Dundee Energy Limited reported audited consolidated earnings and production results for the year ended December 31, 2016. Natural gas production volumes during the year ended December 31, 2016 averaged 11,001 Mcf/d (2015 ­ 11,660 Mcf/d). This 6% decline is consistent with historical decline rates for these long life reserves. Oil production volumes decreased to an average of 485 bbls/d during the year ended December 31, 2016 (2015 ­ 560 bbls/d). This decrease of 13% falls in the lower range of the expected decline rates for these reserves. The successful and ongoing downhole maintenance program implemented in 2014 is the contributing factor to these improved decline rates.

Revenues before royalty interests earned from oil and natural gas sales during the year ended December 31, 2016 were $23.9 million, compared with $29.6 million of revenues earned in the prior year, reflecting reduced production volumes and a decrease in the realized sales price for commodities on a comparative period-over-period basis. Net loss attributable to owners of the parent for the year ended December 31, 2016 was $19.1 million or $0.10 per share. This compares with a net loss attributable to owners of the parent of $8.3 million or $0.04 per share incurred in the prior year. Included in the net loss during the current year is an impairment of $11.9 million against certain natural oil and gas properties.