Pursuing and developing exploration project opportunities in Latin America

Corporate Governance

Corporate Governance Reserves Committee

The Reserves Committee consists of Jonathon G. Weiss (Chair), Dr. Charle A. Gamba and Robert Cross, all of whom are considered to be “independent” within the meaning of NI 51-101.

The purpose of the Reserves Committee is to assist the Board in the discharge of the Board’s duties with respect to complying with the requirements contained in NI 51-101. This includes: (a) review, with reasonable frequency, the Company’s procedures relating to the disclosure of information with respect to oil and gas activities; (b) review the appointment of the independent evaluator under NI 51-101 or any change in such appointment; (c) review the Company’s procedures for providing information to the independent evaluator with respect to the reserve and resource data (oil and gas reserves and associated future net revenues) of the Company that will be made publicly available and filed with the applicable regulatory authorities; (d) meet with Management and the independent evaluator to: (i) determine whether any restrictions affect the ability of the independent evaluator to report on the reserves data without reservation; and (ii) review the reserves data and the report of the independent evaluator; (e) review the annual filings required by NI 51-101 and recommend approval of the contents and the filing of the annual filings to the Board; and (f) review all disclosure made by or on behalf of the Company, that the Company knows or ought reasonably to know, is or will become available to the public and any document filed with a securities authority to ensure compliance with NI 51-101.