Resources and Reserves

Years of resource delineation, including a total of 130 cored delineation wells drilled through mid-2013, have supported independent resource evaluations (contingent resources) at Grizzly’s main properties, as well as initial proved plus probable reserve assignments at Algar Lake and May River.

The Company’s overall resource base totals 3.4 billion barrels of best estimate contingent resource recoverable from an estimated 27.6 billion barrels of bitumen initially in place. Approximately two-thirds of Grizzly’s asset base remains unexplored. This creates further upside potential for future additions of contingent resources and/or reserves, subject to the range of technical and economic risks inherent to in situ oil sands exploration and development.

A summary of Grizzly’s most recent resource and reserve evaluations is provided in the investor presentation.