355.5 367.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 367.55 m 455.5 367.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 367.55 m 555.5 367.55 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.40 546.95 Td (Year ended December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 523.95 Td (CGU) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.60 532.95 Td (Primary Product Type of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.80 523.95 Td (Producing Assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.95 532.95 Td (Estimated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.30 523.95 Td (Recoverable Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.45 523.95 Td (Impairment) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 511.55 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 497.95 Td (West Central Area) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 483.95 Td (Central Alberta CGU) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.40 483.95 Td (Natural gas and natural gas liquids) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.95 483.95 Td (1,289,700) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 483.95 Td (364,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 469.95 Td (South Central Alberta CGU) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.40 469.95 Td (Natural gas and natural gas liquids) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 469.95 Td (373,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 469.95 Td (105,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 455.95 Td (Deep Basin Area) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 441.95 Td (North Central Alberta CGU) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.95 441.95 Td (Natural gas) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 441.95 Td (662,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 441.95 Td (194,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 427.95 Td (Other Area) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 413.95 Td (British Columbia CGU) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.40 413.95 Td (Natural gas and natural gas liquids) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 413.95 Td (109,900) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.45 413.95 Td (83,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 399.95 Td (Southern Alberta CGU) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.95 399.95 Td (Light oil) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.45 399.95 Td (119,300) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.45 399.95 Td (15,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 385.95 Td (Eastern Alberta CGU) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.40 385.95 Td (Light oil and natural gas) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.45 385.95 Td (10,400) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.45 385.95 Td (48,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 371.95 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.95 371.95 Td (2,565,300) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.45 371.95 Td (809,000) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 351.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.48 351.25 Td (proved ) Tj ET Q q 0 0 0 rg BT 111.97 351.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 131.45 351.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 169.45 351.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 202.43 351.25 Td (values ) Tj ET Q q 0 0 0 rg BT 231.42 351.25 Td (were ) Tj ET Q q 0 0 0 rg BT 253.90 351.25 Td (based ) Tj ET Q q 0 0 0 rg BT 281.39 351.25 Td (on ) Tj ET Q q 0 0 0 rg BT 294.38 351.25 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.09 351.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 402.59 351.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.61 351.25 Td ( ) Tj ET Q q 0 0 0 rg BT 425.58 351.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 458.56 351.25 Td (report ) Tj ET Q q 0 0 0 rg BT 485.05 351.25 Td (as ) Tj ET Q q 0 0 0 rg BT 497.52 351.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 536.52 351.25 Td (by ) Tj ET Q q 0 0 0 rg BT 549.00 351.25 Td (its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 340.45 Td (independent ) Tj ET Q q 0 0 0 rg BT 115.41 340.45 Td (reserve ) Tj ET Q q 0 0 0 rg BT 148.28 340.45 Td (engineer ) Tj ET Q q 0 0 0 rg BT 186.17 340.45 Td (GLJ ) Tj ET Q q 0 0 0 rg BT 205.54 340.45 Td (Petroleum ) Tj ET Q q 0 0 0 rg BT 249.42 340.45 Td (Consultants. ) Tj ET Q q 0 0 0 rg BT 302.12 340.45 Td (The ) Tj ET Q q 0 0 0 rg BT 320.49 340.45 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 370.38 340.45 Td (amount ) Tj ET Q q 0 0 0 rg BT 403.26 340.45 Td (of ) Tj ET Q q 0 0 0 rg BT 413.63 340.45 Td (the ) Tj ET Q q 0 0 0 rg BT 429.00 340.45 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 456.36 340.45 Td (were ) Tj ET Q q 0 0 0 rg BT 478.73 340.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 520.61 340.45 Td (based ) Tj ET Q q 0 0 0 rg BT 548.00 340.45 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 329.65 Td (proved ) Tj ET Q q 0 0 0 rg BT 92.13 329.65 Td (plus ) Tj ET Q q 0 0 0 rg BT 110.25 329.65 Td (probable ) Tj ET Q q 0 0 0 rg BT 146.89 329.65 Td (reserve ) Tj ET Q q 0 0 0 rg BT 178.51 329.65 Td (values ) Tj ET Q q 0 0 0 rg BT 206.13 329.65 Td (using ) Tj ET Q q 0 0 0 rg BT 229.26 329.65 Td (before-tax ) Tj ET Q q 0 0 0 rg BT 271.39 329.65 Td (discount ) Tj ET Q q 0 0 0 rg BT 306.52 329.65 Td (rates ) Tj ET Q q 0 0 0 rg BT 328.14 329.65 Td (specific ) Tj ET Q q 0 0 0 rg BT 359.75 329.65 Td (to ) Tj ET Q q 0 0 0 rg BT 368.87 329.65 Td (the ) Tj ET Q q 0 0 0 rg BT 382.99 329.65 Td (underlying ) Tj ET Q q 0 0 0 rg BT 426.13 329.65 Td (composition ) Tj ET Q q 0 0 0 rg BT 475.76 329.65 Td (of ) Tj ET Q q 0 0 0 rg BT 484.88 329.65 Td (reserve ) Tj ET Q q 0 0 0 rg BT 516.50 329.65 Td (categories ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 318.85 Td (and ) Tj ET Q q 0 0 0 rg BT 80.47 318.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 96.91 318.85 Td (profile ) Tj ET Q q 0 0 0 rg BT 123.88 318.85 Td (residing ) Tj ET Q q 0 0 0 rg BT 157.84 318.85 Td (in ) Tj ET Q q 0 0 0 rg BT 167.30 318.85 Td (each ) Tj ET Q q 0 0 0 rg BT 189.27 318.85 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 214.06 318.85 Td (The ) Tj ET Q q 0 0 0 rg BT 232.01 318.85 Td (discount ) Tj ET Q q 0 0 0 rg BT 267.99 318.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 290.44 318.85 Td (used ) Tj ET Q q 0 0 0 rg BT 312.41 318.85 Td (ranged ) Tj ET Q q 0 0 0 rg BT 342.89 318.85 Td (from ) Tj ET Q q 0 0 0 rg BT 363.34 318.85 Td (10 ) Tj ET Q q 0 0 0 rg BT 375.80 318.85 Td (to ) Tj ET Q q 0 0 0 rg BT 385.75 318.85 Td (12 ) Tj ET Q q 0 0 0 rg BT 398.21 318.85 Td (percent. ) Tj ET Q q 0 0 0 rg BT 433.18 318.85 Td (Key ) Tj ET Q q 0 0 0 rg BT 451.14 318.85 Td (input ) Tj ET Q q 0 0 0 rg BT 473.11 318.85 Td (estimates ) Tj ET Q q 0 0 0 rg BT 514.07 318.85 Td (used ) Tj ET Q q 0 0 0 rg BT 536.04 318.85 Td (in ) Tj ET Q q 0 0 0 rg BT 545.49 318.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 308.05 Td (determination ) Tj ET Q q 0 0 0 rg BT 119.15 308.05 Td (of ) Tj ET Q q 0 0 0 rg BT 128.28 308.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 148.91 308.05 Td (flows ) Tj ET Q q 0 0 0 rg BT 171.03 308.05 Td (from ) Tj ET Q q 0 0 0 rg BT 190.65 308.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 238.01 308.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 248.63 308.05 Td (and ) Tj ET Q q 0 0 0 rg BT 265.27 308.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 281.40 308.05 Td (reserves ) Tj ET Q q 0 0 0 rg BT 317.53 308.05 Td (included: ) Tj ET Q q 0 0 0 rg BT 355.17 308.05 Td (quantities ) Tj ET Q q 0 0 0 rg BT 395.32 308.05 Td (of ) Tj ET Q q 0 0 0 rg BT 404.45 308.05 Td (reserves ) Tj ET Q q 0 0 0 rg BT 440.57 308.05 Td (and ) Tj ET Q q 0 0 0 rg BT 457.21 308.05 Td (future ) Tj ET Q q 0 0 0 rg BT 481.84 308.05 Td (production; ) Tj ET Q q 0 0 0 rg BT 527.99 308.05 Td (forward ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 297.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 110.53 297.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 141.05 297.25 Td (as ) Tj ET Q q 0 0 0 rg BT 154.58 297.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 194.62 297.25 Td (by ) Tj ET Q q 0 0 0 rg BT 208.14 297.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.67 297.25 Td (average ) Tj ET Q q 0 0 0 rg BT 261.21 297.25 Td (of ) Tj ET Q q 0 0 0 rg BT 272.73 297.25 Td (four ) Tj ET Q q 0 0 0 rg BT 292.25 297.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 345.82 297.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 379.84 297.25 Td (engineering ) Tj ET Q q 0 0 0 rg BT 430.90 297.25 Td (evaluators; ) Tj ET Q q 0 0 0 rg BT 478.94 297.25 Td (development ) Tj ET Q q 0 0 0 rg BT 534.49 297.25 Td (costs; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 286.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 103.03 286.45 Td (costs; ) Tj ET Q q 0 0 0 rg BT 129.04 286.45 Td (royalty ) Tj ET Q q 0 0 0 rg BT 158.04 286.45 Td (obligations; ) Tj ET Q q 0 0 0 rg BT 206.08 286.45 Td (abandonment ) Tj ET Q q 0 0 0 rg BT 263.62 286.45 Td (costs; ) Tj ET Q q 0 0 0 rg BT 289.63 286.45 Td (and ) Tj ET Q q 0 0 0 rg BT 307.15 286.45 Td (discount ) Tj ET Q q 0 0 0 rg BT 343.17 286.45 Td (rates. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 269.65 Td (Forward ) Tj ET Q q 0 0 0 rg BT 101.00 269.65 Td (Commodity ) Tj ET Q q 0 0 0 rg BT 153.00 269.65 Td (Prices ) Tj ET Q q 0 0 0 rg BT 182.53 269.65 Td (used ) Tj ET Q q 0 0 0 rg BT 206.03 269.65 Td (in ) Tj ET Q q 0 0 0 rg BT 216.53 269.65 Td (the ) Tj ET Q q 0 0 0 rg BT 232.53 269.65 Td (December ) Tj ET Q q 0 0 0 rg BT 278.56 269.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 293.57 269.65 Td (2015 ) Tj ET Q q 0 0 0 rg BT 316.09 269.65 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 367.10 269.65 Td (T) Tj ET Q q 0 0 0 rg BT 371.93 269.65 Td (est) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 384.94 273.94 Td (\(1\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 256.15 m 148.5 256.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 242.14999999999998 m 148.5 242.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 256.15 m 273.5 256.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 242.14999999999998 m 273.5 242.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 256.15 m 363.5 256.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 242.14999999999998 m 363.5 242.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 256.15 m 453.5 256.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 242.14999999999998 m 453.5 242.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 256.15 m 556.5 256.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 242.14999999999998 m 556.5 242.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 102.14999999999998 m 148.5 102.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 102.14999999999998 m 273.5 102.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 102.14999999999998 m 363.5 102.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 102.14999999999998 m 453.5 102.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 102.14999999999998 m 556.5 102.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 89.14999999999998 m 148.5 89.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 102.14999999999998 m 273.5 102.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 89.14999999999998 m 273.5 89.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 102.14999999999998 m 363.5 102.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 89.14999999999998 m 363.5 89.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 102.14999999999998 m 453.5 102.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 89.14999999999998 m 453.5 89.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 102.14999999999998 m 556.5 102.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 89.14999999999998 m 556.5 89.14999999999998 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 246.55 Td (Year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.40 246.55 Td (Edmonton Light Crude Oil) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.00 246.55 Td (WTI Oil) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.45 246.55 Td (AECO Gas) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.40 246.55 Td (Foreign Exchange Rate) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 234.95 234.55 Td (\(CDN$/bbl\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 330.40 234.55 Td (\(US$/bbl\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 402.15 234.55 Td (\(CDN$/MMBtu\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.70 234.55 Td (\(US$/CDN$\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 223.10 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.45 223.10 Td (54.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 223.10 Td (44.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 223.10 Td (2.54) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 223.10 Td (0.736) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 210.10 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.45 210.10 Td (64.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 210.10 Td (53.51) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 210.10 Td (3.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 210.10 Td (0.768) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 197.10 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.45 197.10 Td (71.49) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 197.10 Td (61.90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 197.10 Td (3.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 197.10 Td (0.801) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 184.10 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.45 184.10 Td (80.43) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 184.10 Td (69.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 184.10 Td (3.71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 184.10 Td (0.813) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 171.10 Td (2020) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.45 171.10 Td (85.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 171.10 Td (75.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 171.10 Td (3.93) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 171.10 Td (0.825) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 158.10 Td (2021) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.45 158.10 Td (90.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 158.10 Td (79.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 158.10 Td (4.13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 158.10 Td (0.831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 145.10 Td (2022) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.45 145.10 Td (95.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 145.10 Td (83.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 145.10 Td (4.33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 145.10 Td (0.831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 132.10 Td (2023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.45 132.10 Td (99.47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 132.10 Td (87.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 132.10 Td (4.52) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 132.10 Td (0.831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 119.10 Td (2024) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.45 119.10 Td (101.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 119.10 Td (88.93) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 119.10 Td (4.70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 119.10 Td (0.831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 106.10 Td (2025) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.45 106.10 Td (103.34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.45 106.10 Td (90.58) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 106.10 Td (4.81) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 106.10 Td (0.831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 93.10 Td (Thereafter) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.45 93.10 Td (1.9%/year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.45 93.10 Td (1.9%/year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 93.10 Td (1.9%/year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 93.10 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 79.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 79.45 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 79.45 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 79.45 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 79.45 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 79.45 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 79.45 Td ( ) Tj ET Q q 0 0 0 rg BT 82.00 79.45 Td ( ) Tj ET Q q 0 0 0 rg BT 83.67 79.45 Td ( ) Tj ET Q q 0 0 0 rg BT 85.23 79.45 Td (The ) Tj ET Q q 0 0 0 rg BT 97.23 79.45 Td (average ) Tj ET Q q 0 0 0 rg BT 120.58 79.45 Td (of ) Tj ET Q q 0 0 0 rg BT 127.25 79.45 Td (GLJ ) Tj ET Q q 0 0 0 rg BT 139.92 79.45 Td (Petroleum ) Tj ET Q q 0 0 0 rg BT 168.94 79.45 Td (Consultants, ) Tj ET Q q 0 0 0 rg BT 203.96 79.45 Td (McDaniel ) Tj ET Q q 0 0 0 rg BT 230.63 79.45 Td (& ) Tj ET Q q 0 0 0 rg BT 235.97 79.45 Td (Associates ) Tj ET Q q 0 0 0 rg BT 266.65 79.45 Td (Consultants, ) Tj ET Q q 0 0 0 rg BT 301.67 79.45 Td (Sproule ) Tj ET Q q 0 0 0 rg BT 324.01 79.45 Td (and ) Tj ET Q q 0 0 0 rg BT 335.69 79.45 Td (Deloitte ) Tj ET Q q 0 0 0 rg BT 357.70 79.45 Td (Research ) Tj ET Q q 0 0 0 rg BT 385.05 79.45 Td (Evaluation ) Tj ET Q q 0 0 0 rg BT 414.74 79.45 Td (& ) Tj ET Q q 0 0 0 rg BT 420.07 79.45 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 444.75 79.45 Td (price ) Tj ET Q q 0 0 0 rg BT 459.42 79.45 Td (forecasts, ) Tj ET Q q 0 0 0 rg BT 487.10 79.45 Td (ef) Tj ET Q q 0 0 0 rg BT 491.99 79.45 Td (fective ) Tj ET Q q 0 0 0 rg BT 511.00 79.45 Td (January ) Tj ET Q q 0 0 0 rg BT 534.01 79.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 540.68 79.45 Td (2016.) Tj ET Q endstream endobj 105 0 obj <> endobj 106 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 52) 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 (12. ) Tj ET Q q 0 0 0 rg BT 63.00 731.45 Td (Exploration and evaluation assets) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 717.95 m 387.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 701.95 m 387.5 701.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 717.95 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 387.5 701.95 m 567.5 701.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 606.95 m 387.5 606.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 606.95 m 567.5 606.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 536.95 m 387.5 536.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 522.95 m 387.5 522.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 536.95 m 567.5 536.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 522.95 m 567.5 522.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 706.35 Td (Carrying amount) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 694.35 Td (\($ ) Tj ET Q q 0 0 0 rg BT 74.17 694.35 Td (thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 681.35 Td (Balance as at December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 681.35 Td (189,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 667.35 Td (Additions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 667.35 Td (7,823) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 653.35 Td (Acquisitions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 653.35 Td (59,117) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 639.35 Td (Dispositions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 639.35 Td (\(19,965) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 639.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 625.35 Td (Transfers to property, plant and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 625.35 Td (\(22,930) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 625.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 611.35 Td (Impairment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.45 611.35 Td (\(3,344) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 611.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 597.35 Td (Balance as at December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 597.35 Td (210,194) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 583.35 Td (Additions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.45 583.35 Td (2,840) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 569.35 Td (Acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 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266.08 451.45 Td (no ) Tj ET Q q 0 0 0 rg BT 278.76 451.45 Td (indicators ) Tj ET Q q 0 0 0 rg BT 319.94 451.45 Td (of ) Tj ET Q q 0 0 0 rg BT 330.10 451.45 Td (potential ) Tj ET Q q 0 0 0 rg BT 366.79 451.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 413.97 451.45 Td (existed ) Tj ET Q q 0 0 0 rg BT 445.14 451.45 Td (with ) Tj ET Q q 0 0 0 rg BT 463.81 451.45 Td (respect ) Tj ET Q q 0 0 0 rg BT 495.99 451.45 Td (to ) Tj ET Q q 0 0 0 rg BT 506.15 451.45 Td (its ) Tj ET Q q 0 0 0 rg BT 517.81 451.45 Td (E&E ) Tj ET Q q 0 0 0 rg BT 538.49 451.45 Td (assets; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 440.65 Td (therefore ) Tj ET Q q 0 0 0 rg BT 101.52 440.65 Td (an ) Tj ET Q q 0 0 0 rg BT 114.03 440.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 161.05 440.65 Td (test ) Tj ET Q q 0 0 0 rg BT 178.05 440.65 Td (was ) Tj ET Q q 0 0 0 rg BT 196.56 440.65 Td (not ) Tj ET Q q 0 0 0 rg BT 211.57 440.65 Td (performed. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 423.85 Td (In ) Tj ET Q q 0 0 0 rg BT 73.05 423.85 Td (the ) Tj ET Q q 0 0 0 rg BT 88.10 423.85 Td (comparative ) Tj ET Q q 0 0 0 rg BT 139.67 423.85 Td (year ) Tj ET Q q 0 0 0 rg BT 159.72 423.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.29 423.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 246.36 423.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.38 423.85 Td (, ) Tj ET Q q 0 0 0 rg BT 271.43 423.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 313.49 423.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 360.07 423.85 Td (an ) Tj ET Q q 0 0 0 rg BT 372.62 423.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 419.68 423.85 Td (charge ) Tj ET Q q 0 0 0 rg BT 449.74 423.85 Td (of ) Tj ET Q q 0 0 0 rg BT 459.79 423.85 Td ($3.3 ) Tj ET Q q 0 0 0 rg BT 479.85 423.85 Td (million ) Tj ET Q q 0 0 0 rg BT 507.90 423.85 Td (on ) Tj ET Q q 0 0 0 rg BT 520.45 423.85 Td (E&E ) Tj ET Q q 0 0 0 rg BT 541.00 423.85 Td (assets ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 413.05 Td (related ) Tj ET Q q 0 0 0 rg BT 92.13 413.05 Td (to ) 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391.45 Td (seismic ) Tj ET Q q 0 0 0 rg BT 185.13 391.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 213.28 391.45 Td (based ) Tj ET Q q 0 0 0 rg BT 239.93 391.45 Td (principally ) Tj ET Q q 0 0 0 rg BT 282.09 391.45 Td (on ) Tj ET Q q 0 0 0 rg BT 294.23 391.45 Td (recent ) Tj ET Q q 0 0 0 rg BT 321.39 391.45 Td (and ) Tj ET Q q 0 0 0 rg BT 338.54 391.45 Td (relevant ) Tj ET Q q 0 0 0 rg BT 372.69 391.45 Td (land ) Tj ET Q q 0 0 0 rg BT 391.85 391.45 Td (sales. ) Tj ET Q q 0 0 0 rg BT 417.49 391.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 459.15 391.45 Td (has ) Tj ET Q q 0 0 0 rg BT 475.80 391.45 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 530.98 391.45 Td (disposed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 380.65 Td (of ) Tj ET Q q 0 0 0 rg BT 73.01 380.65 Td (all ) Tj ET Q q 0 0 0 rg BT 84.51 380.65 Td (of ) Tj ET Q q 0 0 0 rg BT 94.52 380.65 Td (the ) Tj ET Q q 0 0 0 rg BT 109.53 380.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 138.04 380.65 Td (in ) Tj ET Q q 0 0 0 rg BT 147.55 380.65 Td (its ) Tj ET Q q 0 0 0 rg BT 159.05 380.65 Td (Southern ) Tj ET Q q 0 0 0 rg BT 197.58 380.65 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 228.59 380.65 Td (CGU. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 363.85 Td (13. ) Tj ET Q q 0 0 0 rg BT 63.00 363.85 Td (Shareholders' equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 347.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.30 347.05 Td (is ) Tj ET Q q 0 0 0 rg BT 114.58 347.05 Td (authorized ) Tj ET Q q 0 0 0 rg BT 159.38 347.05 Td (to ) Tj ET Q q 0 0 0 rg BT 169.66 347.05 Td (issue ) Tj ET Q q 0 0 0 rg BT 193.45 347.05 Td (an ) Tj ET Q q 0 0 0 rg BT 206.24 347.05 Td (unlimited ) Tj ET Q q 0 0 0 rg BT 245.03 347.05 Td (number ) Tj ET Q q 0 0 0 rg BT 278.32 347.05 Td (of ) Tj ET Q q 0 0 0 rg BT 288.61 347.05 Td (common ) Tj ET Q q 0 0 0 rg BT 325.89 347.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 355.68 347.05 Td (without ) Tj ET Q q 0 0 0 rg BT 386.98 347.05 Td (nominal ) Tj ET Q q 0 0 0 rg BT 421.27 347.05 Td (or ) Tj ET Q q 0 0 0 rg BT 432.05 347.05 Td (par ) Tj ET Q q 0 0 0 rg BT 447.83 347.05 Td (value, ) Tj ET Q q 0 0 0 rg BT 474.62 347.05 Td (an ) Tj ET Q q 0 0 0 rg BT 487.41 347.05 Td (unlimited ) Tj ET Q q 0 0 0 rg BT 526.21 347.05 Td (number ) Tj ET Q q 0 0 0 rg BT 559.50 347.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 336.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 121.55 336.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 151.06 336.25 Td (without ) Tj ET Q q 0 0 0 rg BT 182.08 336.25 Td (nominal ) Tj ET Q q 0 0 0 rg BT 216.10 336.25 Td (or ) Tj ET Q q 0 0 0 rg BT 226.60 336.25 Td (par ) Tj ET Q q 0 0 0 rg BT 242.11 336.25 Td (value ) Tj ET Q q 0 0 0 rg BT 266.12 336.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.64 336.25 Td (10,000,000 ) Tj ET Q q 0 0 0 rg BT 331.19 336.25 Td (preferred ) Tj ET Q q 0 0 0 rg BT 370.20 336.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 402.22 336.25 Td (issuable ) Tj ET Q q 0 0 0 rg BT 437.74 336.25 Td (in ) Tj ET Q q 0 0 0 rg BT 447.24 336.25 Td (series.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 319.45 Td (The ) Tj ET Q q 0 0 0 rg BT 80.69 319.45 Td (holders ) Tj ET Q q 0 0 0 rg BT 112.38 319.45 Td (of ) Tj ET Q q 0 0 0 rg BT 122.06 319.45 Td (common ) Tj ET Q q 0 0 0 rg BT 158.75 319.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 187.94 319.45 Td (are ) Tj ET Q q 0 0 0 rg BT 203.12 319.45 Td (entitled ) Tj ET Q q 0 0 0 rg BT 234.32 319.45 Td (to ) Tj ET Q q 0 0 0 rg BT 244.00 319.45 Td (receive ) Tj ET Q q 0 0 0 rg BT 275.19 319.45 Td (dividends ) Tj ET Q q 0 0 0 rg BT 315.40 319.45 Td (as ) Tj ET Q q 0 0 0 rg BT 327.08 319.45 Td (declared ) Tj ET Q q 0 0 0 rg BT 363.78 319.45 Td (by ) Tj ET Q q 0 0 0 rg BT 375.46 319.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 417.16 319.45 Td (and ) Tj ET Q q 0 0 0 rg BT 434.36 319.45 Td (are ) Tj ET Q q 0 0 0 rg BT 449.54 319.45 Td (entitled ) Tj ET Q q 0 0 0 rg BT 480.74 319.45 Td (to ) Tj ET Q q 0 0 0 rg BT 490.42 319.45 Td (one ) Tj ET Q q 0 0 0 rg BT 507.61 319.45 Td (vote ) Tj ET Q q 0 0 0 rg BT 526.80 319.45 Td (per ) Tj ET Q q 0 0 0 rg BT 541.99 319.45 Td (share. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 308.65 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 104.01 308.65 Td (declared ) Tj ET Q q 0 0 0 rg BT 140.03 308.65 Td (for ) Tj ET Q q 0 0 0 rg BT 152.02 308.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.03 308.65 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.53 308.65 Td ( ) Tj ET Q q 0 0 0 rg BT 185.03 308.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.55 308.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 269.56 308.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.59 308.65 Td ( ) Tj ET Q q 0 0 0 rg BT 291.08 308.65 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.08 308.65 Td ($0.06) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.60 308.65 Td ( ) Tj ET Q q 0 0 0 rg BT 336.09 308.65 Td (per ) Tj ET Q q 0 0 0 rg BT 350.59 308.65 Td (share ) Tj ET Q q 0 0 0 rg BT 374.60 308.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.59 308.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 435.61 308.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.63 308.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.62 308.65 Td ($0.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.15 308.65 Td (pershare\). ) Tj ET Q q 0 0 0 rg BT 532.66 308.65 Td (Ef) Tj ET Q q 0 0 0 rg BT 541.00 308.65 Td (fective ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 297.85 Td (April ) Tj ET Q q 0 0 0 rg BT 83.50 297.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 93.51 297.85 Td (2016, ) Tj ET Q q 0 0 0 rg BT 118.53 297.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 166.77 297.85 Td (dividend ) Tj ET Q q 0 0 0 rg BT 202.80 297.85 Td (policy ) Tj ET Q q 0 0 0 rg BT 228.30 297.85 Td (was ) Tj ET Q q 0 0 0 rg BT 246.81 297.85 Td (changed ) Tj ET Q q 0 0 0 rg BT 283.84 297.85 Td (to ) Tj ET Q q 0 0 0 rg BT 293.84 297.85 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 318.87 297.85 Td (per ) Tj ET Q q 0 0 0 rg BT 334.37 297.85 Td (share ) Tj ET Q q 0 0 0 rg BT 359.38 297.85 Td (per ) Tj ET Q q 0 0 0 rg BT 374.89 297.85 Td (quarter) Tj ET Q q 0 0 0 rg BT 402.91 297.85 Td (. ) Tj ET Q q 0 0 0 rg BT 407.91 297.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 449.93 297.85 Td (announces ) Tj ET Q q 0 0 0 rg BT 496.47 297.85 Td (its ) Tj ET Q q 0 0 0 rg BT 507.97 297.85 Td (dividend ) Tj ET Q q 0 0 0 rg BT 543.99 297.85 Td (policy ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 287.05 Td (on ) Tj ET Q q 0 0 0 rg BT 75.51 287.05 Td (a ) Tj ET Q q 0 0 0 rg BT 83.02 287.05 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 120.53 287.05 Td (basis ) Tj ET Q q 0 0 0 rg BT 144.04 287.05 Td (and ) Tj ET Q q 0 0 0 rg BT 161.56 287.05 Td (confirms ) Tj ET Q q 0 0 0 rg BT 198.07 287.05 Td (its ) Tj ET Q q 0 0 0 rg BT 209.57 287.05 Td (dividend ) Tj ET Q q 0 0 0 rg BT 245.59 287.05 Td (payment ) Tj ET Q q 0 0 0 rg BT 282.61 287.05 Td (on ) Tj ET Q q 0 0 0 rg BT 295.12 287.05 Td (a ) Tj ET Q q 0 0 0 rg BT 302.63 287.05 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 340.15 287.05 Td (basis.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 270.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.08 270.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 139.70 270.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 169.28 270.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.36 270.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 221.45 270.25 Td (are ) Tj ET Q q 0 0 0 rg BT 237.03 270.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 295.65 270.25 Td (into ) Tj ET Q q 0 0 0 rg BT 312.73 270.25 Td (common ) Tj ET Q q 0 0 0 rg BT 349.81 270.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 379.39 270.25 Td (based ) Tj ET Q q 0 0 0 rg BT 406.48 270.25 Td (on ) Tj ET Q q 0 0 0 rg BT 419.07 270.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.15 270.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 475.75 270.25 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 498.33 270.25 Td (which ) Tj ET Q q 0 0 0 rg BT 523.91 270.25 Td (is ) Tj ET Q q 0 0 0 rg BT 532.98 270.25 Td (adjusted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 259.45 Td (quarterly) Tj ET Q q 0 0 0 rg BT 97.35 259.45 Td (, ) Tj ET Q q 0 0 0 rg BT 102.81 259.45 Td (to ) Tj ET Q q 0 0 0 rg BT 113.27 259.45 Td (reflect ) Tj ET Q q 0 0 0 rg BT 140.73 259.45 Td (dividends ) Tj ET Q q 0 0 0 rg BT 181.72 259.45 Td (paid ) Tj ET Q q 0 0 0 rg BT 201.69 259.45 Td (on ) Tj ET Q q 0 0 0 rg BT 214.66 259.45 Td (common ) Tj ET Q q 0 0 0 rg BT 252.12 259.45 Td (shares. ) Tj ET Q q 0 0 0 rg BT 284.01 259.45 Td (As ) Tj ET Q q 0 0 0 rg BT 297.47 259.45 Td (a ) Tj ET Q q 0 0 0 rg BT 305.43 259.45 Td (result, ) Tj ET Q q 0 0 0 rg BT 332.90 259.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 354.86 259.45 Td (dividends ) Tj ET Q q 0 0 0 rg BT 395.85 259.45 Td (are ) Tj ET Q q 0 0 0 rg BT 411.81 259.45 Td (not ) Tj ET Q q 0 0 0 rg BT 427.28 259.45 Td (paid ) Tj ET Q q 0 0 0 rg BT 447.25 259.45 Td (on ) Tj ET Q q 0 0 0 rg BT 460.22 259.45 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 519.22 259.45 Td (shares. ) Tj ET Q q 0 0 0 rg BT 551.50 259.45 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 248.65 Td (holders ) Tj ET Q q 0 0 0 rg BT 95.02 248.65 Td (of ) Tj ET Q q 0 0 0 rg BT 105.02 248.65 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 163.57 248.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 193.09 248.65 Td (are ) Tj ET Q q 0 0 0 rg BT 208.60 248.65 Td (entitled ) Tj ET Q q 0 0 0 rg BT 240.12 248.65 Td (to ) Tj ET Q q 0 0 0 rg BT 250.12 248.65 Td (one ) Tj ET Q q 0 0 0 rg BT 267.64 248.65 Td (vote ) Tj ET Q q 0 0 0 rg BT 287.15 248.65 Td (times ) Tj ET Q q 0 0 0 rg BT 311.15 248.65 Td (the ) Tj ET Q q 0 0 0 rg BT 326.17 248.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 367.70 248.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 387.71 248.65 Td (for ) Tj ET Q q 0 0 0 rg BT 400.71 248.65 Td (each ) Tj ET Q q 0 0 0 rg BT 422.73 248.65 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 481.28 248.65 Td (share.) 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 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 53) 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 (a. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 731.45 Td (Issued and outstanding) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 714.65 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 63.5 701.15 m 388.5 701.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 687.15 m 388.5 687.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 701.15 m 408.5 701.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 687.15 m 408.5 687.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 701.15 m 494.5 701.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 687.15 m 494.5 687.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 701.15 m 498.5 701.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 687.15 m 498.5 687.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 701.15 m 567.5 701.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 687.15 m 567.5 687.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 619.15 m 388.5 619.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 619.15 m 408.5 619.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 619.15 m 494.5 619.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 619.15 m 498.5 619.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 619.15 m 567.5 619.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 528.15 m 388.5 528.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 514.15 m 388.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 528.15 m 408.5 528.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 514.15 m 408.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 528.15 m 494.5 528.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 514.15 m 494.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 528.15 m 498.5 528.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 514.15 m 498.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 528.15 m 567.5 528.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 514.15 m 567.5 514.15 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.45 691.55 Td (Common Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.00 691.55 Td (Amount) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.00 679.15 Td (\(thousands\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.15 679.15 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 665.55 Td (Balance at December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.45 665.55 Td (203,760) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 665.55 Td (2,514,006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 651.55 Td (Issued on conversion of exchangeable shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.45 651.55 Td (8,342) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 651.55 Td (178,350) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 637.55 Td (Conversion of restricted incentive and share awards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.45 637.55 Td (1,877) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 637.55 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 623.55 Td (Share-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.00 623.55 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 623.55 Td (23,655) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 609.55 Td (Balance as at December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.45 609.55 Td (213,979) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 609.55 Td (2,716,011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 595.55 Td (Issued for cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.45 595.55 Td (34,328) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.45 595.55 Td (115,001) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 581.55 Td (Issue costs, net of future tax benefit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 581.55 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.45 581.55 Td (\(3,630) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 581.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 567.55 Td (Issued on conversion of exchangeable shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.95 567.55 Td (34) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.95 567.55 Td (691) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 554.10 Td (Conversion of restricted incentive and performance incentive awards, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 545.10 Td (net of future tax) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.95 546.55 Td (936) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.95 546.55 Td (672) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 532.55 Td (Share-based compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.00 532.55 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.45 532.55 Td (9,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 518.55 Td (Balance as at December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.45 518.55 Td (249,277) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.95 518.55 Td (2,837,945) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 497.85 Td (Exchangeable ) Tj ET Q q 0 0 0 rg BT 126.03 497.85 Td (shares) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 484.35 m 233.5 484.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 484.35 m 333.5 484.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 484.35 m 398.5 484.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 484.35 m 498.5 484.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 484.35 m 502.5 484.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 484.35 m 567.5 484.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 456.35 m 233.5 456.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 456.35 m 333.5 456.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 456.35 m 398.5 456.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 456.35 m 498.5 456.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 456.35 m 502.5 456.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 456.35 m 567.5 456.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 456.35 m 233.5 456.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 416.35 m 233.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 416.35 m 398.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 416.35 m 498.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 416.35 m 567.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 416.35 m 233.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 402.35 m 233.5 402.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 416.35 m 333.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 402.35 m 333.5 402.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 416.35 m 398.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 402.35 m 398.5 402.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 416.35 m 498.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 402.35 m 498.5 402.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 416.35 m 502.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 402.35 m 502.5 402.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 416.35 m 567.5 416.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 402.35 m 567.5 402.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 402.35 m 233.5 402.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 388.35 m 233.5 388.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 388.35 m 333.5 388.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 388.35 m 398.5 388.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 388.35 m 498.5 388.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 388.35 m 502.5 388.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 388.35 m 567.5 388.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 374.35 m 233.5 374.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 374.35 m 333.5 374.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 374.35 m 398.5 374.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 374.35 m 498.5 374.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 374.35 m 502.5 374.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 374.35 m 567.5 374.35 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.40 474.75 Td (Year ended December 31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.70 474.75 Td (Year ended December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.95 460.75 Td (Exchangeable Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.00 460.75 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.90 460.75 Td (Exchangeable Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.95 460.75 Td (Amount) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 293.00 448.35 Td (\(thousands\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 352.15 448.35 Td (\($ thousands\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 458.00 448.35 Td (\(thousands\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.15 448.35 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 434.75 Td (Balance, ) Tj ET Q q 0 0 0 rg BT 103.52 434.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 145.06 434.75 Td (of ) Tj ET Q q 0 0 0 rg BT 155.07 434.75 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.45 434.75 Td (3,283) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.45 434.75 Td (94,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 435.05 Td (9,476) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 434.75 Td (272,900) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 420.75 Td (Exchanged for common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.95 420.75 Td (\(24) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.00 420.75 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.95 420.75 Td (\(691) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.00 420.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.45 421.05 Td (\(6,193) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.00 421.05 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 421.05 Td (\(178,350) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 421.05 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 406.75 Td (Balance, ) Tj ET Q q 0 0 0 rg BT 103.52 406.75 Td (end ) Tj ET Q q 0 0 0 rg BT 121.04 406.75 Td (of ) Tj ET Q q 0 0 0 rg BT 131.05 406.75 Td (year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.45 406.75 Td (3,259) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.45 406.75 Td (93,859) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 407.05 Td (3,283) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 407.05 Td (94,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 392.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 108.53 392.75 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 131.04 392.75 Td (end ) Tj ET Q q 0 0 0 rg BT 148.56 392.75 Td (of ) Tj ET Q q 0 0 0 rg BT 158.56 392.75 Td (year ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.45 392.75 Td (1.42923) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.00 392.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 393.05 Td (1.39313) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 393.05 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 378.75 Td (Common ) Tj ET Q q 0 0 0 rg BT 105.01 378.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 134.52 378.75 Td (issuable ) Tj ET Q q 0 0 0 rg BT 170.04 378.75 Td (on ) Tj ET Q q 0 0 0 rg BT 182.56 378.75 Td (exchange) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.45 378.75 Td (4,658) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.45 378.75 Td (93,859) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 379.05 Td (4,573) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 379.05 Td (94,550) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 358.05 Td (The ) Tj ET Q q 0 0 0 rg BT 80.98 358.05 Td (holders ) Tj ET Q q 0 0 0 rg BT 112.98 358.05 Td (of ) Tj ET Q q 0 0 0 rg BT 122.96 358.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 171.18 358.05 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 229.70 358.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 259.19 358.05 Td (shall ) Tj ET Q q 0 0 0 rg BT 280.18 358.05 Td (be ) Tj ET Q q 0 0 0 rg BT 292.67 358.05 Td (entitled ) Tj ET Q q 0 0 0 rg BT 324.16 358.05 Td (to ) Tj ET Q q 0 0 0 rg BT 334.14 358.05 Td (notice ) Tj ET Q q 0 0 0 rg BT 360.64 358.05 Td (of, ) Tj ET Q q 0 0 0 rg BT 373.12 358.05 Td (to ) Tj ET Q q 0 0 0 rg BT 383.10 358.05 Td (attend ) Tj ET Q q 0 0 0 rg BT 410.60 358.05 Td (at, ) Tj ET Q q 0 0 0 rg BT 423.08 358.05 Td (and ) Tj ET Q q 0 0 0 rg BT 440.57 358.05 Td (to ) Tj ET Q q 0 0 0 rg BT 450.56 358.05 Td (that ) Tj ET Q q 0 0 0 rg BT 468.04 358.05 Td (number ) Tj ET Q q 0 0 0 rg BT 501.04 358.05 Td (of ) Tj ET Q q 0 0 0 rg BT 511.02 358.05 Td (votes ) Tj ET Q q 0 0 0 rg BT 535.00 358.05 Td (equal ) Tj ET Q q 0 0 0 rg BT 559.50 358.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.96 347.25 Td (number ) Tj ET Q q 0 0 0 rg BT 110.92 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.87 347.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 179.36 347.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 208.82 347.25 Td (held ) Tj ET Q q 0 0 0 rg BT 228.28 347.25 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 268.74 347.25 Td (by ) Tj ET Q q 0 0 0 rg BT 280.69 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.65 347.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 337.13 347.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 357.08 347.25 Td (in ) Tj ET Q q 0 0 0 rg BT 366.53 347.25 Td (ef) Tj ET Q q 0 0 0 rg BT 373.88 347.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 390.83 347.25 Td (at ) Tj ET Q q 0 0 0 rg BT 400.78 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.73 347.25 Td (meeting ) Tj ET Q q 0 0 0 rg BT 450.20 347.25 Td (record ) Tj ET Q q 0 0 0 rg BT 478.15 347.25 Td (date ) Tj ET Q q 0 0 0 rg BT 498.12 347.25 Td (at ) Tj ET Q q 0 0 0 rg BT 508.07 347.25 Td (any ) Tj ET Q q 0 0 0 rg BT 525.02 347.25 Td (meeting ) Tj ET Q q 0 0 0 rg BT 559.49 347.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 336.45 Td (the ) Tj ET Q q 0 0 0 rg BT 78.94 336.45 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 134.39 336.45 Td (of ) Tj ET Q q 0 0 0 rg BT 145.33 336.45 Td (Bonavista. ) Tj ET Q q 0 0 0 rg BT 190.78 336.45 Td (In ) Tj ET Q q 0 0 0 rg BT 201.71 336.45 Td (accordance ) Tj ET Q q 0 0 0 rg BT 251.66 336.45 Td (with ) Tj ET Q q 0 0 0 rg BT 271.09 336.45 Td (the ) Tj ET Q q 0 0 0 rg BT 287.03 336.45 Td (provisions ) Tj ET Q q 0 0 0 rg BT 330.97 336.45 Td (of ) Tj ET Q q 0 0 0 rg BT 341.91 336.45 Td (the ) Tj ET Q q 0 0 0 rg BT 357.84 336.45 Td (Corporation) Tj ET Q q 0 0 0 rg BT 406.71 336.45 Td (s ) Tj ET Q q 0 0 0 rg BT 414.63 336.45 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 474.10 336.45 Td (shares, ) Tj ET Q q 0 0 0 rg BT 507.04 336.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 549.99 336.45 Td (may ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 325.65 Td (require, ) Tj ET Q q 0 0 0 rg BT 96.83 325.65 Td (at ) Tj ET Q q 0 0 0 rg BT 107.64 325.65 Td (any ) Tj ET Q q 0 0 0 rg BT 125.46 325.65 Td (time, ) Tj ET Q q 0 0 0 rg BT 148.28 325.65 Td (the ) Tj ET Q q 0 0 0 rg BT 164.10 325.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 206.44 325.65 Td (of ) Tj ET Q q 0 0 0 rg BT 217.25 325.65 Td (that ) Tj ET Q q 0 0 0 rg BT 235.58 325.65 Td (number ) Tj ET Q q 0 0 0 rg BT 269.40 325.65 Td (of ) Tj ET Q q 0 0 0 rg BT 280.22 325.65 Td (the ) Tj ET Q q 0 0 0 rg BT 296.04 325.65 Td (Corporation) Tj ET Q q 0 0 0 rg BT 344.90 325.65 Td (s ) Tj ET Q q 0 0 0 rg BT 352.71 325.65 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 412.07 325.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 442.39 325.65 Td (as ) Tj ET Q q 0 0 0 rg BT 455.21 325.65 Td (determined ) Tj ET Q q 0 0 0 rg BT 503.55 325.65 Td (by ) Tj ET Q q 0 0 0 rg BT 516.36 325.65 Td (the ) Tj ET Q q 0 0 0 rg BT 532.18 325.65 Td (Board ) Tj ET Q q 0 0 0 rg BT 559.51 325.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 314.85 Td (Directors ) Tj ET Q q 0 0 0 rg BT 102.13 314.85 Td (\(the ) Tj ET Q q 0 0 0 rg BT 120.76 314.85 Td ("Board"\) ) Tj ET Q q 0 0 0 rg BT 157.29 314.85 Td (on ) Tj ET Q q 0 0 0 rg BT 170.43 314.85 Td (the ) Tj ET Q q 0 0 0 rg BT 186.06 314.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 210.20 314.85 Td (of ) Tj ET Q q 0 0 0 rg BT 220.83 314.85 Td (the ) Tj ET Q q 0 0 0 rg BT 236.47 314.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 278.63 314.85 Td (ratio ) Tj ET Q q 0 0 0 rg BT 299.26 314.85 Td (in ) Tj ET Q q 0 0 0 rg BT 309.39 314.85 Td (ef) Tj ET Q q 0 0 0 rg BT 316.73 314.85 Td (fect ) Tj ET Q q 0 0 0 rg BT 334.37 314.85 Td (on ) Tj ET Q q 0 0 0 rg BT 347.50 314.85 Td (the ) Tj ET Q q 0 0 0 rg BT 363.14 314.85 Td (date ) Tj ET Q q 0 0 0 rg BT 383.78 314.85 Td (set ) Tj ET Q q 0 0 0 rg BT 398.91 314.85 Td (by ) Tj ET Q q 0 0 0 rg BT 411.54 314.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 454.19 314.85 Td (\(the ) Tj ET Q q 0 0 0 rg BT 472.83 314.85 Td (Compulsory ) Tj ET Q q 0 0 0 rg BT 526.96 314.85 Td (Exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 304.05 Td (Date\). ) Tj ET Q q 0 0 0 rg BT 94.04 304.05 Td (On ) Tj ET Q q 0 0 0 rg BT 109.58 304.05 Td (and ) Tj ET Q q 0 0 0 rg BT 128.12 304.05 Td (after ) Tj ET Q q 0 0 0 rg BT 149.67 304.05 Td (the ) Tj ET Q q 0 0 0 rg BT 165.71 304.05 Td (applicable ) Tj ET Q q 0 0 0 rg BT 209.77 304.05 Td (Compulsory ) Tj ET Q q 0 0 0 rg BT 261.32 304.05 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 304.88 304.05 Td (Date, ) Tj ET Q q 0 0 0 rg BT 329.92 304.05 Td (the ) Tj ET Q q 0 0 0 rg BT 345.97 304.05 Td (holders ) Tj ET Q q 0 0 0 rg BT 379.02 304.05 Td (of ) Tj ET Q q 0 0 0 rg BT 390.06 304.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 439.33 304.05 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 498.91 304.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 529.46 304.05 Td (called ) Tj ET Q q 0 0 0 rg BT 556.50 304.05 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 293.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 104.63 293.25 Td (shall ) Tj ET Q q 0 0 0 rg BT 125.73 293.25 Td (cease ) Tj ET Q q 0 0 0 rg BT 152.34 293.25 Td (to ) Tj ET Q q 0 0 0 rg BT 162.44 293.25 Td (be ) Tj ET Q q 0 0 0 rg BT 175.04 293.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 207.15 293.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.25 293.25 Td (such ) Tj ET Q q 0 0 0 rg BT 238.86 293.25 Td (Corporation) Tj ET Q q 0 0 0 rg BT 287.72 293.25 Td (s ) Tj ET Q q 0 0 0 rg BT 294.81 293.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 353.45 293.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 383.06 293.25 Td (and ) Tj ET Q q 0 0 0 rg BT 400.67 293.25 Td (shall ) Tj ET Q q 0 0 0 rg BT 421.77 293.25 Td (not ) Tj ET Q q 0 0 0 rg BT 436.88 293.25 Td (be ) Tj ET Q q 0 0 0 rg BT 449.48 293.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 481.09 293.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.19 293.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 527.30 293.25 Td (any ) Tj ET Q q 0 0 0 rg BT 544.40 293.25 Td (of ) Tj ET Q q 0 0 0 rg BT 554.50 293.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 282.45 Td (rights ) Tj ET Q q 0 0 0 rg BT 87.52 282.45 Td (of ) Tj ET Q q 0 0 0 rg BT 97.54 282.45 Td (holders ) Tj ET Q q 0 0 0 rg BT 129.57 282.45 Td (in ) Tj ET Q q 0 0 0 rg BT 139.09 282.45 Td (respect ) Tj ET Q q 0 0 0 rg BT 171.11 282.45 Td (thereof, ) Tj ET Q q 0 0 0 rg BT 204.15 282.45 Td (other ) Tj ET Q q 0 0 0 rg BT 227.17 282.45 Td (than; ) Tj ET Q q 0 0 0 rg BT 249.70 282.45 Td (\(i\)the ) Tj ET Q q 0 0 0 rg BT 275.22 282.45 Td (right ) Tj ET Q q 0 0 0 rg BT 295.24 282.45 Td (to ) Tj ET Q q 0 0 0 rg BT 305.26 282.45 Td (receive ) Tj ET Q q 0 0 0 rg BT 336.79 282.45 Td (their ) Tj ET Q q 0 0 0 rg BT 356.81 282.45 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 412.36 282.45 Td (part ) Tj ET Q q 0 0 0 rg BT 430.38 282.45 Td (of ) Tj ET Q q 0 0 0 rg BT 440.40 282.45 Td (the ) Tj ET Q q 0 0 0 rg BT 455.42 282.45 Td (common ) Tj ET Q q 0 0 0 rg BT 492.44 282.45 Td (shares; ) Tj ET Q q 0 0 0 rg BT 524.47 282.45 Td (and ) Tj ET Q q 0 0 0 rg BT 542.00 282.45 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 554.50 282.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 271.65 Td (right ) Tj ET Q q 0 0 0 rg BT 83.01 271.65 Td (to ) Tj ET Q q 0 0 0 rg BT 93.01 271.65 Td (receive ) Tj ET Q q 0 0 0 rg BT 124.53 271.65 Td (any ) Tj ET Q q 0 0 0 rg BT 141.54 271.65 Td (declared ) Tj ET Q q 0 0 0 rg BT 178.56 271.65 Td (and ) Tj ET Q q 0 0 0 rg BT 196.08 271.65 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 225.61 271.65 Td (dividends ) Tj ET Q q 0 0 0 rg BT 266.13 271.65 Td (on ) Tj ET Q q 0 0 0 rg BT 278.64 271.65 Td (such ) Tj ET Q q 0 0 0 rg BT 300.16 271.65 Td (common ) Tj ET Q q 0 0 0 rg BT 337.17 271.65 Td (shares.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 254.85 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 254.85 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 137.52 254.85 Td (compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 238.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 104.21 238.05 Td (has ) Tj ET Q q 0 0 0 rg BT 120.40 238.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 143.09 238.05 Td (option, ) Tj ET Q q 0 0 0 rg BT 171.80 238.05 Td (restricted ) Tj ET Q q 0 0 0 rg BT 210.49 238.05 Td (share ) Tj ET Q q 0 0 0 rg BT 234.69 238.05 Td (award, ) Tj ET Q q 0 0 0 rg BT 263.39 238.05 Td (restricted ) Tj ET Q q 0 0 0 rg BT 302.08 238.05 Td (incentive ) Tj ET Q q 0 0 0 rg BT 339.28 238.05 Td (award ) Tj ET Q q 0 0 0 rg BT 365.48 238.05 Td (and ) Tj ET Q q 0 0 0 rg BT 382.18 238.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 434.39 238.05 Td (incentive ) Tj ET Q q 0 0 0 rg BT 471.59 238.05 Td (award ) Tj ET Q q 0 0 0 rg BT 497.79 238.05 Td (plans, ) Tj ET Q q 0 0 0 rg BT 523.49 238.05 Td (collectively ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.79 227.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 125.07 227.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 164.87 227.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 193.66 227.25 Td (that ) Tj ET Q q 0 0 0 rg BT 212.95 227.25 Td (entitle ) Tj ET Q q 0 0 0 rg BT 241.24 227.25 Td (of) Tj ET Q q 0 0 0 rg BT 248.59 227.25 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 276.87 227.25 Td (directors, ) Tj ET Q q 0 0 0 rg BT 318.15 227.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 365.95 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 385.25 227.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 416.54 227.25 Td (consultants ) Tj ET Q q 0 0 0 rg BT 466.34 227.25 Td (to ) Tj ET Q q 0 0 0 rg BT 478.12 227.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 511.41 227.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 542.70 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 227.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 216.45 Td (Corporation. ) Tj ET Q q 0 0 0 rg BT 114.84 216.45 Td (The ) Tj ET Q q 0 0 0 rg BT 132.83 216.45 Td (restricted ) Tj ET Q q 0 0 0 rg BT 172.32 216.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 210.32 216.45 Td (award ) Tj ET Q q 0 0 0 rg BT 237.32 216.45 Td (plan ) Tj ET Q q 0 0 0 rg BT 256.81 216.45 Td (\(the ) Tj ET Q q 0 0 0 rg BT 274.80 216.45 Td ("RIA) Tj ET Q q 0 0 0 rg BT 292.50 216.45 Td ( ) Tj ET Q q 0 0 0 rg BT 294.98 216.45 Td (plan"\) ) Tj ET Q q 0 0 0 rg BT 320.67 216.45 Td (and ) Tj ET Q q 0 0 0 rg BT 338.16 216.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 391.17 216.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 429.17 216.45 Td (award ) Tj ET Q q 0 0 0 rg BT 456.16 216.45 Td (plan ) Tj ET Q q 0 0 0 rg BT 475.65 216.45 Td (\(the ) Tj ET Q q 0 0 0 rg BT 493.64 216.45 Td ("PIA) Tj ET Q q 0 0 0 rg BT 510.85 216.45 Td ( ) Tj ET Q q 0 0 0 rg BT 513.32 216.45 Td (plan"\) ) Tj ET Q q 0 0 0 rg BT 539.01 216.45 Td (are ) Tj ET Q q 0 0 0 rg BT 554.50 216.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 205.65 Td (only ) Tj ET Q q 0 0 0 rg BT 81.70 205.65 Td (active ) Tj ET Q q 0 0 0 rg BT 107.40 205.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 147.60 205.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 185.31 205.65 Td (plans ) Tj ET Q q 0 0 0 rg BT 209.02 205.65 Td (under ) Tj ET Q q 0 0 0 rg BT 234.22 205.65 Td (which ) Tj ET Q q 0 0 0 rg BT 259.42 205.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 301.13 205.65 Td (can ) Tj ET Q q 0 0 0 rg BT 317.83 205.65 Td (grant ) Tj ET Q q 0 0 0 rg BT 340.54 205.65 Td (new ) Tj ET Q q 0 0 0 rg BT 359.24 205.65 Td (awards. ) Tj ET Q q 0 0 0 rg BT 392.80 205.65 Td (The ) Tj ET Q q 0 0 0 rg BT 410.49 205.65 Td (number ) Tj ET Q q 0 0 0 rg BT 443.20 205.65 Td (of ) Tj ET Q q 0 0 0 rg BT 452.89 205.65 Td (common ) Tj ET Q q 0 0 0 rg BT 489.59 205.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 518.79 205.65 Td (available ) Tj ET Q q 0 0 0 rg BT 556.51 205.65 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 194.85 Td (issue ) Tj ET Q q 0 0 0 rg BT 87.33 194.85 Td (under ) Tj ET Q q 0 0 0 rg BT 113.68 194.85 Td (the ) Tj ET Q q 0 0 0 rg BT 129.51 194.85 Td (RIA) Tj ET Q q 0 0 0 rg BT 144.02 194.85 Td ( ) Tj ET Q q 0 0 0 rg BT 147.35 194.85 Td (plan ) Tj ET Q q 0 0 0 rg BT 167.69 194.85 Td (and ) Tj ET Q q 0 0 0 rg BT 186.03 194.85 Td (the ) Tj ET Q q 0 0 0 rg BT 201.86 194.85 Td (PIA) Tj ET Q q 0 0 0 rg BT 215.87 194.85 Td ( ) Tj ET Q q 0 0 0 rg BT 219.20 194.85 Td (plan ) Tj ET Q q 0 0 0 rg BT 239.54 194.85 Td (is ) Tj ET Q q 0 0 0 rg BT 249.36 194.85 Td (limited ) Tj ET Q q 0 0 0 rg BT 278.69 194.85 Td (to ) Tj ET Q q 0 0 0 rg BT 289.52 194.85 Td (5% ) Tj ET Q q 0 0 0 rg BT 305.86 194.85 Td (of ) Tj ET Q q 0 0 0 rg BT 316.69 194.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 365.75 194.85 Td (issued ) Tj ET Q q 0 0 0 rg BT 395.09 194.85 Td (and ) Tj ET Q q 0 0 0 rg BT 413.44 194.85 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 463.30 194.85 Td (common ) Tj ET Q q 0 0 0 rg BT 501.13 194.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 531.47 194.85 Td (including ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 184.05 Td (common ) Tj ET Q q 0 0 0 rg BT 100.01 184.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 129.52 184.05 Td (issuable ) Tj ET Q q 0 0 0 rg BT 165.05 184.05 Td (on ) Tj ET Q q 0 0 0 rg BT 177.56 184.05 Td (the ) Tj ET Q q 0 0 0 rg BT 192.57 184.05 Td (exchange ) Tj ET Q q 0 0 0 rg BT 234.10 184.05 Td (of ) Tj ET Q q 0 0 0 rg BT 244.11 184.05 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 293.15 184.05 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 351.69 184.05 Td (shares.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 167.25 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 123.10 167.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 187.69 167.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 230.28 167.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 282.87 167.25 Td (during ) Tj ET Q q 0 0 0 rg BT 316.45 167.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.52 167.25 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.03 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 363.59 167.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.18 167.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 462.27 167.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.29 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 490.85 167.25 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.42 167.25 Td ($9.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.94 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 541.50 167.25 Td (million ) Tj ET Q q 0 0 0 rg BT 569.50 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 579.51 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 582.01 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 584.51 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 587.01 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 589.51 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 592.01 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 599.51 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 602.01 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 604.51 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 607.01 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 609.51 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 612.01 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 614.51 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 617.01 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 619.51 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 622.01 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 624.51 167.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 156.45 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 156.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.38 156.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.40 156.45 Td ( ) Tj ET Q q 0 0 0 rg BT 146.26 156.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.12 156.45 Td ($17.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.64 156.45 Td ( ) Tj ET Q q 0 0 0 rg BT 175.50 156.45 Td (million\). ) Tj ET Q q 0 0 0 rg BT 208.36 156.45 Td (For ) Tj ET Q q 0 0 0 rg BT 223.72 156.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.09 156.45 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.60 156.45 Td ( ) Tj ET Q q 0 0 0 rg BT 257.45 156.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.34 156.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 342.72 156.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.75 156.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.10 156.45 Td ($0.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.62 156.45 Td ( ) Tj ET Q q 0 0 0 rg BT 386.48 156.45 Td (million ) Tj ET Q q 0 0 0 rg BT 413.84 156.45 Td (of ) Tj ET Q q 0 0 0 rg BT 423.21 156.45 Td (share-based ) Tj ET Q q 0 0 0 rg BT 475.10 156.45 Td (compensation ) Tj ET Q q 0 0 0 rg BT 532.99 156.45 Td (expense ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 145.65 Td (was ) Tj ET Q q 0 0 0 rg BT 81.64 145.65 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 126.80 145.65 Td (to ) Tj ET Q q 0 0 0 rg BT 136.94 145.65 Td (property) Tj ET Q q 0 0 0 rg BT 169.29 145.65 Td (, ) Tj ET Q q 0 0 0 rg BT 174.42 145.65 Td (plant ) Tj ET Q q 0 0 0 rg BT 196.58 145.65 Td (and ) Tj ET Q q 0 0 0 rg BT 214.23 145.65 Td (equipment ) Tj ET Q q 0 0 0 rg BT 258.89 145.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.89 145.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 321.05 145.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.07 145.65 Td ( ) Tj ET Q q 0 0 0 rg BT 343.71 145.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.34 145.65 Td ($1.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.85 145.65 Td ( ) Tj ET Q q 0 0 0 rg BT 369.49 145.65 Td (million\). ) Tj ET Q q 0 0 0 rg BT 402.60 145.65 Td (As ) Tj ET Q q 0 0 0 rg BT 415.74 145.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.88 145.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 485.04 145.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.06 145.65 Td (, ) Tj ET Q q 0 0 0 rg BT 510.20 145.65 Td (the ) Tj ET Q q 0 0 0 rg BT 525.35 145.65 Td (balance ) Tj ET Q q 0 0 0 rg BT 559.51 145.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 134.85 Td (contributed ) Tj ET Q q 0 0 0 rg BT 110.03 134.85 Td (surplus ) Tj ET Q q 0 0 0 rg BT 141.54 134.85 Td (attributable ) Tj ET Q q 0 0 0 rg BT 188.57 134.85 Td (to ) Tj ET Q q 0 0 0 rg BT 198.58 134.85 Td (share-based ) Tj ET Q q 0 0 0 rg BT 251.11 134.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 309.65 134.85 Td (awards ) Tj ET Q q 0 0 0 rg BT 341.16 134.85 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.67 134.85 Td ($53.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.19 134.85 Td ( ) Tj ET Q q 0 0 0 rg BT 384.69 134.85 Td (million ) Tj ET Q q 0 0 0 rg BT 412.69 134.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.69 134.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 474.72 134.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.74 134.85 Td ( ) Tj ET Q q 0 0 0 rg BT 497.24 134.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.74 134.85 Td ($52.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.26 134.85 Td ( ) Tj ET Q q 0 0 0 rg BT 527.76 134.85 Td (million\). ) 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 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 54) 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 (Stock ) Tj ET Q q 0 0 0 rg BT 90.01 731.45 Td (option ) Tj ET Q q 0 0 0 rg BT 120.00 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 138.50 731.45 Td (common ) Tj ET Q q 0 0 0 rg BT 178.50 731.45 Td (share ) Tj ET Q q 0 0 0 rg BT 205.02 731.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 246.53 731.45 Td (rights ) Tj ET Q q 0 0 0 rg BT 274.03 731.45 Td (plans) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 714.65 Td (Grants ) Tj ET Q q 0 0 0 rg BT 92.88 714.65 Td (made ) Tj ET Q q 0 0 0 rg BT 118.26 714.65 Td (under ) Tj ET Q q 0 0 0 rg BT 144.15 714.65 Td (the ) Tj ET Q q 0 0 0 rg BT 159.52 714.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 183.40 714.65 Td (option ) Tj ET Q q 0 0 0 rg BT 210.79 714.65 Td (plan ) Tj ET Q q 0 0 0 rg BT 230.67 714.65 Td (vest ) Tj ET Q q 0 0 0 rg BT 250.05 714.65 Td (evenly ) Tj ET Q q 0 0 0 rg BT 278.93 714.65 Td (over ) Tj ET Q q 0 0 0 rg BT 299.31 714.65 Td (a ) Tj ET Q q 0 0 0 rg BT 307.18 714.65 Td (three ) Tj ET Q q 0 0 0 rg BT 330.56 714.65 Td (year ) Tj ET Q q 0 0 0 rg BT 350.94 714.65 Td (period ) Tj ET Q q 0 0 0 rg BT 378.82 714.65 Td (and ) Tj ET Q q 0 0 0 rg BT 396.71 714.65 Td (expire ) Tj ET Q q 0 0 0 rg BT 424.09 714.65 Td (three ) Tj ET Q q 0 0 0 rg BT 447.47 714.65 Td (years ) Tj ET Q q 0 0 0 rg BT 472.35 714.65 Td (after ) Tj ET Q q 0 0 0 rg BT 493.22 714.65 Td (each ) Tj ET Q q 0 0 0 rg BT 515.61 714.65 Td (vesting ) Tj ET Q q 0 0 0 rg BT 546.99 714.65 Td (date, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 703.85 Td (whereas ) Tj ET Q q 0 0 0 rg BT 99.28 703.85 Td (grants ) Tj ET Q q 0 0 0 rg BT 126.56 703.85 Td (made ) Tj ET Q q 0 0 0 rg BT 151.33 703.85 Td (under ) Tj ET Q q 0 0 0 rg BT 176.61 703.85 Td (the ) Tj ET Q q 0 0 0 rg BT 191.39 703.85 Td (amended ) Tj ET Q q 0 0 0 rg BT 231.18 703.85 Td (common ) Tj ET Q q 0 0 0 rg BT 267.95 703.85 Td (share ) Tj ET Q q 0 0 0 rg BT 292.73 703.85 Td (rights ) Tj ET Q q 0 0 0 rg BT 317.00 703.85 Td (incentive ) Tj ET Q q 0 0 0 rg BT 354.78 703.85 Td (plan ) Tj ET Q q 0 0 0 rg BT 374.06 703.85 Td (vest ) Tj ET Q q 0 0 0 rg BT 392.82 703.85 Td (over ) Tj ET Q q 0 0 0 rg BT 412.59 703.85 Td (a ) Tj ET Q q 0 0 0 rg BT 419.86 703.85 Td (four ) Tj ET Q q 0 0 0 rg BT 437.63 703.85 Td (year ) Tj ET Q q 0 0 0 rg BT 457.40 703.85 Td (period ) Tj ET Q q 0 0 0 rg BT 484.68 703.85 Td (and ) Tj ET Q q 0 0 0 rg BT 501.96 703.85 Td (expire ) Tj ET Q q 0 0 0 rg BT 528.74 703.85 Td (two ) Tj ET Q q 0 0 0 rg BT 545.00 703.85 Td (years ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 693.05 Td (after ) Tj ET Q q 0 0 0 rg BT 83.62 693.05 Td (each ) Tj ET Q q 0 0 0 rg BT 105.75 693.05 Td (vesting ) Tj ET Q q 0 0 0 rg BT 136.88 693.05 Td (date. ) Tj ET Q q 0 0 0 rg BT 159.51 693.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 201.64 693.05 Td (did ) Tj ET Q q 0 0 0 rg BT 216.26 693.05 Td (not ) Tj ET Q q 0 0 0 rg BT 231.39 693.05 Td (grant ) Tj ET Q q 0 0 0 rg BT 254.51 693.05 Td (any ) Tj ET Q q 0 0 0 rg BT 271.63 693.05 Td (awards ) Tj ET Q q 0 0 0 rg BT 303.26 693.05 Td (under ) Tj ET Q q 0 0 0 rg BT 328.89 693.05 Td (the ) Tj ET Q q 0 0 0 rg BT 344.01 693.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 367.63 693.05 Td (option ) Tj ET Q q 0 0 0 rg BT 394.76 693.05 Td (plan ) Tj ET Q q 0 0 0 rg BT 414.39 693.05 Td (or ) Tj ET Q q 0 0 0 rg BT 425.01 693.05 Td (common ) Tj ET Q q 0 0 0 rg BT 462.13 693.05 Td (share ) Tj ET Q q 0 0 0 rg BT 487.25 693.05 Td (rights ) Tj ET Q q 0 0 0 rg BT 511.87 693.05 Td (incentive ) Tj ET Q q 0 0 0 rg BT 550.00 693.05 Td (plan ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 682.25 Td (during ) Tj ET Q q 0 0 0 rg BT 90.52 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.53 682.25 Td (years ) Tj ET Q q 0 0 0 rg BT 130.04 682.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 157.57 682.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 216.59 682.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.61 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 239.12 682.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.63 682.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 315.66 682.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.68 682.25 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 665.45 Td (The ) Tj ET Q q 0 0 0 rg BT 80.49 665.45 Td (following ) Tj ET Q q 0 0 0 rg BT 117.50 665.45 Td (table ) Tj ET Q q 0 0 0 rg BT 139.00 665.45 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 189.49 665.45 Td (the ) Tj ET Q q 0 0 0 rg BT 203.98 665.45 Td (stock ) Tj ET Q q 0 0 0 rg BT 226.97 665.45 Td (option ) Tj ET Q q 0 0 0 rg BT 253.48 665.45 Td (and ) Tj ET Q q 0 0 0 rg BT 270.48 665.45 Td (common ) Tj ET Q q 0 0 0 rg BT 306.97 665.45 Td (share ) Tj ET Q q 0 0 0 rg BT 331.47 665.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 368.97 665.45 Td (rights ) Tj ET Q q 0 0 0 rg BT 392.96 665.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 441.49 665.45 Td (and ) Tj ET Q q 0 0 0 rg BT 458.49 665.45 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 505.99 665.45 Td (under ) Tj ET Q q 0 0 0 rg BT 531.00 665.45 Td (the ) Tj ET Q q 0 0 0 rg BT 545.49 665.45 Td (plans ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 654.65 Td (at ) Tj ET Q q 0 0 0 rg BT 73.01 654.65 Td (December ) Tj ET Q q 0 0 0 rg BT 117.02 654.65 Td (31:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 641.15 m 255.5 641.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 617.15 m 255.5 617.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 641.15 m 350.5 641.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 617.15 m 350.5 617.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 641.15 m 472.5 641.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 617.15 m 472.5 617.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 641.15 m 476.5 641.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 617.15 m 476.5 617.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 641.15 m 567.5 641.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 617.15 m 567.5 617.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 564.15 m 255.5 564.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 564.15 m 350.5 564.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 564.15 m 472.5 564.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 564.15 m 476.5 564.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 564.15 m 567.5 564.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 522.15 m 255.5 522.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 522.15 m 350.5 522.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 522.15 m 472.5 522.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 522.15 m 476.5 522.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 522.15 m 567.5 522.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 494.15 m 255.5 494.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 494.15 m 350.5 494.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 494.15 m 472.5 494.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 494.15 m 476.5 494.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 494.15 m 567.5 494.15 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.45 630.55 Td (Stock Options/Common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.95 621.55 Td (Share Incentive Rights) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.30 630.55 Td (Weighted Average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.45 621.55 Td (Exercise Price) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 523.90 609.55 Td (\($ per share\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 596.55 Td (Balance at December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.95 596.55 Td (8,039,782) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 596.55 Td (18.08) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 582.55 Td (Expired, forfeited and cancelled) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.95 582.55 Td (\(7,642,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.00 582.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.45 582.55 Td (\(18.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 582.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 568.55 Td (Reduction in exercise price) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.00 568.55 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.45 568.55 Td (\(0.57) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 568.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 554.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 101.02 554.55 Td (as ) Tj ET Q q 0 0 0 rg BT 113.03 554.55 Td (at ) Tj ET Q q 0 0 0 rg BT 123.04 554.55 Td (December ) Tj ET Q q 0 0 0 rg BT 167.05 554.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.06 554.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.45 554.55 Td (397,289) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 554.85 Td (18.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 540.55 Td (Expired, forfeited and cancelled) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 540.85 Td (\(295,821) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.00 540.85 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.45 540.85 Td (18.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 526.55 Td (Reduction in exercise price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.00 526.85 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.45 526.85 Td (\(0.07) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 526.85 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 512.55 Td (Balance ) Tj ET Q q 0 0 0 rg BT 101.02 512.55 Td (as ) Tj ET Q q 0 0 0 rg BT 113.03 512.55 Td (at ) Tj ET Q q 0 0 0 rg BT 123.04 512.55 Td (December ) Tj ET Q q 0 0 0 rg BT 167.05 512.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.06 512.55 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.45 512.85 Td (101,468) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.45 512.85 Td (18.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 498.55 Td (Exercisable ) Tj ET Q q 0 0 0 rg BT 115.02 498.55 Td (as ) Tj ET Q q 0 0 0 rg BT 127.03 498.55 Td (at ) Tj ET Q q 0 0 0 rg BT 137.03 498.55 Td (December ) Tj ET Q q 0 0 0 rg BT 181.05 498.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 196.06 498.55 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.45 498.85 Td (85,468) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.45 498.85 Td (18.47) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 477.85 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.41 477.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.84 477.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.86 477.85 Td ( ) Tj ET Q q 0 0 0 rg BT 156.76 477.85 Td (there ) Tj ET Q q 0 0 0 rg BT 180.18 477.85 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.59 477.85 Td (0.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.10 477.85 Td ( ) Tj ET Q q 0 0 0 rg BT 218.00 477.85 Td (million ) Tj ET Q q 0 0 0 rg BT 246.41 477.85 Td (stock ) Tj ET Q q 0 0 0 rg BT 270.32 477.85 Td (options ) Tj ET Q q 0 0 0 rg BT 302.25 477.85 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 351.69 477.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.69 477.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 414.12 477.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.14 477.85 Td ( ) Tj ET Q q 0 0 0 rg BT 437.04 477.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.94 477.85 Td (0.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.45 477.85 Td ( ) Tj ET Q q 0 0 0 rg BT 458.36 477.85 Td (million\) ) Tj ET Q q 0 0 0 rg BT 489.76 477.85 Td (of ) Tj ET Q q 0 0 0 rg BT 500.17 477.85 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.08 477.85 Td (0.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.60 477.85 Td ( ) Tj ET Q q 0 0 0 rg BT 541.50 477.85 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 467.05 Td (were ) Tj ET Q q 0 0 0 rg BT 84.99 467.05 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 133.00 467.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.00 467.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 195.01 467.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.03 467.05 Td ( ) Tj ET Q q 0 0 0 rg BT 217.51 467.05 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 222.99 467.05 Td (0.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.51 467.05 Td ( ) Tj ET Q q 0 0 0 rg BT 237.99 467.05 Td (million\). ) Tj ET Q q 0 0 0 rg BT 271.48 467.05 Td (During ) Tj ET Q q 0 0 0 rg BT 300.47 467.05 Td (the ) Tj ET Q q 0 0 0 rg BT 315.47 467.05 Td (year ) Tj ET Q q 0 0 0 rg BT 335.46 467.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.97 467.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 421.98 467.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.01 467.05 Td (, ) Tj ET Q q 0 0 0 rg BT 446.99 467.05 Td (all ) Tj ET Q q 0 0 0 rg BT 458.48 467.05 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 507.50 467.05 Td (common ) Tj ET Q q 0 0 0 rg BT 544.50 467.05 Td (share ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 456.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 101.02 456.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 125.53 456.25 Td (expired ) Tj ET Q q 0 0 0 rg BT 157.55 456.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.55 456.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 219.57 456.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.59 456.25 Td ( ) Tj ET Q q 0 0 0 rg BT 242.09 456.25 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.59 456.25 Td (0.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 260.10 456.25 Td ( ) Tj ET Q q 0 0 0 rg BT 262.60 456.25 Td (million\). ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 439.45 Td (The following table summarizes information regarding stock options outstanding at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.17 439.45 Td (December31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.22 439.45 Td (: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 425.95 m 143.5 425.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 410.95 m 143.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 425.95 m 226.5 425.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 410.95 m 226.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 425.95 m 330.5 425.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 410.95 m 330.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 425.95 m 422.5 425.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 410.95 m 422.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 425.95 m 426.5 425.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 410.95 m 426.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 425.95 m 496.5 425.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 410.95 m 496.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 425.95 m 566.5 425.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 410.95 m 566.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 375.95 m 143.5 375.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 375.95 m 226.5 375.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 375.95 m 330.5 375.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 375.95 m 422.5 375.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 375.95 m 426.5 375.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 375.95 m 496.5 375.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 375.95 m 566.5 375.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 319.95 m 143.5 319.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 319.95 m 226.5 319.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 319.95 m 330.5 319.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 319.95 m 422.5 319.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 319.95 m 426.5 319.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 319.95 m 496.5 319.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 319.95 m 566.5 319.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 304.95 m 143.5 304.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 304.95 m 226.5 304.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 304.95 m 330.5 304.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 304.95 m 422.5 304.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 304.95 m 426.5 304.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 304.95 m 496.5 304.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 304.95 m 566.5 304.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 256.00 415.35 Td (Outstanding) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.95 415.35 Td (Exercisable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 101.45 389.35 Td (Range of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 74.90 380.35 Td (exercise prices) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 188.95 389.35 Td (Number) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 171.50 380.35 Td (outstanding) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 250.10 398.35 Td (Weighted average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.95 389.35 Td (remaining contractual) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.95 380.35 Td (life \(years\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.10 389.35 Td (Weighted average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.95 380.35 Td (exercise price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.95 389.35 Td (Number) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.95 380.35 Td (exercisable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.65 398.35 Td (Weighted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.95 389.35 Td (average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.95 380.35 Td (exercise price) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 99.90 368.35 Td (\($ per share\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 378.90 368.35 Td (\($ per share\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.90 368.35 Td (\($ per share\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.95 354.35 Td (13.80 - 15.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.45 354.35 Td (38,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 354.35 Td (1.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 354.35 Td (14.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 354.35 Td (35,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 354.35 Td (14.43) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.95 339.35 Td (15.77 - 20.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.45 339.35 Td (37,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 339.35 Td (2.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 339.35 Td (16.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 339.35 Td (25,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 339.35 Td (16.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.95 324.35 Td (20.74 - 28.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.45 324.35 Td (25,468) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 324.35 Td (0.48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 324.35 Td (26.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 324.35 Td (25,468) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 324.35 Td (26.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.95 309.35 Td (13.80 - 28.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.45 309.35 Td (101,468) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 309.35 Td (1.53) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 309.35 Td (18.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 309.35 Td (85,468) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 309.35 Td (18.47) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 288.65 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 109.52 288.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 151.03 288.65 Td (and ) Tj ET Q q 0 0 0 rg BT 169.53 288.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 213.05 288.65 Td (share ) Tj ET Q q 0 0 0 rg BT 239.57 288.65 Td (award ) Tj ET Q q 0 0 0 rg BT 268.08 288.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 309.59 288.65 Td (plans) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 271.85 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 104.36 271.85 Td (s ) Tj ET Q q 0 0 0 rg BT 111.80 271.85 Td (RIA) Tj ET Q q 0 0 0 rg BT 126.31 271.85 Td ( ) Tj ET Q q 0 0 0 rg BT 129.25 271.85 Td (plan ) Tj ET Q q 0 0 0 rg BT 149.21 271.85 Td (and ) Tj ET Q q 0 0 0 rg BT 167.17 271.85 Td (its ) Tj ET Q q 0 0 0 rg BT 179.11 271.85 Td (legacy ) Tj ET Q q 0 0 0 rg BT 208.07 271.85 Td (restricted ) Tj ET Q q 0 0 0 rg BT 248.02 271.85 Td (share ) Tj ET Q q 0 0 0 rg BT 273.48 271.85 Td (award ) Tj ET Q q 0 0 0 rg BT 300.93 271.85 Td (incentive ) Tj ET Q q 0 0 0 rg BT 339.40 271.85 Td (plan ) Tj ET Q q 0 0 0 rg BT 359.35 271.85 Td (\(the ) Tj ET Q q 0 0 0 rg BT 377.81 271.85 Td ("RSA) Tj ET Q q 0 0 0 rg BT 399.01 271.85 Td ( ) Tj ET Q q 0 0 0 rg BT 401.95 271.85 Td (plan"\) ) Tj ET Q q 0 0 0 rg BT 428.10 271.85 Td (provide ) Tj ET Q q 0 0 0 rg BT 460.56 271.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 519.54 271.85 Td (to ) Tj ET Q q 0 0 0 rg BT 529.99 271.85 Td (directors, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 261.05 Td (of) Tj ET Q q 0 0 0 rg BT 70.34 261.05 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 96.85 261.05 Td (employees ) Tj ET Q q 0 0 0 rg BT 142.87 261.05 Td (and ) Tj ET Q q 0 0 0 rg BT 160.39 261.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 189.90 261.05 Td (consultants ) Tj ET Q q 0 0 0 rg BT 237.93 261.05 Td (based ) Tj ET Q q 0 0 0 rg BT 264.95 261.05 Td (on ) Tj ET Q q 0 0 0 rg BT 277.46 261.05 Td (the ) Tj ET Q q 0 0 0 rg BT 292.47 261.05 Td (notional ) Tj ET Q q 0 0 0 rg BT 326.50 261.05 Td (number ) Tj ET Q q 0 0 0 rg BT 359.52 261.05 Td (of ) Tj ET Q q 0 0 0 rg BT 369.52 261.05 Td (underlying ) Tj ET Q q 0 0 0 rg BT 413.55 261.05 Td (common ) Tj ET Q q 0 0 0 rg BT 450.56 261.05 Td (shares. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 244.25 Td (V) Tj ET Q q 0 0 0 rg BT 68.51 244.25 Td (esting ) Tj ET Q q 0 0 0 rg BT 95.09 244.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 153.19 244.25 Td (are ) Tj ET Q q 0 0 0 rg BT 168.76 244.25 Td (within ) Tj ET Q q 0 0 0 rg BT 194.34 244.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.42 244.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 250.51 244.25 Td (of ) Tj ET Q q 0 0 0 rg BT 260.58 244.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.66 244.25 Td (Board, ) Tj ET Q q 0 0 0 rg BT 304.74 244.25 Td (but ) Tj ET Q q 0 0 0 rg BT 319.82 244.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 348.41 244.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 389.49 244.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 437.09 244.25 Td (by ) Tj ET Q q 0 0 0 rg BT 449.16 244.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.24 244.25 Td (Board, ) Tj ET Q q 0 0 0 rg BT 493.32 244.25 Td (all ) Tj ET Q q 0 0 0 rg BT 504.90 244.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 536.48 244.25 Td (granted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 233.45 Td (under ) Tj ET Q q 0 0 0 rg BT 88.44 233.45 Td (the ) Tj ET Q q 0 0 0 rg BT 103.37 233.45 Td (RIA) Tj ET Q q 0 0 0 rg BT 117.88 233.45 Td ( ) Tj ET Q q 0 0 0 rg BT 120.30 233.45 Td (plan ) Tj ET Q q 0 0 0 rg BT 139.74 233.45 Td (\(and ) Tj ET Q q 0 0 0 rg BT 160.18 233.45 Td (previously ) Tj ET Q q 0 0 0 rg BT 203.12 233.45 Td (granted ) Tj ET Q q 0 0 0 rg BT 236.06 233.45 Td (under ) Tj ET Q q 0 0 0 rg BT 261.50 233.45 Td (the ) Tj ET Q q 0 0 0 rg BT 276.44 233.45 Td (RSA) Tj ET Q q 0 0 0 rg BT 294.45 233.45 Td ( ) Tj ET Q q 0 0 0 rg BT 296.87 233.45 Td (plan\) ) Tj ET Q q 0 0 0 rg BT 319.30 233.45 Td (vest ) Tj ET Q q 0 0 0 rg BT 338.23 233.45 Td (evenly ) Tj ET Q q 0 0 0 rg BT 366.67 233.45 Td (over ) Tj ET Q q 0 0 0 rg BT 386.60 233.45 Td (a ) Tj ET Q q 0 0 0 rg BT 394.03 233.45 Td (period ) Tj ET Q q 0 0 0 rg BT 421.47 233.45 Td (of ) Tj ET Q q 0 0 0 rg BT 431.40 233.45 Td (three ) Tj ET Q q 0 0 0 rg BT 454.33 233.45 Td (years ) Tj ET Q q 0 0 0 rg BT 478.76 233.45 Td (from ) Tj ET Q q 0 0 0 rg BT 499.19 233.45 Td (the ) Tj ET Q q 0 0 0 rg BT 514.12 233.45 Td (date ) Tj ET Q q 0 0 0 rg BT 534.06 233.45 Td (of ) Tj ET Q q 0 0 0 rg BT 543.99 233.45 Td (grant. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 222.65 Td (On ) Tj ET Q q 0 0 0 rg BT 76.94 222.65 Td (the ) Tj ET Q q 0 0 0 rg BT 91.39 222.65 Td (vesting ) Tj ET Q q 0 0 0 rg BT 121.84 222.65 Td (date, ) Tj ET Q q 0 0 0 rg BT 143.79 222.65 Td (the ) Tj ET Q q 0 0 0 rg BT 158.23 222.65 Td (holder ) Tj ET Q q 0 0 0 rg BT 185.18 222.65 Td (will ) Tj ET Q q 0 0 0 rg BT 199.62 222.65 Td (receive, ) Tj ET Q q 0 0 0 rg BT 233.06 222.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 254.01 222.65 Td (or ) Tj ET Q q 0 0 0 rg BT 263.94 222.65 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 306.91 222.65 Td (common ) Tj ET Q q 0 0 0 rg BT 343.35 222.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 372.30 222.65 Td (for ) Tj ET Q q 0 0 0 rg BT 384.74 222.65 Td (each ) Tj ET Q q 0 0 0 rg BT 406.19 222.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 445.13 222.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 482.59 222.65 Td (award ) Tj ET Q q 0 0 0 rg BT 509.04 222.65 Td (and ) Tj ET Q q 0 0 0 rg BT 525.99 222.65 Td (equivalent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 211.85 Td (common ) Tj ET Q q 0 0 0 rg BT 100.00 211.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 129.50 211.85 Td (for ) Tj ET Q q 0 0 0 rg BT 142.49 211.85 Td (each ) Tj ET Q q 0 0 0 rg BT 164.49 211.85 Td (restricted ) Tj ET Q q 0 0 0 rg BT 203.99 211.85 Td (share ) Tj ET Q q 0 0 0 rg BT 228.99 211.85 Td (award, ) Tj ET Q q 0 0 0 rg BT 258.49 211.85 Td (including ) Tj ET Q q 0 0 0 rg BT 296.50 211.85 Td (dividends ) Tj ET Q q 0 0 0 rg BT 337.01 211.85 Td (made ) Tj ET Q q 0 0 0 rg BT 362.01 211.85 Td (on ) Tj ET Q q 0 0 0 rg BT 374.51 211.85 Td (the ) Tj ET Q q 0 0 0 rg BT 389.51 211.85 Td (common ) Tj ET Q q 0 0 0 rg BT 426.50 211.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 456.00 211.85 Td (from ) Tj ET Q q 0 0 0 rg BT 476.49 211.85 Td (the ) Tj ET Q q 0 0 0 rg BT 491.49 211.85 Td (date ) Tj ET Q q 0 0 0 rg BT 511.49 211.85 Td (of ) Tj ET Q q 0 0 0 rg BT 521.49 211.85 Td (the ) Tj ET Q q 0 0 0 rg BT 536.48 211.85 Td (grant ) Tj ET Q q 0 0 0 rg BT 559.48 211.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 201.05 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 201.05 Td (including ) Tj ET Q q 0 0 0 rg BT 118.54 201.05 Td (the ) Tj ET Q q 0 0 0 rg BT 133.55 201.05 Td (vesting ) Tj ET Q q 0 0 0 rg BT 164.57 201.05 Td (date, ) Tj ET Q q 0 0 0 rg BT 187.09 201.05 Td (net ) Tj ET Q q 0 0 0 rg BT 202.10 201.05 Td (of ) Tj ET Q q 0 0 0 rg BT 212.11 201.05 Td (the ) Tj ET Q q 0 0 0 rg BT 227.12 201.05 Td (statutory ) Tj ET Q q 0 0 0 rg BT 264.13 201.05 Td (withholding ) Tj ET Q q 0 0 0 rg BT 311.66 201.05 Td (tax. ) Tj ET Q q 0 0 0 rg BT 328.67 201.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 184.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.45 184.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 96.89 184.25 Td (value ) Tj ET Q q 0 0 0 rg BT 121.35 184.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.80 184.25 Td (an ) Tj ET Q q 0 0 0 rg BT 144.75 184.25 Td (award ) Tj ET Q q 0 0 0 rg BT 172.20 184.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 205.67 184.25 Td (under ) Tj ET Q q 0 0 0 rg BT 231.63 184.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.08 184.25 Td (RIA) Tj ET Q q 0 0 0 rg BT 261.59 184.25 Td ( ) Tj ET Q q 0 0 0 rg BT 264.53 184.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 284.49 184.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 305.44 184.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 348.90 184.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 382.37 184.25 Td (under ) Tj ET Q q 0 0 0 rg BT 408.33 184.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.78 184.25 Td (RSA) Tj ET Q q 0 0 0 rg BT 441.79 184.25 Td ( ) Tj ET Q q 0 0 0 rg BT 444.73 184.25 Td (plan\) ) Tj ET Q q 0 0 0 rg BT 467.68 184.25 Td (is ) Tj ET Q q 0 0 0 rg BT 477.12 184.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 518.09 184.25 Td (on ) Tj ET Q q 0 0 0 rg BT 531.04 184.25 Td (the ) Tj ET Q q 0 0 0 rg BT 546.49 184.25 Td (grant ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 173.45 Td (date ) Tj ET Q q 0 0 0 rg BT 83.29 173.45 Td (by ) Tj ET Q q 0 0 0 rg BT 95.56 173.45 Td (factoring ) Tj ET Q q 0 0 0 rg BT 132.85 173.45 Td (in ) Tj ET Q q 0 0 0 rg BT 142.62 173.45 Td (the ) Tj ET Q q 0 0 0 rg BT 157.90 173.45 Td (weighted ) Tj ET Q q 0 0 0 rg BT 196.70 173.45 Td (average ) Tj ET Q q 0 0 0 rg BT 231.99 173.45 Td (trading ) Tj ET Q q 0 0 0 rg BT 262.28 173.45 Td (price ) Tj ET Q q 0 0 0 rg BT 284.55 173.45 Td (of ) Tj ET Q q 0 0 0 rg BT 294.83 173.45 Td (the ) Tj ET Q q 0 0 0 rg BT 310.11 173.45 Td (five ) Tj ET Q q 0 0 0 rg BT 326.88 173.45 Td (days ) Tj ET Q q 0 0 0 rg BT 348.66 173.45 Td (preceding ) Tj ET Q q 0 0 0 rg BT 390.96 173.45 Td (the ) Tj ET Q q 0 0 0 rg BT 406.24 173.45 Td (grant ) Tj ET Q q 0 0 0 rg BT 429.52 173.45 Td (date ) Tj ET Q q 0 0 0 rg BT 449.81 173.45 Td (and ) Tj ET Q q 0 0 0 rg BT 467.60 173.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 506.89 173.45 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 550.01 173.45 Td (This ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 162.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 76.81 162.65 Td (value ) Tj ET Q q 0 0 0 rg BT 99.63 162.65 Td (is ) Tj ET Q q 0 0 0 rg BT 107.44 162.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 152.77 162.65 Td (as ) Tj ET Q q 0 0 0 rg BT 163.58 162.65 Td (share-based ) Tj ET Q q 0 0 0 rg BT 214.92 162.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 272.26 162.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 307.60 162.65 Td (over ) Tj ET Q q 0 0 0 rg BT 326.41 162.65 Td (the ) Tj ET Q q 0 0 0 rg BT 340.23 162.65 Td (vesting ) Tj ET Q q 0 0 0 rg BT 370.05 162.65 Td (period ) Tj ET Q q 0 0 0 rg BT 396.38 162.65 Td (with ) Tj ET Q q 0 0 0 rg BT 413.69 162.65 Td (a ) Tj ET Q q 0 0 0 rg BT 420.00 162.65 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 478.34 162.65 Td (increase ) Tj ET Q q 0 0 0 rg BT 513.67 162.65 Td (to ) Tj ET Q q 0 0 0 rg BT 522.48 162.65 Td (contributed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 151.85 Td (surplus. ) Tj ET Q q 0 0 0 rg BT 97.74 151.85 Td (Upon ) Tj ET Q q 0 0 0 rg BT 122.48 151.85 Td (the ) Tj ET Q q 0 0 0 rg BT 138.21 151.85 Td (conversion ) Tj ET Q q 0 0 0 rg BT 184.96 151.85 Td (of ) Tj ET Q q 0 0 0 rg BT 195.69 151.85 Td (the ) Tj ET Q q 0 0 0 rg BT 211.43 151.85 Td (a ) Tj ET Q q 0 0 0 rg BT 219.66 151.85 Td (restrictive ) Tj ET Q q 0 0 0 rg BT 261.39 151.85 Td (incentive ) Tj ET Q q 0 0 0 rg BT 300.13 151.85 Td (award ) Tj ET Q q 0 0 0 rg BT 327.87 151.85 Td (or ) Tj ET Q q 0 0 0 rg BT 339.10 151.85 Td (the ) Tj ET Q q 0 0 0 rg BT 354.83 151.85 Td (settlement ) Tj ET Q q 0 0 0 rg BT 399.58 151.85 Td (of ) Tj ET Q q 0 0 0 rg BT 410.31 151.85 Td (the ) Tj ET Q q 0 0 0 rg BT 426.04 151.85 Td (restricted ) Tj ET Q q 0 0 0 rg BT 466.28 151.85 Td (share ) Tj ET Q q 0 0 0 rg BT 492.02 151.85 Td (award ) Tj ET Q q 0 0 0 rg BT 519.75 151.85 Td (by ) Tj ET Q q 0 0 0 rg BT 532.48 151.85 Td (common ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 141.05 Td (shares, ) Tj ET Q q 0 0 0 rg BT 94.32 141.05 Td (on ) Tj ET Q q 0 0 0 rg BT 106.14 141.05 Td (the ) Tj ET Q q 0 0 0 rg BT 120.46 141.05 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 180.30 141.05 Td (vesting ) Tj ET Q q 0 0 0 rg BT 210.63 141.05 Td (dates, ) Tj ET Q q 0 0 0 rg BT 236.95 141.05 Td (the ) Tj ET Q q 0 0 0 rg BT 251.27 141.05 Td (value ) Tj ET Q q 0 0 0 rg BT 274.59 141.05 Td (in ) Tj ET Q q 0 0 0 rg BT 283.41 141.05 Td (contributed ) Tj ET Q q 0 0 0 rg BT 329.75 141.05 Td (surplus ) Tj ET Q q 0 0 0 rg BT 360.57 141.05 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 401.90 141.05 Td (to ) Tj ET Q q 0 0 0 rg BT 411.22 141.05 Td (the ) Tj ET Q q 0 0 0 rg BT 425.54 141.05 Td (awards ) Tj ET Q q 0 0 0 rg BT 456.36 141.05 Td (is ) Tj ET Q q 0 0 0 rg BT 464.67 141.05 Td (recorded ) Tj ET Q q 0 0 0 rg BT 501.99 141.05 Td (as ) Tj ET Q q 0 0 0 rg BT 513.31 141.05 Td (shareholders) Tj ET Q q 0 0 0 rg BT 567.00 141.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 130.25 Td (capital. ) Tj ET Q 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 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 55) 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 ) Tj ET Q q 0 0 0 rg BT 81.01 731.45 Td (following ) Tj ET Q q 0 0 0 rg BT 118.53 731.45 Td (table ) Tj ET Q q 0 0 0 rg BT 140.55 731.45 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 191.55 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 206.56 731.45 Td (awards ) Tj ET Q q 0 0 0 rg BT 238.08 731.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 287.12 731.45 Td (under ) Tj ET Q q 0 0 0 rg BT 312.64 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 327.65 731.45 Td (RIA) Tj ET Q q 0 0 0 rg BT 342.15 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 344.65 731.45 Td (plan ) Tj ET Q q 0 0 0 rg BT 364.17 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 381.69 731.45 Td (RSA) Tj ET Q q 0 0 0 rg BT 399.70 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 402.20 731.45 Td (plan ) Tj ET Q q 0 0 0 rg BT 421.71 731.45 Td (at ) Tj ET Q q 0 0 0 rg BT 431.72 731.45 Td (December ) Tj ET Q q 0 0 0 rg BT 475.73 731.45 Td (31:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 717.95 m 372.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 694.95 m 372.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 717.95 m 442.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 694.95 m 442.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 717.95 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 442.5 694.95 m 567.5 694.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 624.95 m 372.5 624.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 624.95 m 442.5 624.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 624.95 m 567.5 624.95 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 372.5 554.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 554.95 m 442.5 554.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 554.95 m 567.5 554.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 540.95 m 372.5 540.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 540.95 m 442.5 540.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 540.95 m 567.5 540.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.95 708.35 Td (Restricted Incentive and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.95 699.35 Td (Restricted Share ) Tj ET Q q 0 0 0 rg BT 531.65 699.35 Td (A) Tj ET Q q 0 0 0 rg BT 537.98 699.35 Td (wards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 685.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 101.02 685.35 Td (as ) Tj ET Q q 0 0 0 rg BT 113.03 685.35 Td (at ) Tj ET Q q 0 0 0 rg BT 123.04 685.35 Td (December ) Tj ET Q q 0 0 0 rg BT 167.05 685.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.06 685.35 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 685.35 Td (2,762,171) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 671.35 Td (Granted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 671.35 Td (1,342,537) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 657.35 Td (Reinvestment) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 127.02 661.64 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 657.35 Td (231,126) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 643.35 Td (Vested) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 643.35 Td (\(1,876,647) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 643.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 629.35 Td (Forfeited) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 629.35 Td (\(400,097) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 629.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 615.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 101.02 615.35 Td (as ) Tj ET Q q 0 0 0 rg BT 113.03 615.35 Td (at ) Tj ET Q q 0 0 0 rg BT 123.04 615.35 Td (December ) Tj ET Q q 0 0 0 rg BT 167.05 615.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.06 615.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 615.35 Td (2,059,090) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 601.35 Td (Granted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.95 601.65 Td (2,017,237) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 587.35 Td (Reinvestment) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 127.02 591.64 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.45 587.65 Td (70,356) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 573.35 Td (Vested) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.45 573.65 Td (\(883,006) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 573.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 559.35 Td (Forfeited) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.45 559.65 Td (\(320,500) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 559.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 545.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 101.02 545.35 Td (as ) Tj ET Q q 0 0 0 rg BT 113.03 545.35 Td (at ) Tj ET Q q 0 0 0 rg BT 123.04 545.35 Td (December ) Tj ET Q q 0 0 0 rg BT 167.05 545.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.06 545.35 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.95 545.65 Td (2,943,177) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 531.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 531.25 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 531.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 531.25 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 531.25 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 531.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 531.25 Td (Reinvestment ) Tj ET Q q 0 0 0 rg BT 118.68 531.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.36 531.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 152.37 531.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 172.72 531.25 Td (during ) Tj ET Q q 0 0 0 rg BT 191.07 531.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.08 531.25 Td (period ) Tj ET Q q 0 0 0 rg BT 219.42 531.25 Td (outstanding.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 514.45 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.02 514.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.06 514.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.08 514.45 Td ( ) Tj ET Q q 0 0 0 rg BT 155.60 514.45 Td (there ) Tj ET Q q 0 0 0 rg BT 178.63 514.45 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 200.66 514.45 Td (2.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.17 514.45 Td ( ) Tj ET Q q 0 0 0 rg BT 215.68 514.45 Td (million ) Tj ET Q q 0 0 0 rg BT 243.71 514.45 Td (restricted ) Tj ET Q q 0 0 0 rg BT 283.23 514.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 321.27 514.45 Td (awards ) Tj ET Q q 0 0 0 rg BT 352.80 514.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 401.85 514.45 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.85 514.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 463.90 514.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.92 514.45 Td ( ) Tj ET Q q 0 0 0 rg BT 486.43 514.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.95 514.45 Td (2.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.46 514.45 Td ( ) Tj ET Q q 0 0 0 rg BT 506.98 514.45 Td (million\). ) Tj ET Q q 0 0 0 rg BT 540.50 514.45 Td (During ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 503.65 Td (the ) Tj ET Q q 0 0 0 rg BT 77.84 503.65 Td (year ) Tj ET Q q 0 0 0 rg BT 97.67 503.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.03 503.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 183.88 503.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.90 503.65 Td (, ) Tj ET Q q 0 0 0 rg BT 208.73 503.65 Td (all ) Tj ET Q q 0 0 0 rg BT 220.06 503.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 268.93 503.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 308.27 503.65 Td (share ) Tj ET Q q 0 0 0 rg BT 333.11 503.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 364.45 503.65 Td (either ) Tj ET Q q 0 0 0 rg BT 389.29 503.65 Td (vested ) Tj ET Q q 0 0 0 rg BT 418.13 503.65 Td (or ) Tj ET Q q 0 0 0 rg BT 428.46 503.65 Td (were ) Tj ET Q q 0 0 0 rg BT 450.29 503.65 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 485.14 503.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.14 503.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 546.99 503.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 492.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.50 492.85 Td (39,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.02 492.85 Td (\). ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 476.05 Td (Performance ) Tj ET Q q 0 0 0 rg BT 120.52 476.05 Td (incentive ) Tj ET Q q 0 0 0 rg BT 162.04 476.05 Td (award ) Tj ET Q q 0 0 0 rg BT 190.55 476.05 Td (plan) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 459.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 112.20 459.25 Td (PIA) Tj ET Q q 0 0 0 rg BT 126.21 459.25 Td ( ) Tj ET Q q 0 0 0 rg BT 129.66 459.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 150.13 459.25 Td (was ) Tj ET Q q 0 0 0 rg BT 169.59 459.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 210.57 459.25 Td (by ) Tj ET Q q 0 0 0 rg BT 223.53 459.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.50 459.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 266.97 459.25 Td (on ) Tj ET Q q 0 0 0 rg BT 280.43 459.25 Td (January ) Tj ET Q q 0 0 0 rg BT 315.91 459.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 326.87 459.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 350.34 459.25 Td (to ) Tj ET Q q 0 0 0 rg BT 361.30 459.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 394.27 459.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 453.76 459.25 Td (to ) Tj ET Q q 0 0 0 rg BT 464.72 459.25 Td (directors, ) Tj ET Q q 0 0 0 rg BT 505.19 459.25 Td (of) Tj ET Q q 0 0 0 rg BT 512.53 459.25 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 539.99 459.25 Td (certain ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 448.45 Td (employees ) Tj ET Q q 0 0 0 rg BT 108.94 448.45 Td (and ) Tj ET Q q 0 0 0 rg BT 126.37 448.45 Td (eligible ) Tj ET Q q 0 0 0 rg BT 156.80 448.45 Td (consultants. ) Tj ET Q q 0 0 0 rg BT 206.76 448.45 Td (A) Tj ET Q q 0 0 0 rg BT 212.60 448.45 Td (wards ) Tj ET Q q 0 0 0 rg BT 239.02 448.45 Td (granted ) Tj ET Q q 0 0 0 rg BT 271.96 448.45 Td (under ) Tj ET Q q 0 0 0 rg BT 297.39 448.45 Td (the ) Tj ET Q q 0 0 0 rg BT 312.32 448.45 Td (PIA) Tj ET Q q 0 0 0 rg BT 326.33 448.45 Td ( ) Tj ET Q q 0 0 0 rg BT 328.74 448.45 Td (plan ) Tj ET Q q 0 0 0 rg BT 348.17 448.45 Td (vest ) Tj ET Q q 0 0 0 rg BT 367.09 448.45 Td (thirty-nine ) Tj ET Q q 0 0 0 rg BT 409.02 448.45 Td (months ) Tj ET Q q 0 0 0 rg BT 440.95 448.45 Td (from ) Tj ET Q q 0 0 0 rg BT 461.36 448.45 Td (the ) Tj ET Q q 0 0 0 rg BT 476.29 448.45 Td (initial ) Tj ET Q q 0 0 0 rg BT 499.21 448.45 Td (date ) Tj ET Q q 0 0 0 rg BT 519.14 448.45 Td (of ) Tj ET Q q 0 0 0 rg BT 529.06 448.45 Td (grant ) Tj ET Q q 0 0 0 rg BT 551.98 448.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 437.65 Td (the ) Tj ET Q q 0 0 0 rg BT 78.70 437.65 Td (number ) Tj ET Q q 0 0 0 rg BT 112.40 437.65 Td (of ) Tj ET Q q 0 0 0 rg BT 123.10 437.65 Td (common ) Tj ET Q q 0 0 0 rg BT 160.80 437.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 191.00 437.65 Td (issued ) Tj ET Q q 0 0 0 rg BT 220.21 437.65 Td (for ) Tj ET Q q 0 0 0 rg BT 233.90 437.65 Td (each ) Tj ET Q q 0 0 0 rg BT 256.60 437.65 Td (award ) Tj ET Q q 0 0 0 rg BT 284.30 437.65 Td (is ) Tj ET Q q 0 0 0 rg BT 293.99 437.65 Td (subject ) Tj ET Q q 0 0 0 rg BT 325.70 437.65 Td (to ) Tj ET Q q 0 0 0 rg BT 336.39 437.65 Td (a ) Tj ET Q q 0 0 0 rg BT 344.59 437.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 398.30 437.65 Td (multiplier ) Tj ET Q q 0 0 0 rg BT 437.50 437.65 Td (ranging ) Tj ET Q q 0 0 0 rg BT 470.71 437.65 Td (from ) Tj ET Q q 0 0 0 rg BT 491.90 437.65 Td (0 ) Tj ET Q q 0 0 0 rg BT 500.09 437.65 Td (to ) Tj ET Q q 0 0 0 rg BT 510.79 437.65 Td (2. ) Tj ET Q q 0 0 0 rg BT 521.28 437.65 Td (The ) Tj ET Q q 0 0 0 rg BT 539.97 437.65 Td (payout ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 426.85 Td (multiplier ) Tj ET Q q 0 0 0 rg BT 102.63 426.85 Td (is ) Tj ET Q q 0 0 0 rg BT 112.76 426.85 Td (dependent ) Tj ET Q q 0 0 0 rg BT 158.92 426.85 Td (on ) Tj ET Q q 0 0 0 rg BT 172.56 426.85 Td (the ) Tj ET Q q 0 0 0 rg BT 188.69 426.85 Td (performance ) Tj ET Q q 0 0 0 rg BT 242.84 426.85 Td (of ) Tj ET Q q 0 0 0 rg BT 253.97 426.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 297.12 426.85 Td (at ) Tj ET Q q 0 0 0 rg BT 308.25 426.85 Td (the ) Tj ET Q q 0 0 0 rg BT 324.38 426.85 Td (end ) Tj ET Q q 0 0 0 rg BT 343.02 426.85 Td (of ) Tj ET Q q 0 0 0 rg BT 354.15 426.85 Td (the ) Tj ET Q q 0 0 0 rg BT 370.28 426.85 Td (vesting ) Tj ET Q q 0 0 0 rg BT 402.42 426.85 Td (period ) Tj ET Q q 0 0 0 rg BT 431.07 426.85 Td (relative ) Tj ET Q q 0 0 0 rg BT 463.70 426.85 Td (to ) Tj ET Q q 0 0 0 rg BT 474.83 426.85 Td (corporate ) Tj ET Q q 0 0 0 rg BT 516.48 426.85 Td (performance ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 416.05 Td (measures ) Tj ET Q q 0 0 0 rg BT 104.34 416.05 Td (determined ) Tj ET Q q 0 0 0 rg BT 151.20 416.05 Td (at ) Tj ET Q q 0 0 0 rg BT 160.53 416.05 Td (the ) Tj ET Q q 0 0 0 rg BT 174.87 416.05 Td (discretion ) Tj ET Q q 0 0 0 rg BT 215.21 416.05 Td (of ) Tj ET Q q 0 0 0 rg BT 224.54 416.05 Td (the ) Tj ET Q q 0 0 0 rg BT 238.88 416.05 Td (Board. ) Tj ET Q q 0 0 0 rg BT 267.10 416.05 Td (The ) Tj ET Q q 0 0 0 rg BT 284.44 416.05 Td (number ) Tj ET Q q 0 0 0 rg BT 316.78 416.05 Td (of ) Tj ET Q q 0 0 0 rg BT 326.11 416.05 Td (common ) Tj ET Q q 0 0 0 rg BT 362.45 416.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 391.29 416.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 419.13 416.05 Td (for ) Tj ET Q q 0 0 0 rg BT 431.46 416.05 Td (each ) Tj ET Q q 0 0 0 rg BT 452.81 416.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 505.16 416.05 Td (incentive ) Tj ET Q q 0 0 0 rg BT 542.50 416.05 Td (award ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 405.25 Td (\("PIA"\) ) Tj ET Q q 0 0 0 rg BT 92.47 405.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 125.58 405.25 Td (is ) Tj ET Q q 0 0 0 rg BT 134.66 405.25 Td (also ) Tj ET Q q 0 0 0 rg BT 153.76 405.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 190.37 405.25 Td (for ) Tj ET Q q 0 0 0 rg BT 203.46 405.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.55 405.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 255.65 405.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.74 405.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 306.35 405.25 Td (from ) Tj ET Q q 0 0 0 rg BT 326.93 405.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.03 405.25 Td (date ) Tj ET Q q 0 0 0 rg BT 362.13 405.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.22 405.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 395.32 405.25 Td (to ) Tj ET Q q 0 0 0 rg BT 405.41 405.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.50 405.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 457.60 405.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 480.20 405.25 Td (On ) Tj ET Q q 0 0 0 rg BT 494.79 405.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.89 405.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 546.99 405.25 Td (date, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 394.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.06 394.45 Td (has ) Tj ET Q q 0 0 0 rg BT 122.11 394.45 Td (sole ) Tj ET Q q 0 0 0 rg BT 141.15 394.45 Td (and ) Tj ET Q q 0 0 0 rg BT 158.71 394.45 Td (absolute ) Tj ET Q q 0 0 0 rg BT 195.27 394.45 Td (discretion ) Tj ET Q q 0 0 0 rg BT 236.32 394.45 Td (to ) Tj ET Q q 0 0 0 rg BT 246.37 394.45 Td (settle ) Tj ET Q q 0 0 0 rg BT 270.41 394.45 Td (the ) Tj ET Q q 0 0 0 rg BT 285.46 394.45 Td (PIA) Tj ET Q q 0 0 0 rg BT 299.47 394.45 Td ( ) Tj ET Q q 0 0 0 rg BT 302.01 394.45 Td (in ) Tj ET Q q 0 0 0 rg BT 311.55 394.45 Td (the ) Tj ET Q q 0 0 0 rg BT 326.59 394.45 Td (form ) Tj ET Q q 0 0 0 rg BT 347.13 394.45 Td (of ) Tj ET Q q 0 0 0 rg BT 357.17 394.45 Td (either ) Tj ET Q q 0 0 0 rg BT 382.22 394.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 403.77 394.45 Td (or ) Tj ET Q q 0 0 0 rg BT 414.31 394.45 Td (common ) Tj ET Q q 0 0 0 rg BT 451.35 394.45 Td (shares, ) Tj ET Q q 0 0 0 rg BT 483.40 394.45 Td (or ) Tj ET Q q 0 0 0 rg BT 493.94 394.45 Td (some ) Tj ET Q q 0 0 0 rg BT 518.49 394.45 Td (combination ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 383.65 Td (thereof, ) Tj ET Q q 0 0 0 rg BT 96.02 383.65 Td (however) Tj ET Q q 0 0 0 rg BT 129.54 383.65 Td (, ) Tj ET Q q 0 0 0 rg BT 134.54 383.65 Td (it ) Tj ET Q q 0 0 0 rg BT 141.54 383.65 Td (is ) Tj ET Q q 0 0 0 rg BT 150.54 383.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 198.79 383.65 Td (intention ) Tj ET Q q 0 0 0 rg BT 235.31 383.65 Td (to ) Tj ET Q q 0 0 0 rg BT 245.32 383.65 Td (settle ) Tj ET Q q 0 0 0 rg BT 269.33 383.65 Td (the ) Tj ET Q q 0 0 0 rg BT 284.34 383.65 Td (PIA) Tj ET Q q 0 0 0 rg BT 298.35 383.65 Td ( ) Tj ET Q q 0 0 0 rg BT 300.85 383.65 Td (in ) Tj ET Q q 0 0 0 rg BT 310.36 383.65 Td (the ) Tj ET Q q 0 0 0 rg BT 325.37 383.65 Td (form ) Tj ET Q q 0 0 0 rg BT 345.87 383.65 Td (of ) Tj ET Q q 0 0 0 rg BT 355.88 383.65 Td (common ) Tj ET Q q 0 0 0 rg BT 392.89 383.65 Td (shares.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 366.85 Td (The ) Tj ET Q q 0 0 0 rg BT 81.23 366.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 96.45 366.85 Td (value ) Tj ET Q q 0 0 0 rg BT 120.68 366.85 Td (of ) Tj ET Q q 0 0 0 rg BT 130.90 366.85 Td (an ) Tj ET Q q 0 0 0 rg BT 143.63 366.85 Td (award ) Tj ET Q q 0 0 0 rg BT 170.86 366.85 Td (granted ) Tj ET Q q 0 0 0 rg BT 204.10 366.85 Td (under ) Tj ET Q q 0 0 0 rg BT 229.84 366.85 Td (the ) Tj ET Q q 0 0 0 rg BT 245.07 366.85 Td (PIA) Tj ET Q q 0 0 0 rg BT 259.08 366.85 Td ( ) Tj ET Q q 0 0 0 rg BT 261.80 366.85 Td (plan ) Tj ET Q q 0 0 0 rg BT 281.53 366.85 Td (is ) Tj ET Q q 0 0 0 rg BT 290.75 366.85 Td (determined ) Tj ET Q q 0 0 0 rg BT 338.49 366.85 Td (at ) Tj ET Q q 0 0 0 rg BT 348.72 366.85 Td (the ) Tj ET Q q 0 0 0 rg BT 363.94 366.85 Td (date ) Tj ET Q q 0 0 0 rg BT 384.18 366.85 Td (of ) Tj ET Q q 0 0 0 rg BT 394.40 366.85 Td (grant ) Tj ET Q q 0 0 0 rg BT 417.63 366.85 Td (by ) Tj ET Q q 0 0 0 rg BT 429.86 366.85 Td (using ) Tj ET Q q 0 0 0 rg BT 454.09 366.85 Td (the ) Tj ET Q q 0 0 0 rg BT 469.32 366.85 Td (closing ) Tj ET Q q 0 0 0 rg BT 500.05 366.85 Td (price ) Tj ET Q q 0 0 0 rg BT 522.28 366.85 Td (of ) Tj ET Q q 0 0 0 rg BT 532.50 366.85 Td (common ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 356.05 Td (shares, ) Tj ET Q q 0 0 0 rg BT 93.76 356.05 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 133.03 356.05 Td (by ) Tj ET Q q 0 0 0 rg BT 143.79 356.05 Td (the ) Tj ET Q q 0 0 0 rg BT 157.55 356.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 197.82 356.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 249.59 356.05 Td (multiplier) Tj ET Q q 0 0 0 rg BT 285.11 356.05 Td (. ) Tj ET Q q 0 0 0 rg BT 288.86 356.05 Td (For ) Tj ET Q q 0 0 0 rg BT 303.61 356.05 Td (the ) Tj ET Q q 0 0 0 rg BT 317.37 356.05 Td (purposes ) Tj ET Q q 0 0 0 rg BT 355.64 356.05 Td (of ) Tj ET Q q 0 0 0 rg BT 364.40 356.05 Td (share-based ) Tj ET Q q 0 0 0 rg BT 415.68 356.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 472.97 356.05 Td (a ) Tj ET Q q 0 0 0 rg BT 479.22 356.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 531.00 356.05 Td (multiplier ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 345.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.16 345.25 Td (0.96) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.68 345.25 Td ( ) Tj ET Q q 0 0 0 rg BT 93.33 345.25 Td (has ) Tj ET Q q 0 0 0 rg BT 110.50 345.25 Td (been ) Tj ET Q q 0 0 0 rg BT 133.17 345.25 Td (assumed ) Tj ET Q q 0 0 0 rg BT 172.34 345.25 Td (for ) Tj ET Q q 0 0 0 rg BT 185.50 345.25 Td (those ) Tj ET Q q 0 0 0 rg BT 210.17 345.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 241.84 345.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 275.02 345.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.68 345.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.70 345.25 Td ( ) Tj ET Q q 0 0 0 rg BT 307.35 345.25 Td (and ) Tj ET Q q 0 0 0 rg BT 325.02 345.25 Td (a ) Tj ET Q q 0 0 0 rg BT 332.68 345.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 385.86 345.25 Td (multiplier ) Tj ET Q q 0 0 0 rg BT 424.52 345.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.69 345.25 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.69 345.25 Td ( ) Tj ET Q q 0 0 0 rg BT 442.34 345.25 Td (was ) Tj ET Q q 0 0 0 rg BT 461.00 345.25 Td (assumed ) Tj ET Q q 0 0 0 rg BT 500.18 345.25 Td (for ) Tj ET Q q 0 0 0 rg BT 513.33 345.25 Td (those ) Tj ET Q q 0 0 0 rg BT 538.00 345.25 Td (awards ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 334.45 Td (granted ) Tj ET Q q 0 0 0 rg BT 96.60 334.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.68 334.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.70 334.45 Td (. ) Tj ET Q q 0 0 0 rg BT 132.28 334.45 Td (Fluctuations ) Tj ET Q q 0 0 0 rg BT 183.88 334.45 Td (in ) Tj ET Q q 0 0 0 rg BT 193.96 334.45 Td (share-based ) Tj ET Q q 0 0 0 rg BT 247.07 334.45 Td (compensation ) Tj ET Q q 0 0 0 rg BT 306.18 334.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 343.29 334.45 Td (may ) Tj ET Q q 0 0 0 rg BT 363.37 334.45 Td (occur ) Tj ET Q q 0 0 0 rg BT 388.45 334.45 Td (due ) Tj ET Q q 0 0 0 rg BT 406.54 334.45 Td (to ) Tj ET Q q 0 0 0 rg BT 417.13 334.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 454.23 334.45 Td (in ) Tj ET Q q 0 0 0 rg BT 464.31 334.45 Td (estimates ) Tj ET Q q 0 0 0 rg BT 505.90 334.45 Td (of ) Tj ET Q q 0 0 0 rg BT 516.48 334.45 Td (performance ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 323.65 Td (outcomes. ) Tj ET Q q 0 0 0 rg BT 105.72 323.65 Td (The ) Tj ET Q q 0 0 0 rg BT 122.51 323.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 153.81 323.65 Td (of ) Tj ET Q q 0 0 0 rg BT 162.60 323.65 Td (share-based ) Tj ET Q q 0 0 0 rg BT 213.91 323.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 271.23 323.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 306.54 323.65 Td (is ) Tj ET Q q 0 0 0 rg BT 314.32 323.65 Td (reduced ) Tj ET Q q 0 0 0 rg BT 348.13 323.65 Td (by ) Tj ET Q q 0 0 0 rg BT 358.91 323.65 Td (an ) Tj ET Q q 0 0 0 rg BT 370.21 323.65 Td (estimated ) Tj ET Q q 0 0 0 rg BT 410.51 323.65 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 447.31 323.65 Td (rate, ) Tj ET Q q 0 0 0 rg BT 466.60 323.65 Td (which ) Tj ET Q q 0 0 0 rg BT 490.89 323.65 Td (has ) Tj ET Q q 0 0 0 rg BT 506.68 323.65 Td (been ) Tj ET Q q 0 0 0 rg BT 527.99 323.65 Td (estimated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 312.85 Td (at ) Tj ET Q q 0 0 0 rg BT 72.34 312.85 Td (7.32% ) Tj ET Q q 0 0 0 rg BT 99.69 312.85 Td (\(December ) Tj ET Q q 0 0 0 rg BT 146.04 312.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 160.38 312.85 Td (2015 ) Tj ET Q q 0 0 0 rg BT 182.24 312.85 Td (- ) Tj ET Q q 0 0 0 rg BT 187.07 312.85 Td (7.05%\) ) Tj ET Q q 0 0 0 rg BT 217.42 312.85 Td (for ) Tj ET Q q 0 0 0 rg BT 229.76 312.85 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 278.13 312.85 Td (awards. ) Tj ET Q q 0 0 0 rg BT 311.36 312.85 Td (The ) Tj ET Q q 0 0 0 rg BT 328.70 312.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 369.55 312.85 Td (weighted ) Tj ET Q q 0 0 0 rg BT 407.41 312.85 Td (average ) Tj ET Q q 0 0 0 rg BT 441.77 312.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 456.11 312.85 Td (value ) Tj ET Q q 0 0 0 rg BT 479.46 312.85 Td (of ) Tj ET Q q 0 0 0 rg BT 488.80 312.85 Td (PIAs ) Tj ET Q q 0 0 0 rg BT 509.64 312.85 Td (granted ) Tj ET Q q 0 0 0 rg BT 542.00 312.85 Td (during ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 302.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 78.01 302.05 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.52 302.05 Td ( ) Tj ET Q q 0 0 0 rg BT 98.02 302.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.55 302.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 184.57 302.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.60 302.05 Td ( ) Tj ET Q q 0 0 0 rg BT 207.10 302.05 Td (was ) Tj ET Q q 0 0 0 rg BT 225.60 302.05 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 230.61 302.05 Td (1.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.12 302.05 Td ( ) Tj ET Q q 0 0 0 rg BT 250.62 302.05 Td (per ) Tj ET Q q 0 0 0 rg BT 266.13 302.05 Td (award ) Tj ET Q q 0 0 0 rg BT 293.15 302.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.14 302.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 355.17 302.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.19 302.05 Td ( ) Tj ET Q q 0 0 0 rg BT 377.69 302.05 Td (- ) Tj ET Q q 0 0 0 rg BT 383.19 302.05 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.20 302.05 Td (7.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.71 302.05 Td (\). ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 285.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.01 285.25 Td (following ) Tj ET Q q 0 0 0 rg BT 118.53 285.25 Td (table ) Tj ET Q q 0 0 0 rg BT 140.55 285.25 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 191.55 285.25 Td (the ) Tj ET Q q 0 0 0 rg BT 206.56 285.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 238.08 285.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 287.12 285.25 Td (under ) Tj ET Q q 0 0 0 rg BT 312.64 285.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.65 285.25 Td (PIA) Tj ET Q q 0 0 0 rg BT 341.66 285.25 Td ( ) Tj ET Q q 0 0 0 rg BT 344.16 285.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 363.67 285.25 Td (at ) Tj ET Q q 0 0 0 rg BT 373.68 285.25 Td (December ) Tj ET Q q 0 0 0 rg BT 417.70 285.25 Td (31:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 271.75 m 371 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 249.75 m 371 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 271.75 m 454 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 249.75 m 454 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 271.75 m 567 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 249.75 m 567 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 249.75 m 371 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 193.75 m 371 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 193.75 m 371 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 193.75 m 454 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 193.75 m 567 193.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 123.75 m 371 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 123.75 m 454 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 123.75 m 567 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 123.75 m 371 123.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 62 109.75 m 371 109.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 371 109.75 m 454 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 123.75 m 567 123.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454 109.75 m 567 109.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.45 262.70 Td (Performance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.95 253.70 Td (Incentive Awards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 240.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 99.52 240.15 Td (as ) Tj ET Q q 0 0 0 rg BT 111.53 240.15 Td (at ) Tj ET Q q 0 0 0 rg BT 121.54 240.15 Td (December ) Tj ET Q q 0 0 0 rg BT 165.55 240.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 180.56 240.15 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 240.15 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 226.15 Td (Granted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 226.15 Td (867,193) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 212.15 Td (Reinvestment) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 125.52 216.44 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.95 212.15 Td (62,369) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 198.15 Td (Forfeited) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.95 198.15 Td (\(35,639) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.50 198.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 184.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 99.52 184.15 Td (as ) Tj ET Q q 0 0 0 rg BT 111.53 184.15 Td (at ) Tj ET Q q 0 0 0 rg BT 121.54 184.15 Td (December ) Tj ET Q q 0 0 0 rg BT 165.55 184.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 180.56 184.15 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 184.15 Td (893,923) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 170.15 Td (Granted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.45 171.45 Td (1,315,219) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 156.15 Td (Reinvestment) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 125.52 160.44 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.95 157.45 Td (47,660) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 142.15 Td (Vested) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.95 143.45 Td (\(53,258) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.50 143.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 128.15 Td (Forfeited) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.95 129.45 Td (\(322,025) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.50 129.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 114.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 99.52 114.15 Td (as ) Tj ET Q q 0 0 0 rg BT 111.53 114.15 Td (at ) Tj ET Q q 0 0 0 rg BT 121.54 114.15 Td (December ) Tj ET Q q 0 0 0 rg BT 165.55 114.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 180.56 114.15 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.45 114.45 Td (1,881,519) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 100.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 100.05 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 100.05 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 100.05 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 100.05 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 100.05 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 100.05 Td (Reinvestment ) Tj ET Q q 0 0 0 rg BT 118.68 100.05 Td (of ) Tj ET Q q 0 0 0 rg BT 125.36 100.05 Td (dividends ) Tj ET Q q 0 0 0 rg BT 152.37 100.05 Td (earned ) Tj ET Q q 0 0 0 rg BT 172.72 100.05 Td (during ) Tj ET Q q 0 0 0 rg BT 191.07 100.05 Td (the ) Tj ET Q q 0 0 0 rg BT 201.08 100.05 Td (period ) Tj ET Q q 0 0 0 rg BT 219.42 100.05 Td (outstanding) 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 63.00 731.45 Td (c. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 731.45 Td (Per ) Tj ET Q q 0 0 0 rg BT 98.01 731.45 Td (share ) Tj ET Q q 0 0 0 rg BT 124.53 731.45 Td (amounts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 714.65 Td (The ) Tj ET Q q 0 0 0 rg BT 81.46 714.65 Td (following ) Tj ET Q q 0 0 0 rg BT 119.43 714.65 Td (table ) Tj ET Q q 0 0 0 rg BT 141.90 714.65 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 193.36 714.65 Td (the ) Tj ET Q q 0 0 0 rg BT 208.82 714.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 247.80 714.65 Td (average ) Tj ET Q q 0 0 0 rg BT 283.28 714.65 Td (common ) Tj ET Q q 0 0 0 rg BT 320.74 714.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 350.71 714.65 Td (and ) Tj ET Q q 0 0 0 rg BT 368.67 714.65 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 427.67 714.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 457.64 714.65 Td (used ) Tj ET Q q 0 0 0 rg BT 480.11 714.65 Td (in ) Tj ET Q q 0 0 0 rg BT 490.06 714.65 Td (calculating ) Tj ET Q q 0 0 0 rg BT 535.54 714.65 Td (net ) Tj ET Q q 0 0 0 rg BT 551.01 714.65 Td (loss ) 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 80.52 703.85 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 144.05 703.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 162.55 703.85 Td (per ) Tj ET Q q 0 0 0 rg BT 178.06 703.85 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 221.59 703.85 Td (share:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 690.35 m 379.5 690.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 667.35 m 379.5 667.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 690.35 m 471.5 690.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 667.35 m 471.5 667.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 690.35 m 475.5 690.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 667.35 m 475.5 667.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 690.35 m 567.5 690.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 667.35 m 567.5 667.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 628.35 m 379.5 628.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 628.35 m 471.5 628.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 628.35 m 475.5 628.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 628.35 m 567.5 628.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 614.35 m 379.5 614.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 614.35 m 471.5 614.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 614.35 m 475.5 614.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 614.35 m 567.5 614.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 581.35 m 379.5 581.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 581.35 m 471.5 581.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 581.35 m 475.5 581.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 581.35 m 567.5 581.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 566.35 m 379.5 566.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 566.35 m 471.5 566.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 566.35 m 475.5 566.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 566.35 m 567.5 566.35 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 680.75 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.90 671.75 Td (December 31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.25 680.75 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.95 671.75 Td (December 31, 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 659.75 Td (\(thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 646.75 Td (Common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 647.05 Td (233,130) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 646.75 Td (207,564) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 632.75 Td (Exchangeable shares converted at the exchange ratio) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 632.75 Td (4,676) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 632.75 Td (10,096) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 618.75 Td (Basic equivalent shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 619.05 Td (237,806) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 618.75 Td (217,660) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 600.75 Td (Restricted incentive and share awards) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 601.05 Td (2,433) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 600.75 Td (1,632) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 585.75 Td (Performance ) Tj ET Q q 0 0 0 rg BT 120.02 585.75 Td (incentive ) Tj ET Q q 0 0 0 rg BT 158.04 585.75 Td (awards) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 586.55 Td (1,867) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 585.75 Td (825) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 570.75 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 96.52 570.75 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 140.05 570.75 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 571.55 Td (242,106) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 570.75 Td (220,117) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 550.05 Td (14. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 550.05 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 63.5 536.55 m 313.5 536.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 521.55 m 313.5 521.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 536.55 m 377.5 536.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 521.55 m 377.5 521.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 536.55 m 473.5 536.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 521.55 m 473.5 521.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 536.55 m 477.5 536.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 521.55 m 477.5 521.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 536.55 m 567.5 536.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 521.55 m 567.5 521.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 482.55 m 313.5 482.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 482.55 m 377.5 482.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 482.55 m 473.5 482.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 482.55 m 477.5 482.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 482.55 m 567.5 482.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 468.55 m 313.5 468.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 468.55 m 377.5 468.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 468.55 m 473.5 468.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 468.55 m 477.5 468.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 468.55 m 567.5 468.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 440.55 m 313.5 440.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 440.55 m 377.5 440.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 440.55 m 473.5 440.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 440.55 m 477.5 440.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 440.55 m 567.5 440.55 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.90 525.95 Td (December 31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 525.95 Td (December 31, 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 513.95 Td (\($ ) Tj ET Q q 0 0 0 rg BT 74.17 513.95 Td (thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 500.95 Td (Bank ) Tj ET Q q 0 0 0 rg BT 93.51 500.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 118.02 500.95 Td (facility) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.00 500.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 500.95 Td (272,056) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 486.95 Td (Senior ) Tj ET Q q 0 0 0 rg BT 99.02 486.95 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 143.55 486.95 Td (notes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.45 486.95 Td (930,221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 486.95 Td (993,575) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 472.95 Td (T) Tj ET Q q 0 0 0 rg BT 71.00 472.95 Td (otal ) Tj ET Q q 0 0 0 rg BT 87.51 472.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 128.02 472.95 Td (debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.45 472.95 Td (930,221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 472.95 Td (1,265,631) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 458.95 Td (Current ) Tj ET Q q 0 0 0 rg BT 98.51 458.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 128.53 458.95 Td (of ) Tj ET Q q 0 0 0 rg BT 138.54 458.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 179.05 458.95 Td (debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.45 458.95 Td (154,334) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 458.95 Td (34,600) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 444.95 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 109.52 444.95 Td (portion ) Tj ET Q q 0 0 0 rg BT 139.54 444.95 Td (of ) Tj ET Q q 0 0 0 rg BT 149.54 444.95 Td (long-term ) Tj ET Q q 0 0 0 rg BT 190.06 444.95 Td (debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.45 444.95 Td (775,887) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 444.95 Td (1,231,031) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 424.25 Td (a. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 424.25 Td (Bank ) Tj ET Q q 0 0 0 rg BT 105.51 424.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 132.52 424.25 Td (facility) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 407.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 104.52 407.45 Td (has ) Tj ET Q q 0 0 0 rg BT 121.02 407.45 Td (a ) Tj ET Q q 0 0 0 rg BT 128.02 407.45 Td ($600 ) Tj ET Q q 0 0 0 rg BT 150.04 407.45 Td (million, ) Tj ET Q q 0 0 0 rg BT 180.04 407.45 Td (covenant-based ) Tj ET Q q 0 0 0 rg BT 246.08 407.45 Td (bank ) Tj ET Q q 0 0 0 rg BT 267.59 407.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 291.59 407.45 Td (facility ) Tj ET Q q 0 0 0 rg BT 318.59 407.45 Td (provided ) Tj ET Q q 0 0 0 rg BT 355.10 407.45 Td (by ) Tj ET Q q 0 0 0 rg BT 366.60 407.45 Td (a ) Tj ET Q q 0 0 0 rg BT 373.60 407.45 Td (syndicate ) Tj ET Q q 0 0 0 rg BT 413.62 407.45 Td (of ) Tj ET Q q 0 0 0 rg BT 423.12 407.45 Td (1) Tj ET Q q 0 0 0 rg BT 427.45 407.45 Td (1 ) Tj ET Q q 0 0 0 rg BT 434.45 407.45 Td (domestic ) Tj ET Q q 0 0 0 rg BT 472.46 407.45 Td (and ) Tj ET Q q 0 0 0 rg BT 489.47 407.45 Td (international ) Tj ET Q q 0 0 0 rg BT 540.50 407.45 Td (banks. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 396.65 Td (The ) Tj ET Q q 0 0 0 rg BT 80.90 396.65 Td (current ) Tj ET Q q 0 0 0 rg BT 111.31 396.65 Td (maturity ) Tj ET Q q 0 0 0 rg BT 145.70 396.65 Td (date ) Tj ET Q q 0 0 0 rg BT 165.61 396.65 Td (of ) Tj ET Q q 0 0 0 rg BT 175.51 396.65 Td (the ) Tj ET Q q 0 0 0 rg BT 190.42 396.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 214.82 396.65 Td (facility ) Tj ET Q q 0 0 0 rg BT 242.22 396.65 Td (is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.11 396.65 Td (September ) Tj ET Q q 0 0 0 rg BT 297.53 396.65 Td (10, ) Tj ET Q q 0 0 0 rg BT 312.43 396.65 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.45 396.65 Td (. ) Tj ET Q q 0 0 0 rg BT 337.34 396.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 379.26 396.65 Td (also ) Tj ET Q q 0 0 0 rg BT 398.17 396.65 Td (has ) Tj ET Q q 0 0 0 rg BT 415.07 396.65 Td (in ) Tj ET Q q 0 0 0 rg BT 424.47 396.65 Td (place ) Tj ET Q q 0 0 0 rg BT 448.38 396.65 Td (a ) Tj ET Q q 0 0 0 rg BT 455.77 396.65 Td ($50 ) Tj ET Q q 0 0 0 rg BT 473.18 396.65 Td (million ) Tj ET Q q 0 0 0 rg BT 501.08 396.65 Td (demand ) Tj ET Q q 0 0 0 rg BT 536.00 396.65 Td (working ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 385.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 91.52 385.85 Td (facility) Tj ET Q q 0 0 0 rg BT 115.85 385.85 Td (, ) Tj ET Q q 0 0 0 rg BT 120.85 385.85 Td (which ) Tj ET Q q 0 0 0 rg BT 146.36 385.85 Td (is ) Tj ET Q q 0 0 0 rg BT 155.36 385.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 186.38 385.85 Td (to ) Tj ET Q q 0 0 0 rg BT 196.39 385.85 Td (the ) Tj ET Q q 0 0 0 rg BT 211.40 385.85 Td (same ) Tj ET Q q 0 0 0 rg BT 235.91 385.85 Td (covenants ) Tj ET Q q 0 0 0 rg BT 279.44 385.85 Td (as ) Tj ET Q q 0 0 0 rg BT 291.44 385.85 Td (the ) Tj ET Q q 0 0 0 rg BT 306.45 385.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 330.96 385.85 Td (facility) Tj ET Q q 0 0 0 rg BT 355.30 385.85 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 369.05 Td (The ) Tj ET Q q 0 0 0 rg BT 81.16 369.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 105.81 369.05 Td (facility ) Tj ET Q q 0 0 0 rg BT 133.47 369.05 Td (is ) Tj ET Q q 0 0 0 rg BT 142.62 369.05 Td (a ) Tj ET Q q 0 0 0 rg BT 150.27 369.05 Td (four ) Tj ET Q q 0 0 0 rg BT 168.43 369.05 Td (year ) Tj ET Q q 0 0 0 rg BT 188.59 369.05 Td (revolving ) Tj ET Q q 0 0 0 rg BT 227.25 369.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 251.91 369.05 Td (facility ) Tj ET Q q 0 0 0 rg BT 279.57 369.05 Td (and ) Tj ET Q q 0 0 0 rg BT 297.23 369.05 Td (may) Tj ET Q q 0 0 0 rg BT 313.57 369.05 Td (, ) Tj ET Q q 0 0 0 rg BT 318.72 369.05 Td (at ) Tj ET Q q 0 0 0 rg BT 328.87 369.05 Td (the ) Tj ET Q q 0 0 0 rg BT 344.03 369.05 Td (request ) Tj ET Q q 0 0 0 rg BT 376.70 369.05 Td (of ) Tj ET Q q 0 0 0 rg BT 386.86 369.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 429.03 369.05 Td (with ) Tj ET Q q 0 0 0 rg BT 447.68 369.05 Td (the ) Tj ET Q q 0 0 0 rg BT 462.84 369.05 Td (consent ) Tj ET Q q 0 0 0 rg BT 497.02 369.05 Td (of ) Tj ET Q q 0 0 0 rg BT 507.17 369.05 Td (the ) Tj ET Q q 0 0 0 rg BT 522.33 369.05 Td (lenders, ) Tj ET Q q 0 0 0 rg BT 557.00 369.05 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 358.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 102.43 358.25 Td (on ) Tj ET Q q 0 0 0 rg BT 114.84 358.25 Td (an ) Tj ET Q q 0 0 0 rg BT 127.25 358.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 156.68 358.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 180.09 358.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 212.01 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.92 358.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 259.84 358.25 Td (term. ) Tj ET Q q 0 0 0 rg BT 282.58 358.25 Td (There ) Tj ET Q q 0 0 0 rg BT 308.49 358.25 Td (is ) Tj ET Q q 0 0 0 rg BT 317.39 358.25 Td (an ) Tj ET Q q 0 0 0 rg BT 329.80 358.25 Td (accordion ) Tj ET Q q 0 0 0 rg BT 371.22 358.25 Td (feature ) Tj ET Q q 0 0 0 rg BT 401.64 358.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 440.56 358.25 Td (that ) Tj ET Q q 0 0 0 rg BT 457.97 358.25 Td (at ) Tj ET Q q 0 0 0 rg BT 467.88 358.25 Td (any ) Tj ET Q q 0 0 0 rg BT 484.79 358.25 Td (time ) Tj ET Q q 0 0 0 rg BT 504.19 358.25 Td (during ) Tj ET Q q 0 0 0 rg BT 531.60 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 546.51 358.25 Td (term, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 347.45 Td (on ) Tj ET Q q 0 0 0 rg BT 75.51 347.45 Td (participation ) Tj ET Q q 0 0 0 rg BT 126.54 347.45 Td (of ) Tj ET Q q 0 0 0 rg BT 136.55 347.45 Td (any ) Tj ET Q q 0 0 0 rg BT 153.56 347.45 Td (existing ) Tj ET Q q 0 0 0 rg BT 186.57 347.45 Td (or ) Tj ET Q q 0 0 0 rg BT 197.08 347.45 Td (additional ) Tj ET Q q 0 0 0 rg BT 238.11 347.45 Td (lenders, ) Tj ET Q q 0 0 0 rg BT 272.63 347.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 314.65 347.45 Td (can ) Tj ET Q q 0 0 0 rg BT 331.66 347.45 Td (increase ) Tj ET Q q 0 0 0 rg BT 368.18 347.45 Td (the ) Tj ET Q q 0 0 0 rg BT 383.19 347.45 Td (facility ) Tj ET Q q 0 0 0 rg BT 410.70 347.45 Td (by ) Tj ET Q q 0 0 0 rg BT 422.71 347.45 Td ($250 ) Tj ET Q q 0 0 0 rg BT 445.23 347.45 Td (million.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 330.65 Td (The ) Tj ET Q q 0 0 0 rg BT 80.41 330.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 104.32 330.65 Td (facility ) Tj ET Q q 0 0 0 rg BT 131.23 330.65 Td (provides ) Tj ET Q q 0 0 0 rg BT 167.15 330.65 Td (that ) Tj ET Q q 0 0 0 rg BT 184.06 330.65 Td (advances ) Tj ET Q q 0 0 0 rg BT 224.49 330.65 Td (may ) Tj ET Q q 0 0 0 rg BT 243.40 330.65 Td (be ) Tj ET Q q 0 0 0 rg BT 255.31 330.65 Td (made ) Tj ET Q q 0 0 0 rg BT 279.73 330.65 Td (by ) Tj ET Q q 0 0 0 rg BT 291.13 330.65 Td (way ) Tj ET Q q 0 0 0 rg BT 309.04 330.65 Td (of ) Tj ET Q q 0 0 0 rg BT 318.45 330.65 Td (prime ) Tj ET Q q 0 0 0 rg BT 342.85 330.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 360.27 330.65 Td (loans, ) Tj ET Q q 0 0 0 rg BT 386.18 330.65 Td (bankers' ) Tj ET Q q 0 0 0 rg BT 421.82 330.65 Td (acceptances ) Tj ET Q q 0 0 0 rg BT 474.26 330.65 Td (and/or ) Tj ET Q q 0 0 0 rg BT 501.68 330.65 Td (US ) Tj ET Q q 0 0 0 rg BT 516.08 330.65 Td (dollar ) Tj ET Q q 0 0 0 rg BT 540.00 330.65 Td (LIBOR ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 319.85 Td (advances. ) Tj ET Q q 0 0 0 rg BT 105.89 319.85 Td (These ) Tj ET Q q 0 0 0 rg BT 132.89 319.85 Td (advances ) Tj ET Q q 0 0 0 rg BT 173.40 319.85 Td (bear ) Tj ET Q q 0 0 0 rg BT 193.41 319.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 224.91 319.85 Td (at ) Tj ET Q q 0 0 0 rg BT 234.40 319.85 Td (the ) Tj ET Q q 0 0 0 rg BT 248.90 319.85 Td (banks' ) Tj ET Q q 0 0 0 rg BT 276.63 319.85 Td (prime ) Tj ET Q q 0 0 0 rg BT 301.12 319.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 318.62 319.85 Td (and/or ) Tj ET Q q 0 0 0 rg BT 346.13 319.85 Td (at ) Tj ET Q q 0 0 0 rg BT 355.62 319.85 Td (money ) Tj ET Q q 0 0 0 rg BT 384.62 319.85 Td (market ) Tj ET Q q 0 0 0 rg BT 414.12 319.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 436.11 319.85 Td (plus ) Tj ET Q q 0 0 0 rg BT 454.61 319.85 Td (a ) Tj ET Q q 0 0 0 rg BT 461.61 319.85 Td (stamping ) Tj ET Q q 0 0 0 rg BT 500.11 319.85 Td (fee. ) Tj ET Q q 0 0 0 rg BT 516.98 319.85 Td (The ) Tj ET Q q 0 0 0 rg BT 534.48 319.85 Td (average ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 309.05 Td (ef) Tj ET Q q 0 0 0 rg BT 70.34 309.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 102.68 309.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 138.52 309.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 160.36 309.05 Td (for ) Tj ET Q q 0 0 0 rg BT 177.19 309.05 Td (bank ) Tj ET Q q 0 0 0 rg BT 203.03 309.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 226.88 309.05 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 279.74 309.05 Td (for ) Tj ET Q q 0 0 0 rg BT 296.57 309.05 Td (the ) Tj ET Q q 0 0 0 rg BT 315.41 309.05 Td (year ) Tj ET Q q 0 0 0 rg BT 339.24 309.05 Td (ending ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.60 309.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 435.45 309.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.47 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 461.80 309.05 Td (was ) Tj ET Q q 0 0 0 rg BT 484.13 309.05 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.48 309.05 Td (4.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 569.50 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 584.50 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 587.00 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 589.50 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 592.00 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 594.50 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 597.00 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 599.50 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 602.01 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 604.51 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 607.01 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 609.51 309.05 Td ( ) Tj ET Q q 0 0 0 rg BT 612.01 309.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 298.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 298.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 126.02 298.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.04 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 149.54 298.25 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.03 298.25 Td (3.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.54 298.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 184.84 298.25 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.84 298.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 256.86 298.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.88 298.25 Td (, ) Tj ET Q q 0 0 0 rg BT 282.88 298.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 325.90 298.25 Td (had ) Tj ET Q q 0 0 0 rg BT 344.41 298.25 Td (no ) Tj ET Q q 0 0 0 rg BT 357.92 298.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 395.93 298.25 Td (drawn ) Tj ET Q q 0 0 0 rg BT 423.94 298.25 Td (on ) Tj ET Q q 0 0 0 rg BT 437.45 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.46 298.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 476.47 298.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 501.97 298.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 530.47 298.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 569.49 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 571.99 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 298.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 287.45 Td ($600.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.53 287.45 Td ( ) Tj ET Q q 0 0 0 rg BT 93.03 287.45 Td (million ) Tj ET Q q 0 0 0 rg BT 121.03 287.45 Td (of ) Tj ET Q q 0 0 0 rg BT 131.04 287.45 Td (unused ) Tj ET Q q 0 0 0 rg BT 163.07 287.45 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 205.09 287.45 Td (capacity ) Tj ET Q q 0 0 0 rg BT 240.60 287.45 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.60 287.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 302.63 287.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.65 287.45 Td ( ) Tj ET Q q 0 0 0 rg BT 325.15 287.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.65 287.45 Td ($325.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.18 287.45 Td ( ) Tj ET Q q 0 0 0 rg BT 360.68 287.45 Td (million\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 270.65 Td (Under ) Tj ET Q q 0 0 0 rg BT 90.25 270.65 Td (the ) Tj ET Q q 0 0 0 rg BT 105.49 270.65 Td (terms ) Tj ET Q q 0 0 0 rg BT 130.72 270.65 Td (of ) Tj ET Q q 0 0 0 rg BT 140.96 270.65 Td (the ) Tj ET Q q 0 0 0 rg BT 156.20 270.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 178.45 270.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 203.19 270.65 Td (facility) Tj ET Q q 0 0 0 rg BT 227.53 270.65 Td (, ) Tj ET Q q 0 0 0 rg BT 232.76 270.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 275.02 270.65 Td (has ) Tj ET Q q 0 0 0 rg BT 292.26 270.65 Td (provided ) Tj ET Q q 0 0 0 rg BT 329.52 270.65 Td (the ) Tj ET Q q 0 0 0 rg BT 344.76 270.65 Td (covenant ) Tj ET Q q 0 0 0 rg BT 384.02 270.65 Td (that ) Tj ET Q q 0 0 0 rg BT 401.77 270.65 Td (its: ) Tj ET Q q 0 0 0 rg BT 416.00 270.65 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 426.72 270.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 479.99 270.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 507.24 270.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 527.49 270.65 Td (borrowing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 259.85 Td (will ) Tj ET Q q 0 0 0 rg BT 78.46 259.85 Td (not ) Tj ET Q q 0 0 0 rg BT 93.93 259.85 Td (exceed ) Tj ET Q q 0 0 0 rg BT 125.91 259.85 Td (three ) Tj ET Q q 0 0 0 rg BT 149.38 259.85 Td (and ) Tj ET Q q 0 0 0 rg BT 167.36 259.85 Td (one ) Tj ET Q q 0 0 0 rg BT 185.33 259.85 Td (half ) Tj ET Q q 0 0 0 rg BT 202.80 259.85 Td (times ) Tj ET Q q 0 0 0 rg BT 227.27 259.85 Td (net ) Tj ET Q q 0 0 0 rg BT 242.74 259.85 Td (income ) Tj ET Q q 0 0 0 rg BT 274.71 259.85 Td (before ) Tj ET Q q 0 0 0 rg BT 303.19 259.85 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 347.67 259.85 Td (gains ) Tj ET Q q 0 0 0 rg BT 372.15 259.85 Td (and ) Tj ET Q q 0 0 0 rg BT 390.13 259.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 418.60 259.85 Td (on ) Tj ET Q q 0 0 0 rg BT 431.57 259.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 467.55 259.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 512.52 259.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 551.99 259.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 249.05 Td (marketable ) Tj ET Q q 0 0 0 rg BT 110.47 249.05 Td (securities, ) Tj ET Q q 0 0 0 rg BT 153.93 249.05 Td (interest, ) Tj ET Q q 0 0 0 rg BT 188.89 249.05 Td (taxes ) Tj ET Q q 0 0 0 rg BT 213.35 249.05 Td (and ) Tj ET Q q 0 0 0 rg BT 231.31 249.05 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 285.79 249.05 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 327.77 249.05 Td (amortization ) Tj ET Q q 0 0 0 rg BT 379.74 249.05 Td (and ) Tj ET Q q 0 0 0 rg BT 397.71 249.05 Td (impairment; ) Tj ET Q q 0 0 0 rg BT 447.67 249.05 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 460.61 249.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 514.09 249.05 Td (total ) Tj ET Q q 0 0 0 rg BT 534.05 249.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 554.51 249.05 Td (will ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 238.25 Td (not ) Tj ET Q q 0 0 0 rg BT 78.97 238.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 111.45 238.25 Td (three ) Tj ET Q q 0 0 0 rg BT 135.42 238.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.89 238.25 Td (one ) Tj ET Q q 0 0 0 rg BT 172.36 238.25 Td (half ) Tj ET Q q 0 0 0 rg BT 190.33 238.25 Td (times ) Tj ET Q q 0 0 0 rg BT 215.29 238.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.25 238.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 280.24 238.25 Td (net ) Tj ET Q q 0 0 0 rg BT 296.21 238.25 Td (income ) Tj ET Q q 0 0 0 rg BT 328.68 238.25 Td (before ) Tj ET Q q 0 0 0 rg BT 357.66 238.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 402.64 238.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 427.61 238.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.09 238.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 475.05 238.25 Td (on ) Tj ET Q q 0 0 0 rg BT 488.52 238.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.00 238.25 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 227.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 100.92 227.45 Td (and ) Tj ET Q q 0 0 0 rg BT 117.35 227.45 Td (marketable ) Tj ET Q q 0 0 0 rg BT 163.28 227.45 Td (securities, ) Tj ET Q q 0 0 0 rg BT 205.21 227.45 Td (interest, ) Tj ET Q q 0 0 0 rg BT 238.63 227.45 Td (taxes ) Tj ET Q q 0 0 0 rg BT 261.55 227.45 Td (and ) Tj ET Q q 0 0 0 rg BT 277.98 227.45 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 330.92 227.45 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 371.36 227.45 Td (amortization ) Tj ET Q q 0 0 0 rg BT 421.80 227.45 Td (and ) Tj ET Q q 0 0 0 rg BT 438.22 227.45 Td (impairment; ) Tj ET Q q 0 0 0 rg BT 486.64 227.45 Td (and ) Tj ET Q q 0 0 0 rg BT 503.07 227.45 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 516.47 227.45 Td (consolidated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 216.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 89.19 216.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 108.38 216.65 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 149.58 216.65 Td (will ) Tj ET Q q 0 0 0 rg BT 163.76 216.65 Td (not ) Tj ET Q q 0 0 0 rg BT 177.95 216.65 Td (exceed ) Tj ET Q q 0 0 0 rg BT 208.65 216.65 Td (one-half ) Tj ET Q q 0 0 0 rg BT 242.85 216.65 Td (of ) Tj ET Q q 0 0 0 rg BT 252.03 216.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 304.25 216.65 Td (total ) Tj ET Q q 0 0 0 rg BT 322.94 216.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 342.13 216.65 Td (plus ) Tj ET Q q 0 0 0 rg BT 360.32 216.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 412.53 216.65 Td (shareholder) Tj ET Q q 0 0 0 rg BT 460.40 216.65 Td () Tj ET Q q 0 0 0 rg BT 462.23 216.65 Td (s ) Tj ET Q q 0 0 0 rg BT 468.41 216.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 494.11 216.65 Td (of ) Tj ET Q q 0 0 0 rg BT 503.29 216.65 Td (the ) Tj ET Q q 0 0 0 rg BT 517.48 216.65 Td (Corporation, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 205.85 Td (in ) Tj ET Q q 0 0 0 rg BT 72.94 205.85 Td (all ) Tj ET Q q 0 0 0 rg BT 84.88 205.85 Td (cases ) Tj ET Q q 0 0 0 rg BT 111.33 205.85 Td (calculated ) Tj ET Q q 0 0 0 rg BT 154.80 205.85 Td (based ) Tj ET Q q 0 0 0 rg BT 182.26 205.85 Td (on ) Tj ET Q q 0 0 0 rg BT 195.20 205.85 Td (a ) Tj ET Q q 0 0 0 rg BT 203.15 205.85 Td (rolling ) Tj ET Q q 0 0 0 rg BT 230.10 205.85 Td (prior ) Tj ET Q q 0 0 0 rg BT 251.04 205.85 Td (four ) Tj ET Q q 0 0 0 rg BT 269.48 205.85 Td (quarters. ) Tj ET Q q 0 0 0 rg BT 307.94 205.85 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 349.30 205.85 Td (s ) Tj ET Q q 0 0 0 rg BT 356.74 205.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 410.21 205.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 437.66 205.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 458.12 205.85 Td (and ) Tj ET Q q 0 0 0 rg BT 476.07 205.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 529.54 205.85 Td (total ) Tj ET Q q 0 0 0 rg BT 549.49 205.85 Td (debt ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 195.05 Td (were ) Tj ET Q q 0 0 0 rg BT 86.60 195.05 Td (the ) Tj ET Q q 0 0 0 rg BT 103.21 195.05 Td (same ) Tj ET Q q 0 0 0 rg BT 129.31 195.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.91 195.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 201.53 195.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.55 195.05 Td (, ) Tj ET Q q 0 0 0 rg BT 228.15 195.05 Td (including ) Tj ET Q q 0 0 0 rg BT 267.77 195.05 Td (the ) Tj ET Q q 0 0 0 rg BT 284.38 195.05 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 341.71 195.05 Td (senior ) Tj ET Q q 0 0 0 rg BT 370.32 195.05 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 416.45 195.05 Td (notes ) Tj ET Q q 0 0 0 rg BT 442.56 195.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 472.67 195.05 Td (under ) Tj ET Q q 0 0 0 rg BT 499.78 195.05 Td (the ) Tj ET Q q 0 0 0 rg BT 516.39 195.05 Td (master ) Tj ET Q q 0 0 0 rg BT 547.99 195.05 Td (shelf ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 184.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 110.13 184.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 136.24 184.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 179.86 184.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 203.48 184.25 Td (not ) Tj ET Q q 0 0 0 rg BT 217.59 184.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 247.70 184.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.81 184.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.92 184.25 Td (master ) Tj ET Q q 0 0 0 rg BT 300.02 184.25 Td (shelf ) Tj ET Q q 0 0 0 rg BT 320.63 184.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 365.25 184.25 Td (and ) Tj ET Q q 0 0 0 rg BT 381.87 184.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.98 184.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 417.09 184.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 440.70 184.25 Td (facility) Tj ET Q q 0 0 0 rg BT 465.03 184.25 Td (. ) Tj ET Q q 0 0 0 rg BT 469.13 184.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 516.47 184.25 Td (consolidated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 173.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 89.23 173.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 108.47 173.45 Td (may ) Tj ET Q q 0 0 0 rg BT 127.19 173.45 Td (dif) Tj ET Q q 0 0 0 rg BT 136.53 173.45 Td (fer ) Tj ET Q q 0 0 0 rg BT 148.75 173.45 Td (from ) Tj ET Q q 0 0 0 rg BT 168.47 173.45 Td (total ) Tj ET Q q 0 0 0 rg BT 187.20 173.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 206.44 173.45 Td (in ) Tj ET Q q 0 0 0 rg BT 215.16 173.45 Td (instances ) Tj ET Q q 0 0 0 rg BT 254.90 173.45 Td (when ) Tj ET Q q 0 0 0 rg BT 278.14 173.45 Td (the ) Tj ET Q q 0 0 0 rg BT 292.37 173.45 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 341.12 173.45 Td (issues ) Tj ET Q q 0 0 0 rg BT 368.34 173.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 394.58 173.45 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 448.34 173.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 467.57 173.45 Td (or ) Tj ET Q q 0 0 0 rg BT 477.29 173.45 Td (enters ) Tj ET Q q 0 0 0 rg BT 504.03 173.45 Td (into ) Tj ET Q q 0 0 0 rg BT 520.26 173.45 Td (a ) Tj ET Q q 0 0 0 rg BT 526.98 173.45 Td (significant ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 162.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 91.52 162.65 Td (lease ) Tj ET Q q 0 0 0 rg BT 115.53 162.65 Td (obligation ) Tj ET Q q 0 0 0 rg BT 156.56 162.65 Td (or ) Tj ET Q q 0 0 0 rg BT 167.07 162.65 Td (guarantee.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 145.85 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.00 145.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.03 145.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.05 145.85 Td (, ) Tj ET Q q 0 0 0 rg BT 158.05 145.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 200.08 145.85 Td (was ) Tj ET Q q 0 0 0 rg BT 218.58 145.85 Td (in ) Tj ET Q q 0 0 0 rg BT 228.09 145.85 Td (compliance ) Tj ET Q q 0 0 0 rg BT 276.11 145.85 Td (with ) Tj ET Q q 0 0 0 rg BT 294.62 145.85 Td (all ) Tj ET Q q 0 0 0 rg BT 306.12 145.85 Td (covenants ) Tj ET Q q 0 0 0 rg BT 349.65 145.85 Td (under ) Tj ET Q q 0 0 0 rg BT 375.17 145.85 Td (its ) Tj ET Q q 0 0 0 rg BT 386.67 145.85 Td (bank ) Tj ET Q q 0 0 0 rg BT 408.69 145.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 433.20 145.85 Td (facility) Tj ET Q q 0 0 0 rg BT 457.53 145.85 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 129.05 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 129.05 Td (Senior ) Tj ET Q q 0 0 0 rg BT 111.51 129.05 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 159.52 129.05 Td (notes ) Tj ET Q q 0 0 0 rg BT 186.02 129.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 217.04 129.05 Td (under ) Tj ET Q q 0 0 0 rg BT 244.54 129.05 Td (a ) Tj ET Q q 0 0 0 rg BT 252.04 129.05 Td (master ) Tj ET Q q 0 0 0 rg BT 284.06 129.05 Td (shelf ) Tj ET Q q 0 0 0 rg BT 307.57 129.05 Td (agreement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 112.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.56 112.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 139.13 112.25 Td (into ) Tj ET Q q 0 0 0 rg BT 156.68 112.25 Td (an ) Tj ET Q q 0 0 0 rg BT 169.73 112.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 224.29 112.25 Td (master ) Tj ET Q q 0 0 0 rg BT 254.83 112.25 Td (shelf ) Tj ET Q q 0 0 0 rg BT 276.88 112.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 322.95 112.25 Td (that ) Tj ET Q q 0 0 0 rg BT 341.00 112.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 369.05 112.25 Td (for ) Tj ET Q q 0 0 0 rg BT 382.59 112.25 Td (an ) Tj ET Q q 0 0 0 rg BT 395.64 112.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 439.21 112.25 Td (draw ) Tj ET Q q 0 0 0 rg BT 461.76 112.25 Td (of ) Tj ET Q q 0 0 0 rg BT 472.30 112.25 Td (up ) Tj ET Q q 0 0 0 rg BT 485.35 112.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.90 112.25 Td (US$125 ) Tj ET Q q 0 0 0 rg BT 531.46 112.25 Td (million ) Tj ET Q q 0 0 0 rg BT 560.01 112.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 101.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 86.53 101.45 Td (at ) Tj ET Q q 0 0 0 rg BT 95.54 101.45 Td (a ) Tj ET Q q 0 0 0 rg BT 102.06 101.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 119.08 101.45 Td (equal ) Tj ET Q q 0 0 0 rg BT 142.61 101.45 Td (to ) Tj ET Q q 0 0 0 rg BT 151.62 101.45 Td (the ) Tj ET Q q 0 0 0 rg BT 165.65 101.45 Td (related ) Tj ET Q q 0 0 0 rg BT 194.67 101.45 Td (US ) Tj ET Q q 0 0 0 rg BT 208.69 101.45 Td (treasury ) Tj ET Q q 0 0 0 rg BT 242.71 101.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 259.73 101.45 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 318.27 101.45 Td (to ) Tj ET Q q 0 0 0 rg BT 327.29 101.45 Td (the ) Tj ET Q q 0 0 0 rg BT 341.31 101.45 Td (term ) Tj ET Q q 0 0 0 rg BT 360.82 101.45 Td (of ) Tj ET Q q 0 0 0 rg BT 369.84 101.45 Td (the ) Tj ET Q q 0 0 0 rg BT 383.86 101.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 407.39 101.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 425.41 101.45 Td (an ) Tj ET Q q 0 0 0 rg BT 436.93 101.45 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 483.97 101.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 507.49 101.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 522.99 101.45 Td (adjustment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 90.65 Td (at ) Tj ET Q q 0 0 0 rg BT 72.52 90.65 Td (the ) Tj ET Q q 0 0 0 rg BT 87.04 90.65 Td (time ) Tj ET Q q 0 0 0 rg BT 106.05 90.65 Td (of ) Tj ET Q q 0 0 0 rg BT 115.57 90.65 Td (issuance. ) Tj ET Q q 0 0 0 rg BT 155.60 90.65 Td (In ) Tj ET Q q 0 0 0 rg BT 165.12 90.65 Td (2010, ) Tj ET Q q 0 0 0 rg BT 189.65 90.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 231.19 90.65 Td (drew ) Tj ET Q q 0 0 0 rg BT 252.70 90.65 Td (down ) Tj ET Q q 0 0 0 rg BT 276.23 90.65 Td (US$50 ) Tj ET Q q 0 0 0 rg BT 305.76 90.65 Td (million ) Tj ET Q q 0 0 0 rg BT 333.28 90.65 Td (on ) Tj ET Q q 0 0 0 rg BT 345.30 90.65 Td (the ) Tj ET Q q 0 0 0 rg BT 359.82 90.65 Td (master ) Tj ET Q q 0 0 0 rg BT 389.33 90.65 Td (shelf ) Tj ET Q q 0 0 0 rg BT 410.36 90.65 Td (agreement ) Tj ET Q q 0 0 0 rg BT 455.39 90.65 Td (with ) Tj ET Q q 0 0 0 rg BT 473.41 90.65 Td (a ) Tj ET Q q 0 0 0 rg BT 480.43 90.65 Td (coupon ) Tj ET Q q 0 0 0 rg BT 511.96 90.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 529.48 90.65 Td (of ) Tj ET Q q 0 0 0 rg BT 539.00 90.65 Td (4.86%. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 79.85 Td (Of ) Tj ET Q q 0 0 0 rg BT 77.40 79.85 Td (the ) Tj ET Q q 0 0 0 rg BT 94.81 79.85 Td (US$50 ) Tj ET Q q 0 0 0 rg BT 127.22 79.85 Td (million ) Tj ET Q q 0 0 0 rg BT 157.63 79.85 Td (drawn, ) Tj ET Q q 0 0 0 rg BT 189.54 79.85 Td (US$25 ) Tj ET Q q 0 0 0 rg BT 221.95 79.85 Td (million ) Tj ET Q q 0 0 0 rg BT 252.36 79.85 Td (was ) Tj ET Q q 0 0 0 rg BT 273.26 79.85 Td (repaid ) Tj ET Q q 0 0 0 rg BT 303.17 79.85 Td (on ) Tj ET Q q 0 0 0 rg BT 318.08 79.85 Td (June4,2016 ) Tj ET Q q 0 0 0 rg BT 375.02 79.85 Td (and ) Tj ET Q q 0 0 0 rg BT 394.94 79.85 Td (the ) Tj ET Q q 0 0 0 rg BT 412.35 79.85 Td (remaining ) Tj ET Q q 0 0 0 rg BT 456.76 79.85 Td (US$25 ) Tj ET Q q 0 0 0 rg BT 489.18 79.85 Td (million ) Tj ET Q q 0 0 0 rg BT 519.58 79.85 Td (matures ) Tj ET Q q 0 0 0 rg BT 556.99 79.85 Td (on ) Tj ET Q q 0 0 0 rg BT 569.50 79.85 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 79.85 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 79.85 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 79.85 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 79.85 Td ( ) Tj ET Q q 0 0 0 rg BT 582.01 79.85 Td ( ) Tj ET Q q 0 0 0 rg BT 584.51 79.85 Td ( ) Tj ET Q q 0 0 0 rg BT 587.01 79.85 Td ( ) Tj ET Q q 0 0 0 rg BT 589.51 79.85 Td ( ) Tj ET Q q 0 0 0 rg 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0 0 rg BT 652.02 79.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 69.05 Td (June ) Tj ET Q q 0 0 0 rg BT 85.02 69.05 Td (4, ) Tj ET Q q 0 0 0 rg BT 95.02 69.05 Td (2017. ) Tj ET Q endstream endobj 115 0 obj <> endobj 116 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 57) 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 (Bonavista ) Tj ET Q q 0 0 0 rg BT 104.63 731.45 Td (increased ) Tj ET Q q 0 0 0 rg BT 145.75 731.45 Td (its ) Tj ET Q q 0 0 0 rg BT 156.86 731.45 Td (existing ) Tj ET Q q 0 0 0 rg BT 189.48 731.45 Td (master ) Tj ET Q q 0 0 0 rg BT 219.09 731.45 Td (shelf ) Tj ET Q q 0 0 0 rg BT 240.20 731.45 Td (agreement ) Tj ET Q q 0 0 0 rg BT 285.33 731.45 Td (from ) Tj ET Q q 0 0 0 rg BT 305.43 731.45 Td (US$125 ) Tj ET Q q 0 0 0 rg BT 340.06 731.45 Td (million ) Tj ET Q q 0 0 0 rg BT 367.67 731.45 Td (to ) Tj ET Q q 0 0 0 rg BT 377.28 731.45 Td (US$150 ) Tj ET Q q 0 0 0 rg BT 411.91 731.45 Td (million ) Tj ET Q q 0 0 0 rg BT 439.52 731.45 Td (allowing ) Tj ET Q q 0 0 0 rg BT 474.14 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 488.76 731.45 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 537.88 731.45 Td (to ) Tj ET Q q 0 0 0 rg BT 547.49 731.45 Td (draw ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 720.65 Td (an ) Tj ET Q q 0 0 0 rg BT 75.48 720.65 Td (additional ) Tj ET Q q 0 0 0 rg BT 116.47 720.65 Td (US$100 ) Tj ET Q q 0 0 0 rg BT 151.46 720.65 Td (million ) Tj ET Q q 0 0 0 rg BT 179.44 720.65 Td (in ) Tj ET Q q 0 0 0 rg BT 188.91 720.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 213.39 720.65 Td (at ) Tj ET Q q 0 0 0 rg BT 223.36 720.65 Td (a ) Tj ET Q q 0 0 0 rg BT 230.83 720.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 248.81 720.65 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(the ) Tj ET Q q 0 0 0 rg BT 333.65 605.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 353.67 605.45 Td (repayments ) Tj ET Q q 0 0 0 rg BT 403.19 605.45 Td (due ) Tj ET Q q 0 0 0 rg BT 420.71 605.45 Td (in ) Tj ET Q q 0 0 0 rg BT 430.21 605.45 Td (2020 ) Tj ET Q q 0 0 0 rg BT 452.73 605.45 Td (and ) Tj ET Q q 0 0 0 rg BT 470.25 605.45 Td (thereafter) Tj ET Q q 0 0 0 rg BT 508.28 605.45 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 588.65 Td (The ) Tj ET Q q 0 0 0 rg BT 81.01 588.65 Td (terms ) Tj ET Q q 0 0 0 rg BT 106.01 588.65 Td (and ) Tj ET Q q 0 0 0 rg BT 123.53 588.65 Td (coupon ) Tj ET Q q 0 0 0 rg BT 155.55 588.65 Td (rates ) Tj ET Q q 0 0 0 rg BT 178.06 588.65 Td (of ) Tj ET Q q 0 0 0 rg BT 188.07 588.65 Td (the ) Tj ET Q q 0 0 0 rg BT 203.08 588.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 230.09 588.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 274.62 588.65 Td (notes, ) Tj ET Q q 0 0 0 rg BT 301.64 588.65 Td (not ) Tj ET Q q 0 0 0 rg BT 316.65 588.65 Td (subject ) Tj ET Q q 0 0 0 rg BT 347.67 588.65 Td (to ) Tj ET Q q 0 0 0 rg BT 357.68 588.65 Td (the ) Tj ET Q q 0 0 0 rg BT 372.69 588.65 Td (master ) Tj ET Q q 0 0 0 rg BT 402.69 588.65 Td (shelf ) Tj ET Q q 0 0 0 rg BT 424.20 588.65 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 472.23 588.65 Td (are ) Tj ET Q q 0 0 0 rg BT 487.74 588.65 Td (summarized ) Tj ET Q q 0 0 0 rg BT 539.25 588.65 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63 575.15 m 195 575.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63 560.15 m 195 560.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 575.15 m 223 575.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 560.15 m 223 560.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 575.15 m 302 575.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 560.15 m 302 560.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 575.15 m 434 575.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 560.15 m 434 560.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 575.15 m 566 575.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 560.15 m 566 560.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63 455.15 m 195 455.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 455.15 m 223 455.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 455.15 m 302 455.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 455.15 m 434 455.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 455.15 m 566 455.15 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 65.50 564.55 Td (Issued Date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.50 564.55 Td (Principal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.50 564.55 Td (Coupon Rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.50 564.55 Td (Maturity Dates) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 549.55 Td (November 2, 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.50 549.55 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.50 549.55 Td ($90.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.50 549.55 Td (3.66%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.50 549.55 Td (November 2, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 534.55 Td (November 2, 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.50 534.55 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.50 534.55 Td ($160.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.50 534.55 Td (4.37%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.50 534.55 Td (November 2, 2020) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 519.55 Td (November 2, 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.50 519.55 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.50 519.55 Td ($50.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.50 519.55 Td (4.47%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.50 519.55 Td (November 2, 2022) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 504.55 Td (October 25, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.50 504.55 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.50 504.55 Td ($150.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.50 504.55 Td (4.25%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.50 504.55 Td (October 25, 2021) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 489.55 Td (May 23, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.50 489.55 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.50 489.55 Td ($85.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.50 489.55 Td (3.68%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.50 489.55 Td (May 23, 2023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 474.55 Td (May 23, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.50 474.55 Td (CDN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.50 474.55 Td ($20.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.50 474.55 Td (4.09%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.50 474.55 Td (May 23, 2023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 459.55 Td (May 23, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.50 459.55 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.50 459.55 Td ($20.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.50 459.55 Td (3.78%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.50 459.55 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 63.00 438.85 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.32 438.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 131.67 438.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.69 438.85 Td (, ) Tj ET Q q 0 0 0 rg BT 156.01 438.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 197.35 438.85 Td (was ) Tj ET Q q 0 0 0 rg BT 215.17 438.85 Td (in ) Tj ET Q q 0 0 0 rg BT 223.99 438.85 Td (compliance ) Tj ET Q q 0 0 0 rg BT 271.33 438.85 Td (with ) Tj ET Q q 0 0 0 rg BT 289.16 438.85 Td (all ) Tj ET Q q 0 0 0 rg BT 299.98 438.85 Td (covenants ) Tj ET Q q 0 0 0 rg BT 342.82 438.85 Td (under ) Tj ET Q q 0 0 0 rg BT 367.66 438.85 Td (its ) Tj ET Q q 0 0 0 rg BT 378.48 438.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 404.81 438.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 448.66 438.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 472.49 438.85 Td (issued ) Tj ET Q q 0 0 0 rg BT 500.32 438.85 Td (under ) Tj ET Q q 0 0 0 rg BT 525.16 438.85 Td (the ) Tj ET Q q 0 0 0 rg BT 539.49 438.85 Td (master ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 428.05 Td (shelf ) Tj ET Q q 0 0 0 rg BT 84.51 428.05 Td (agreement ) Tj ET Q q 0 0 0 rg BT 130.04 428.05 Td (and ) Tj ET Q q 0 0 0 rg BT 147.56 428.05 Td (senior ) Tj ET Q q 0 0 0 rg BT 174.57 428.05 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 219.10 428.05 Td (notes ) Tj ET Q q 0 0 0 rg BT 243.62 428.05 Td (not ) Tj ET Q q 0 0 0 rg BT 258.63 428.05 Td (subject ) Tj ET Q q 0 0 0 rg BT 289.64 428.05 Td (to ) Tj ET Q q 0 0 0 rg BT 299.65 428.05 Td (the ) Tj ET Q q 0 0 0 rg BT 314.66 428.05 Td (master ) Tj ET Q q 0 0 0 rg BT 344.67 428.05 Td (shelf ) Tj ET Q q 0 0 0 rg BT 366.18 428.05 Td (agreement.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 411.25 Td (15. ) Tj ET Q q 0 0 0 rg BT 60.01 411.25 Td ( ) Tj ET Q q 0 0 0 rg BT 62.51 411.25 Td (Decommissioning ) Tj ET Q q 0 0 0 rg BT 142.53 411.25 Td (liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 394.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 104.36 394.45 Td (s ) Tj ET Q q 0 0 0 rg BT 112.08 394.45 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 184.82 394.45 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 222.05 394.45 Td (results ) Tj ET Q q 0 0 0 rg BT 251.77 394.45 Td (from ) Tj ET Q q 0 0 0 rg BT 272.99 394.45 Td (net ) Tj ET Q q 0 0 0 rg BT 288.71 394.45 Td (ownership ) Tj ET Q q 0 0 0 rg BT 332.95 394.45 Td (interests ) Tj ET Q q 0 0 0 rg BT 370.18 394.45 Td (in ) Tj ET Q q 0 0 0 rg BT 380.40 394.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 392.62 394.45 Td (and ) Tj ET Q q 0 0 0 rg BT 410.85 394.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 441.58 394.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 459.31 394.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 488.53 394.45 Td (including ) Tj ET Q q 0 0 0 rg BT 527.27 394.45 Td (well ) Tj ET Q q 0 0 0 rg BT 545.99 394.45 Td (sites, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 383.65 Td (gathering ) Tj ET Q q 0 0 0 rg BT 103.11 383.65 Td (systems ) Tj ET Q q 0 0 0 rg BT 138.69 383.65 Td (and ) Tj ET Q q 0 0 0 rg BT 156.28 383.65 Td (processing ) Tj ET Q q 0 0 0 rg BT 202.39 383.65 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 239.48 383.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 281.58 383.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 322.67 383.65 Td (the ) Tj ET Q q 0 0 0 rg BT 337.76 383.65 Td (net ) Tj ET Q q 0 0 0 rg BT 352.85 383.65 Td (present ) Tj ET Q q 0 0 0 rg BT 385.45 383.65 Td (value ) Tj ET Q q 0 0 0 rg BT 409.54 383.65 Td (of ) Tj ET Q q 0 0 0 rg BT 419.63 383.65 Td (its ) Tj ET Q q 0 0 0 rg BT 431.21 383.65 Td (total ) Tj ET Q q 0 0 0 rg BT 450.79 383.65 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 522.90 383.65 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 559.50 383.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 372.85 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.29 372.85 Td ($437.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.81 372.85 Td ( ) Tj ET Q q 0 0 0 rg BT 105.09 372.85 Td (million ) Tj ET Q q 0 0 0 rg BT 132.87 372.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.66 372.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 201.46 372.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.48 372.85 Td ( ) Tj ET Q q 0 0 0 rg BT 223.76 372.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.76 372.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 285.56 372.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.58 372.85 Td ( ) Tj ET Q q 0 0 0 rg BT 307.86 372.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.13 372.85 Td ($488.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.66 372.85 Td ( ) Tj ET Q q 0 0 0 rg BT 342.94 372.85 Td (million\), ) Tj ET Q q 0 0 0 rg BT 376.22 372.85 Td (based ) Tj ET Q q 0 0 0 rg BT 403.02 372.85 Td (on ) Tj ET Q q 0 0 0 rg BT 415.30 372.85 Td (an ) Tj ET Q q 0 0 0 rg BT 427.59 372.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 468.89 372.85 Td (total ) Tj ET Q q 0 0 0 rg BT 488.17 372.85 Td (future ) Tj ET Q q 0 0 0 rg BT 513.47 372.85 Td (undiscounted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 362.05 Td (liability ) Tj ET Q q 0 0 0 rg BT 94.05 362.05 Td (of ) Tj ET Q q 0 0 0 rg BT 105.59 362.05 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.66 362.05 Td ($889.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.19 362.05 Td ( ) Tj ET Q q 0 0 0 rg BT 197.23 362.05 Td (million ) Tj ET Q q 0 0 0 rg BT 226.77 362.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.77 362.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 290.34 362.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.36 362.05 Td ( ) Tj ET Q q 0 0 0 rg BT 314.40 362.05 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.44 362.05 Td ($1.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.95 362.05 Td ( ) Tj ET Q q 0 0 0 rg BT 342.99 362.05 Td (billion\). ) Tj ET Q q 0 0 0 rg BT 374.74 362.05 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.29 362.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 447.85 362.05 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.87 362.05 Td ( ) Tj ET Q q 0 0 0 rg BT 471.91 362.05 Td (management ) Tj ET Q q 0 0 0 rg BT 528.49 362.05 Td (estimates ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 351.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 116.66 351.25 Td (required ) Tj ET Q q 0 0 0 rg BT 151.81 351.25 Td (to ) Tj ET Q q 0 0 0 rg BT 161.44 351.25 Td (settle ) Tj ET Q q 0 0 0 rg BT 185.07 351.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.71 351.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 228.85 351.25 Td (will ) Tj ET Q q 0 0 0 rg BT 243.47 351.25 Td (be ) Tj ET Q q 0 0 0 rg BT 255.60 351.25 Td (made ) Tj ET Q q 0 0 0 rg BT 280.24 351.25 Td (over ) Tj ET Q q 0 0 0 rg BT 299.88 351.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.51 351.25 Td (next ) Tj ET Q q 0 0 0 rg BT 333.65 351.25 Td (51 ) Tj ET Q q 0 0 0 rg BT 345.79 351.25 Td (years ) Tj ET Q q 0 0 0 rg BT 369.92 351.25 Td (with ) Tj ET Q q 0 0 0 rg BT 388.05 351.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.69 351.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 436.32 351.25 Td (of ) Tj ET Q q 0 0 0 rg BT 445.95 351.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 487.09 351.25 Td (being ) Tj ET Q q 0 0 0 rg BT 511.24 351.25 Td (made ) Tj ET Q q 0 0 0 rg BT 535.88 351.25 Td (in ) Tj ET Q q 0 0 0 rg BT 545.01 351.25 Td (years ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 340.45 Td (2048 ) Tj ET Q q 0 0 0 rg BT 85.16 340.45 Td (to ) Tj ET Q q 0 0 0 rg BT 94.81 340.45 Td (2067. ) Tj ET Q q 0 0 0 rg BT 119.05 340.45 Td (A) Tj ET Q q 0 0 0 rg BT 124.56 340.45 Td ( ) Tj ET Q q 0 0 0 rg BT 126.70 340.45 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 161.34 340.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 178.99 340.45 Td (of ) Tj ET Q q 0 0 0 rg BT 188.64 340.45 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.81 340.45 Td (2.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.32 340.45 Td ( ) Tj ET Q q 0 0 0 rg BT 269.46 340.45 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.46 340.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 331.13 340.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.15 340.45 Td ( ) Tj ET Q q 0 0 0 rg BT 353.29 340.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.43 340.45 Td (2.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.94 340.45 Td (\) ) Tj ET Q q 0 0 0 rg BT 384.08 340.45 Td (based ) Tj ET Q q 0 0 0 rg BT 410.74 340.45 Td (on ) Tj ET Q q 0 0 0 rg BT 422.90 340.45 Td (the ) Tj ET Q q 0 0 0 rg BT 437.55 340.45 Td (Bank ) Tj ET Q q 0 0 0 rg BT 460.20 340.45 Td (of ) Tj ET Q q 0 0 0 rg BT 469.85 340.45 Td (Canada) Tj ET Q q 0 0 0 rg BT 503.21 340.45 Td (s ) Tj ET Q q 0 0 0 rg BT 509.86 340.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 550.01 340.45 Td (risk-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 329.65 Td (free ) Tj ET Q q 0 0 0 rg BT 82.38 329.65 Td (bond ) Tj ET Q q 0 0 0 rg BT 106.27 329.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 125.64 329.65 Td (and ) Tj ET Q q 0 0 0 rg BT 144.52 329.65 Td (an ) Tj ET Q q 0 0 0 rg BT 158.40 329.65 Td (inflation ) Tj ET Q q 0 0 0 rg BT 193.29 329.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 212.67 329.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.04 329.65 Td (1.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.56 329.65 Td ( ) Tj ET Q q 0 0 0 rg BT 248.42 329.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.42 329.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 311.81 329.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.84 329.65 Td ( ) Tj ET Q q 0 0 0 rg BT 335.70 329.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.57 329.65 Td (1.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.08 329.65 Td (\) ) Tj ET Q q 0 0 0 rg BT 369.95 329.65 Td (were ) Tj ET Q q 0 0 0 rg BT 393.32 329.65 Td (used ) Tj ET Q q 0 0 0 rg BT 416.71 329.65 Td (to ) Tj ET Q q 0 0 0 rg BT 428.08 329.65 Td (calculate ) Tj ET Q q 0 0 0 rg BT 467.47 329.65 Td (the ) Tj ET Q q 0 0 0 rg BT 483.85 329.65 Td (present ) Tj ET Q q 0 0 0 rg BT 517.73 329.65 Td (value ) Tj ET Q q 0 0 0 rg BT 543.12 329.65 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 329.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 318.85 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 135.03 318.85 Td (liability ) Tj ET Q q 0 0 0 rg BT 164.54 318.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.55 318.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 233.57 318.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.60 318.85 Td (. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 305.35 m 283.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 283.35 m 283.5 283.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 305.35 m 373.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 283.35 m 373.5 283.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 305.35 m 470.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 283.35 m 470.5 283.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 305.35 m 475.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 283.35 m 475.5 283.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 305.35 m 567.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 283.35 m 567.5 283.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 160.35000000000002 m 283.5 160.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 160.35000000000002 m 373.5 160.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 160.35000000000002 m 470.5 160.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 160.35000000000002 m 475.5 160.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 160.35000000000002 m 567.5 160.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 146.35000000000002 m 283.5 146.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 146.35000000000002 m 373.5 146.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 146.35000000000002 m 470.5 146.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 146.35000000000002 m 475.5 146.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 146.35000000000002 m 567.5 146.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 118.35000000000002 m 283.5 118.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 118.35000000000002 m 373.5 118.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 118.35000000000002 m 470.5 118.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 118.35000000000002 m 475.5 118.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 118.35000000000002 m 567.5 118.35000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.95 296.75 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.90 287.75 Td (December 31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.25 296.30 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 287.30 Td (December 31, 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 275.75 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 262.75 Td (Balance, beginning of year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.45 262.75 Td (488,901) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 262.75 Td (497,982) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 248.75 Td (Accretion expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 248.75 Td (8,251) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 248.75 Td (10,107) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 234.75 Td (Liabilities incurred) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 234.75 Td (4,810) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 234.75 Td (6,058) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 220.75 Td (Liabilities acquired) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 220.75 Td (12,483) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 220.75 Td (1,828) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 206.75 Td (Liabilities disposed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.45 206.75 Td (\(75,172) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 206.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 206.75 Td (\(40,453) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 206.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 192.75 Td (Liabilities settled) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.45 192.75 Td (\(15,309) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 192.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 192.75 Td (\(18,925) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 192.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 178.75 Td (Revaluation of liabilities acquired) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 203.08 183.04 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 178.75 Td (26,166) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 178.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 164.75 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 149.55 169.04 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.45 164.75 Td (\(12,208) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 164.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 164.75 Td (32,304) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 150.75 Td (Balance, end of year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.45 150.75 Td (437,922) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 150.75 Td (488,901) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 136.75 Td (Expected to be incurred within one year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 136.75 Td (20,936) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 136.75 Td (18,559) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 122.75 Td (Expected to be incurred beyond one year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.45 122.75 Td (416,986) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 122.75 Td (470,342) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 108.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.07 108.65 Td ( ) Tj ET Q q 0 0 0 rg BT 73.80 108.65 Td ( ) Tj ET Q q 0 0 0 rg BT 75.54 108.65 Td ( ) Tj ET Q q 0 0 0 rg BT 77.27 108.65 Td ( ) Tj ET Q q 0 0 0 rg BT 79.00 108.65 Td ( ) Tj ET Q q 0 0 0 rg BT 80.74 108.65 Td (Relates ) Tj ET Q q 0 0 0 rg BT 102.82 108.65 Td (to ) Tj ET Q q 0 0 0 rg BT 109.56 108.65 Td (the ) Tj ET Q q 0 0 0 rg BT 119.63 108.65 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 150.72 108.65 Td (of ) Tj ET Q q 0 0 0 rg BT 157.46 108.65 Td (acquired ) Tj ET Q q 0 0 0 rg BT 182.21 108.65 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 230.29 108.65 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 254.70 108.65 Td (using ) Tj ET Q q 0 0 0 rg BT 270.78 108.65 Td (a ) Tj ET Q q 0 0 0 rg BT 275.85 108.65 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 299.26 108.65 Td (discount ) Tj ET Q q 0 0 0 rg BT 323.34 108.65 Td (rate. ) Tj ET Q q 0 0 0 rg BT 336.73 108.65 Td (At ) Tj ET Q q 0 0 0 rg BT 344.14 108.65 Td (the ) Tj ET Q q 0 0 0 rg BT 354.21 108.65 Td (date ) Tj ET Q q 0 0 0 rg BT 367.62 108.65 Td (of ) Tj ET Q q 0 0 0 rg BT 374.36 108.65 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 404.45 108.65 Td (the ) Tj ET Q q 0 0 0 rg BT 414.52 108.65 Td (acquired ) Tj ET Q q 0 0 0 rg BT 439.27 108.65 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 487.36 108.65 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 511.77 108.65 Td (were ) Tj ET Q q 0 0 0 rg BT 526.51 108.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 551.93 108.65 Td (at ) Tj ET Q q 0 0 0 rg BT 558.66 108.65 Td (fair ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 81.00 101.45 Td (value.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 94.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 81.00 94.25 Td (Relates ) Tj ET Q q 0 0 0 rg BT 103.01 94.25 Td (to ) Tj ET Q q 0 0 0 rg BT 109.68 94.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 134.03 94.25 Td (in ) Tj ET Q q 0 0 0 rg BT 140.37 94.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 168.05 94.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 185.39 94.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 209.40 94.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 224.41 94.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.09 94.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 266.77 94.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 296.12 94.25 Td (dates ) Tj ET Q q 0 0 0 rg BT 312.47 94.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.14 94.25 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 367.16 94.25 Td (liabilities.) Tj ET Q endstream endobj 117 0 obj <> endobj 118 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 58) 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 (16. ) 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 (Deferred ) Tj ET Q q 0 0 0 rg BT 102.03 731.45 Td (income ) Tj ET Q q 0 0 0 rg BT 136.04 731.45 Td (taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 714.65 Td (The provision for income tax dif) Tj ET Q q 0 0 0 rg BT 187.89 714.65 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 63.00 703.85 Td (Provincial income tax rates to net loss before taxes. ) Tj ET Q q 0 0 0 rg BT 270.94 703.85 Td (The dif) Tj ET Q q 0 0 0 rg BT 298.29 703.85 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 64.5 690.35 m 376.5 690.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 669.35 m 376.5 669.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 690.35 m 468.5 690.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 669.35 m 468.5 669.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 690.35 m 472.5 690.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 669.35 m 472.5 669.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 690.35 m 564.5 690.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 669.35 m 564.5 669.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 630.35 m 376.5 630.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 630.35 m 468.5 630.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 630.35 m 472.5 630.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 630.35 m 564.5 630.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 616.35 m 376.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 630.35 m 468.5 630.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 616.35 m 468.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 616.35 m 472.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 616.35 m 564.5 616.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 546.35 m 376.5 546.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 546.35 m 468.5 546.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 546.35 m 472.5 546.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 546.35 m 564.5 546.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64.5 532.35 m 376.5 532.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 532.35 m 468.5 532.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 532.35 m 472.5 532.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 532.35 m 564.5 532.35 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.95 681.30 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.90 672.30 Td (December 31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.25 681.30 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.95 672.30 Td (December 31, 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 67.00 661.75 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 648.75 Td (Loss before taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.40 648.75 Td (\(134,927) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.95 648.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.40 648.75 Td (\(955,596) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.95 648.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 634.75 Td (Current statutory income tax rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.40 634.75 Td (27.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.95 634.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.40 634.75 Td (26.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.95 634.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 620.75 Td (Income tax recovery at current statutory rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 620.75 Td (\(36,430) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.95 620.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.40 620.75 Td (\(248,455) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.95 620.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 606.75 Td (Non-deductible \(taxable\) portion of realized and unrealized foreign exchange) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.40 606.75 Td (\(1,694) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.95 606.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.40 606.75 Td (13,893) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 592.75 Td (Change in unrecognized deferred tax asset) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.40 592.75 Td (\(1,694) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.95 592.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.40 592.75 Td (13,893) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 578.75 Td (Non-deductible share-based compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.90 578.75 Td (454) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.40 578.75 Td (4,271) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 564.75 Td (Effect of tax rate changes and rate variance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.90 564.75 Td (146) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.40 564.75 Td (11,281) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 550.75 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.90 550.75 Td (289) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.40 550.75 Td (1,066) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.00 536.75 Td (Deferred income tax recovery) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 536.75 Td (\(38,929) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.95 536.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.40 536.75 Td (\(204,051) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.95 536.75 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 516.05 Td (The ) Tj ET Q q 0 0 0 rg BT 84.19 516.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 101.88 516.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 123.07 516.05 Td (consists ) Tj ET Q q 0 0 0 rg BT 161.26 516.05 Td (of ) Tj ET Q q 0 0 0 rg BT 174.45 516.05 Td (the ) Tj ET Q q 0 0 0 rg BT 192.64 516.05 Td (combined ) Tj ET Q q 0 0 0 rg BT 237.35 516.05 Td (federal ) Tj ET Q q 0 0 0 rg BT 270.55 516.05 Td (and ) Tj ET Q q 0 0 0 rg BT 291.24 516.05 Td (provincial ) Tj ET Q q 0 0 0 rg BT 334.94 516.05 Td (statutory ) Tj ET Q q 0 0 0 rg BT 375.14 516.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 392.83 516.05 Td (rates ) Tj ET Q q 0 0 0 rg BT 418.52 516.05 Td (for ) Tj ET Q q 0 0 0 rg BT 434.70 516.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 479.91 516.05 Td (for ) Tj ET Q q 0 0 0 rg BT 496.09 516.05 Td (the ) Tj ET Q q 0 0 0 rg BT 514.28 516.05 Td (years ) Tj ET Q q 0 0 0 rg BT 541.97 516.05 Td (ended ) Tj ET Q q 0 0 0 rg BT 569.50 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 584.50 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 587.00 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 589.50 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 592.00 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 599.51 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 602.01 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 604.51 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 607.01 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 609.51 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 612.01 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 614.51 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 617.01 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 619.51 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 622.01 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 624.51 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 627.01 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 629.51 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 632.01 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 634.51 516.05 Td ( ) Tj ET Q q 0 0 0 rg BT 637.01 516.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 505.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 122.49 505.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.51 505.25 Td ( ) Tj ET Q q 0 0 0 rg BT 145.48 505.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.45 505.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 222.94 505.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.97 505.25 Td (. ) Tj ET Q q 0 0 0 rg BT 248.24 505.25 Td (The ) Tj ET Q q 0 0 0 rg BT 266.71 505.25 Td (general ) Tj ET Q q 0 0 0 rg BT 299.70 505.25 Td (combined ) Tj ET Q q 0 0 0 rg BT 341.68 505.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 372.16 505.25 Td (and ) Tj ET Q q 0 0 0 rg BT 390.14 505.25 Td (provincial ) Tj ET Q q 0 0 0 rg BT 431.12 505.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 446.09 505.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 464.57 505.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 506.55 505.25 Td (slightly ) Tj ET Q q 0 0 0 rg BT 537.03 505.25 Td (in ) Tj ET Q q 0 0 0 rg BT 546.99 505.25 Td (2016 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 494.45 Td (due ) Tj ET Q q 0 0 0 rg BT 80.53 494.45 Td (to ) Tj ET Q q 0 0 0 rg BT 90.54 494.45 Td (a ) Tj ET Q q 0 0 0 rg BT 98.06 494.45 Td (decreased ) Tj ET Q q 0 0 0 rg BT 142.60 494.45 Td (weighting ) Tj ET Q q 0 0 0 rg BT 183.13 494.45 Td (in ) Tj ET Q q 0 0 0 rg BT 192.65 494.45 Td (British ) Tj ET Q q 0 0 0 rg BT 220.16 494.45 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 260.69 494.45 Td (and ) Tj ET Q q 0 0 0 rg BT 278.22 494.45 Td (increased ) Tj ET Q q 0 0 0 rg BT 319.75 494.45 Td (weighting ) Tj ET Q q 0 0 0 rg BT 360.29 494.45 Td (in ) Tj ET Q q 0 0 0 rg BT 369.30 494.45 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 400.33 494.45 Td (as ) Tj ET Q q 0 0 0 rg BT 412.35 494.45 Td (a ) Tj ET Q q 0 0 0 rg BT 419.86 494.45 Td (result ) Tj ET Q q 0 0 0 rg BT 444.38 494.45 Td (of ) Tj ET Q q 0 0 0 rg BT 454.40 494.45 Td (the ) Tj ET Q q 0 0 0 rg BT 469.42 494.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 514.45 494.45 Td (of ) Tj ET Q q 0 0 0 rg BT 524.47 494.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 552.49 494.45 Td (rich ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 483.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 93.68 483.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 111.36 483.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 140.53 483.65 Td (in ) Tj ET Q q 0 0 0 rg BT 150.70 483.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 199.61 483.65 Td (Deep ) Tj ET Q q 0 0 0 rg BT 224.29 483.65 Td (Basin ) Tj ET Q q 0 0 0 rg BT 249.97 483.65 Td (and ) Tj ET Q q 0 0 0 rg BT 268.15 483.65 Td (W) Tj ET Q q 0 0 0 rg BT 276.48 483.65 Td (est ) Tj ET Q q 0 0 0 rg BT 291.65 483.65 Td (Central ) Tj ET Q q 0 0 0 rg BT 323.83 483.65 Td (core ) Tj ET Q q 0 0 0 rg BT 344.50 483.65 Td (regions ) Tj ET Q q 0 0 0 rg BT 377.18 483.65 Td (in ) Tj ET Q q 0 0 0 rg BT 387.35 483.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 429.55 483.65 Td (for ) Tj ET Q q 0 0 0 rg BT 443.22 483.65 Td (non-core ) Tj ET Q q 0 0 0 rg BT 481.90 483.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 511.08 483.65 Td (in ) Tj ET Q q 0 0 0 rg BT 521.25 483.65 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 472.85 Td (Blueberry ) Tj ET Q q 0 0 0 rg BT 104.02 472.85 Td (area ) Tj ET Q q 0 0 0 rg BT 124.53 472.85 Td (of ) Tj ET Q q 0 0 0 rg BT 134.54 472.85 Td (British ) Tj ET Q q 0 0 0 rg BT 162.04 472.85 Td (Columbia. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 459.35 m 378.5 459.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 437.35 m 378.5 437.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 459.35 m 470.5 459.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 437.35 m 470.5 437.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 459.35 m 474.5 459.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 437.35 m 474.5 437.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 459.35 m 566.5 459.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 437.35 m 566.5 437.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 286.35 m 470.5 286.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 286.35 m 566.5 286.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 286.35 m 378.5 286.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 272.35 m 378.5 272.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 286.35 m 470.5 286.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 272.35 m 470.5 272.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 286.35 m 474.5 286.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 272.35 m 474.5 272.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 286.35 m 566.5 286.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 272.35 m 566.5 272.35 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.95 450.30 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.90 441.30 Td (December 31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.25 450.30 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 441.30 Td (December 31, 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 429.75 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 416.75 Td (Deferred income tax liabilities:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 402.75 Td (Capital assets in excess of tax value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.10 402.75 Td (346,796) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 402.75 Td (289,927) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 388.75 Td (Financial instrument contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.10 388.75 Td (\(21,961) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.65 388.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 388.75 Td (21,696) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 374.75 Td (Debt issue costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.60 374.75 Td (745) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 374.75 Td (1,151) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 360.75 Td (Deferred income tax assets:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 346.75 Td (Decommissioning liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.10 346.75 Td (\(118,108) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.65 346.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 346.75 Td (\(131,759) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 346.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 332.75 Td (Non-capital losses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.10 332.75 Td (\(175,784) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.65 332.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 332.75 Td (\(109,515) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 332.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 318.75 Td (Other liability) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.10 318.75 Td (\(2,897) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.65 318.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.45 318.75 Td (\(3,345) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 318.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 304.75 Td (Issue costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.10 304.75 Td (\(2,165) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.65 304.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.45 304.75 Td (\(2,499) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 304.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 290.75 Td (Share-based compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.10 290.75 Td (\(2,352) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.65 290.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 290.75 Td (\(442) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 290.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 276.75 Td (Deferred income taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.10 276.75 Td (24,274) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 276.75 Td (65,214) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 256.05 Td (A) Tj ET Q q 0 0 0 rg BT 68.51 256.05 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 63.5 242.54999999999995 m 224.5 242.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 210.54999999999995 m 224.5 210.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 242.54999999999995 m 314.5 242.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 210.54999999999995 m 314.5 210.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 242.54999999999995 m 395.5 242.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 210.54999999999995 m 395.5 210.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 242.54999999999995 m 476.5 242.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 210.54999999999995 m 476.5 210.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 242.54999999999995 m 567.5 242.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 210.54999999999995 m 567.5 210.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 86.54999999999995 m 314.5 86.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 86.54999999999995 m 395.5 86.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 86.54999999999995 m 476.5 86.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 86.54999999999995 m 224.5 86.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 72.54999999999995 m 224.5 72.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 86.54999999999995 m 314.5 86.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 72.54999999999995 m 314.5 72.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 86.54999999999995 m 395.5 86.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 72.54999999999995 m 395.5 72.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 86.54999999999995 m 476.5 86.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 72.54999999999995 m 476.5 72.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 86.54999999999995 m 567.5 86.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 72.54999999999995 m 567.5 72.54999999999995 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.45 232.95 Td (Balance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.95 223.95 Td (December 31, 2014 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.95 214.95 Td (\(Asset\)/Liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 232.95 Td (Recognized in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.95 223.95 Td (profit and loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.95 214.95 Td (\(Asset\)/Liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.95 232.95 Td (Recognized in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.95 223.95 Td (equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.95 214.95 Td (\(Asset\)/Liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 232.95 Td (Balance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.95 223.95 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.95 214.95 Td (\(Asset\)/Liability) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 202.55 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 188.95 Td (Property, plant and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.45 188.95 Td (446,249) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.45 188.95 Td (\(156,322) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 188.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.00 188.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 188.95 Td (289,927) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 174.95 Td (Decommissioning liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.45 174.95 Td (\(124,794) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.00 174.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.45 174.95 Td (\(6,965) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 174.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.00 174.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 174.95 Td (\(131,759) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 174.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 160.95 Td (Non-capital losses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.45 160.95 Td (\(83,295) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.00 160.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 160.95 Td (\(26,220) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 160.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.00 160.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 160.95 Td (\(109,515) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 160.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 146.95 Td (Issue costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.45 146.95 Td (\(4,094) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.00 146.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.45 146.95 Td (1,595) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.00 146.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.45 146.95 Td (\(2,499) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 146.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 132.95 Td (Other liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.45 132.95 Td (\(3,471) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.00 132.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 132.95 Td (126) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.00 132.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.45 132.95 Td (\(3,345) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 132.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 118.95 Td (Debt issue costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.45 118.95 Td (1,342) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 118.95 Td (\(191) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 118.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.00 118.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 118.95 Td (1,151) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 104.95 Td (Financial instrument contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.45 104.95 Td (38,561) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.45 104.95 Td (\(16,865) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 104.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.00 104.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 104.95 Td (21,696) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 90.95 Td (Share-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.45 90.95 Td (\(1,233) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.00 90.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 90.95 Td (791) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.00 90.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 90.95 Td (\(442) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 90.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.45 76.95 Td (269,265) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.45 76.95 Td (\(204,051) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.00 76.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.00 76.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 76.95 Td (65,214) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 119 0 obj <> endobj 120 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 59) 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 63.5 737.5 m 225.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 705.5 m 225.5 705.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 737.5 m 315.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 705.5 m 315.5 705.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 737.5 m 397.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 705.5 m 397.5 705.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 737.5 m 476.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 705.5 m 476.5 705.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 737.5 m 567.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 705.5 m 567.5 705.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 582.5 m 315.5 582.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 582.5 m 397.5 582.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 582.5 m 476.5 582.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 582.5 m 225.5 582.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 568.5 m 225.5 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 582.5 m 315.5 582.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 568.5 m 315.5 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 582.5 m 397.5 582.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 568.5 m 397.5 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 582.5 m 476.5 582.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 568.5 m 476.5 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 582.5 m 567.5 582.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 568.5 m 567.5 568.5 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.45 727.90 Td (Balance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.95 718.90 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.95 709.90 Td (\(Asset\)/Liability) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.95 727.90 Td (Recognized in) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.95 718.90 Td (profit and loss) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.95 709.90 Td (\(Asset\)/Liability) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.95 727.90 Td (Recognized in) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.45 718.90 Td (equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.95 709.90 Td (\(Asset\)/Liability) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.45 727.90 Td (Balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.90 718.90 Td (December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.95 709.90 Td (\(Asset\)/Liability) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 697.90 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 684.90 Td (Property, plant and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.45 684.90 Td (289,927) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.45 684.90 Td (56,869) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 684.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.45 684.90 Td (346,796) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 670.90 Td (Decommissioning liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.45 670.90 Td (\(131,759) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.00 670.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.45 670.90 Td (13,651) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 670.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.45 670.90 Td (\(118,108) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 670.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 656.90 Td (Non-capital losses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.45 656.90 Td (\(109,515) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.00 656.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.45 656.90 Td (\(66,269) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 656.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 656.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.45 656.90 Td (\(175,784) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 656.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 642.90 Td (Issue costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 642.90 Td (\(2,499) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.00 642.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.45 642.90 Td (1,673) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 642.90 Td (\(1,339) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.00 642.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.45 642.90 Td (\(2,165) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 642.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 628.90 Td (Other liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 628.90 Td (\(3,345) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.00 628.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.95 628.90 Td (448) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 628.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.45 628.90 Td (\(2,897) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 628.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 614.90 Td (Debt issue costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.45 614.90 Td (1,151) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.95 614.90 Td (\(406) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 614.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 614.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 548.95 614.90 Td (745) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 600.90 Td (Financial instrument contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.45 600.90 Td (21,696) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.45 600.90 Td (\(43,657) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 600.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 600.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.45 600.90 Td (\(21,961) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 600.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 586.90 Td (Share-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.95 586.90 Td (\(442) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.00 586.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.45 586.90 Td (\(1,238) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 586.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.95 586.90 Td (\(672) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.00 586.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.45 586.90 Td (\(2,352) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 586.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.45 572.90 Td (65,214) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.45 572.90 Td (\(38,929) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 572.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 572.90 Td (\(2,011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.00 572.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.45 572.90 Td (24,274) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 552.20 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 62.5 541.7 m 380.5 541.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 526.7 m 380.5 526.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 541.7 m 471.5 541.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 526.7 m 471.5 526.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 541.7 m 475.5 541.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 526.7 m 475.5 526.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 541.7 m 566.5 541.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 526.7 m 566.5 526.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 425.7 m 380.5 425.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 425.7 m 471.5 425.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 425.7 m 475.5 425.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 425.7 m 566.5 425.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 411.7 m 380.5 411.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 411.7 m 471.5 411.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 411.7 m 475.5 411.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 411.7 m 566.5 411.7 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.90 531.10 Td (December 31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 531.10 Td (December 31, 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 519.10 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 505.10 Td (Canadian oil and gas property expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 505.10 Td (520,994) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 505.10 Td (724,273) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 490.10 Td (Canadian development expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 490.10 Td (580,171) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 490.10 Td (715,497) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 475.10 Td (Canadian exploration expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 475.10 Td (322,346) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 475.10 Td (313,758) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 460.10 Td (Undepreciated capital cost) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 460.10 Td (271,065) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 460.10 Td (437,363) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 445.10 Td (Non-capital losses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 445.10 Td (651,776) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 445.10 Td (406,362) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 430.10 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 430.10 Td (8,028) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 430.10 Td (9,273) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 416.10 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.95 416.10 Td (2,354,380) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.95 416.10 Td (2,606,526) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 395.40 Td (Non-capital ) Tj ET Q q 0 0 0 rg BT 111.01 395.40 Td (losses ) Tj ET Q q 0 0 0 rg BT 139.00 395.40 Td (carry ) Tj ET Q q 0 0 0 rg BT 161.49 395.40 Td (forward ) Tj ET Q q 0 0 0 rg BT 193.99 395.40 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.98 395.40 Td ($651.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.51 395.40 Td ( ) Tj ET Q q 0 0 0 rg BT 233.99 395.40 Td (million ) Tj ET Q q 0 0 0 rg BT 261.98 395.40 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.98 395.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 323.99 395.40 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.01 395.40 Td ( ) Tj ET Q q 0 0 0 rg BT 346.50 395.40 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.98 395.40 Td ($406.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.51 395.40 Td ( ) Tj ET Q q 0 0 0 rg BT 382.00 395.40 Td (million\) ) Tj ET Q q 0 0 0 rg BT 412.98 395.40 Td (expire ) Tj ET Q q 0 0 0 rg BT 439.98 395.40 Td (in ) Tj ET Q q 0 0 0 rg BT 449.47 395.40 Td (the ) Tj ET Q q 0 0 0 rg BT 464.47 395.40 Td (years ) Tj ET Q q 0 0 0 rg BT 488.96 395.40 Td (2028 ) Tj ET Q q 0 0 0 rg BT 511.47 395.40 Td (through ) Tj ET Q q 0 0 0 rg BT 544.48 395.40 Td (2036. ) Tj ET Q q 0 0 0 rg BT 569.50 395.40 Td ( ) Tj ET Q q 0 0 0 rg BT 572.01 395.40 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 384.60 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 104.76 384.60 Td (has ) Tj ET Q q 0 0 0 rg BT 121.51 384.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 149.76 384.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 177.51 384.60 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.25 384.60 Td ($5.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.77 384.60 Td ( ) Tj ET Q q 0 0 0 rg BT 207.00 384.60 Td (million ) Tj ET Q q 0 0 0 rg BT 234.75 384.60 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.74 384.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 296.51 384.60 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.53 384.60 Td ( ) Tj ET Q q 0 0 0 rg BT 318.77 384.60 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.00 384.60 Td ($47.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.52 384.60 Td ( ) Tj ET Q q 0 0 0 rg BT 348.76 384.60 Td (million\) ) Tj ET Q q 0 0 0 rg BT 379.50 384.60 Td (available ) Tj ET Q q 0 0 0 rg BT 417.26 384.60 Td (for ) Tj ET Q q 0 0 0 rg BT 430.00 384.60 Td (carry ) Tj ET Q q 0 0 0 rg BT 452.24 384.60 Td (forward ) Tj ET Q q 0 0 0 rg BT 484.48 384.60 Td (against ) Tj ET Q q 0 0 0 rg BT 515.74 384.60 Td (future ) Tj ET Q q 0 0 0 rg BT 540.99 384.60 Td (capital ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 373.80 Td (gains ) Tj ET Q q 0 0 0 rg BT 86.03 373.80 Td (indefinitely ) Tj ET Q q 0 0 0 rg BT 130.06 373.80 Td (that ) Tj ET Q q 0 0 0 rg BT 146.58 373.80 Td (is ) Tj ET Q q 0 0 0 rg BT 154.59 373.80 Td (not ) Tj ET Q q 0 0 0 rg BT 168.62 373.80 Td (included ) Tj ET Q q 0 0 0 rg BT 203.65 373.80 Td (in ) Tj ET Q q 0 0 0 rg BT 212.17 373.80 Td (the ) Tj ET Q q 0 0 0 rg BT 226.19 373.80 Td (deferred ) Tj ET Q q 0 0 0 rg BT 261.22 373.80 Td (income ) Tj ET Q q 0 0 0 rg BT 291.74 373.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 305.26 373.80 Td (asset. ) Tj ET Q q 0 0 0 rg BT 330.78 373.80 Td (For ) Tj ET Q q 0 0 0 rg BT 345.79 373.80 Td (the ) Tj ET Q q 0 0 0 rg BT 359.81 373.80 Td (years ) Tj ET Q q 0 0 0 rg BT 383.33 373.80 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.87 373.80 Td (December31, ) Tj ET Q q 0 0 0 rg BT 467.90 373.80 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.93 373.80 Td ( ) Tj ET Q q 0 0 0 rg BT 489.44 373.80 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.96 373.80 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.98 373.80 Td ( ) Tj ET Q q 0 0 0 rg BT 527.49 373.80 Td (Bonavista ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 363.00 Td (paid ) Tj ET Q q 0 0 0 rg BT 82.52 363.00 Td (no ) Tj ET Q q 0 0 0 rg BT 95.03 363.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 109.53 363.00 Td (installments.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 346.20 Td (17. ) Tj ET Q q 0 0 0 rg BT 60.01 346.20 Td ( ) Tj ET Q q 0 0 0 rg BT 62.51 346.20 Td (Commitments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 329.40 Td (The ) Tj ET Q q 0 0 0 rg BT 80.29 329.40 Td (following ) Tj ET Q q 0 0 0 rg BT 117.09 329.40 Td (table ) Tj ET Q q 0 0 0 rg BT 138.39 329.40 Td (details ) Tj ET Q q 0 0 0 rg BT 166.18 329.40 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 213.70 329.40 Td (contractual ) Tj ET Q q 0 0 0 rg BT 259.51 329.40 Td (obligations ) Tj ET Q q 0 0 0 rg BT 304.32 329.40 Td (for ) Tj ET Q q 0 0 0 rg BT 316.60 329.40 Td (long-term ) Tj ET Q q 0 0 0 rg BT 356.40 329.40 Td (debt, ) Tj ET Q q 0 0 0 rg BT 378.19 329.40 Td (lease ) Tj ET Q q 0 0 0 rg BT 401.49 329.40 Td (obligations ) Tj ET Q q 0 0 0 rg BT 446.30 329.40 Td (and ) Tj ET Q q 0 0 0 rg BT 463.10 329.40 Td (other ) Tj ET Q q 0 0 0 rg BT 485.39 329.40 Td (purchase ) Tj ET Q q 0 0 0 rg BT 524.20 329.40 Td (and ) Tj ET Q q 0 0 0 rg BT 540.99 329.40 Td (capital ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 318.60 Td (commitments ) Tj ET Q q 0 0 0 rg BT 119.01 318.60 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.01 318.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 188.04 318.60 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.06 318.60 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63 305.1 m 242 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63 283.1 m 242 283.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 305.1 m 296 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 283.1 m 296 283.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 305.1 m 350 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 283.1 m 350 283.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 305.1 m 404 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 283.1 m 404 283.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 305.1 m 458 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 283.1 m 458 283.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 305.1 m 512 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 283.1 m 512 283.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 305.1 m 566 305.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 283.1 m 566 283.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 197.10000000000002 m 296 197.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 197.10000000000002 m 350 197.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 197.10000000000002 m 404 197.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 197.10000000000002 m 458 197.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 197.10000000000002 m 512 197.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 197.10000000000002 m 566 197.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63 197.10000000000002 m 242 197.10000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63 183.10000000000002 m 242 183.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 197.10000000000002 m 296 197.10000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242 183.10000000000002 m 296 183.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 197.10000000000002 m 350 197.10000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 296 183.10000000000002 m 350 183.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 197.10000000000002 m 404 197.10000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350 183.10000000000002 m 404 183.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 197.10000000000002 m 458 197.10000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404 183.10000000000002 m 458 183.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 197.10000000000002 m 512 197.10000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 183.10000000000002 m 512 183.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 197.10000000000002 m 566 197.10000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 183.10000000000002 m 566 183.10000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.45 287.50 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.45 287.50 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 287.50 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.45 287.50 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.45 287.50 Td (2020) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.95 296.05 Td (2021 and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 287.05 Td (thereafter) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.50 275.50 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 261.50 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 176.06 265.79 Td (\(1\)\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.95 261.50 Td (930,221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.95 261.50 Td (154,334) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.50 261.50 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.50 261.50 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.95 261.50 Td (214,387) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.95 261.50 Td (561,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 246.50 Td (Interest payments) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 137.03 250.79 Td (\(2\)\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.95 246.50 Td (182,090) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 246.50 Td (36,597) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.95 246.50 Td (32,084) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.95 246.50 Td (32,084) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.95 246.50 Td (30,546) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 246.50 Td (50,779) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 231.50 Td (Of) Tj ET Q q 0 0 0 rg BT 74.84 231.50 Td (fice lease) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 112.86 235.79 Td (\(4\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.95 231.50 Td (23,127) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.95 231.50 Td (6,068) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 231.50 Td (6,356) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.95 231.50 Td (6,760) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.95 231.50 Td (3,943) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.50 231.50 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 216.50 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 163.03 220.79 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.95 216.50 Td (4,843) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.95 216.50 Td (1,795) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 216.50 Td (3,048) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.50 216.50 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.50 216.50 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.50 216.50 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 201.50 Td (Transportation expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.95 201.50 Td (88,070) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 201.50 Td (24,911) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.95 201.50 Td (20,890) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.95 201.50 Td (12,728) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.95 201.50 Td (8,613) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 201.50 Td (20,928) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.50 187.50 Td (Total contractual obligations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.45 187.50 Td (1,228,351) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.95 187.50 Td (223,705) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.95 187.50 Td (62,378) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.95 187.50 Td (51,572) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.95 187.50 Td (257,489) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.95 187.50 Td (633,207) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 173.40 Td (\(1\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 81.00 173.40 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 109.88 173.40 Td (debt ) Tj ET Q q 0 0 0 rg BT 123.10 173.40 Td (repayments ) Tj ET Q q 0 0 0 rg BT 155.98 173.40 Td (include ) Tj ET Q q 0 0 0 rg BT 176.53 173.40 Td (the ) Tj ET Q q 0 0 0 rg BT 186.41 173.40 Td (principal ) Tj ET Q q 0 0 0 rg BT 210.29 173.40 Td (payments ) Tj ET Q q 0 0 0 rg BT 237.84 173.40 Td (due ) Tj ET Q q 0 0 0 rg BT 249.38 173.40 Td (on ) Tj ET Q q 0 0 0 rg BT 257.59 173.40 Td (senior ) Tj ET Q q 0 0 0 rg BT 275.47 173.40 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 305.03 173.40 Td (notes. ) Tj ET Q q 0 0 0 rg BT 322.60 173.40 Td (At ) Tj ET Q q 0 0 0 rg BT 329.81 173.40 Td (December ) Tj ET Q q 0 0 0 rg BT 359.02 173.40 Td (31, ) Tj ET Q q 0 0 0 rg BT 368.90 173.40 Td (2016 ) Tj ET Q q 0 0 0 rg BT 383.78 173.40 Td (there ) Tj ET Q q 0 0 0 rg BT 398.99 173.40 Td (were ) Tj ET Q q 0 0 0 rg BT 413.53 173.40 Td (no ) Tj ET Q q 0 0 0 rg BT 421.74 173.40 Td (amounts ) Tj ET Q q 0 0 0 rg BT 446.29 173.40 Td (drawn ) Tj ET Q q 0 0 0 rg BT 464.17 173.40 Td (on ) Tj ET Q q 0 0 0 rg BT 472.38 173.40 Td (the ) Tj ET Q q 0 0 0 rg BT 482.26 173.40 Td (bank ) Tj ET Q q 0 0 0 rg BT 496.80 173.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 513.01 173.40 Td (facility) Tj ET Q q 0 0 0 rg BT 529.24 173.40 Td (, ) Tj ET Q q 0 0 0 rg BT 532.44 173.40 Td (had ) Tj ET Q q 0 0 0 rg BT 543.99 173.40 Td (amounts ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 81.00 166.20 Td (been ) Tj ET Q q 0 0 0 rg BT 96.01 166.20 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 128.71 166.20 Td (they ) Tj ET Q q 0 0 0 rg BT 141.71 166.20 Td (would ) Tj ET Q q 0 0 0 rg BT 159.06 166.20 Td (have ) Tj ET Q q 0 0 0 rg BT 173.74 166.20 Td (been ) Tj ET Q q 0 0 0 rg BT 188.75 166.20 Td (required ) Tj ET Q q 0 0 0 rg BT 212.43 166.20 Td (to ) Tj ET Q q 0 0 0 rg BT 219.10 166.20 Td (be ) Tj ET Q q 0 0 0 rg BT 227.44 166.20 Td (paid ) Tj ET Q q 0 0 0 rg BT 240.45 166.20 Td (on ) Tj ET Q q 0 0 0 rg BT 248.79 166.20 Td (September ) Tj ET Q q 0 0 0 rg BT 279.81 166.20 Td (10, ) Tj ET Q q 0 0 0 rg BT 289.82 166.20 Td (2019 ) Tj ET Q q 0 0 0 rg BT 304.83 166.20 Td (under ) Tj ET Q q 0 0 0 rg BT 321.85 166.20 Td (the ) Tj ET Q q 0 0 0 rg BT 331.85 166.20 Td (existing ) Tj ET Q q 0 0 0 rg BT 353.87 166.20 Td (terms ) Tj ET Q q 0 0 0 rg BT 370.53 166.20 Td (of ) Tj ET Q q 0 0 0 rg BT 377.20 166.20 Td (the ) Tj ET Q q 0 0 0 rg BT 387.21 166.20 Td (bank ) Tj ET Q q 0 0 0 rg BT 401.89 166.20 Td (credit ) Tj ET Q q 0 0 0 rg BT 418.23 166.20 Td (facility) Tj ET Q q 0 0 0 rg BT 434.45 166.20 Td (. ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 159.00 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 159.00 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 159.00 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 159.00 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 159.00 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 159.00 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 159.00 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 96.67 159.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 118.02 159.00 Td (payments ) Tj ET Q q 0 0 0 rg BT 145.70 159.00 Td (on ) Tj ET Q q 0 0 0 rg BT 154.04 159.00 Td (senior ) Tj ET Q q 0 0 0 rg BT 172.05 159.00 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 201.73 159.00 Td (notes.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 151.80 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 72.00 151.80 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 151.80 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 151.80 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 151.80 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 151.80 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 151.80 Td (US ) Tj ET Q q 0 0 0 rg BT 90.34 151.80 Td (dollars ) Tj ET Q q 0 0 0 rg BT 109.68 151.80 Td (payments ) Tj ET Q q 0 0 0 rg BT 137.36 151.80 Td (are ) Tj ET Q q 0 0 0 rg BT 147.70 151.80 Td (converted ) Tj ET Q q 0 0 0 rg BT 175.71 151.80 Td (using ) Tj ET Q q 0 0 0 rg BT 191.72 151.80 Td (the ) Tj ET Q q 0 0 0 rg BT 201.73 151.80 Td (exchange ) Tj ET Q q 0 0 0 rg BT 229.42 151.80 Td (rate ) Tj ET Q q 0 0 0 rg BT 241.43 151.80 Td (at ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 248.10 151.80 Td (December31, ) Tj ET Q q 0 0 0 rg BT 287.45 151.80 Td (2016) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 300.80 151.80 Td ( ) Tj ET Q q 0 0 0 rg BT 302.46 151.80 Td (of ) Tj ET Q q 0 0 0 rg BT 309.13 151.80 Td ($) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 312.47 151.80 Td (1.3427) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 330.82 151.80 Td ( ) Tj ET Q q 0 0 0 rg BT 332.49 151.80 Td (CDN/US ) Tj ET Q q 0 0 0 rg BT 357.16 151.80 Td (dollar) Tj ET Q q 0 0 0 rg BT 371.50 151.80 Td (.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 144.60 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 72.00 144.60 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 144.60 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 144.60 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 144.60 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 144.60 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 144.60 Td (Of) Tj ET Q q 0 0 0 rg BT 86.56 144.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 97.56 144.60 Td (lease ) Tj ET Q q 0 0 0 rg BT 113.58 144.60 Td (expires ) Tj ET Q q 0 0 0 rg BT 134.58 144.60 Td (July ) Tj ET Q q 0 0 0 rg BT 146.92 144.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 156.93 144.60 Td (2020.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 137.45 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 72.00 137.45 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 137.45 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 137.45 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 137.45 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 137.45 Td ( ) Tj ET Q q 0 0 0 rg BT 80.23 137.45 Td (The ) Tj ET Q q 0 0 0 rg BT 92.23 137.45 Td (drilling ) Tj ET Q q 0 0 0 rg BT 111.24 137.45 Td (service ) Tj ET Q q 0 0 0 rg BT 131.91 137.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 157.92 137.45 Td (are ) Tj ET Q q 0 0 0 rg BT 168.26 137.45 Td (with ) Tj ET Q q 0 0 0 rg BT 180.60 137.45 Td (one ) Tj ET Q q 0 0 0 rg BT 192.28 137.45 Td (service ) Tj ET Q q 0 0 0 rg BT 212.95 137.45 Td (providers ) Tj ET Q q 0 0 0 rg BT 239.29 137.45 Td (extending ) Tj ET Q q 0 0 0 rg BT 266.98 137.45 Td (over ) Tj ET Q q 0 0 0 rg BT 280.32 137.45 Td (a ) Tj ET Q q 0 0 0 rg BT 285.32 137.45 Td (two ) Tj ET Q q 0 0 0 rg BT 296.33 137.45 Td (year ) Tj ET Q q 0 0 0 rg BT 309.67 137.45 Td (term.) 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Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 651.95 m 375 651.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 629.95 m 375 629.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 651.95 m 467 651.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 629.95 m 467 629.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 651.95 m 471 651.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 629.95 m 471 629.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 651.95 m 563 651.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 629.95 m 563 629.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 590.95 m 467 590.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 590.95 m 375 590.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 68 576.95 m 375 576.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 590.95 m 467 590.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375 576.95 m 467 576.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 590.95 m 471 590.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467 576.95 m 471 576.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 590.95 m 563 590.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471 576.95 m 563 576.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.45 642.90 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.40 633.90 Td (December 31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.75 642.90 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 633.90 Td (December 31, 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 70.50 622.35 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 609.35 Td (Operating) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.95 609.35 Td (10,097) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 609.35 Td (13,529) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 595.35 Td (General and administrative) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.95 595.35 Td (21,895) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 595.35 Td (31,568) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 581.35 Td (Total employee compensation costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.95 581.35 Td (31,992) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 581.35 Td (45,097) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 560.65 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 560.65 Td (Compensation of key management personnel) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 543.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 110.49 543.85 Td (has ) Tj ET Q q 0 0 0 rg BT 128.46 543.85 Td (determined ) Tj ET Q q 0 0 0 rg BT 176.95 543.85 Td (that ) Tj ET Q q 0 0 0 rg BT 195.42 543.85 Td (its ) Tj ET Q q 0 0 0 rg BT 207.88 543.85 Td (key ) Tj ET Q q 0 0 0 rg BT 225.35 543.85 Td (management ) Tj ET Q q 0 0 0 rg BT 281.34 543.85 Td (personnel ) Tj ET Q q 0 0 0 rg BT 324.33 543.85 Td (includes ) Tj ET Q q 0 0 0 rg BT 360.81 543.85 Td (both ) Tj ET Q q 0 0 0 rg BT 381.79 543.85 Td (of) Tj ET Q q 0 0 0 rg BT 389.13 543.85 Td (ficers ) Tj ET Q q 0 0 0 rg BT 414.10 543.85 Td (and ) Tj ET Q q 0 0 0 rg BT 432.58 543.85 Td (directors. ) Tj ET Q q 0 0 0 rg BT 473.05 543.85 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 519.02 543.85 Td (benefits ) Tj ET Q q 0 0 0 rg BT 554.00 543.85 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 533.05 Td (comprised ) Tj ET Q q 0 0 0 rg BT 111.53 533.05 Td (of ) Tj ET Q q 0 0 0 rg BT 121.55 533.05 Td (salaries ) Tj ET Q q 0 0 0 rg BT 155.08 533.05 Td (and ) Tj ET Q q 0 0 0 rg BT 172.61 533.05 Td (directors ) Tj ET Q q 0 0 0 rg BT 209.63 533.05 Td (fees, ) Tj ET Q q 0 0 0 rg BT 231.66 533.05 Td (annual ) Tj ET Q q 0 0 0 rg BT 261.20 533.05 Td (bonuses ) Tj ET Q q 0 0 0 rg BT 297.74 533.05 Td (and ) Tj ET Q q 0 0 0 rg BT 315.27 533.05 Td (other ) Tj ET Q q 0 0 0 rg BT 338.30 533.05 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 374.83 533.05 Td (In ) Tj ET Q q 0 0 0 rg BT 384.85 533.05 Td (addition, ) Tj ET Q q 0 0 0 rg BT 421.39 533.05 Td (share-based ) Tj ET Q q 0 0 0 rg BT 473.94 533.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 532.49 533.05 Td (provided ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 522.25 Td (to ) Tj ET Q q 0 0 0 rg BT 77.25 522.25 Td (key ) Tj ET Q q 0 0 0 rg BT 93.50 522.25 Td (management ) Tj ET Q q 0 0 0 rg BT 148.28 522.25 Td (personnel ) Tj ET Q q 0 0 0 rg BT 190.06 522.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 225.33 522.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 256.58 522.25 Td (of) Tj ET Q q 0 0 0 rg BT 263.93 522.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 286.69 522.25 Td (under ) Tj ET Q q 0 0 0 rg BT 311.95 522.25 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 353.31 522.25 Td (s ) Tj ET Q q 0 0 0 rg BT 360.06 522.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 400.32 522.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 438.09 522.25 Td (plans. ) Tj ET Q q 0 0 0 rg BT 464.21 522.25 Td (The ) Tj ET Q q 0 0 0 rg BT 481.96 522.25 Td (following ) Tj ET Q q 0 0 0 rg BT 519.23 522.25 Td (table ) Tj ET Q q 0 0 0 rg BT 540.99 522.25 Td (details ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 511.45 Td (remuneration ) Tj ET Q q 0 0 0 rg BT 123.11 511.45 Td (to ) Tj ET Q q 0 0 0 rg BT 133.21 511.45 Td (key ) Tj ET Q q 0 0 0 rg BT 149.80 511.45 Td (management ) Tj ET Q q 0 0 0 rg BT 204.92 511.45 Td (personnel ) Tj ET Q q 0 0 0 rg BT 247.03 511.45 Td (included ) Tj ET Q q 0 0 0 rg BT 283.14 511.45 Td (in ) Tj ET Q q 0 0 0 rg BT 292.73 511.45 Td (general ) Tj ET Q q 0 0 0 rg BT 325.34 511.45 Td (and ) Tj ET Q q 0 0 0 rg BT 342.94 511.45 Td (administrative ) Tj ET Q q 0 0 0 rg BT 401.05 511.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 442.16 511.45 Td (on ) Tj ET Q q 0 0 0 rg BT 454.76 511.45 Td (the ) Tj ET Q q 0 0 0 rg BT 469.86 511.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 522.98 511.45 Td (statements ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 500.65 Td (of ) Tj ET Q q 0 0 0 rg BT 77.51 500.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 96.01 500.65 Td (and ) Tj ET Q q 0 0 0 rg BT 113.53 500.65 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 177.06 500.65 Td (loss.) 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