Glossary

Glossary

Bbls
Barrels of Oil

Bbls/d
Barrels of oil per day

CAD
Canadian dollar

Dawson Property
means Touchstone's 100% interest in 20,160 acres of heavy oil lands and related assets in the Peace River region of northwest Alberta

ERCB
means Energy Resources and Conservation Board, which is the former name of the Alberta Energy Regulator.

IFRS
International Financial Reporting Standards

Kerrobert Project
means the Company's two THAIĀ® well-pair pilot project and ten well-pair expansion project on the Kerrobert Property

Mbbls
Thousand barrels of oil

McDaniel
means McDaniel and Associates Consultants Ltd., independent petroleum engineers, of Calgary, Alberta, Canada;

McDaniel Report
means the evaluation of the Heavy Oil Business Unit's heavy oil and bitumen reserves and contingent resources (excluding the Glover Property, the Dawson Property and the Sutton Creek Property) based on forecast prices and costs dated March 9, 2011, with an effective date of December 31, 2010;

Net
means (a) in relation to the Company's interest in production and reserves, its working interest (operating and non-operating) share of reserves or production after deduction of royalty obligations, plus 3 the Company's royalty interest in production or reserves; (b) in relation to wells, the number of wells obtained by aggregating the Company's working interest in each of its gross wells; and (c) in relation to the Company's interest in a property, the total area in which the Company has an interest multiplied by the working interest owned by the Company

PetroBakken
means PetroBakken Energy Ltd., a subsidiary of Petrobank, in which Petrobank had a 59% interest as at December 31, 2010, and is also referred to herein as the Canadian Business Unit

Petrobank
means Petrobank Energy and Resources Ltd.

Petrominerales
means Petrominerales Ltd., in which Petrobank had a 65% interest as at December 31, 2010 which was transferred directly to the Petrobank shareholders on December 31, 2010 pursuant to the Petrominerales Reorganization;

Petrominerales Reorganization
means the series of transactions completed December 31, 2010 pursuant to which, among other things, Petrobank effectively distributed its 65% ownership of Petrominerales directly to its shareholder

SAGD
means steam assisted gravity drainage

Touchstone
Touchstone Exploration Inc.

Trinidad
Republic of Trinidad and Tobago

TSX
Toronto Stock Exchange

TTD
Trinidad and Tobago dollar

WTI
means West Texas Intermediate