Legal

Website Terms of Use

This website is owned and operated by or on behalf of Teine Energy Ltd. ("Teine").

The following sets out the terms and conditions under which you may access and use this website, and the information and materials contained therein. By accessing this website, you are agreeing to be bound by these Terms of Use. If you do not agree with these Terms of Use you may not access or use this website or any information or materials contained therein.

These Terms of Use may be changed from time to time, without notice. It is your responsibility to check for such changes. If you do not agree with any amendment you must stop using and accessing this website. Your continued access or use of this website after any such changes are posted will constitute your acceptance of these changes.

You may not interfere with the security of, or otherwise abuse, this website or any system resources, services or networks connected to, or accessible through, this website. You may only use this website for lawful purposes.

Limited License

Subject to these Terms of Use, you are granted a limited license only to display and print the materials and information contained in this website for your own personal, non-commercial use, provided that such materials and information are not modified and that copyright and other intellectual property notices are not altered or deleted. You may not create derivative works from or otherwise reproduce, modify, republish or disseminate any materials or information contained in this website in any manner or form whatsoever. Unless you have entered into a separate agreement with Teine, any other use of such materials or information without Teine's written permission is prohibited.

Website Protected by Copyright and Trademarks

All material on this website is protected under the copyright and trademark laws of Canada and other applicable jurisdictions. You may download one copy of any material on this website to any single computer for personal, non-commercial or educational use provided that you do not modify or alter the material in any way or delete or change any copyright or trademark notice. Any other use of the material on this website including unauthorized downloading, retransmission, copying, modification, publication or republication without Teine's written permission is prohibited, may violate applicable legislation and may result in legal action. Except as otherwise noted, the logos, icons, graphics, designs, names, trade names, trademarks, design marks or service marks displayed on this website do not imply that a license of any kind has been granted to any other party. They belong to Teine or other third parties and may not be used without Teine’s written permission.

Proprietary Rights

The materials and information contained in this website are protected under the laws of Canada and of other countries. Certain words, phrases, names, titles, icons, graphics, designs or logos used on this website may constitute trademarks, service marks or trade names of Teine or other entities. The display of trademarks, service marks or trade names on the pages of this website does not imply that a license of any kind has been granted to anyone else. Except as specifically set out herein, you may not use any such trademarks, service marks or trade names in any manner whatsoever.

Disclaimer

THIS WEBSITE, AND ALL MATERIALS AND INFORMATION CONTAINED THEREIN, IS PROVIDED "AS IS", "AS AVAILABLE", AND "WITH ALL FAULTS" AND IS USED BY YOU AT YOUR SOLE RISK. TEINE MAKES NO EXPRESS OR IMPLIED WARRANTIES, CONDITIONS OR REPRESENTATIONS WHATSOEVER, INCLUDING THOSE IMPLIED BY STATUTE OR LAW, AND SPECIFICALLY DISCLAIMS THE SAME INCLUDING WITHOUT LIMITATION, ANY WARRANTIES, REPRESENTATIONS OR CONDITIONS OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT.

IN ADDITION, WITHOUT LIMITING THE FOREGOING, TEINE DOES NOT REPRESENT OR WARRANT THAT THIS WEBSITE OR THE MATERIALS OR INFORMATION CONTAINED THEREIN WILL MEET YOUR REQUIREMENTS OR THAT THEIR USE WILL BE UNINTERRUPTED OR ERROR FREE. THIS WEBSITE MAY CONTAIN BUGS, ERRORS, PROBLEMS OR OTHER LIMITATIONS. TEINE ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY SUCH BUGS, ERRORS, PROBLEMS OR LIMITATIONS IN THE OPERATION OF, OR ANY INFORMATION OR MATERIALS CONTAINED IN, THIS WEBSITE.

Exclusion of Liability

YOU ASSUME ALL RESPONSIBILITY AND RISK FOR USE OF THIS WEBSITE, INCLUDING WITHOUT LIMITATION, ANY OF THE MATERIALS AND INFORMATION CONTAINED THEREIN.

TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO EVENT SHALL TEINE OR ANY OF ITS SUBSIDIARY ENTITIES OR THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, SECURITY HOLDERS, PARTNERS OR AGENTS BE LIABLE FOR ANY INCIDENTAL, INDIRECT, PUNITIVE, EXEMPLARY, CONSEQUENTIAL OR OTHER SIMILAR DAMAGES WHATSOEVER, OR ANY DAMAGES FOR LOSS OF PROFITS, INTERRUPTION, LOSS OF BUSINESS INFORMATION, OR LOSS OF OPPORTUNITY IN CONNECTION WITH ANY CLAIM, LOSS, DAMAGE, ACTION, SUIT OR OTHER PROCEEDING ARISING UNDER OR OUT OF THESE TERMS OF USE, INCLUDING, WITHOUT LIMITATION, IN CONNECTION WITH OR ARISING FROM YOUR USE OF, RELIANCE UPON, ACCESS TO, OR EXPLOITATION OF THIS WEBSITE, THE MATERIALS AND INFORMATION CONTAINED THEREIN, OR ANY PART THEREOF, OR ANY LICENSES GRANTED TO YOU HEREUNDER, EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER THE ACTION IS BASED ON CONTRACT, TORT (INCLUDING NEGLIGENCE), INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OR OTHERWISE.

IN EVERY EVENT, TEINE'S TOTAL MAXIMUM AGGREGATE LIABILITY UNDER THESE TERMS OF USE OR THE USE OR EXPLOITATION OF ANY OR ALL PART OF THIS WEBSITE, THE INFORMATION OR THE MATERIALS CONTAINED THEREIN, IN ANY MANNER WHATSOEVER SHALL BE LIMITED TO ONE ($1.00) DOLLAR.

THE CONSIDERATION BEING PAID HEREUNDER DOES NOT INCLUDE ANY CONSIDERATION FOR TEINE TO ASSUME ANY RISKS BEYOND THOSE EXPRESSLY ASSUMED HEREIN AND IF ANY SUCH RISKS WERE TO BE ASSUMED BY TEINE, TEINE WOULD NOT HAVE ENTERED INTO THIS AGREEMENT WITHOUT CHARGING SUBSTANTIAL FEES.

SOME JURISDICTIONS DO NOT ALLOW FOR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATION OR EXCLUSION MAY NOT APPLY TO YOU.

Indemnification

You agree to indemnify and hold Teine, its subsidiary entities and their respective directors, officers, employees, security holders, partners and agents harmless against all claims or liability asserted against any of them arising out of or in connection with any breach by you or anyone acting on your behalf of any of these Terms of Use.

Website Protected by Copyright and Trademarks

Links to External Websites

Teine may provide links to third-party websites as a convenience and the inclusion of any link does not imply that Teine endorses, monitors, investigates or verifies these websites or material contained therein.

Currency of Website

Teine updates the information and materials on this website periodically. However, Teine cannot guarantee or accept any responsibility or liability for the accuracy, currency or completeness of the information or materials on this website. Teine may revise, supplement or delete information, materials, services and/or the resources contained in this website and reserves the right to make such changes without prior notification to past, current or prospective visitors.

Use of Internet and Communications with Teine

As the Internet is not a fully secure medium and any communication may be lost, intercepted, corrupted or altered, Teine is not liable for any damages related to communications (personal, confidential or otherwise) to or from this website. You represent, warrant and covenant that with respect to any material or information that you may provide to Teine through this website: Teine has no obligation of any kind concerning same; such material and information is non-confidential and non-proprietary; Teine shall be free to use, disclose, distribute, copy or reproduce such material or information to others without any obligations to you or any third party; Teine may freely use any ideas, concepts, know-how or techniques of any kind contained in such material or information for any purpose whatsoever; and such material or information is truthful, legal and does not violate the rights of others.

Investment Decisions

THE MATERIALS AND INFORMATION CONTAINED IN THIS WEBSITE ARE PROVIDED FOR INFORMATION PURPOSES ONLY AND ARE NOT INTENDED TO CONSTITUTE AN OFFERING OF SECURITIES IN ANY JURISDICTION. Information disclosed under the securities laws of those Canadian jurisdictions applicable to Teine is not intended to be in any way qualified, amended, modified or supplemented by the information otherwise available in, through or on this website. Due to the technical and security risks inherent in the Internet, and because the document you access may differ from the original depending on your browser software, the information set out in this website should not be used for the purpose of making investment decisions with respect to Teine.

IF YOU ARE GOING TO RELY ON ANY INFORMATION CONTAINED IN ANY DOCUMENT THEN YOU MUST OBTAIN THAT DOCUMENT DIRECTLY FROM THE APPROPRIATE SECURITIES REGULATORY AUTHORITIES OR THROUGH DELIVERY DIRECTLY BY TEINE OTHER THAN THROUGH THIS WEBSITE.

Forward-Looking Statements

This website and documents posted on this website contains certain statements and information that constitute forward-looking statements and forward-looking information as defined under applicable securities legislation (collectively, "forward-looking statements"). These forward-looking statements relate to future events or future performance of Teine and may be authored by or otherwise attributed to third party sources. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential" and "capable" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this website should not be unduly relied upon. These statements speak only as of the date of this website.

In particular and without limitation, there are forward-looking statements in this website and documents posted on this website pertaining to: financial and operational outlook; the reserve potential of Teine's assets; the estimated production rates from Teine's assets, including average production rates; Teine's plans to manage its financial structure prudently; Teine's plans to deploy capital; Teine's potential plans for incremental recovery through new techniques and secondary recovery techniques; Teine's targets for future growth; future commodity cost prices and costs; expectations with respect to future capital investment, funds flow from operations, working capital deficiency, corporate capital expenditures, net debt, debt-adjusted cash flow, capital efficiencies and cost reductions, free cash flow, corporate decline rate, preservation of liquidity, netbacks, expected senior debt/EBITDA ratio under credit facility covenants and other financial results; Teine's capital expenditure programs and future capital requirements; Teine’s input cash and finding & development costs; Teine’s annual production growth rate; Teine's net debt to forward year cash flow leverage ratio and leverage metrics; the estimated quantity and value of Teine's proved and probable reserves; expectations that Teine's competitive advantages will yield successful execution of its business strategy; the cash available for the funding of capital expenditures; outstanding indebtedness; the level of production anticipated by Teine; expectations regarding future exchange rates; Teine's hedging activities; Teine's plans for exploration and development activities and the expected results for such activities; and Teine's access to capital and overall strategy, development and drilling plans for all of Teine's assets.

With respect to forward-looking statements contained in this website and documents posted on this website, assumptions have been made regarding, among other things: future crude oil, NGL and natural gas prices; future exchange rates, Teine's ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which Teine conducts its business and any other jurisdictions in which Teine may conduct its business in the future; Teine's ability to market production of oil and natural gas successfully to customers; Teine's future production levels; the applicability of technologies for recovery and production of Teine's reserves; the recoverability of Teine's reserves; future capital expenditures to be made by Teine; future cash flows from production meeting the expectations stated in this website; future sources of funding for Teine's capital program; Teine's future debt levels; geological and engineering estimates in respect of Teine's reserves; the geography of the areas in which Teine is conducting exploration and development activities; the impact of competition on Teine; and Teine's ability to obtain future financing on acceptable terms or at all.

Actual results could differ materially from those anticipated in these forward-looking statements as a result of various risk factors, including, but not limited to: business operations and capital costs; US/CAD exchange rates; Teine's status and stage of development and the management of growth; general economic, market and business conditions; volatility in market prices and demand for crude oil and natural gas and hedging activities related thereto; seasonality of the Canadian oil and natural gas industry; risks related to the exploration, development and production of oil and natural gas reserves; current global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; risks related to the timing of completion of the Teine's projects; competition for, among other things, capital, the acquisition of reserves and skilled personnel; operational hazards; actions by governmental authorities, including changes in government regulation and taxation; environmental risks and hazards; risks inherent in the exploration, development and production of oil and natural gas which may create liability to Teine in excess of Teine's insurance coverage; cost of new technologies; failure to accurately estimate abandonment and reclamation costs; failure of third parties' reviews, reports and projections to be accurate; the availability of capital on acceptable terms; political risks; climate change; changes to royalty or tax regimes; the failure of Teine or the holders of certain licenses or leases to meet specific requirements of such licenses or leases; claims made in respect of Teine's properties or assets; aboriginal claims; unforeseen title defects; risks arising from future acquisition activities; potential conflicts of interest; the potential for management estimates and assumptions to be inaccurate; risks associated with establishing and maintaining systems of internal controls; risks related to the reliance on historical financial information; liquidity and additional funding requirements; additional indebtedness; failure to engage or retain key personnel; potential losses which would stem from any disruptions in production, including work stoppages or other labour difficulties, or disruptions in the transportation network on which Teine is reliant; uncertainties inherent in estimating quantities of oil and natural gas reserves; failure to acquire or develop replacement reserves; geological, technical, drilling and processing problems, including the availability of equipment and access to properties; and disclosure of confidential information of Teine. In addition, information and statements in this website and documents posted on this website relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated, and that the reserves described can be profitably produced in the future.

Financial outlook and future-oriented financial information contained in this website about prospective financial performance, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available and is subject to the same risk factors, limitations and qualifications as set forth above. The financial information included in this website and documents posted on this website, including prospective financial information and historic financial information has been prepared by, and is the responsibility of, management. Teine and its management believe that such financial information has been prepared on a reasonable basis, reflecting the best estimates and judgments, and that prospective financial information represents, to the best of management's knowledge and opinion, Teine's expected course of action. However, because this prospective information is highly subjective, it should not be relied on as necessarily indicative of past or future results.

The forward-looking statements included in this website are expressly qualified by the foregoing. Teine does not undertake any obligation to publicly update or revise any forward-looking statements except as required by applicable securities laws.

Presentation of Financial Information

Unless otherwise indicated, references to "CDN$" or "$" are to Canadian dollars and references to "US$" are to U.S. dollars. Unless otherwise indicated, all financial information relating to Teine in this website has been prepared in Canadian dollars and derived from Teine's financial statements prepared in accordance with International Financial Reporting Standards ("IFRS").

Non-IFRS Measures

This website contains financial measures that are not in accordance with IFRS, including funds flow from operations, EBITDA, free cash flow, netbacks and adjusted net debt.

Presentation of Oil and Gas Information

The discounted and undiscounted net present value of future net revenues attributable to reserves do not represent the fair market value of such reserves. There are numerous uncertainties inherent in estimating quantities of oil and natural gas and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth in this website and documents posted on this website are estimates only. In general, estimates of economically recoverable oil and natural gas and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For these reasons, estimates of the economically recoverable oil and natural gas reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. Teine's actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive.

Throughout this website, the calculation of barrels of oil equivalent ("boe") is based on the widely recognized conversion rate of 6,000 cubic feet ("mcf") of natural gas for 1 barrel ("bbl") of oil. Boe conversions may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalence at the wellhead. As the value ratio between crude oil and natural gas based on the current price of crude oil and natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

General

Teine is headquartered in Alberta, Canada and this website is controlled, operated and administered by Teine from Alberta, Canada. This website can be accessed from all provinces and territories of Canada, as well as from other countries around the world. As each of these jurisdictions has laws that may differ from those of Alberta, Canada, by accessing this website, you acknowledge and agree that all matters relating to these Terms of Use and access to, or use of, this website (including any of the materials or information contained therein), and the resolution of any dispute arising between the parties shall be governed and construed in accordance with the laws of the Province of Alberta and those of Canada applicable therein (without reference to conflicts of laws principles). You agree that any legal action or proceeding between you and Teine which in any way concerns these Terms of Use or the use of this website or any materials or information contained therein shall be brought exclusively in the courts of Alberta, Canada. Any such dispute will be brought on an individual basis, and will not be consolidated in any other proceeding with any claim, controversy or dispute of any other party. Except where prohibited by applicable law, you agree to waive any right you may have to commence or participate in any class action against Teine relating to any such dispute and you also agree to opt out of any class proceedings against Teine. Notwithstanding the foregoing, either party may apply to any court of competent jurisdiction to obtain injunctive or other emergency or similar relief.

Teine makes no representation that access to this website or that the materials and information contained therein is appropriate or legal in all jurisdictions. You may not access this website or use any materials or information in those jurisdictions where it would be illegal. In any case, your access to this website is entirely at your own initiative and you are responsible for ensuring that all laws are complied with.

Teine's failure to insist upon or enforce strict performance of any provision of these Terms of Use shall not be construed as a waiver of any provision or right.

If any provision or part thereof of these Terms of Use is wholly or partially unenforceable, the parties or, in the event the parties are unable to agree, a court of competent jurisdiction, shall put in place thereof an enforceable provision or provisions, or part thereof, that as nearly as possible reflects the terms of the unenforceable provision or part thereof.

All references herein to Teine shall be deemed to include any subsidiary, affiliate, associate or successor of Teine.

The parties have requested that these Terms of Use and all documents relating thereto be drawn up in English. Les parties ont demandé que cette convention, ainsi que tous les documents qui s'y rattachent, soient en anglais.

These Terms of Use were last updated on: October 28, 2016.