Carbonate Assets

Our carbonate assets hold a best estimate of over 1.6 billion barrels DEBIP and 4.5 billion barrels UEBIP*.This includes 15 sections of land at Saleski, where there are a best estimate contingent resources (technology under development) of 380 millionbarrels.* We also have other carbonate prospective lands at House, Granor, and Orchid. To date, Cavalier has shot seismic and drilled 11 oil evaluation wells on our carbonate land base.

*Carbonates volumes are contingent resources (technology under development) as per McDaniel report effective October 31, 2011. See forward looking statement advisory for disclosure on resource information and definitions.