Exploration & Production

Mountainview Energy Grows Bakken Reserves

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Mountainview Energy Ltd. has announced significant 2013 year end reserve growth, highlighting success at the 12 Gage Three Forks play, for the year ended December 31, 2013.

Mountainview's reserves were evaluated by Cawley, Gillespie & Associates, Inc. effective December 31, 2013, in accordance with National Instrument 51‐101 - Standards for Disclosure for Oil and Gas Activities of the Canadian Securities Administrators. All of the Company reserves were evaluated in the CG&A Report. All dollar figures are in USD unless otherwise specified.

2013 Year End Reserve Highlights:

• Increased Total Proved (TP) plus Probable Reserves (P+P) by 14.9 times to 11,466 Mboe (88% liquids) and Total Proved (TP) Reserves by 14.7 times to 6,776.2 Mboe (88% liquids);
• Increased P+P Reserves per basic share by 13 times;
• Increased P+P, Before Tax Net Present Value, discounted at 10% ("BT NPV10%") by 844% to $103.5 million;
• Increased P+P, BT NPV10% value per share basic by 718% to $1.18;
• Achieved P+P finding, development cost (F&D) of $26.19/boe, including changes in future development capital;
• Achieved a P+P Recycle Ratio of 1.42 times, based on F&D of $26.19/boe and a Q4, 2013 field netback of $37.06/boe;
• Increased Reserve Life Index (RLI) to 15.7 years (TP) and 26.6 years (P+P) based on Q4 2013 production of 1,183 boe/day compared to 6.2 years (TP) and 10.3 years (P+P) based on Q4 2012 production of 205.2 boe/day;
• Reserve additions in 2013 of 10,969 Mboe, replaced annual corporate production 40.1 times;
• Successful initial drilling results and associated booking of future locations on Mountainview's 12 Gage Three Forks light oil play have attributed 10,277 Mboe (89% liquids) or 94% of the 10,969 Mboe, P+P, reserves additions in 2012. The eight drilled and booked locations (6.6 net) at 12 Gage represent approximately 10% of the original inventory of net locations, with 72 net un‐drilled locations remaining;
• There were no acquisitions in 2013. All reserve increases were achieved through the drill bit; and
• 100% of reserves evaluated by CG&A per NI 51‐101 standards.