WHITEBARK ENERGY LIMITED (ASX:WBE)
Annual Report
30 June 2019
ABN 68 079 432 796
WHITEBARK ENERGY LTD - Annual Financial Report 30 June 2019
Table of Contents
Corporate Directory
Chairman’s Letter
Review of Operations
Reserves and Resource Statement
Directors’ Report
Auditors Independence Declaration
Independent Audit Report
Statement of Profit or Loss and Other Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Shareholder Information
Permits
2
3
4
6
9
17
18
22
23
24
25
26
57
58
60
2019 ANNUAL REPORT
Page | 1
WHITEBARK ENERGY LTD
Corporate Directory
Directors
Charles Morgan (Non-executive Chairman)
David Messina (Managing Director)
Stephen Keenihan (Executive Director)
Company Secretary
Kevin Hart
Principal registered office in Australia
Auditors
Solicitors to the Company
Share Registry
Banker
Stock exchange
Level 2
6 Thelma Street
West Perth WA 6005
Tel: +61 8 6555 6000
KPMG
235 St Georges Terrace
Perth WA 6000
Steinepreis Paganin
Level 4, The Read Buildings
16 Milligan Street, Perth WA 6000
Computershare Investor Services Pty Ltd
Level 11, 172 St Georges Terrace
Perth WA 6000
Tel: +61 3 9415 5000
ANZ
Whitebark Energy Limited shares and options are listed
on the Australian Securities Exchange (ASX: WBE, WBEO)
Company website
www.whitebarkenergy.com
2019 ANNUAL REPORT
Page | 2
WHITEBARK ENERGY LTD
Chairman’s Letter
Dear Fellow Shareholders,
I am very pleased to be able to report that the 2018/2019 year has been an exciting one for Whitebark Energy.
Its discovery and bringing into production of the Wizard Lake Oilfield has proven the strategy of its acquisition of a 20%
interest in the Point Loma Joint Venture in Alberta, Canada.
Whitebark announced the identification of Wizard Lake early in the year along with an entitlements issue to
shareholders and a placement which raised $2.33 million before costs. Given the Board’s view of the potential at Wizard
Lake it decided to sell the Company’s interest in TP-15 and the Xanadu discovery. The interest was sold to Triangle
Energy for up to $5 million - $2 million in cash and $1 million in Triangle shares and potential milestone payments of $1
million each on Appraisal and First Oil.
The Rex-1 well was spud on November 24th and was completed in a 1,200 metre lateral on December 12th and was
tested at over 300 barrels of oil per day (bbl/d) in January 2019. Given the land holding, at the time, over the Wizard
Lake Oilfield there was seen to be potential for up to a 14 well development.
Whitebark then negotiated a farm in to the Wizard Lake Oilfield whereby it would earn an additional 10% in the field
for each of two wells it drilled in 2019. Meanwhile Rex-1 was brought onto production on 5th June 2019.
Since the end of the quarter Rex-2 has been drilled and tested. It spud on 27th July 2019 and was drilled with a horizontal
section of 1,600 m in eight days.
Rex-2 has now tested at a restricted peak rate of 865 barrels of oil equivalent per day (BOE/d), (560 bbl/d and 2.0 million
cubic feet per day (MMcf/d) of gas). Unlike Rex-1 and other similar wells in the area, this rate was achieved under
natural flow.
Whitebark also acquired further land over the Wizard Lake Oilfield during the year and there is now potential for a 20
well development.
It is important to note that Whitebark has been the operator of the Rex wells. This is the first time it has operated in
Canada and the wells have come in under budget.
I would like to thank everyone involved for a great year and we look forward to more success to come.
Yours sincerely,
Charles W Morgan
Chairman
2019 ANNUAL REPORT
Page | 3
WHITEBARK ENERGY LTD
Review of Operations
1 Review of Operations
1.1 Overview
During the 2019 financial year the Company produced 104,684 barrels of oil equivalent (BOE), increased 2P oil reserves
by 59%, drilled an oil discovery well at Rex-1 in the Wizard Lake area, Canada and agreed to a Farm In deal that will
increase the Company’s working interest in Wizard Lake to 50% post Rex-3.
Net production from the Canadian Joint Venture for the 2019 financial year was 14,948 barrels of oil (bbl) (up 39% from
2018), 9,236 barrels of NGL’s (bbl) (up 174% from 2018) and 483 MMcf of gas (up 5% from 2018) with gross revenue of
$2.11 million dollars.
Activities were focussed on the Company’s Wizard Lake Oil Discovery through additional wells and surface facility
construction.
Operations at Warro in Western Australia remain shut in due to the State Government Fraccing Inquiry outcome
implementation. The Company is ready to restart activities when a clear process and guidelines are available, likely
2020.
1.2 Canadian Operations
The Company plans to continue to grow its Canadian assets during FY 2020 through a combination of acquisitions and
an active drilling program to develop the Wizard Lake Oil Discovery.
1.2.1 Acquisitions
Following the initial acquisition of 320 acres through a Crown Auction in February 2018, the Canadian JV secured the
rights over the Wizard Lake oil field through a private sale of 1,785 acres in November 2018, a further 640 acres in
January and 640 acres in February 2019 for a total gross area of 3,385 acres as at 30 June 2019.
The current acreage holding covers the field and provides the Company with a strong footprint by which to develop the
field. A broader area encompassing the above acreage and some of the surrounding lands is subject to an Area of
Mutual Interest and Right of First Refusal Agreement with Point Loma (PLX).
1.2.2 Wizard Lake Discovery and Development
The Wizard Lake oil field is in the Leduc area, 25km SW of Edmonton. The presence of oil in the Cretaceous Rex sands
had been confirmed but not exploited by previous wells in the area which were drilled to produce oil from much deeper
Devonian Leduc reservoirs (mainly in the 1950/60s).
1.2.2.1 Rex-1
The first well (Rex-1) was drilled by PLX/WBE as a horizontal exploration well targeting the Cretaceous Rex sand at
approximately 1410m Total Vertical Depth (TVD) and was spud on 24 November and finished drilling on 2 December
2018 (nine days inclusive). During drilling, the Rex sand showed strong oil staining, fluorescence with cut and elevated
gas readings (four times background)1.
The 27 stage frac commenced on 11 December 2018 and was completed less than 36 hours later, on 12 December. Due
to the continuous nature of the reservoir in the horizontal section, the frac stages were evenly spaced along the well
bore at approximately 45m apart. Each stage emplaced an average 26 tonnes of proppant, over 700 tonnes in total, into
the Rex formation.2
(a) Test Results
Flowback commenced on 23 December 2018 after a short delay3 and, as is the practice by other operators in the area,
a high-volume, submersible pump was used to assist with the recovery of frac fluids and to optimise the oil recovery
rate. At this time, the Company announced an increase in Working Interest to 30%, with an effective date of 31
December 2018.
1 ASX Release 29 November 2019
2 ASX Release 13 December 2018
3 ASX Release 17 and 24 December 2018
2019 ANNUAL REPORT
Page | 4
WHITEBARK ENERGY LTD
Review of Operations
From 4th to 15th January 2019, the well was pumped continuously and displayed excellent inflow rates with total fluid
rates averaging over 1120 bbl/d during the testing period.
During this period, Rex-1 recorded production rates of 305 bbl/d of oil (with a GOR of approximately 2300) prior to the
completion of testing and established the production capability of the reservoir. Accordingly, the Joint Venture
determined the field was commercial and proceeded with the construction of production facilities and pipelines.
Rex Well Testing Summary
Well Location
Net Pay Thickness
Geological Rock Type and Formation Drilled
Drilling Depth
Type and Duration of Test
Hydrocarbons Recovered
Water/Load fluid recovered
Choke Size
Fracture Stimulations
Material non hydrocarbon Gases
Wizard Lake: 100/16-17-048-27W4
Not applicable - horizontal well
Lower Manville Rex Sands
1415mTVD with 1237m horizontal section
Produced with a submersible pump. Test duration approx. 18 days
1833 bbls Oil and 2MMcf Gas
18,680 bbls
Not applicable, well under pump
27 stages averaging 26t proppant / stage
Not material
The modular production and processing facility is located 1.6km NW from the Rex-1 well and was completed in early
June 2019 for a total cost of approximately A$750,000. Two 4” pipelines were installed to transport fluids from the well
pad to the production facilities. Rex-1 production commenced using a downhole pump on 5 June 2019.
During Q4, the Company finalised an arrangement to increase its interest to 50% in the entire Wizard Lake field by the
drilling of two wells, Rex-2 and Rex-3. The Company will pay 100% of the costs of both wells and receive 75% of the
well income until the carried costs have been recovered.
1.2.3 Exploration & Acquisition
While the Company plans to focus on Wizard Lake activities during the 2019/20 financial year, other exploration and
acquisition opportunities are being evaluated on an ongoing basis.
1.2.4 Reserves Growth
The Reserve and Resources Statement below documents the Company’s Reserves to 30 June 2019 and represent a 56%
and 59% increase in its Canadian 1P and 2P oil reserves to 305 Mbbl and 519.5 Mbbl respectively. Gas Reserves and
associated liquids have reduced during the same period by 44% due to a significant reduction in commodity prices. 4
1.3 Western Australia
1.3.1 Warro Gas Project: RL-7: WBE 100%
The Warro Project, located northeast of Perth, has 8-10 trillion cubic feet (Tcf) in place and potentially 1.7 – 3.6 Tcf of
recoverable gas (Refer ASX announcement 19 November 2015).
In September 2017, the West Australian State Government implemented a moratorium on fracking onshore in the state.
The independent scientific inquiry was completed in Q2 and the WA Government undertook to implement all the
Inquiry’s recommendations by developing and implementing additional approvals and regulations governing the
hydraulic fracturing of exploration and production wells. The expected conclusion date for the implementation of these
recommendations is the close of 2020.
During this time, the Warro Project is in a shut in and suspended state under an approved environmental management
plan.
The Company confirms that it is not aware of any new information or data that materially affects the information
included in the original market announcement and, in the case of estimates of oil and gas reserves that all material
assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to
apply and have not materially changed.
4 ASX Release 22 August 2019
2019 ANNUAL REPORT
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WHITEBARK ENERGY LTD
Reserves and Resources Statement
2 Reserves and Resources Statement
The following summarises Whitebark Energy Limited’s (WBE) Proved Reserves (1P), Proved plus Probable Reserves (2P)
and contingent and prospective resources as of the evaluation date of 30 June 2019. Unless otherwise stated, all
estimates are quoted as net WBE share.5
Reserves at 30 June 2019
Alberta, Canada
Reserves at 30 June 2019 (Mbbl)
Proved Crude Oil (1P)
Mbbl
Proved and Probable
Crude Oil (2P)
Mbbl
Developed
Undeveloped
Total
97.8
206.7
304.5
130.1
389.4
519.5
Reserves Reconciliation (Mbbl)
Proved Crude Oil (1P)
Mbbl
Proved and Probable
Crude Oil (2P)
Mbbl
Reserves at 30 June 2018
Revisions and reclassifications
Additions through acquisitions
Production
Reserves at 30 June 2019
Reserves at 30 June 2019 (MMcf)
Developed
Undeveloped
Total
Reserves Reconciliation (MMcf)
Reserves at 30 June 2018
Revisions and reclassifications
Additions through acquisitions
Production
Reserves at 30 June 2019
194.2
-5.5
129.6
-13.8
304.5
326.5
-15.8
222.6
-13.8
519.5
Proved Natural Gas
(1P)
MMcf
Proved and Probable
Natural Gas (2P)
MMcf
2169.0
424.7
2593.7
3390.0
1333.7
4723.7
Proved Natural Gas
(1P)
MMcf
Proved and Probable
Natural Gas (2P)
MMcf
4767.1
316.0
286.1
-2775.5
2593.7
8440.7
-1449.3
507.8
-2775.5
4723.7
5 Refer to ASX announcement 22 August 2019
2019 ANNUAL REPORT
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WHITEBARK ENERGY LTD
Reserves and Resources Statement
Reserves at 30 June 2019 (Mbbl)
Developed
Undeveloped
Total
Reserves Reconciliation (Mbbl)
Reserves at 30 June 2018
Revisions and reclassifications
Additions through acquisitions
Production
Reserves at 30 June 2019
Proved Natural Gas
Liquids (1P)
Mbbl
Proved and Probable
Natural Gas Liquids
(2P)
Mbbl
41.5
8.8
50.3
61
30.3
91.3
Proved Natural Gas
Liquids (1P)
Mbbl
Proved and Probable
Natural Gas Liquids
(2P)
Mbbl
135.4
-84.0
7.2
-8.3
50.3
302.9
-216.0
12.7
-8.3
91.3
Wizard Lake 30%WI – 3P Reserves at 30 June 2019
Gas
MMcf
804
Total
MBOE
419
Oil
Mbbl
285
The revisions and reclassifications to the 1P and 2P reserves is comprised primarily of revisions in forecast
performance as a result of well recompletions, drilling of new wells and pipeline construction to add stranded
production to the network.
Changes in forward price estimates, production costs and recovery rates will also dictate the need for revision and
reclassification of reserves
Contingent and Prospective Resources at 30 June 2019 – Gas Initially in Place (Tcf)
Warro Field, Western Australia6
Contingent (status unclarified and on hold)
Prospective
1C
2.4
Low
2.0
4.4
2C
3.2
Medium
4.1
7.3
Contingent (Wizard lake only)
Wizard Lake MBOE Summary (WI 30%) – 30 June 20197
2C
1C
Prospective (Wizard lake only)
750
1U
106
1281
2U
240
3C
4.5
High
7.3
11.6
3C
2491
3U
496
6 Refer to ASX announcement 19 November 2015
7 Refer to ASX announcement 22 August 2019
2019 ANNUAL REPORT
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WHITEBARK ENERGY LTD
Reserves and Resources Statement
Prospective Resource Estimates Cautionary Statement
The estimated quantities of petroleum that may potentially be recovered by the application of a future development
project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery, as well as a
risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant
quantity of potentially moveable hydrocarbons.
Conversion of gas to BOE is done on the basis of 6Mcf = 1 BOE
Reserves and Contingent Resource Estimates – Governance
The Company maintains strong governance and internal controls in respect of its estimates of petroleum reserve and
resource and the estimation process which is undertaken in accordance with the SPEE Petroleum Resources
Management Guidelines. Oil and gas reserves are compiled by an independent Canadian petroleum consulting firm and
overseen by an in house qualified petroleum reserves and resources evaluator.
Qualified Petroleum Reserves and Resources Evaluator Statement
The reserve, contingent and prospective resource estimates in this annual report (Reserves and Resources Statement)
is based on, and fairly represents, information and supporting documentation prepared by a qualified petroleum
reserves and resources evaluator. The Reserves and Resources Statement as a whole has been approved by Mr Stephen
Keenihan. Mr Keenihan is a holder of shares and options in and is Executive Director of the Company. Mr Keenihan has
sufficient experience that is relevant to the style and nature of hydrocarbon resources and to the activities discussed in
this report and is a member of the following professional organisations; Society of Petroleum Engineers, Petroleum
Exploration Society of Australia, American Association of Petroleum Geologists. Mr Keenihan has consented to the
inclusion of information in this annual report in the form and context in which it appears.
The Company confirms that it is not aware of any new information or data that materially affects the information
included in the original market announcement and, in the case of estimates of oil and gas reserves and resources that
all material assumptions and technical parameters underpinning the estimates in the relevant market announcement
continue to apply and have not materially changed.
The Reserves and Resources Statement is based on, and fairly represents, information and supporting documentation
prepared by the respective Competent Persons below.
Alberta, Canada
The 30 June 2019 1P and 2P Reserves evaluation was prepared by McDaniel and Associates in accordance with
definitions, standards and procedures contained in the Canadian Oil and gas Evaluation Handbook and Standards of
Disclosure for Oil and Gas Activities, published by the Society of Petroleum Evaluation Engineers (SPEE), a party to the
Guidelines for Application of the Petroleum Resource Management System (PRMS - June 2018).
The Wizard Lake 3P oil and gas Reserves and the Contingent and Prospective Resources information included in this
report are based on, and fairly represent, information and supporting documentation prepared by Mr Keenihan. Mr
Keenihan is a qualified reserves and resources evaluator in accordance with the requirements of ASX Listing Rule 5.41
and consents as to the form and context in which the estimated Wizard Lake 3P petroleum reserves, contingent
resources and prospective resources and the supporting information are presented in this report.
Warro Field, Western Australia
The information is based on and fairly represents the information and supporting documentation prepared by Mr
Stephen Keenihan, a Director of Whitebark Energy Ltd, who has consented to its inclusion in the form and context as it
is presented. Mr Keenihan has sufficient experience that is relevant to the style and nature of hydrocarbon resources
and to the activities discussed in this document and is a member of the following professional organisations; Society of
Petroleum Engineers, Petroleum Exploration Society of Australia and American Association of Petroleum Geologists.
2019 ANNUAL REPORT
Page | 8
WHITEBARK ENERGY LTD Directors’ Report
3 Directors’ Report
3.1 Directors’ Meetings
Board meetings held during the year and the number of meetings attended by each Director was as follows:
Director
Charles Morgan
David Messina
Stephen Keenihan
Board of Directors
Present
4
4
4
Held
4
4
4
Board and Management Committees
In view of the current composition of the Board (which comprises a non-executive chairman and two executive
directors) and the nature and scale of the Company’s activities, the Board has considered that establishing formally
constituted committees for audit, board nominations, remuneration and general management functions would
contribute little to its effective management.
3.2 Corporate Governance
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of Whitebark
Energy Limited support and have adhered to the principles of sound corporate governance. The Board recognises the
recommendations of the Australian Securities Exchange Corporate Governance Council and considers that the Company
is in compliance with those guidelines which are of importance to the commercial operation of a junior listed resource
Company. During the financial year, shareholders continued to receive the benefit of an efficient and cost-effective
corporate governance policy for the Company.
3.3 Directors’ Information
Charles Morgan| Non-executive Chairman
Appointed 9 October 2015
Experience and expertise:
Mr Morgan has extensive experience in equity capital markets and has been involved with numerous projects over a 30
year period. The bulk of these were in the resources/oil & gas industries and in the technology sector. Mr Morgan is a
former director of Grand Gulf Energy Limited having resigned on 5 March 2019.
David Messina | Managing Director
Appointed 20 April 2016
Experience and expertise:
Experienced international executive with proven entrepreneurial skills and solid track record in developing and
managing a diverse range of businesses, raising finance, stakeholder engagement and delivering results to shareholders.
Mr Messina has over twenty years’ multi-sector experience in the Energy and Agricultural industries, holding senior
positions at the board and executive management level. Having lived and worked in numerous countries he has acquired
global management experience with both start-up and mature businesses.
Stephen Keenihan BSc (Hons)| Executive Director
Appointed 23 March 2011 as Managing Director; Appointed 20 August 2013 as Executive Director; Appointed 9
October 2015 as Managing Director; Appointed 20 April 2016 as Executive Director
Experience and expertise:
Mr Keenihan has more than 45 years’ experience in the energy industry, within and outside Australia. He has primarily
been involved with oil and gas activities but also a broad range of experience in other energy and electricity projects
including coal, gas, wind, biofuels and geothermal. He has previously held management roles with Apache Energy, Griffin
Energy, Novus Petroleum, WMC Petroleum and LASMO. He has extensive expertise in oil and gas exploration
activities and experience covering a broad range of disciplines including development, operations, commercial and
marketing activities both operated and non-operated. Prior to March 2011, Mr Keenihan led a small team of oil and gas
professionals who acquired the Warro Gas Field in Western Australia. The Warro operator, Latent Petroleum, merged
in 2011 with Whitebark Energy, with Mr Keenihan leading the Company and extending its interests internationally in oil
and gas in Canada since that date until 20 August 2013. Mr Keenihan resigned from his position as a Non-Executive
Director of Grand Gulf Energy Limited on 5 March 2019.
2019 ANNUAL REPORT
Page | 9
WHITEBARK ENERGY LTD Directors’ Report
Kevin Hart FCA, BComm|Company Secretary
Appointed 30 November 2016
Experience and expertise:
Mr Hart was appointed to the position of Company Secretary on 30 November 2016.
He is a Chartered Accountant and holds a Bachelor of Commerce degree from the University of Western Australia. He
has over 30 years’ experience in accounting and the management and administration of public listed entities in the
mining and exploration industry.
Mr Hart is currently a partner in an advisory firm, Endeavour Corporate, which specialises in the provision of Company
secretarial and accounting services to ASX listed entities.
4 Remuneration Report (Audited)
This Remuneration Report outlines the remuneration arrangements which were in place during the period and remain
in place as at the date of this report, for the key management personnel of Whitebark Energy Limited. For the purposes
of this report, “key management personnel” is defined as persons having authority and responsibility for planning,
directing and controlling the activities of the Company, directly or indirectly, including any Director (whether executive
or otherwise) of the Company.
4.1 Remuneration Policy
Key management personnel remuneration is based on commercial rates and the existing level of activities in the Group
at this point of time. Should the extent of those activities change, the remuneration of key management personnel
would be amended to reflect that change.
4.2 Principles of Compensation
Remuneration is referred to as compensation throughout this report.
Under overall authority of the Board, key management personnel and other executives have authority and responsibility
for planning, directing and controlling the activities of the Company and the consolidated entity. Key management
personnel include the most highly remunerated executives for the Company and the consolidated entity.
Compensation levels for key management personnel of the Company and relevant key management personnel of the
consolidated entity are competitively set to attract and retain appropriately qualified and experienced key management
personnel. The Company from time to time obtains independent advice on the appropriateness of compensation
packages of both the Company and consolidated entity given trends in comparative companies both locally and
internationally and the objectives of the Company’s compensation strategy. For the year ended 30 June 2019 no
independent advice has been obtained in relation to compensation packages.
The compensation structures explained below are designed to attract suitably qualified candidates, reward the
achievement of strategic objectives, and achieve the broader outcome of creation of value for shareholders. The
compensation structures take into account:
•
•
•
The capability and experience of the key management personnel;
The key management personnel’s ability to control the relevant assets’ performance;
The amount of incentives within each key management person’s compensation.
Compensation packages may include a mix of fixed and variable compensation and short and long-term performance-
based incentives.
In addition to their salaries, the consolidated entity has also provided non-cash benefits to its key management
personnel in the form of share-based payments.
4.2.1.1 Fixed Compensation
Fixed compensation consists of base compensation, which is calculated on a total cost basis and includes any Fringe
Benefit Tax charges related to employee benefits.
4.2.1.2 Performance-linked Compensation
The Company currently has no performance-based remuneration built into key management personnel remuneration
packages.
2019 ANNUAL REPORT
Page | 10
WHITEBARK ENERGY LTD Directors’ Report
4.2.1.3 Long-term Incentive
Incentive options have been issued in the past to key management personnel and other employees of the Company.
The ability to exercise the options is conditional upon the key management personnel and other employees achieving
certain vesting conditions. These vesting conditions are set for each key management personnel and employee and
are based primarily on the length of time spent providing their services to the Company. For the 100,000,000 related
party options issued 3 July 2017, 41,333,333 vested immediately, 41,333,333 vested one year from date of issue and
the balance of 17,333,334 vested two years from the date of issue.
4.2.1.4 Service Contracts
On appointment to the Board, all non-executive directors enter into a service agreement with the Company in the form
of a letter of appointment. The letter summarises the terms, including compensation, relevant to the office of the
director.
Remuneration and other terms of employment for the executive directors and other non-director key management
personnel are also formalised in service agreements. Each of these agreements provide for the provision of bonuses,
other benefits including health and superannuation, and participation in the issuance of options. Other major provisions
of the agreement relating to remuneration are set out below.
Directors and Key Personnel
Term of agreement
Base fee or salary
including
superannuation
Termination
benefit
Directors
Stephen Keenihan
Executive Director
Charles Morgan
Non-Executive Chairman
David Messina
Managing Director
Non-Executive Directors
On-going commencing 1 January 2017
$36,000pa
On-going commencing 9 October 2015
$75,000pa
On-going commencing 1 July 2017
$430,000pa
Nil
Nil
Nil
Total compensation for all non-executive Directors is to be approved by the Company in general meeting as detailed in
the Company’s Constitution.
2019 ANNUAL REPORT
Page | 11
WHITEBARK ENERGY LTD Directors’ Report
5 Directors and Executive Officers’ Remuneration (Consolidated Entity)
The following table sets out remuneration paid to Directors and key executive personnel of the Company and the
consolidated entity during the reporting period:
Remuneration 2019
Executive directors
Stephen Keenihan*
David Messina
Non-Executive Directors
Charles Morgan**
Total
Salary and Fees
AUD
Cash Bonus
AUD
Superannuation
AUD
Share based
payments
AUD
Total
AUD
179,200
441,860
-
-
5,827
-
25,000 62,076
185,027
528,936
83,000
704,060
-
-
-
4,162
25,000 72,065
87,162
801,125
*Consists of $36,000 directors fees and $143,200 consultancy fees
**Consists of $75,000 directors fees and $8,000 consultancy fees
Remuneration 2018
Executive directors
Stephen Keenihan*
David Messina
Non-Executive Directors
Charles Morgan**
Total
Salary and Fees
AUD
Cash Bonus
AUD
Superannuation
AUD
Share based
payments
AUD
Total
AUD
174,400
402,518
-
-
-
171,418 345,818
25,000 263,486 691,004
91,000
667,918
-
-
-
122,442 213,442
25,000 557,346 1,250,264
Value of options as
a proportion of
remuneration
3%
12%
5%
Value of options as
a proportion of
remuneration
50%
38%
57%
*Consists of $36,000 directors fees and $138,400 consultancy fees
**Consists of $75,000 directors fees and $16,000 consultancy fees
6 Equity Instruments
6.1 Options Granted as Compensation
There were no options granted as compensation to key management personnel during the year ended 30 June 2019.
During the year ended 30 June 2018 the following options were granted to key management personnel:
6.2 Option Holdings of Key Management Personnel (Consolidated Entity)
Details of options and rights held directly, indirectly or beneficially by key management personnel and their related
parties are as follows:
Unlisted Options
Executive directors
Stephen Keenihan
David Messina
Non-Executive Directors
Charles Morgan
Total
Listed Options
Executive directors
Stephen Keenihan
David Messina
Non-Executive Directors
Charles Morgan
Total
Balance at beginning of year
01-Jul-18
Granted as
Remuneration
Net Other
Changes
Balance at end
of year
30-Jun-19
Total
Not Exercisable
28,000,000
52,000,000
-
-
- 28,000,000
52,000,000
-
28,000,000
52,000,000
-
17,333,334
20,000,000
100,000,000
-
-
-
-
20,000,000
-
100,000,000 100,000,000 17,333,334
20,000,000
Balance at beginning of year
01-Jul-18
Granted as
Remuneration
Net Other
Changes
Balance at end
of year
30-Jun-19
Total
Not Exercisable
- -
- -
10,052,665 10,052,665
25,000,000 25,000,000
10,052,665
25,000,000
-
-
- -
- -
31,050,147 31,050,147
66,102,812 66,102,812
31,050,147
66,102,812
-
-
2019 ANNUAL REPORT
Page | 12
WHITEBARK ENERGY LTD Directors’ Report
6.3 Other Transactions of Key Management Personnel
Details of equity instruments (other than options and rights) held directly, indirectly or beneficially by key management
personnel and their related parties are as follows:
Shares held in Whitebark Energy Ltd
Shares
Executive directors
Stephen Keenihan
David Messina
Non-Executive Directors
Charles Morgan
Total
Balance at beginning of year
01-Jul-18
Granted as
Remuneration
On Exercise of
Options
Net Other
Changes
Balance at end of
year
30-Jun-19
72,947,334
10,362,000
-
-
- 10,052,665
25,000,000
-
82,999,999
35,362,000
62,100,294
145,409,628
-
-
-
-
107,350,385 169,450,679
142,403,050 287,812,678
Stephen Keenihan shares held in the name of Mr Stephen Leslie Keenihan & Mrs Sheridan Jay Keenihan
David Messina shares held in the name of Mtani Pty Ltd
The aggregate amounts recognised during the year relating to directors’ related parties (included in table at 5) were as
follows:
TB & S Consulting Pty Ltd (i)
Transactions value year end
30-Jun-18
30-Jun-19
Balance outstanding as at
30-Jun-18
30-Jun-19
179,200
179,200
174,400
174,400
95,200
95,200
70,933
70,933
i.
TB & S Consulting Pty Ltd is a Company associated with Mr Stephen Keenihan. The charges from TB & S Consulting are for director’s fees and
consulting fees.
The terms and conditions of the transactions were no more favourable than those available, or which might be
reasonably available, on similar transactions to non-director related entities on an arms-length basis.
7
Company Performance, Shareholder Wealth and Director and Executive
Remuneration
The remuneration policy has been tailored to increase goal congruence between the shareholders, key management
personnel, and other employees. However, the Company continues to investigate alternative means for achieving this
goal to the benefit of all stakeholders. There is no direct relationship between the remuneration policy and Company
performance.
8
Voting and Comments Made at the Company’s 2018 Annual General Meeting
Whitebark Energy Ltd received 88% of “yes” votes on its remuneration report for the 2018 financial year. The Company
did not receive any specific feedback at the AGM on its remuneration report.
9 Use of Remuneration Consultants
During the financial year ended 30 June 2019, the Company did not engage remuneration consultants to review its
existing remuneration policies and provide recommendations on how to improve both the short-term incentives (‘STI’)
program and long-term incentives (‘LTI’) program.
End of Audited Remuneration Report
10 Principal Activities
The principal activity of the consolidated entity during the course of the financial period was the evaluation of oil and
gas exploration projects in Western Australia and production of oil and gas in Alberta, Canada.
11 Results and Dividends
The consolidated entity’s loss after tax attributable to members of the Company for the financial year ending 30 June
2019 was $4,075,448 (30 June 2018 loss: $5,664,449). No dividends have been paid or declared by the Company during
the period ended 30 June 2019.
2019 ANNUAL REPORT
Page | 13
WHITEBARK ENERGY LTD Directors’ Report
12 Financial Position
The net assets of the consolidated entity at 30 June 2019 were $3,867,856 (30 June 2018: $3,699,732) of which
$2,923,228 (30 June 2018: $1,090,415) represents cash and cash equivalents.
The Directors believe that the consolidated entity is in a stable financial position with sufficient cash to fund its current
operations and commitments expected to occur in the next financial year.
13 Earnings / (Loss) Per Share
The basic earnings/(loss) per share for continuing operations of the consolidated entity for the financial year ending 30
June 2019 was (0.2672) cents per share (30 June 2018: 0.6101 cents loss per share).
14 Events Subsequent to Reporting Date
On 18 July 2019 the Company announced the acquisition of 320 acres in the Wizard Lake land position taking the total
gross area to 3,705 acres. The acquisition increased the potential additional well locations to at least 20.
Rex-2 was drilled and fracced in August and tested in September 2019, with peak production rate of 865 BOE/d (560bbls
of oil and 2 MMcf of gas) before the well had to be constrained due to unexpected high gas production.
Other than the above, no material matters or circumstances have arisen since the end of the financial year which have
significantly affected or may significantly affect the operations, results or state of affairs of the consolidated entity.
15 Likely Developments and Expected Results
There are no likely developments of which the directors are aware which could be expected to significantly affect the
results of the Group’s operations in subsequent financial years not otherwise disclosed in the Principal Activities and
Operating and Financial Review or the Significant Events after the Balance Date sections of the Directors’ Report.
The Company continues to look for acquisition opportunities as they arise.
16 Environmental Regulations
The operations of the Group are subject to environmental regulation from two government bodies.
The Australian assets are monitored under the laws of the State of Western Australia. The Group holds various
environmental licenses issued under these laws, to regulate its exploration activities in Australia. These licenses include
conditions and regulations in relation to specifying limits on discharges into the air, surface water and groundwater,
rehabilitation of areas disturbed during the course of exploration activities and the storage of hazardous substances. All
environmental performance obligations are monitored by the board of directors and subjected from time to time to
Government agency audits and site inspections. There have been no material breaches of the Group’s licenses and all
mining and exploration activities have been undertaken in compliance with the relevant environmental regulations.
The Canadian assets are subject to regulation by the Alberta Energy Regulator (AER). The AER ensures companies are
prepared to meet their obligations at the end of a project’s life including environmental obligations.
17 Directors and Executives Interests
As at the date of this report, the interests of the Directors and Executives at any time during the financial year in the
shares and options of Whitebark Energy Limited (“the Company”) were:
Directors
Charles Morgan
Stephen Keenihan*
David Messina**
Shares
Options
169,450,679
82,999,999
35,362,000
51,050,147
38,052,665
77,000,000
* Held in the name of Stephen Leslie Keenihan & Sheridan Jay Keenihan .
**Held in the name of Mtani Pty Ltd
2019 ANNUAL REPORT
Page | 14
WHITEBARK ENERGY LTD Directors’ Report
18 Share Options
18.1 Options Granted to Officers of the Company
No options were granted to officers of the company during the year.
No options have been granted to officers of the Company since the end of the financial year to the date of this Directors’
report.
Unissued shares under options
As at the date of the report, there were 111,000,000 unlisted options on issue detailed as follows:
Grant Date
28-Apr-17
24-Jul-17
Exercisable
28 April 2017 to 1 April 2021
24 July 2017 to 31 May 2021
Expiry date
Exercise price
1-Apr-21
31-May-21
$0.015
$0.015
Number of
options
11,000,000
100,000,000
All options expire on the earlier of their expiry date or termination of employment. Option holders do not have any
right, by virtue of the option, to participate in any share issue of the Company.
18.2 Shares Issued on Exercise of Options
During the financial year there were 20,000 shares issued as a result of the exercise of options.
19 Indemnification and Insurance of Officers and Auditors
19.1 Indemnification
An indemnity agreement has been entered into with each of the Directors and Company Secretary of the Company
named earlier in this report. Under the agreement, the Company has agreed to indemnify those officers against any
claim or for any expenses or costs which may arise as a result of work performed in their respective capacities to the
extent permitted by law. There is no monetary limit to the extent of this indemnity.
19.2 Insurance Premiums
During the financial year the Company has paid insurance premiums in respect of Directors’ and Officers’ liability and
legal expenses’ insurance contracts, for current Directors and Officers. The insurance premiums relate to costs and
expenses incurred by the relevant officers in defending proceedings, whether civil or criminal and whatever their
outcome and other liabilities that may arise from their position, with the exception of conduct involving a wilful breach
of duty or improper use of information or position to gain a personal advantage.
The premiums were paid in respect of the following Directors and Officers: Stephen Keenihan, Charles Morgan, David
Messina and Kevin Hart.
There were no legal proceedings entered into on behalf of the Company or the consolidated entity by any of the
Directors or Executive Officers of the Company.
Details of the amount of the premium paid in respect of the insurance policies are not disclosed as such disclosure is
prohibited under the terms of the contract.
The Group has not otherwise, during or since the end of the financial year, except to the extent permitted by law,
indemnified or agreed to indemnify any current or former officer or auditor of the Group against a liability incurred as
such by an officer or auditor.
20 Corporate Structure
Whitebark Energy Limited is a Company limited by shares that is incorporated and domiciled in Australia. The Company
is listed on the Australian Securities Exchange under code WBE.
2019 ANNUAL REPORT
Page | 15
WHITEBARK ENERGY LTD Directors’ Report
21 Non-Audit Services
During the year KPMG, the Company’s auditor, performed certain other services in addition to their statutory duties.
The Board has considered the non-audit services provided during the year by the auditor and is satisfied that the
provision of those non-audit services during the year is compatible with, and did not compromise, the auditor
independence requirements of the Corporations Act 2001 for the following reasons:
All non-audit services were subject to the corporate governance procedures adopted by the Company and have been
reviewed by the Directors to ensure they do not impact upon the impartiality and objectivity of the auditor; and
The non-audit services do not undermine the general principles relating to auditor independence as set out in APES 110
Code of Ethics for Professional Accountants, as they did not involve reviewing or auditing the auditor’s own work, acting
in a management or decision-making capacity for the Company, acting as an advocate for the Company or jointly sharing
risks and rewards.
22 Auditor’s Independence Declaration
The Auditor’s Independence Declaration is set out on page 17 and forms part of the Directors’ report for the financial
year ended 30 June 2019.
Signed in accordance with a resolution of the Directors.
Perth, 23 September 2019
David Messina
Managing Director
2019 ANNUAL REPORT
Page | 16
WHITEBARK ENERGY LTD
Auditors Independence Declaration
2019 ANNUAL REPORT
Page | 17
WHITEBARK ENERGY LTD
Independent Audit Report
2019 ANNUAL REPORT
Page | 18
WHITEBARK ENERGY LTD
Independent Audit Report
2019 ANNUAL REPORT
Page | 19
WHITEBARK ENERGY LTD
Independent Audit Report
2019 ANNUAL REPORT
Page | 20
WHITEBARK ENERGY LTD
Independent Audit Report
2019 ANNUAL REPORT
Page | 21
WHITEBARK ENERGY LTD
Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2019
Notes
30-Jun-19
AUD
30-Jun-18
AUD
Revenue
Cost of goods sold
Gross Profit/(Loss)
Other income
Finance income
Gain/(loss) on disposal of available-for-sale financial
assets
Profit/(loss) on disposal of assets
Gain on bargain purchase
Change in fair value of financial assets
Expenses
Administrative expenses
Finance costs
Impairment expense
Share based payments expense
Other operating expenses
Loss before income tax expense from continuing operations
Income tax benefit
Loss after income tax expense for the period
Other comprehensive income/(loss), net of tax
Items reclassified through profit and loss:
Realised gain on marketable securities
Foreign currency translation
Total other comprehensive income for the period
Total comprehensive income/(loss) for the period
Loss per share
Basic and diluted (cents per share)
5
6
7
8
9
20
23
10
11
12
31
13
15
1,877,190
(1,856,141)
21,049
1,630,809
(1,613,293)
17,516
-
88,692
-
1,379,736
33,573
(2,271,761)
(170,986)
(1,552,431)
(81,745)
(1,521,575)
4,364
59,823
246,660
(741)
911,367
-
(2,479,469)
(109,055)
(1,330,642)
(588,403)
(2,395,869)
(4,075,448)
(5,664,449)
-
(4,075,448)
-
(5,664,449)
- (200,000)
120,254
175,333
175,333 (79,746)
(3,900,115) (5,744,195)
16
(0.2672)
(0.6101)
The accompanying notes form part of these financial statements.
2019 ANNUAL REPORT
Page | 22
WHITEBARK ENERGY LTD
Statement of Financial Position
as at 30 June 2019
Assets
Current Assets
Cash and cash equivalents
Trade and other receivables
Other current assets
Other investments
Total current assets
Non-current Assets
Property, plant and equipment
Exploration and evaluation assets
Total non-current assets
Total assets
17
18
19
23
21
22
24
25
Liabilities
Current Liabilities
Trade and other payables
Provisions
Total current liabilities
Non-current liabilities
Provisions
Decommissioning liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity attributable to equity holders of the Consolidated Entity
25
26
27
28
30-Jun-19
AUD
30-Jun-18
AUD
2,923,228
1,289,755
155,744
839,329
5,208,056
1,090,415
125,060
97,989
-
1,313,464
8,041,123
919,584
8,960,707
14,168,763
8,152,319
2,556,696
10,709,015
12,022,479
1,621,848
100,391
1,722,239
9,927
8,568,740
8,578,667
10,300,906
3,867,856
658,007
102,342
760,349
3,995
7,558,403
7,562,398
8,322,747
3,699,732
58,369,150
1,014,004
(55,515,298)
3,867,856
54,382,657
756,926
(51,439,851)
3,699,732
The accompanying notes form part of these financial statements.
2019 ANNUAL REPORT
Page | 23
WHITEBARK ENERGY LTD
Statement of Changes in Equity
for the year ended 30 June 2019
For the year ended 30 June 2019
Share Capital
Balance at 1 July 2018
Total comprehensive income for the period
Loss attributable to members of the parent entity
Foreign currency translation differences
Total other comprehensive income
Total comprehensive income for period
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Net proceeds from share issue
Share option expense
Total contributions by and distributions to owners
Balance at 30 June 2019
AUD
54,382,657
-
-
-
-
3,986,493
-
3,986,493
58,369,150
Foreign
currency
translation
reserve
AUD
71,702
Share based
payments
reserve
AUD
685,224
-
175,333
175,333
175,333
-
-
-
247,035
-
-
-
-
-
81,745
81,745
766,969
FVTPL
Accumulated
Losses
Total Equity
AUD
-
AUD
(51,439,851)
AUD
3,699,732
-
-
-
-
-
-
-
-
(4,075,448)
-
-
(4,075,448)
(4,075,448)
175,333
175,333
(3,900,115)
-
-
-
(55,515,297)
3,986,493
81,745
4,068,238
3,867,856
For the year ended 30 June 2018
Share Capital
Balance at 1 July 2017
Total comprehensive income for the period
Loss attributable to members of the parent entity
Revaluation of marketable securities
Realised gain on marketable securities
Other comprehensive income
Foreign currency translation differences
Total other comprehensive income
Total comprehensive income for period
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Transfer relating to disposal of subsidiaries
Net proceeds from share issue
Share option expense
Total contributions by and distributions to owners
Balance at 30 June 2018
Foreign
currency
translation
reserve
AUD
1,333,133
-
-
-
120,255
120,255
120,255
Share based
payments
reserve
FVOCI
Accumulated
Losses
Total Equity
AUD
96,822
AUD
200,000
AUD
(47,157,091)
AUD
7,119,635
-
(5,664,449)
46,600
(246,600)
-
-
-
-
-
-
-
46,600
(246,600)
(5,664,449)
-
-
-
(200,000)
(200,000)
-
-
(5,664,449)
120,255
120,255
(5,744,194)
AUD
52,646,771
-
-
-
-
-
-
-
1,735,886
-
1,735,886
54,382,657
(1,381,687)
-
-
(1,381,687)
71,701
-
-
588,403
588,403
685,225
-
-
-
-
-
1,381,687
-
-
1,381,687
(51,439,851)
-
1,735,886
588,403
2,324,289
3,699,732
The accompanying notes form part of these financial statements.
2019 ANNUAL REPORT
Page | 24
Cash flows from operating activities
Receipts from customers
Interest received
Payment for production, suppliers and employees
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Proceeds from sale of plant and equipment
Proceeds from sale of tenements
Proceeds from sale of securities
Proceeds from deed of termination (Warro JV)
Acquisition of interest in joint operation
Payment for plant and equipment
Payment for development
Payment for exploration assets
Net cash used in investing activities
Cash flows from financing activities
Proceeds from share placement
Proceeds from repayment of borrowings
Net cash from financing activities
Net increase/ (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Effect of movement in exchange rates on cash held
Cash and cash equivalents at 30 June 2019
The accompanying notes form part of these financial statements.
WHITEBARK ENERGY LTD
Statement of Cash Flows
for the year ended 30 June 2019
Note
30-Jun-19
AUD
30-Jun-18
AUD
1,395,398
28,792
(3,800,110)
(2,375,920)
1,372,923
86,670
(3,965,617)
(2,506,024)
29
-
2,194,038
-
-
-
(53,218)
(1,644,705)
(256,028)
240,087
3,906,493
-
3,906,493
1,770,660
1,090,415
62,153
2,923,228
13,832
197,393
446,660
48,692
(341,997)
(85,969)
(1,786,073)
(1,538,888)
(3,046,350)
1,735,885
7,000
1,742,885
(3,809,489)
4,856,884
43,020
1,090,415
17
2019 ANNUAL REPORT
Page | 25
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
1 Reporting entity
Whitebark Energy Limited (the ‘Company’) is domiciled and incorporated in Australia. The address of the Company’s
registered office is Level 2, 6 Thelma Street, West Perth WA 6005. The consolidated financial report of the consolidated
entity for the period ended 30 June 2019 comprises the Company and its subsidiaries. The consolidated entity is involved
in oil and gas exploration in Western Australia and oil and gas exploration and production in Alberta, Canada.
The financial report was authorised for issue by the directors on 23 September 2019.
2 Basis of preparation
(a) Statement of Compliance
The financial report is a general purpose financial report which has been prepared in accordance with Australian
Accounting Standards (‘AASBs’) (including Australian Accounting Interpretations), other authoritative pronouncements
of the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001. Australian Accounting Standards
set out accounting policies that the AASB has concluded would result in a financial report containing relevant and
reliable information about transactions, events and conditions to which they apply.
Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with the
International Financial Reporting Standards (IFRS).
Whitebark Energy Limited is a for-profit entity for the purpose of preparing the financial statements.
(b) Going concern
The accounts have been prepared on the going concern basis, which contemplates continuity of normal business
activities and the realisation of assets and settlement of liabilities in the normal course of business.
The Consolidated Entity reported a loss after tax of $4,075,448 for the year ended 30 June 2019 (2018: loss of
$5,664,449). Included within this loss was the exploration and development expenditure write off or impairment of
$227,221 (2018: $1,157,845) and the property, plant and equipment write off or impairment of $1,325,210 (2018:
$172,797). The net working capital surplus of the Consolidated Entity at 30 June 2019 was $3,485,817 (2018: surplus of
$553,115) and the net increase in cash held during the year was $1,832,813 (2018: decrease of $3,766,468).
The Directors have reviewed the Group’s overall financial position and are of the opinion that the use of the going
concern basis of accounting is appropriate as they believe the Group has sufficient funds available from existing cash
reserves, investments and meeting budgeted operational performance for at least 12 months and should the company
require it, the Directors’ have a reasonable expectation of being able to raise further funding.
(c) Basis of measurement
The financial report is prepared on the historical costs basis except for the following assets and liabilities that are stated
at their fair value: financial instruments classified at fair value through profit and loss (FVTPL).
(d) Functional and presentation currency
These consolidated financial statements are presented in Australian dollars, which is the functional currency of the
Company. The functional currency of the Company’s United States of American subsidiary is USD and CAD for the
Canadian subsidiary.
The functional currency of each of the Group’s entities is measured using the currency of the primary economic
environment in which that entity operates.
2019 ANNUAL REPORT
Page | 26
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
(e) Critical accounting estimates and judgements
The preparation of a financial report in conformity with Australian Accounting Standards requires management to make
judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and
liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates. These accounting policies have been consistently applied by each entity
in the consolidated group.
The Company’s accounting policy for the recognition of rehabilitation provisions requires significant estimates including
the magnitude of possible works for removal or treatment of waste materials and the extent of work required and the
associated costs of rehabilitation work. These uncertainties may result in future actual expenditure, different from the
amounts currently provided.
The provision recognised for each production well is periodically reviewed and updated based on the facts and
circumstances available at the time. Changes to the estimated future costs for operating sites are recognised in the
balance sheet by adjusting the rehabilitation asset and provision.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the
revision and future periods if the revision affects both current and future periods. In particular, information about
significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most
significant effect on the amount recognised in the financial statements are described in the following notes:
Note 21 and 22 – Impairment expense (see note 3(k)) and depletion and depreciation (see note 3(o))
Note 25 – Provisions (see note 3(r))
Note 31 – Share-based payment (see note 3(q)(iii))
Note 22 – Exploration and evaluation expenditure (see note 3(d))
(f) New and revised standards that are effective for these financial statements
A number of new and revised standards were effective for the annual period beginning on or after 1 July 2018.
AASB 9 Financial Instruments:
AASB 9 introduces a single approach to determine whether a financial asset is measured at amortized cost or fair value.
The approach is based on how an entity manages its financial instruments in the context of its business model and the
contractual cash flow characteristics of the financial assets. For financial liabilities, where the fair value option is applied,
the change in fair value resulting from an entity’s own credit risk is recorded in other comprehensive income instead of
net earnings, unless this creates an accounting mismatch. In addition, a new expected credit loss model for calculating
impairment on financial assets replaces the incurred loss impairment model. The new model results in more timely
recognition of expected credit losses. AASB 9 also includes a simplified hedge accounting model, aligning hedge
accounting more closely with risk management.
The Company has determined that the effect of adopting AASB 9 did not have a significant impact on the carrying
amount of the financial assets at 1 July 2018.
AASB 15 Revenue from Contracts with Customers
AASB 15 establishes a single revenue recognition framework that applies to contracts with customers. The standard
requires an entity to recognize revenue to reflect the transfer of goods and services for the amount it expects to receive,
when control is transferred to the purchaser. Expanded disclosure requirements are also part of the standard. The
standard is required to be either adopted retrospectively in full or using a modified approach where prior numbers
remain and the retrospective effect is an adjustment to retained earnings.
It has been determined by the Company that the adoption of AASB 15 will not require any material adjustments to the
Company’s financial statements or accounting policies as the normal sales transactions only have one performance
obligation to transfer goods (the production) to a customer at a point in time. The point in time when the goods transfer
to the customer is the same under AASB 118 and AASB 15.
2019 ANNUAL REPORT
Page | 27
When these Standards were first adopted for the year ending 30 June 2019, there was no material impact on the
financial statements.
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
3 Summary of accounting policies
(a) Basis of consolidation
The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as of 30 June 2019.
The Parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary
and has the ability to affect those returns through its power over the subsidiary.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains
and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed
on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts reported in the
financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting
policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised
from the effective date of acquisition, or up to the effective date of disposal, as applicable.
(b) Business combination
The Group applies the acquisition method in accounting for business combinations in accordance with AASB 3. The
consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date
fair values of assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair
value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as
incurred.
The Group recognises identifiable assets acquired and liabilities assumed in a business combination regardless of
whether they have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets
acquired and liabilities assumed are generally measured at their acquisition-date fair values.
Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum
of (a) fair value of consideration transferred, (b) the recognised amount of any non-controlling interest in the acquiree,
and (c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of
identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount
(i.e. gain on a bargain purchase) is recognised in profit or loss immediately.
(c) Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to Australian
dollars at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are
recognised in profit and loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a
foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and
liabilities denominated in foreign currencies that are stated at fair value are translated to Australian dollars at foreign
exchange rates ruling at the dates the fair value was determined.
(ii) Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation,
are translated to Australian dollars at foreign exchange rates ruling at the balance sheet date. The revenues and
expenses of foreign operations are translated to Australian dollars at rates approximating to the foreign exchange rates
ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognised in other
comprehensive income in the foreign currency translation reserve of equity.
(d) Exploration and evaluation expenditure
Exploration and evaluation costs, including the costs of acquiring licences and the costs of acquiring the rights to explore,
are capitalised as exploration and evaluation assets on an area of interest basis.
Exploration and evaluation assets are only recognised if the rights of the area of interest are current and either:
2019 ANNUAL REPORT
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WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
•
•
the expenditures are expected to be recouped through successful development and exploitation of the area of
interest; or
activities in the area of interest have not at the reporting date, reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves and active and significant
operations in, or in relation to, the area of interest are continuing.
Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical
feasibility and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds the
recoverable amount (see impairment of non-financial assets note 3(k)). For the purposes of impairment testing,
exploration and evaluation assets are allocated to cash-generating units to which the exploration activity relates. The
cash generating unit shall not be larger than the area of interest.
Once the technical feasibility and commercial viability of the extraction of petroleum resources in an area of interest
are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment
and then reclassified from exploration and evaluation expenditure to property plant and equipment assets.
(e) Determination of recoverability of asset carrying values
The recoverability of development and production asset carrying values are assessed at a cash-generating unit (“CGU”)
level. Determination of what constitutes a CGU is subject to management judgements. The asset composition of a CGU
can directly impact the recoverability of the assets included therein. The key estimates used in the determination of
cash flows from oil and natural gas reserves include the following:
• Reserves – Assumptions that are valid at the time of reserve estimation may change significantly when new
information becomes available. Changes in forward price estimates, production costs or recovery rates may change
the economic status of reserves and may ultimately result in reserves being restated.
• Oil and natural gas prices – Forward price estimates are used in the cash flow model. Commodity prices can
fluctuate for a variety of reasons including supply and demand fundamentals, inventory levels, exchange rates,
weather, and economic and geopolitical factors.
• Discount rate – The discount rate used to calculate the net present value of cash flows is based on estimates of an
approximate industry peer group weighted average cost of capital. Changes in the general economic environment
could result in significant changes to this estimate.
(f)
Reserve estimates
Proved plus probable reserves are defined as the “best estimate” of quantities of oil, natural gas and related substances
estimated to be commercially recoverable from known accumulations, from a given date forward based on drilling,
geological, geophysical and engineering data, the use of established technology and specified economic conditions. It
is equally likely that the actual remaining quantities recovered will be greater than or less than the sum of the estimated
proved plus probable reserves. The estimates are made using all available geological and reservoir data as well as
historical production data. Estimates are reviewed as appropriate. Revisions occur as a result of changes in prices,
costs, fiscal regimes and reservoir performance or changes in the Company’s plans with respect to future development
or operating practices.
(g) Restoration, rehabilitation and environmental costs and decommissioning obligations
Restoration, rehabilitation and environmental costs necessitated by exploration and evaluation activities are accrued at
the time of those activities and treated as exploration and evaluation expenditure.
Restoration, rehabilitation and environmental obligations recognised include the costs of reclamation and subsequent
monitoring of the environment.
Costs are estimated on the basis of future assessed costs, current legal requirements and current technology, which are
discounted to their present value. The present value of the costs is included as part of the cost of the exploration and
evaluation asset or the property plant and equipment asset. Estimates are reassessed at least annually. Changes in
estimates are dealt with prospectively, with any amounts that would have been written off or provided against under
accounting policy for exploration and evaluation immediately written off.
Amounts recorded for decommissioning obligations and the related accretion expense requires the use of estimates
with respect to the amount and timing of decommissioning expenditures. Actual costs and cash outflows can differ
from estimates because of changes in laws and regulations, public expectations, market conditions, discovery and
2019 ANNUAL REPORT
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WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
analysis of site conditions and changes in technology. Other provisions are recognized in the period when it becomes
probable that there will be future cash outflow.
(h) Development expenditure
Development expenditure represents the accumulated exploration, evaluation, land and development expenditure
incurred by or on behalf of the Group in relation to areas of interest in which mining of hydrocarbon resource has
commenced.
When further development expenditure is incurred in respect of an asset after commencement of production, such
expenditure is carried forward as part of the asset only when substantial future economic benefits are thereby
established, otherwise such expenditure is classified as part of the cost of production.
Amortisation of costs is provided on the unit-of-production method with separate calculations being made for each
hydrocarbon resource. The unit-of-production basis results in an amortisation charge proportional to the depletion of
the estimated recoverable reserves. In some circumstances, where conversion of resources into reserves is expected,
some elements of resources may be included. Development and land expenditure still to be incurred in relation to the
current reserves are included in the amortisation calculation. Where the life of the assets are shorter than the reserves
life their costs are amortised based on the useful life of the assets.
The estimated recoverable reserves and life of the development and the remaining useful life of each class of asset are
reassessed at least annually. Where there is a change in the reserves/resources amortisation rates are correspondingly
adjusted.
(i) Trade and other receivables
Other receivables are recorded at amounts due less any allowance for doubtful debts.
(j)
Cash and cash equivalents
Cash and cash equivalents comprise cash balances, short term bills and call deposits. Cash equivalents include deposits
and other highly liquid investments with original maturities of three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts that are repayable
on demand and form an integral part of the consolidated entity’s cash management are included as a component of
cash and cash equivalents for the purpose of the statement of cash flow.
(k) Impairment of non-financial assets
The carrying amounts of the consolidated entity’s non-financial assets, other than deferred tax assets, are reviewed at each
balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s
recoverable amount is estimated.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its
recoverable amount. Impairment losses are recognised in the profit and loss.
Impairment losses recognised in respect of cash-generating units are allocated to reduce the carrying amount of the
assets in the unit (group of units) on a pro rata basis.
Reversals of impairment
Impairment losses are reversed when there is an indication that the impairment loss may no longer exist and there has
been a change in the estimate used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount
that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
(l)
Share capital
(i) Dividends
Dividends are recognised as a liability in the period in which they are declared.
(ii) Transaction costs
Transaction costs of an equity transaction are accounted for as a deduction from equity, net of any related income tax
benefit.
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WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
(m) Earnings per share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing the profit/(loss) attributable to equity holders of the Company,
excluding any costs of servicing equity other than ordinary shares, by weighted average number of ordinary shares
outstanding during the financial year, adjusted for the bonus elements in ordinary shares issued during the year.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account
the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and
the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive
potential ordinary shares.
(n) Property, plant and equipment
Buildings, IT equipment and other equipment (comprising fittings and furniture) are initially recognised at acquisition
cost or manufacturing cost, including any costs directly attributable to bringing the assets to the location and condition
necessary for it to be capable of operating in the manner intended by the Group’s management. Buildings and IT
equipment also include leasehold property held under a finance lease (see note 36). Buildings, IT equipment and other
equipment are subsequently measured using the cost model, cost less subsequent depreciation and impairment losses.
Developed and producing assets are measured at cost less accumulated depreciation and accumulated impairment
losses. Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs
of replacing parts of property, plant and equipment are recognized as oil and natural gas interests when it is probable
that future economic benefits associated with the item will flow to the group and the cost of the item can be measured
reliably. All other costs are recognised in expenses as incurred. Such capitalised oil and gas interests generally represent
costs incurred in developing proven and/or probable reserves and bringing on or enhancing production from such
reserves. The carrying amount of any replaced or sold component is derecognised. The costs of periodic servicing of
property plant and equipment is recognised as an expense.
(o) Depletion and depreciation
The net carrying value of developed and producing assets are depleted using the unit of production method by reference
to the ratio of production in the period to the related proven and probable reserves, taking into account estimated
future development costs necessary to bring those reserves into production. Future development costs are estimated
taking into account the level of development required to produce the reserves. These estimates are reviewed by
independent reserve engineers on an annual basis.
Proven and probable reserves are estimated using independent reserve engineer reports and represent the estimated
quantities of oil, natural gas and natural gas liquids which geological, geophysical and engineering data demonstrate
with a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered
commercially producible.
In determining reserves for use in the depletion and impairment calculations, a BOE conversion ratio of six thousand
cubic feet of natural gas (“Mcf”) to one barrel of oil (“bbl”) is used as an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in the
reserve reports are derived by converting natural gas to oil in the ratio of six Mcf of gas to one barrel of oil.
For other assets, depreciation is recognized on a straight-line basis to write down the cost less estimated residual value
of buildings, IT equipment and other equipment. The following useful lives are applied:
•
IT equipment: 4 years
• Other equipment: 4-5 years
In the case of leasehold property, expected useful lives are determined by reference to the lesser of comparable owned
assets useful lives and the lease term.
Material residual value estimates and estimates of useful life are updated as required, but at least annually.
Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the
disposal proceeds and the carrying amount of the assets and are recognised in profit and loss.
2019 ANNUAL REPORT
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WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
(p) Fair value measurement
The Group measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis, depending
on the requirements of the applicable Accounting Standard.
Fair value is the price the Group would receive to sell an asset or would have to pay to transfer a liability in an orderly
(i.e. unforced) transaction between independent, knowledgeable and willing market participants at the measurement
date.
As fair value is a market-based measure, the closest equivalent observable market pricing information is used to
determine fair value. Adjustments to market values may be made having regard to the characteristics of the specific
asset or liability. The fair values of assets and liabilities that are not traded in an active market are determined using one
or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable
market data.
To the extent possible, market information is extracted from either the principal market for the asset or liability (i.e. the
market with the greatest volume and level of activity for the asset or liability) or, in the absence of such a market, the
most advantageous market available to the entity at the end of the reporting period (i.e. the market that maximises the
receipts from the sale of the asset or minimises the payments made to transfer the liability, after taking into account
transaction costs and transport costs).
For non-financial assets, the fair value measurement also takes into account a market participant’s ability to use the
asset in its highest and best use or to sell it to another market participant that would use the asset in its highest and
best use
The fair value of liabilities and the entity’s own equity instruments (excluding those related to share-based payment
arrangements) may be valued, where there is no observable market price in relation to the transfer of such financial
instruments, by reference to observable market information where such instruments are held as assets. Where this
information is not available, other valuation techniques are adopted and, where significant, are detailed in the
respective note to the financial statements.
AASB 13 requires the disclosure of fair value information by level of the fair value hierarchy, which categorises fair value
measurements into one of three possible levels based on the lowest level that an input that is significant to the
measurement can be categorised into as follows:
Level 1 – Measurements based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the
entity can access at the measurement date.
Level 2 – Measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset
or liability, either directly or indirectly.
Level 3 – Measurements based on unobservable inputs for the asset or liability.
The fair values of assets and liabilities that are not traded in an active market are determined using one or more
valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market data.
If all significant inputs required to measure fair value are observable, the asset or liability is included in Level 2. If one
or more significant inputs are not based on observable market date, the asset or liability is included in Level 3.
The Group would change the categorisation within the fair value hierarchy only in the following circumstances:
If a market that was previously considered active (Level 1) became inactive (Level 2 or Level 3) or vice versa; or
(i)
(ii) If significant inputs that were previously unobservable (Level 3) became observable (Level 2) or vice versa.
When a change in the categorisation occurs, the Group recognises transfers between levels of the fair value hierarchy
(ie transfers into and out of each level of the fair value hierarchy) on the date the event or change in circumstances
occurred.
(q) Employee benefits
(i) Long term employee benefits
The Company’s liabilities for long service leave are included in both short term employee benefits and other long term
benefits as they are not expected to be settled wholly within twelve (12) months after the end of the period in which
the employees render the related services. They are measured at the present value of the expected future payments to
2019 ANNUAL REPORT
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WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
be made to employees. The expected future payments incorporate anticipated future wage and salary levels,
experience of employee departures and periods of service, and are discounted at rates determined by reference to
market yields at the end of the reporting period on high quality corporate bonds that have maturity dates that
approximate the timing of the estimated future cash outflows. Any re-measurements arising from experience
adjustments and changes in assumptions are recognised in profit or loss in the periods in which the changes occur.
The Company presents employee benefit obligations as current liabilities in the statement of financial position if the
Company does not have an unconditional right to defer settlement for at least twelve (12) months after the reporting
period, irrespective of when the actual settlement is expected to take place.
(ii) Short term employee benefits
Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly
within twelve (12) months after the end of the period in which the employees render the related service. Examples of
such benefits include wages and salaries, non-monetary benefits and accumulating sick leave. Short-term employee
benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled.
(iii) Share-based payment transactions
The share option program allows the consolidated entity’s employees and consultants to acquire shares of the
Company. The fair value of options granted is recognised as an employee benefit or consultant expense with a
corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the
employees become unconditionally entitled to the options. The fair value of the options granted is measured using the
Binomial and Black Scholes option-pricing models, taking into account the terms and conditions upon which the options
were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest
except where forfeiture is only due to share prices not achieving the threshold for vesting.
(r) Provisions
A provision is recognised in the statement of financial position when the consolidated entity has a present, legal or
constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required
to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows
at a pre-tax rate that reflects current market assessments of the time value of money and, when appropriate, the risks
specific to the liability.
(s) Trade and other payables
Trade and other payables are non-interest bearing liabilities stated at cost and settled within 30 days.
(t) Revenue recognition
Revenue is recognised when the control of the goods or services is transferred to the customer. Determining the timing
of the transfer of control requires judgement. Revenue is measured at the fair value of the consideration received or
receivable, net of returns, trade allowances and duties and taxes paid.
(iv) Net financial income
Net financial income comprises interest on borrowings calculated using the effective interest method, interest
receivable on funds invested and dividend income.
Interest income is recognised in the profit and loss as it accrues, using the effective interest method. Dividend income
is recognised in the profit and loss on the date the entity’s right to receive payments is established which in the case of
quoted securities is the ex-dividend date.
(v) Sales revenue
Revenue from the sale of oil and natural gas will be recorded when control of the goods or services transfer to the
customer.
Royalty income is recognised in petroleum and natural gas revenues as it accrues in accordance with the terms of the
overriding royalty agreements.
2019 ANNUAL REPORT
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WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
(u) Income tax
The Company and its wholly-owned Australian resident entities are part of a tax-consolidated group. As a consequence,
all members of the tax-consolidated group are taxed as a single entity. The head entity within the tax-consolidated
group is Whitebark Energy Ltd.
Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable
income tax rates enacted, or substantially enacted, as at the end of the reporting period. Included in the income tax
benefit are research and development grants provided during the year.
Current tax liabilities (assets) are therefore measured at the amounts expected to be paid to (recovered from) the
relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the
year as well as unused tax losses.
Current and deferred income tax expense (income) is charged or credited directly to equity instead of the profit or loss
when the tax relates to items that are credited or charged directly to equity.
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where
amounts have been fully expensed but future tax deductions are available. No deferred income tax will be recognised
from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on
accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset
is realised or the liability is settled, based on tax rates enacted or substantively enacted at the end of the reporting
period. Their measurement also reflects the manner in which management expects to recover or settle the carrying
amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is
probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures,
deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can
be controlled and it is not probable that the reversal will occur in the foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net
settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets
and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and liabilities relate
to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities
where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability
will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered
or settled.
Amounts receivable from the Australian Tax Office in respect of research and development tax concession claims are
recognised in the income statement at the time the claim is lodged and received with the Australian Tax Office.
(v) Segment reporting
An operating segment is a component of the consolidated entity that engages in business activities from which it may
earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the
consolidated entity’s other components. Based on the information used for internal reporting purposes by the chief
operating decision maker, being the executive management that makes strategic decisions, at 30 June 2019 the group’s
assets are in two reportable geographical segments being Australia and Canada.
(w) Goods and services tax
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the
amount of GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as
part of the cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or
payable to, the ATO is included as a current asset or liability in the statement of financial position.
2019 ANNUAL REPORT
Page | 34
Cash flows are included in the statement of cash flow on a gross basis. The GST components of cash flows arising from
investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash
flows.
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
(x) Financial instruments
Policy applicable before 1 July 2018
(i) Non-derivative financial instruments
Non-derivative financial instruments comprise investments in equity securities, trade and other receivables, cash and
cash equivalents, loans and borrowings, and trade and other payables.
Non-derivative instruments are recognised initially at fair value plus, for instruments not at fair value through profit or
loss, any directly attributable transaction costs. Subsequent to initial recognition non-derivative financial instruments
are measured as described below.
A financial instrument is recognised if the consolidated entity becomes a party to the contractual provisions of the
instrument. Financial assets are derecognised if the consolidated entity’s contractual rights to the cash flows from the
financial assets expire or if the consolidated entity transfers the financial asset to another party without retaining control
or substantially all risks and rewards of the asset.
(ii) Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in
an active market and are subsequently measured at amortised cost. They arise when the consolidated entity provides
money, goods or services directly to a debtor with no intention of selling the receivable. They are included in current
assets, except for those with maturities greater than 12 months after the reporting date which are classified as non-
current assets. Loans and receivables are included in receivables in the statement of financial position.
Financial Liabilities
Non-derivative financial liabilities are subsequently measured at amortised cost.
(iii) Available-for-sale (AFS) financial assets
Available-for-sale (AFS) financial assets are non-derivative financial assets that are either designated to this category or
do not qualify for inclusion in any of the other categories of financial assets. The Group’s AFS financial assets include
listed securities. Available-for-sale (AFS) financial assets are measured at fair value. Gains and losses are recognised in
other comprehensive income and reported within the AFS reserve within equity, except for impairment losses and
foreign exchange differences on monetary assets, which are recognised in profit or loss. When the asset is disposed of
or is determined to be impaired the cumulative gain or loss recognised in other comprehensive income is reclassified
from the equity reserve to profit or loss and presented as a reclassification adjustment within other comprehensive
income. Interest is calculated using the effective interest method and dividends are recognised in profit or loss within
‘finance income’.
(iv) Impairment
The consolidated entity assesses at each balance date whether there is objective evidence that a financial asset or group
of financial assets is impaired. In the case of equity securities classified as available-for-sale, a significant or prolonged
decline in the fair value of a security below its cost is considered as an indicator that the securities are impaired. If any
such evidence exists for available-for-sale financial assets, the cumulative loss - measured as the difference between
the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in
profit or loss - is removed from equity and recognised in the profit and loss. Impairment losses recognised in the profit
and loss on equity instruments classified as available-for-sale are not reversed through the profit and loss.
If there is evidence of impairment for any of the consolidated entity’s financial assets carried at amortised cost, the loss
is measured as the difference between the asset’s carrying amount and the present value of estimated future cash
flows, excluding future credit losses that have not been incurred. The cash flows are discounted at the financial asset’s
original effective interest rate. The loss is recognised in the profit and loss.
(v) De-recognition
Financial assets are de-recognised where the contractual rights to receipt of cash flows expires or the asset is transferred
to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits
2019 ANNUAL REPORT
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WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
associated with the asset. Financial liabilities are de-recognised where the related obligations are either discharged,
cancelled or expired. The difference between the carrying value of the financial liability extinguished or transferred to
another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed,
is recognised in profit or loss.
Accounting for net finance income is discussed in note 3(t)(i).
Policy applicable from 1 July 2018
Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets
and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the
instrument.
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially
measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or
issue. A trade receivable without a significant financing component is initially measured at the transaction price.
Financial Assets
On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI – debt investment; FVOCI –
equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group
changes its business model for managing financial assets, in which case all affected financial assets are reclassified on
the first day of the first reporting period following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at
FVTPL: – it is held within a business model whose objective is to hold assets to collect contractual cash flows; and – its
contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
– it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets; and – its contractual terms give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present
subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis.
All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL.
This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset
that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates
or significantly reduces an accounting mismatch that would otherwise arise.
Financial assets – Business model assessment:
The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio
level because this best reflects the way the business is managed and information is provided to management. The
information considered includes:
– the stated policies and objectives for the portfolio and the operation of those policies in practice. These include
whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate
profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows
or realising cash flows through the sale of the assets;
– how the performance of the portfolio is evaluated and reported to the Group’s management;
– the risks that affect the performance of the business model (and the financial assets held within that business model)
and how those risks are managed;
– how managers of the business are compensated – e.g. whether compensation is based on the fair value of the assets
managed or the contractual cash flows collected; and
– the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
expectations about future sales activity.
Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales
for this purpose, consistent with the Group’s continuing recognition of the asset.
2019 ANNUAL REPORT
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WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are
measured at FVTPL.
Financial assets – Assessment whether contractual cash flows are solely payments of principal and interest.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the
contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that
could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this
assessment, the Group considers:
– contingent events that would change the amount or timing of cash flows;
– terms that may adjust the contractual coupon rate, including variable-rate features;
– prepayment and extension features; and
– terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment
amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which
may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset
acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an
amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which
may also include reasonable additional compensation for early termination) is treated as consistent with this criterion
if the fair value of the prepayment feature is insignificant at initial recognition.
Financial assets – Subsequent measurement and gains and losses:
Financial assets at FVTPL - These assets are subsequently measured at fair value. Net gains and losses, including any
interest or dividend income, are recognised in profit or loss.
Financial assets at amortised cost - These assets are subsequently measured at amortised cost using the effective
interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and
losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
Debt investments at FVOCI - These assets are subsequently measured at fair value. Interest income calculated using the
effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net
gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit
or loss.
Equity investments at FVOCI - These assets are subsequently measured at fair value. Dividends are recognised as income
in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains
and losses are recognised in OCI and are never reclassified to profit or loss.
(y)
Interest in other entities
Under AASB 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint
ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal
structure of the joint arrangement. A joint operation is a joint arrangement in which the parties with joint control have
rights to the assets and obligations for the liabilities relating to that arrangement.
The Group recognises its direct right to the assets, liabilities, revenues and expenses of joint operations and its share of
any jointly held or incurred assets, liabilities, revenues and expenses. These have been incorporated in the financial
statements under the appropriate headings.
(z) Adoption of new and revised accounting standards
Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
(i) New standards and interpretations not yet adopted
The following standards, amendments to standards and interpretations have been identified as those which may impact
the entity in the period of initial application.
2019 ANNUAL REPORT
Page | 37
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
• AASB 16 Leases (applicable for annual reporting periods commencing on or after 1 July 2019).
This standard requires entities to recognize lease assets and lease obligations on the statement of financial position.
For lessees, AASB 16 removes the classification of leases as either operating leases or finance leases, effectively
treating all leases as finance leases. Certain short-term leases (less than 12 months) and leases of low value assets
are exempt from the requirements, and may continue to be treated as operating leases. Classification will
determine how and when a lessor will recognize lease revenue, and what assets would be recorded. The company
is currently party to only short term leases. Based on this fact the amendments are not expected to have a material
impact on the transactions and balances recognised in the financial statements on first adoption.
4 Segment reporting
During the period the group operated in two business segments (two geographical areas) – exploration, development
and production of oil and gas – Australia and Canada.
The group has identified its operating segment based on the internal report that is reviewed and used by the Board of
Directors (chief operating decision maker) in assessing performance and determining the allocation of resources.
2019
Revenue
Sales to external customers
Total Sales Revenue
Financial income
Other income
Total Revenue
Segment result
Depletion, depreciation and amortisation
Impairment of assets
Profit before income tax expense
Income tax
Profit/(loss) after income tax expense
Assets
Total current assets
Total non-current assets
Total assets
Liabilities
Total current liabilities
Total non-current liabilities
Total liabilities
2018
Revenue
Sales to external customers
Total Sales Revenue
Financial income
Other income
Total Revenue
Segment result
Depletion, depreciation and amortisation
Impairment of assets
Profit before income tax expense
Income tax
Profit/(loss) after income tax expense
Assets
Total current assets
Total non-current assets
Total assets
Liabilities
Total current liabilities
Total non-current liabilities
Total liabilities
Australia
30-Jun-19
Canada
30-Jun-19
Total Segment
30-Jun-19
11,547
11,547
29,178
-
40,725
(612,921)
(11,693)
-
(624,614)
1,865,643
1,865,643
59,514
-
1,925,157
(865,378)
(1,029,719)
(1,552,431)
(3,447,528)
1,877,190
1,877,190
88,692
-
1,965,882
(1,478,299)
(1,041,412)
(1,552,431)
(4,072,142)
3,566,680
(997,262)
2,569,418
1,641,376
9,957,969
11,599,345
5,208,056
8,960,707
14,168,763
(345,891)
(1,460,329)
(1,806,220)
(1,376,348)
(7,118,338)
(8,494,686)
(1,722,239)
(8,578,667)
(10,300,906)
Unallocated
30-Jun-19
-
-
-
-
-
Consolidated
30-Jun-19
1,877,190
1,877,190
88,692
-
1,965,882
(3,306)
-
-
(3,306)
-
-
-
-
-
-
(1,481,605)
(1,041,412)
(1,552,431)
(4,075,448)
-
(4,075,448)
5,208,056
8,960,707
14,168,763
(1,722,239)
(8,578,667)
(10,300,906)
Australia
30-Jun-18
Canada
30-Jun-18
Total Segment
30-Jun-18
Unallocated
30-Jun-18
Consolidated
30-Jun-18
-
-
38,290
4,364
42,654
(3,467,409)
(17,156)
-
(3,484,565)
1,630,809
1,630,809
21,533
-
1,652,342
(82,028)
(764,462)
(1,330,642)
(2,177,132)
1,630,809
1,630,809
59,823
4,364
1,694,996
(3,549,437)
(781,618)
(1,330,642)
(5,661,697)
-
-
-
-
-
(2,753)
-
-
(2,753)
1,630,809
1,630,809
59,823
4,364
1,694,996
(3,552,190)
(781,618)
(1,330,642)
(5,664,450)
-
(5,664,450)
Australia
30-Jun-18
Canada
30-Jun-18
Total Segment
30-Jun-18
Unallocated
30-Jun-18
Consolidated
30-Jun-18
1,076,805
1,660,290
2,737,095
236,659
9,048,725
9,285,384
1,313,464
10,709,015
12,022,479
(335,802)
(1,298,753)
(1,634,555)
(424,547)
(6,263,645)
(6,688,192)
(760,349)
(7,562,398)
(8,322,747)
-
-
-
-
-
-
1,313,464
10,709,015
12,022,479
(760,349)
(7,562,398)
(8,322,747)
The Canada column discloses the company’s proportionate share of all assets and liabilities held in the unincorportated PLJV.
2019 ANNUAL REPORT
Page | 38
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
5 Revenue from continuing operations
Product sales
Other sales
Royalties
6 Cost of goods and services sold
Production expenditure
7 Finance income
Interest income
Unrealised commodity gain
Foreign currency gain
30-Jun-19
AUD
(2,096,027)
(11,546)
230,383
(1,877,190)
30-Jun-18
AUD
(1,950,312)
-
319,503
(1,630,809)
30-Jun-19
AUD
(1,856,141)
(1,856,141)
30-Jun-18
AUD
(1,613,293)
(1,613,293)
30-Jun-19
AUD
30-Jun-18
AUD
29,491
-
59,201
88,692
38,299
11,907
9,617
59,823
8 Gain on disposal of available-for-sale financial assets
Gain on disposal of financial assets - Norwest Energy Limited
9 Profit/ (loss) on disposal of assets
Gain on disposal of TP/15
Gain on disposal of developed and producing land - Canada
Loss on disposal of motor vehicle - Latent Petroleum
10 Administration expenses
Directors' fees
Administration and finance support
General and administration
30-Jun-19
AUD
30-Jun-18
AUD
-
-
246,660
246,660
30-Jun-19
AUD
30-Jun-18
AUD
1,289,734
90,002
-
1,379,736
-
-
(741)
(741)
30-Jun-19
AUD
30-Jun-18
AUD
(111,000)
(831,448)
(1,329,313)
(2,271,761)
(111,000)
(819,407)
(1,549,062)
(2,479,469)
2019 ANNUAL REPORT
Page | 39
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
11 Finance costs
Interest expense
Decommissioning liabilities - accretion
12 Impairment expenses
Impairment - Canadian assets
30-Jun-19
AUD
30-Jun-18
AUD
(608)
(170,378)
(170,986)
(71)
(108,984)
(109,055)
30-Jun-19
AUD
(1,552,431)
(1,552,431)
30-Jun-18
AUD
(1,330,642)
(1,330,642)
In determining our impairment position of the Canadian assets for the year ended 30 June 2019 the Company evaluated
its developed and producing CGUs and its exploration and evaluation assets for indicators of impairment. The
developed and producing CGUs consist of production facilities, wells, land and associated reserves. The recoverable
amount of the CGU’s has been established by reference to an independently prepared Reserve Report. An impairment
amount of $1,325,210 has been charged in relation to the developed and producing assets. The exploration and
evaluation assets recoverability is dependent on the successful development and commercial exploitation or sale of the
respective areas of interest. An impairment amount of $227,221 has been charged in relation to exploration and
evaluation assets. This amount is in relation to capital costs associated with leases that expired or were relinquished
up to 30 June 2019 where no future exploration or development was anticipated (Refer notes 21 and 22).
In determining the impairment position of the Canadian assets for the year ended 30 June 2018 the Company evaluated
its developed and producing CGU for indicators of impairment. The developed and producing CGU consisted of
production facilities, wells, land and associated reserves. The recoverable amount of the CGU’s had been established
by reference to an independently prepared Reserve Report. An impairment amount of $172,797 was charged in relation
to the developed and producing assets for the year ended 30 June 2018. The exploration and evaluation assets
recoverability is dependent on the successful development and commercial exploitation or sale of the respective areas
of interest. An impairment amount of $1,157,845 was charged in relation to exploration and evaluation assets for the
year ended 30 June 2018.
13 Other expenses
Depletion, depreciation and amortisation
Project costs
Legal fees
Tax advisory services
Consultancy fees
Revision of Rehab and Abandonment provision
Workover expense
30-Jun-19
AUD
30-Jun-18
AUD
(1,041,412)
(228,774)
(21,742)
(13,450)
(83,368)
(13,963)
(118,866)
(1,521,575)
(781,618)
(485)
(91,137)
(11,030)
(163,532)
(1,244,767)
(103,300)
(2,395,869)
2019 ANNUAL REPORT
Page | 40
14 Auditor remuneration
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
Audit and review of financial statements
-auditors of Whitebark Energy Limited - Grant Thornton Australia
Remuneration for audit and review of financial statements
-auditors of Whitebark Energy Limited - KPMG
Remuneration for audit and review of financial statements
FY18
FY19
Other services
-auditors of Whitebark Energy Limited - KPMG
-Tax advice
15 Income tax benefit
Current income tax expense/(benefit)
Aggregate income tax expense/(benefit)
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax from continuing operations
Tax at the statutory rate of 27.5%
Adjustment for tax rate difference (Canada 26.5%)
Tax effect amounts which are not deductible/(taxable)
in calculating taxable income:
Share-based payments
Gain on deconsolidation
Impairment
Sundry items
Deferred tax asset on losses/(recouped) not recognised - Australia
Deferred tax asset on losses not recognised - Canada
Deferred tax asset on temporary differences not recognised - Australia
Deferred tax asset on temporary differences not recognised - Canada
Income tax benefit
30-Jun-19
AUD
30-Jun-18
AUD
-
(42,025)
(12,322)
(85,000)
(50,738)
-
-
(97,322)
(60,000)
(152,763)
30-Jun-19
AUD
30-Jun-18
AUD
-
-
-
-
(4,075,448)
(1,120,748)
86,188
(1,034,560)
(5,664,448)
(1,557,723)
54,428
(1,503,295)
22,480
-
-
2,365
161,811
-
-
1,827
(1,009,715)
(1,339,657)
224,326
746,771
(76,493)
115,111
862,849
648,219
(67,475)
(103,936)
-
-
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the asset can be utilised. It is in the opinion of management of the Company that there will be no taxable profits
generated in the near future and the deferred tax asset is not to be recognised.
2019 ANNUAL REPORT
Page | 41
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
Closing balance of unrecognised Deferred Tax Assets on tax losses carried forward and temporary differences:
Australian Operations
Deferred tax assets - temporary differences
Deferred tax assets - tax losses
Deferred tax assets - capital losses
Deferred tax liabilities - temporary differences
Net deferred tax asset
548,470
7,130,527
3,642
(37,980)
7,644,659
503,234
6,902,177
3,642
(423,087)
6,985,966
Overseas Operations
Deferred tax assets - temporary differences
Deferred tax assets - tax losses
Deferred tax assets - capital losses
Deferred tax liabilities - temporary differences
Net deferred tax asset
16 Earnings/(loss) per share
1,815,330
1,562,678
-
(866,433)
2,511,575
1,566,236
815,907
-
(958,785)
1,423,358
The calculation of basic loss per share at 30 June 2019 of 0.2672 cents per share (30 June 2018 basic loss: 0.6101 cents
per share) was based on the loss attributable to the ordinary shareholders of $4,075,448 (30 June 2018 loss: $5,664,449)
and a weighted average number of ordinary shares outstanding during the year ended 30 June 2019 of 1,525,021,337
(30 June 2018: 928,383,515 shares) being calculated as follows:
Earnings per share
Loss attributable to the ordinary shareholders
Profit/(loss) for the period
Attributed to:
Members of the parent entity
Non-controlling interests
Weighted average number of ordinary shares
Opening balance
Movement during the year
Earnings/(loss) - cents per share
Continuing operations
Discontinued operations
30-Jun-19
AUD
30-Jun-18
AUD
(4,075,448)
(5,664,449)
(4,075,448)
-
(5,664,449)
-
990,431,004
534,590,333
1,525,021,337
(0.2672)
(0.2672)
-
(0.2672)
835,264,337
93,119,178
928,383,515
(0.6101)
(0.6101)
-
(0.6101)
723,695,367 options (refer Note 31) are not included in calculating diluted EPS because the effect is anti-dilutive.
17 Cash and cash equivalents
Cash at bank
Term deposits
Effective interest rates were 2.5% - 2.75% and average maturity was 45 days.
30-Jun-19
AUD
30-Jun-18
AUD
2,162,938
760,290
2,923,228
1,030,142
60,273
1,090,415
2019 ANNUAL REPORT
Page | 42
18 Trade and other receivables
Trade and other receivables
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
30-Jun-19
AUD
30-Jun-18
AUD
1,289,755
1,289,755
125,060
125,060
All amounts are short term. The net carrying value of trade receivables is considered a reasonable approximation of
fair value. Other receivables includes $709,282 to be received from future operational receipts from the Wizard Lake
joint venture.
19 Other current assets
Prepayments
30-Jun-19
AUD
30-Jun-18
AUD
155,744
155,744
97,989
97,989
20 Business Combination
On 30th April 2018 Whitebark Energy Ltd acquired a 30% working interest in certain oil and gas properties located in
Alberta, Canada, for cash consideration of $328,266CAD. The purchase was accounted for using the acquisition method
of accounting under IFRS 3 – Business Combinations, whereby, the net assets acquired and the liabilities assumed are
recorded at fair value as follows:
Costs associated with the acquisition of the 30% working interest have been included in the Statement of Profit or Loss.
The estimated fair values of the assets and liabilities acquired is as follows:
Property, plant and equipment including production
facilities and producing wells
Exploration and evaluation
Decommissioning obligations assumed
21
22
26
Cash paid to Vendor by Whitebark Energy Limited
Gain on bargain purchase
30-Jun-18
AUD
1,621,004
57,476
(425,116)
1,253,364
341,997
911,367
The above amounts of identifiable assets acquired and liabilities assumed have been determined from information
currently available to management of the Company and incorporates estimates, which may be subject to adjustment.
The discount rate used to calculate the decommissioning obligations assumed at acquisition date is the market rate of
14%.
The acquired net assets contributed petroleum and natural gas revenues of $150,000 and operating profit of $19,000
since 30 April 2018. Had the acquisition closed on 1 July 2017 Whitebark’s estimated petroleum revenue would have
increased by approximately $770,000 and operating income would have increased by approximately $340,000.
2019 ANNUAL REPORT
Page | 43
21 Property, plant and equipment
Plant and equipment at cost
Less: accumulated depletion and depreciation
Accumulated impairment
Property, plant and equipment
Reconciliation of carrying amounts
Developed and Producing
Opening balance
Acquisition though business combination
Increase in asset retirement obligation asset
Additions
Foreign exchange
Disposal
Impairment
Depletion
Furniture and Fixtures
Opening balance
Additions
Depreciation expense
Office equipment
Opening balance
Additions
Depreciation expense
Software Assets
Opening balance
Depreciation expense
Motor vehicles
Opening balance
Disposal
Depreciation expense
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
30-Jun-19
AUD
14,867,799
(1,941,661)
(4,885,015)
8,041,123
30-Jun-18
AUD
12,541,168
(835,619)
(3,553,230)
8,152,319
8,135,466
-
652,267
1,365,573
517,143
(258,708)
(1,331,785)
(1,045,689)
8,034,267
1,618
-
(323)
1,295
7,060
1,681
(3,180)
5,561
8,176
(8,176)
-
-
-
-
-
5,177,307
1,621,004
450,566
1,795,901
214,804
(183,188)
(173,984)
(766,944)
8,135,466
301
1,377
(60)
1,618
10,116
816
(3,872)
7,060
22,612
(14,436)
8,176
15,470
(13,832)
(1,638)
-
8,041,123
8,152,319
2019 ANNUAL REPORT
Page | 44
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
Impairment test of property, plant and equipment
The recoverable amount of property, plant and equipment is determined as the fair value less costs of disposal using a
discounted cash flow method and is assessed at the CGU level. Key input estimates used in the determination of cash
flows from oil and gas reserves include estimates regarding recoverable reserves, forward price estimates of crude oil
and natural gas prices, royalties forward price estimates of production costs and required capital expenditures and
discount rate. The company used a discount rate of 25% for the Thornbury CGU and 20% for the Mannville and Wizard
Lake CGU’s. The following table outlines the forecast benchmark commodity prices used in the impairment calculation
of property, plant and equipment at 30 June 2019. Forecast benchmark commodity price assumptions tend to be stable
because short-term increases or decreases in prices are not considered indicative of long-term price levels, but are
nonetheless subject to change.
Edmonton Llight Crude Oil ($C/bbl)
Edmonton Cond & Natural Gasolines ($/bbl)
Alberta AECO Spot Price ($C/MMBtu)
2019 (6 months)
72.00
76.00
1.75
2020
76.30
80.40
2.15
2021
78.40
82.60
2.55
2022
83.30
87.50
3.00
2023
85.00
89.30
3.15
2024
86.60
91.00
3.20
2025
88.40
92.90
3.25
2026
90.10
94.70
3.35
2027
92.00
96.70
3.40
2028
93.80
98.60
3.50
2029
95.70
100.60
3.50
2030
97.60
102.60
3.60
The impairment test of property, plant and equipment at 30 June 2019 concluded that the estimated recoverable
amount was lower than the carrying amount of the Thornbury/Portage CGU. As such, property, plant and equipment
impairment existed for this CGU only.
Carrying value at 30 June 2019 (before impairment)
Less: Impairment
Net book value at 30 June 2019
6,035,543
-
6,035,543
1,331,785
(1,331,785)
-
1,998,724
-
1,998,724
Mannville
Thornbury/Portage
Wizard Lake
The fair value less costs of disposal values used to determine the recoverable amounts of the impaired property, plant
and equipment assets are categorized as Level 3 on the fair value hierarchy as the key assumptions are not based on
observable market data.
The impairment tests completed during the year ended 30 June 2019 are sensitive to changes in any of the key
judgements such as a revision in reserves, a change in forecast benchmark commodity prices, changes in expected
royalties, change in operating costs, which could increase or decrease the recoverable amount of the assets and result
in additional impairment expense or recovery of the impairment expense.
Had the discount rate used have changed by 1%, or there was a price decrease of $1.00/bbl and $0.10/Mcf in the price
deck for WTI and AECO respectively, impairment charges would not have changed.
2019 ANNUAL REPORT
Page | 45
22 Exploration and evaluation expenditure
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
Exploration and evaluation assets
Movement in exploration and evaluation expenditure
Opening Balance
Acquisition through business combination
Additions - Canada
Additions - TP15
Expenditure incurred during the period
Impairment for exploration and evaluation assets
Disposal during the year
Transfer to Property plant and equipment
Foreign currency movement
30-Jun-19
AUD
30-Jun-18
AUD
919,584
2,556,696
2,556,696
-
83,966
18,325
-
(237,233)
(1,534,111)
(34,229)
66,170
919,584
2,077,749
57,476
199,946
-
1,338,779
(1,157,496)
(14,205)
(9,828)
64,275
2,556,696
The ultimate recoverability of the value of exploration and evaluation assets is dependent on successful development
and commercial exploitation, or alternatively, sale, of the underlying areas of interest.
The Group undertakes at each reporting date, a review for indicators of impairment of these assets. Should an indicator
of impairment exist, there is significant estimation and judgments in determining the inputs and assumptions used in
determining the recoverable amounts.
The key areas of estimation and judgement that are considered in this review included:
•
•
•
•
•
•
Recent drilling results and reserves/resource estimates;
Environmental issues that may impact the underlying tenements;
The estimated market value of assets at the review date;
Independent valuations of underlying assets that may be available;
Fundamental economic factors such as prices, exchange rates and current and anticipated operating cost in
the industry; and
The group’s market capitalisation compared to its net assets.
Information used in the review process is rigorously tested to externally available information as appropriate.
Changes in these estimates and assumptions as new information about the presence or recoverability of a reserve
becomes available, may impact the assessment of the recoverable amount of exploration and evaluation assets. If, after
having capitalised the expenditure a judgement is made that recovery of the expenditure is unlikely, an impairment loss
is recorded in the profit or loss in accordance with accounting policy 3(d).
23 Other investments
Available-for-sale financial assets:
Listed equity securities
30-Jun-19
AUD
30-Jun-18
AUD
839,329
839,329
-
-
2019 ANNUAL REPORT
Page | 46
24 Trade and other payables
Current:
Trade creditors
Other payables
Total trade and other payables
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
30-Jun-19
AUD
30-Jun-18
AUD
1,278,461
343,387
1,621,848
404,937
253,070
658,007
All amounts are short-term. The carrying value of trade payables and other payables are considered to be a reasonable
approximation of fair value.
25 Provisions
Current Provisions:
Annual leave
Long service leave
Non-Current Provisions:
Long service leave
26 Decommissioning liabilities
Balance at the beginning of the year
Liabilities acquired - Canada
Change in inflation rate of liabilities
Movement in Warro Project liability
Change in discount rate of liabilities
Revision of estimates
Disposal of assets
Accretion expense
Expenditure
Foreign currency movement
Balance at the end of the year
30-Jun-19
AUD
30-Jun-18
AUD
52,895
47,496
100,391
9,927
9,927
61,824
40,518
102,342
3,995
3,995
110,318
106,337
30-Jun-19
AUD
30-Jun-18
AUD
7,558,403
27,501
128,690
13,963
336,185
278,236
(259,632)
170,378
(83,234)
398,251
8,568,740
5,207,868
425,116
534,734
1,293,459
(56,188)
(27,981)
-
109,305
(100,436)
172,526
7,558,403
The Company’s decommissioning obligations result from its ownership interest in oil and natural gas well sites and
facilities. The total decommissioning obligation is estimated based on the estimated costs to reclaim and abandon these
wells and facilities and the estimated timing of costs to be incurred in future years. The Company has estimated the net
present value of the decommissioning obligations to be $8,568,740 as at 30 June 2019 (2018: $7,558,403) based on an
undiscounted total future liability of $10,417,809 (2018: $9,942,028). Subsequent to the initial measurement, the
obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash
flows underlying the obligation. The increase in the provision due to the passage of time is recognized as a finance cost
whereas increases/decreases due to changes in the estimated future cash flows are capitalized where there is a future
economic benefit associated with the asset. Actual costs incurred upon settlement of the decommissioning liabilities
are charged against the provision to the extent the provision had been established. The weighted average time in which
these payments are expected to be made is approximately 10 years. The discount factor, being the risk free interest
rate of 1.6% for the Canadian obligation (2018: 2.1%) and 3.0% for the Australian obligation (2018: 3%) and the inflation
rate is 2.1% for Canadian and 1.9% for Australian obligations (2018: 2.0% for Canada and 1.9% for Australia) per annum.
2019 ANNUAL REPORT
Page | 47
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
The liability acquired in relation to the Warro Project comprises amounts related to the Warro field. The provision arose
in the 2018 financial year as a result of Alcoa withdrawing from the Joint Venture under which they were to satisfy the
full obligation. The provision represents the present value of the Directors’ best estimate of the future sacrifice of
economic benefits that will be required to restore and abandon the site. The estimated future obligation includes the
costs of abandoning wells and restoring the affected areas.
27 Issued capital
Ordinary Shares
30-Jun-19
AUD
58,369,150
30-Jun-18
AUD
54,382,657
The Company does not have authorised capital or par value in respect of its issued shares. The holders of ordinary
shares are entitled to one vote per share at meetings of the Company.
Reconciliation of movement in issued capital
For the year ended 30 June 2019
Ordinary shares
Opening balance
Issue of shares for cash
Exercise of options
Closing balance
Less share issue costs:
Opening balance
Current period costs
Share issue costs at the end of the year
For the year ended 30 June 2018
Ordinary shares
Opening balance
Closing balance
Less share issue costs:
Opening balance
Current period costs
Share issue costs at the end of the year
Number of shares
990,431,004
972,715,367
20,000
1,963,166,371
Number of shares
835,264,337
155,166,667
990,431,004
AUD
55,619,488
4,280,862
200
59,900,550
(1,236,831)
(294,569)
(1,531,400)
58,369,150
AUD
53,757,488
1,862,000
55,619,488
(1,110,717)
(126,114)
(1,236,831)
54,382,657
2019 ANNUAL REPORT
Page | 48
28 Reserves
Share based payments reserve
Foreign currency translation reserve
Balance at 1 July 2018
Exchange differences on translating foreign operations
Share based payments expense
Balance at 30 June 2019
Share based payments reserve
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
30-Jun-19
AUD
30-Jun-18
AUD
766,969
247,035
1,014,004
685,224
71,702
756,926
Foreign currency
translation reserve 30
June 2019
AUD
Share based
payments reserve
30 June 2019
AUD
71,702
175,333
-
247,035
685,224
-
81,745
766,969
The reserve represents the value of options issued under the compensation arrangement that the consolidated entity
is required to include in the consolidated financial statements.
This reserve will be reversed against share capital when the underlying options are exercised by the employee or
consultant or expire. No gain or loss is recognised in the profit or loss on the purchase, sale, issue or cancellation of the
consolidated entity’s own equity instruments.
Foreign currency translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the financial
statements of foreign operations where their functional currency is different to the presentation currency of the
reporting entity.
2019 ANNUAL REPORT
Page | 49
29 Reconciliation of cash flow from operating activities
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
Cash flows used in operating activities
Profit/(loss) for the period
Adjustments for:
Depreciation, depletion and amortisation expense
Accretion expense
Gain on disposal of available for sale financial assets
Profit on disposal of assets
Gain on discount purchase
Gain on fair value of financial assets
Impairment expense
Revision of provision for rehabilitation and
abandonment - Warro
Unrealised commodity gain
Foreign exchange gain
Equity settled share-based payment expenses
Operating profit before changes in working capital and provisions
(Increase)/Decrease in other receivables and prepayments
Increase in trade and other payables
Net cash provided/(used in) operating activities
30-Jun-19
AUD
30-Jun-18
AUD
(4,075,448)
(5,664,449)
1,041,412
170,378
-
(1,379,736)
-
(33,573)
1,552,431
13,963
-
(59,201)
81,745
(2,688,029)
(435,365)
747,474
(2,375,920)
781,618
108,984
(246,660)
741
(911,757)
-
1,331,480
1,244,767
(11,907)
(31,880)
588,403
(2,810,660)
298,411
6,225
(2,506,024)
30 Related Party Transactions
Detailed disclosures relating to Directors and Key Management Personnel are set out in the Directors’ Report under the
section entitled Remuneration Report.
The totals of remunerations paid to Key Management Personnel of the Company and the consolidated entity during the
year are as follows:
Short-term employee benefits
Post-employment benefits
Share based payments
30-Jun-19
AUD
30-Jun-18
AUD
(702,059)
(25,000)
(72,065)
(799,124)
(667,918)
(25,000)
(557,346)
(1,250,264)
The aggregate amounts recognised during the year relating to directors’ related parties and other related parties were
as follows:
TB & S Consulting Pty Ltd (i)
Westranch Holdings Pty Ltd (ii)
Point Loma Resources Limited (iii)
Transactions value year end
30-Jun-18
30-Jun-19
Balance outstanding as at
30-Jun-19
30-Jun-18
179,200
-
1,535,500
1,714,700
174,400
1,338,120
2,499,158
4,011,678
90,000
-
143,650
233,650
70,933
-
153,608
224,541
i.
TB & S Consulting Pty Ltd is a Company associated with Mr Stephen Keenihan. The charges from TB & S Consulting
were for directors’ fees and consultancy fees.
ii. Westranch Holdings Pty Ltd is the operator of the TP15 Joint Venture
iii.
Point Loma Resources Limited is the operator of the PLJV (Canada)
The terms and conditions of the transactions were no more favourable than those available, or which might be
reasonably available, on similar transactions to non-director related entities on an arms-length basis.
2019 ANNUAL REPORT
Page | 50
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
31 Share –based payments and options issued
Options are granted and approved by the directors and shareholders.
Options are granted to directors, employees, consultants and others. Entitlements to the options are exercisable as
soon as they have vested and performance conditions have been met. There are no cash settlement alternatives.
Options granted carry no dividend or voting rights.
The following table illustrates the number (No.) and weighted average exercise prices (WAEP) of any movements in
share options issued during the year:
Outstanding at the beginning of the year
Granted during the year
Forfeited during the year
Exercised during the year
Expired during the year
No. 2019
112,675,000
612,715,367
-
-
-
20,000
1,675,000
723,695,367
WAEP 2019
0.016
0.01
-
-
-
0.012
WAEP 2018
No. 2018
12,675,000
100,000,000
-
-
-
112,675,000
0.021
0.015
-
-
-
0.016
The number of options vested and exercisable as at 30 June 2019 was 706,362,033 (2018: 50,341,669).
602,715,367 listed options were granted during the year (not as part of remuneration). 515,215,367 options were
issued on 30 August 2018 as part of an entitlement issue and 87,500,000 were issued on 3rd September 2018 as part of
the renounceable rights issue. All listed options issued during the year are exercisable at $0.01 on or before 31st August
2020.
10,000,000 unlisted options were granted during the year in part consideration for the appointment of an Investor
relations and corporate advisor. These options are exercisable at $0.08 on or before 20 June 2021.
The related party options granted during the 2018 year vest over a three year period. During the year 41,333,333 of
the 100,000,000 options granted have vested.
The outstanding balance of unlisted options over ordinary shares as at 30 June 2019 represented by:
Unlisted Options
Grant Date
28-Apr-17
24-Jul-17
20-Jun-19
Exercisable
Expiry date
Exercise price
28 April 2017 to 1 April 2021
24 July 2017 to 31 May 2021
20 June 2019 to 20 June 2021
1-Apr-21
31-May-21
20-Jun-21
Number of
options
11,000,000
100,000,000
10,000,000
Value of share
based payments
70,191
633,019
25,688
$0.015
$0.015
$0.008
The outstanding balance of unlisted options over ordinary shares as at 30 June 2018 represented by:
Grant date
17-Nov-15
28-Apr-17
24-Jul-17
Exercisable
17 November 2015
28 April 2017 to 1 April 2021
24 July 2017 to 31 May 2021
Expiry date
10-Jul-18
1-Apr-21
31-May-21
Exercise price
Number of
options
Value of share
based payments
$0.060 1,675,000 67,367
70,191
$0.015
633,019
$0.015
11,000,000
100,000,000
The weighted average remaining contractual life for the unlisted share options outstanding as at 30 June 2019 is two
years. The exercise price for options outstanding at the end of the year is 111,000,000 at A$0.015 and 10,000,000 at
A$0.008 (2018: 111,000,000 at A$0.015 and 1,675,000 at A$0.06).
Fair value of options granted
There were 10,000,000 unlisted options granted during the year ended 30 June 2019 (not as part of remuneration).
The fair value of unlisted options at grant date is determined using the binomial method of valuing options that takes
into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected
volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option.
The expense recognised in profit or loss in relation to share-based payments is $81,745 (2018: $588,403).
2019 ANNUAL REPORT
Page | 51
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
Listed Options
Options on issue at balance date
Options issued at the start of the year
Options issued pursuant to a non-renounceable entitlement offer*
Options excercised during the 6 months ended 31 December 2018
Options on issue at end of the reporting period
30-Jun-19
30-Jun-18
602,695,367
-
602,715,367
(20,000)
602,695,367
-
-
-
-
-
*Options exercisable at 1 cent each and expiring on 31 August 2020 issued pursuant to a renounceable entitlement
issue and placement.
32 Parent Company disclosures
Current Assets
Non-Current Assets
Total Assets
Current Liabilities
Non-Current Liabilities
Total Liabilities
Net Assets
Contributed Equity
Share based payments reserve
Available for sale reserve
Accumulated losses
Total Equity
Results of Parent Entity for the year ended 30 June 2019
Profit/(Loss) for the year
Other comprehensive income
Total comprehensive income
30-Jun-19
AUD
3,447,917
630,774
4,078,691
210,835
-
210,835
30-Jun-18
AUD
908,926
2,981,625
3,890,551
190,819
-
190,819
3,867,856
3,699,732
58,369,150
766,969
-
(55,268,264)
3,867,855
54,382,657
685,224
-
(51,368,149)
3,699,732
(3,900,115)
-
(3,900,115)
(3,078,411)
(200,000)
(3,278,411)
The Company has no contingent liabilities or commitments and no guarantees due to subsidiaries at 30 June 2019.
33 Financial instruments
Financial Risk Management
Overview
The consolidated entity has exposure to the following risks from its use of financial instruments:
credit risk;
commodity risk;
currency risk;
liquidity risk; and
•
•
•
•
• market risk.
The consolidated entity’s management of financial risk is aimed at ensuring net cash flows are sufficient to:
• Meet all its financial commitments; and
• Maintain the capacity to fund the consolidated entity’s operating activities.
2019 ANNUAL REPORT
Page | 52
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework.
Management monitors and manages the financial risks relating to the operations of the consolidated entity through
regular reviews of the risks.
Market, liquidity and credit risk (including foreign exchange, commodity price and interest rate risk) arise in the normal
course of business. These risks are managed under Board approved directives which underpin treasury practices and
processes.
This note presents information about the Company’s and consolidated entity’s exposure to each of the above risks, their
objectives, policies and processes for measuring and managing risk, and the management of capital.
Credit risk
Credit risk is the risk of financial loss to the consolidated entity if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the consolidated entity’s receivables from customers
and deposits with banks.
Trade and other receivables
The consolidated entity operates in the oil and gas exploration and production sector. As at 30 June 2019 there were
no significant concentrations of credit risk on the statement of financial position. Approximately $310,000 of trade
receivables at 30 June 2019 relate to two customers. The group in turn has a trade payable to each of these customers
equal to or greater than the amount receivable.
The consolidated entity monitors receivable balances on an ongoing basis and as a result believes its exposure to bad
debts is not significant.
Impairment losses
None of the Company’s other receivables are past due (2018: nil). As at 30 June 2019 there is no allowance for
impairment in respect to other receivables for the consolidated entity (2018: nil).
Exposure to credit risk
The carrying amount of the consolidated entity’s financial assets represents the maximum credit exposure. The
consolidated entity’s maximum exposure to credit risk at the reporting date was:
Financial Instruments
Trade and other receivables
Cash and cash equivalents
30-Jun-2019
Financial assets measured at fair value
Assets held for sale
Financial assets not measured at fair value
Trade and other receivables
Cash and cash equivalents
30-Jun-2018
Financial assets measured at fair value
Assets held for sale
Financial assets not measured at fair value
Trade and other receivables
Cash and cash equivalents
30-Jun-19
AUD
1,289,755
2,923,228
4,212,983
30-Jun-18
AUD
125,060
1,090,415
1,215,475
Current assets
Other
investments
including
derivatives
0
839,329
Trade and other
receivables
0
-
1,289,755
-
-
-
1,289,755
839,329
Cash and cash
equivalents
0
-
-
2,923,228
2,923,228
Current assets
Other
investments
including
derivatives
-
-
-
Trade and other
receivables
-
125,060
-
125,060
Cash and cash
equivalents
-
-
1,090,415
1,090,415
Total
Level 1
0
839,329
1,289,755
2,923,228
5,052,312
0
839,329
-
-
839,329
Total
Level 1
-
125,060
1,090,415
1,215,475
-
-
-
2019 ANNUAL REPORT
Page | 53
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
Commodity Risk
The consolidated entity is exposed to commodity price risk through its revenue from the sale of hydrocarbons – gas,
crude oil, condensate and LPG – which are priced against world benchmark commodity prices.
The following table details the impact on revenue a 10% and 20% increase and decrease in oil price would have on
current year revenue, using the entities average oil price over this year. The below table shows the increase in profit
and equity given and increase in oil price, there would be a negative impact to both profit and equity to the same degree
is average oil price decreased by the same percentage.
Oil Price Impact
2019
2018
167,083
334,166
132,616
265,232
Profit or loss: 10%
Profit or loss: 20%
Currency risk
The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed to foreign
currency risk through foreign exchange rate fluctuations.
The consolidated entity is mainly exposed to United States dollars (USD) and Canadian dollars (CAD).
The following table details the Consolidated Entity’s sensitivity to a 10% and 20% increase and decrease in the USD and
CAD against the Australian dollar. The sensitivity analysis is based on 30 June 2019 year end foreign currency
denominated monetary items and adjusts their translation at year end for a 10% and 20% strengthening in foreign
currency rates. For a 10% and 20% decrease in foreign currency rates, there would be a comparable impact on the
profit and equity, and the balances below would be negative.
2019
2018
28,244
182,139
210,383
56,489
364,278
420,767
12,242
2,502
14,744
24,484
5,003
29,487
Profit or loss: 10% CAD
Profit or loss: 10% USD
Profit or loss: 20% CAD
Profit or loss: 20% USD
Liquidity risk
Liquidity risk is the risk that the consolidated entity will not be able to meet its financial obligations as they fall due. The
consolidated entity’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the consolidated entity’s reputation.
The consolidated entity manages liquidity risks by maintaining adequate reserves by continuously monitoring forecast
and actual cash flows.
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding
the impact of netting agreements:
2019 ANNUAL REPORT
Page | 54
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
Current liabilities
Total
Level 1
Bank overdraft
Trade and other
payables
Loans and
borrowings
-
-
-
-
1,621,848
1,621,848
Current liabilities
Trade and other
payables
Loans and
borrowings
658,008
658,008
-
-
-
-
1,621,848
1,621,848
Total
Level 1
658,008
658,008
-
-
Bank overdraft
30-Jun-2019
Financial liabilities measured at fair value
Financial liabilities not measured at fair value
Trade and other payables
30-Jun-2018
Financial assets measured at fair value
Financial assets not measured at fair value
Trade and other payables
Market Risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will
affect the consolidated entity’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Interest rate risk
At the reporting date the interest rate profile of the Company’s and the consolidated entity’s interest-bearing financial
instruments was:
Variable rate instruments
Financial assets
2019
2018
2,923,228
2,923,228
1,090,415
1,090,415
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit
or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates,
remain constant. The analysis is performed on the same basis for 2018.
30 June 2019
Variable rate instruments
Cash flow sensitivity
30 June 2018
Variable rate instruments
Cash flow sensitivity
Fair values
Profit or loss
100bp increase
AUD
100bp decrease 100bp increase
AUD
AUD
100bp decrease
AUD
Equity
29,232
29,232
10,904
10,904
(29,232)
(29,232)
(10,904)
(10,904)
29,232
29,232
10,904
10,904
(29,232)
(29,232)
(10,904)
(10,904)
There is little or no difference between carrying amounts and fair values of financial assets and liabilities.
Capital Management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and
to sustain future development of the business. The Board of Directors monitors the return on capital, which the
consolidated entity defines as net operating income divided by total shareholders’ equity.
Equity attributable to shareholders of the Company
Equity
Total assets
Equity ratio
2019 ANNUAL REPORT
2019
58,369,150
58,369,150
2018
54,382,657
54,382,657
14,168,763
24%
12,022,479
22%
Page | 55
There were no changes in the consolidated entity’s approach to capital management during the year. As at 30 June
2019, neither the Company nor its subsidiaries are subject to externally imposed capital requirements.
WHITEBARK ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2019
34 Consolidated entities
(a) Parent entity
The parent entity of the group is Whitebark Energy Limited, incorporated in Australia.
Registered office: Level 2, 6 Thelma Street, West Perth WA 6005
(b) Subsidiaries
The consolidated financial statements incorporate assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described under 1(a).
Name of Entity
Subsidiaries of Whitebark Energy Ltd
Tejon Energy Pty Ltd
Tejon Energy Inc (100% subsidiary of Tejon Energy Pty Ltd)
Latent Petroleum Pty Ltd
Calor Energy Pty Ltd
Kubla Oil Pty Ltd
Salt Bush Energy Ltd
Country of
incorporation
2019 Equity
holding %
2018 Equity
holding %
Australia
USA
Australia
Australia
Australia
Canada
100
100
100
100
100
100
100
100
100
100
100
100
35 Contingent Liabilities
There are no contingent liabilities at 30 June 2019 (2018: nil).
36 Commitments
The Group leases a photocopier/printer under operating leases and is lessee to the premises situated at Level 2, 6
Thelma Street West Perth. The future minimum lease payments are as follows;
30-Jun-19
30-Jun-18
Minimum Lease Payments Due
Within 1 year
1 to 5 years
After 5 years
Total
15,775
15,013
9,360
-
-
-
25,135
15,013
Lease expense during the period amounted to $74,542 (2018: $74,542) representing the minimum lease payments.
The rental agreement for the photocopier/printer is for a term of 60 months and will expire in June 2024.
The Group as part of the Canadian joint venture (non operator) has a share of joint venture commitments. The
commitments are for mineral lease payments. It should be noted that these commitments may be farmed out or
relinquished.
30-Jun-19
37 Subsequent events
Share of Joint Venture commitments
Within 1 year
1 to 5 years
53,039
267,634
After 5 years
29,488
Total
350,161
On 18 July 2019 the Company announced the acquisition of 320 acres in the Wizard Lake land position taking the total
gross area to 3,705 acres. The acquisition increased the potential additional well locations to at least 20.
Rex-2 was drilled and fracced in August and tested in September 2019, with peak production rate of 865 BOE/d (560bbls
of oil and 2 MMcf of gas) before the well had to be constrained due to unexpected high gas production.
Other than the above, no material matters or circumstances have arisen since the end of the financial year which have
significantly affected or may significantly affect the operations, results or state of affairs of the consolidated entity.
2019 ANNUAL REPORT
Page | 56
WHITEBARK ENERGY LTD
Directors’ Declaration
for the year ended 30 June 2019
1.
In the opinion of the Directors of Whitebark Energy Ltd (“the Company”):
a. The financial statements and notes set out on pages 26 to 56, are in accordance with the Corporations Act
2001, including:
ii.
iii.
Giving a true and fair view of the consolidated entity’s financial position as at 30 June 2019 and of its performance
for the financial year ended on that date; and
Complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements;
b.
c.
the financial report also complies with International Financial Reporting standards as disclosed in note 2(a);
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
2. The directors have been given the declarations required by Section 295A of the Corporations Act 2001 by the chief
executive officer and chief financial officer for the financial year ended 30 June 2019.
Dated at Perth this 23rd day of September 2019.
Signed in accordance with a resolution of the Directors.
On behalf of the Directors
David Messina
Managing Director
2019 ANNUAL REPORT
Page | 57
EXCHANGE LISTING
Whitebark Energy Ltd shares are listed on the Australian Securities Exchange. The Company’s ASX code is WBE.
SUBSTANTIAL SHAREHOLDERS (HOLDING NOT LESS THAN 5%)
WHITEBARK ENERGY LTD
Shareholder Information
As at 17 September 2019
Rank
1.
Name
MR CHARLES WAITE MORGAN
CLASS OF SHARES AND VOTING RIGHTS
Units
169,450,679
% of Units
8.63
At 17 September 2019 there were 1,982 holders of 1,963,166,371 ordinary fully paid shares of the Company. The voting
rights attaching to the ordinary shares are in accordance with the Company’s Constitution being that:
a. each Shareholder entitled to vote may vote in person or by proxy, attorney or Representative;
b. on a show of hands, every person present who is a Shareholder or a proxy, attorney or Representative of a
shareholder has one vote; and
c. on a poll, every person present who is a shareholder or a proxy, attorney or Representative of a shareholder shall,
in respect of each fully paid Share held by him, or in respect of which he is appointed a proxy, attorney or
Representative, have one vote for the Share, but in respect of partly paid Shares, shall, have such number of votes
as bears the proportion which the paid amount (not credited) is of the total amounts paid and payable (excluding
amounts credited).
DISTRIBUTION OF SHAREHOLDERS
Spread of Holdings
Ordinary Shares
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - 9,999,999,999
Total
18,260
198,292
760,752
53,612,717
1,908,576,350
1,963,166,371
The number of shareholders holding less than a marketable parcel is 972.
DISTRIBUTION OF LISTED OPTION HOLDERS
Spread of Holdings
Listed Options
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 - over
Total
1,354
42,603
112,407
7,209,747
595,329,256
602,695,367
The number of listed option holders holding less than a marketable parcel is 299.
UNLISTED OPTIONS
Securities
Options exercisable at 1.5 cents on or before 1 April 2021
Options exercisable at 1.5 cents on or before 31 May 2021
ESCROWED SECURITIES
Number of Securities
on issue
11,000,000
100,000,000
Number
Holders
4
3
of
The Company does not have any securities on issue that are subject to escrow restrictions.
2019 ANNUAL REPORT
Page | 58
LISTING OF 20 LARGEST SHAREHOLDERS AS AT 17 SEPTEMBER 2019
WHITEBARK ENERGY LTD
Shareholder Information
Name
Rank
1 MR CHARLES WAITE MORGAN
2 MR STEPHEN LESLIE KEENIHAN + MRS SHERIDAN JAY KEENIHAN
3
ORABANT PTY LTD
4
5
6
7
8
SLADE TECHNOLOGIES PTY LTD
RUSSELL STEPHENSON + PAMELA STEPHENSON
BART SUPERANNUATION PTY LIMITED <4F INVESTMENTS SUPERFUND A/C>
VILLEMARETTE NOMINEES PTY LTD
ALBA CAPITAL PTY LTD
SCINTILLA STRATEGIC INVESTMENTS LIMITED
9 MR DARREN JOHN HALL
10
11 MR CRAIG GRAEME CHAPMAN
12
SKYE EQUITY PTY LTD
J & B SMITH SUPERANNUATION PTY LTD
SACHA INVESTMENTS PTY LTD
COMMUNICATIONS POWER INCORPORATED (AUST) PTY LTD
13
14 MTANI PTY LTD
15 ARGONAUT INVESTMENTS PTY LTD
16
17
18 MR DONATO IACOVANTUONO
19 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
20
TOTAL
BNP PARIBAS NOMINEES PTY LTD
LISTING OF 20 LARGEST LISTED OPTION HOLDERS AS AT 17 SEPTEMBER 2019
Rank
Name
SCINTILLA STRATEGIC INVESTMENTS LIMITED
ORABANT PTY LTD
MR CHARLES WAITE MORGAN
MTANI PTY LTD
BETTERMAKE PTY LTD
FIRST INVESTMENT PARTNERS PTY LTD
RUSSELL STEPHENSON + PAMELA STEPHENSON
J & B SMITH SUPERANNUATION PTY LTD
MR STEPHEN LESLIE KEENIHAN + MRS SHERIDAN JAY KEENIHAN
AXSIM FUNDS MANAGEMENT PTY LTD
HEHERSON AND ANITA BULOSAN PTY LTD
MR JAMIE WRIGHT
MR MATTHEW JAMES SACHR
MRS YAN WANG
MR MATTHEW STUART DIXON
MR DONATO IACOVANTUONO
MR DARREN JOHN HALL
MRS SUSAN LOUISE GLADMAN
MR DANIEL AARON HYLTON TUCKETT
BART SUPERANNUATION PTY LIMITED <4F INVESTMENTS SUPERFUND A/C>
1
2
3
4
4
4
7
8
9
10
11
12
13
13
13
13
17
18
19
20
TOTAL
Units % Units
8.63
4.23
3.16
169,450,679
82,999,999
62,000,000
60,000,000
56,451,538
55,831,252
46,856,085
44,829,525
43,150,000
40,000,000
35,814,699
30,958,557
27,000,000
25,362,000
18,932,000
18,799,487
18,000,000
16,497,654
15,605,808
15,090,246
883,629,529
3.06
2.88
2.84
2.39
2.28
2.20
2.04
1.82
1.58
1.38
1.29
0.96
0.96
0.92
0.84
0.79
0.77
45.02
Units
% Units
140,000,000
39,000,000
31,050,147
23.23
6.47
5.15
25,000,000
20,000,000
11,840,000
11,290,307
11,000,000
10,052,665
10,000,000
10,000,000
9,000,000
8,000,000
7,500,000
7,475,000
7,000,000
6,500,000
6,000,000
6,000,000
5,955,025
382,663,144
4.15
3.32
1.96
1.87
1.83
1.67
1.66
1.66
1.49
1.33
1.24
1.24
1.16
1.08
1.00
1.00
0.99
63.49
2019 ANNUAL REPORT
Page | 59
PERMITS
Lease or Project
Legal Description
Interest
Location
AUSTRALIAN LAND INTERESTS
Warro JV
RL7
100%
Western Australia
Area
Lessor/Crown #
Rights Held
Area
Lessor/Crown #
Rights Held
Area
Lessor/Crown #
Rights Held
Gilby
0487020215
Gilby
754283 AB
Gilby
754283 AB
Gilby
PLATT
Gilby
PRAIRIESKY
Gilby
0407110687
Gilby
0407110687
Gilby
0407110687
Gilby
0495110259
Gilby
ENCANA
Gilby
SHERMAN
Gilby
FREEHOLD
ROYALTIES
PTNSHP
Gilby
0411020053
Tract 1
TWP 41-RGE 1-W5M
10
PNG from surface to
base MANNVILLE
Tract 1
TWP 41-RGE 1-W5M
NW15
PNG from surface to
base BELLY RIVER
Tract 1
TWP 41-RGE 1-W5M
NE15
PNG from surface to
base BELLY RIVER
Tract 1
TWP 41-RGE 1-W5M
SW15
PNG from surface to
base BELLY RIVER
Tract 1
TWP 41-RGE 1-W5M
SE15
NG from surface to
base HORSESHOE
CANYON
Tract 1
TWP 46-RGE 1-W5M
30
PNG from base BELLY
RIVER to base
MANNVILLE
Excluding PNG from
top CARDIUM to base
CARDIUM
Excluding WELLBORE
Tract 1
TWP 46-RGE 1-W5M
30
WELLBORE ONLY
Tract 1
TWP 46-RGE 1-W5M
30
PNG from top
CARDIUM to base
CARDIUM
Tract 1
TWP 41-RGE 1-W5M
12
PNG from surface to
base MANNVILLE
Tract 1
TWP 43-RGE 28-W4M
NE1,SW1
NG from top
ELLERSLIE to base
ELLERSLIE
NG from top
GLAUCONITIC to base
GLAUCONITIC
Tract 1
TWP 43-RGE 28-W4M
1(LSD 12,13)
NG from base BELLY
RIVER to base BANFF
Excluding NG from
top CARDIUM to base
CARDIUM
Tract 1
TWP 43-RGE 28-W4M
1(LSD 11,14)
NG from base BELLY
RIVER to base BANFF
Excluding NG from
top CARDIUM to base
CARDIUM
Tract 1
TWP 46-RGE 2-W5M
36
PNG from top
MANNVILLE to base
MANNVILLE
Active
WI %
15
30
30
30
30
Gilby
PRAIRIESKY
Gilby
PRAIRIESKY
Gilby
PRAIRIESKY
Gilby
0498040208
15
Gilby
0498040208
30
8
11
5
5
5
30
Gilby
0498040208
Gilby
21614
Gilby
21614
Gilby
21614
Gilby
21614
Gilby
0499040098
Gilby
0499040098
Active
WI %
30
30
30
26
26
26
26
28
26
26
28
30
Tract 1
TWP 40-RGE 28-W4M
SE13
PET from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 40-RGE 28-W4M
SW13
PET from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 40-RGE 28-W4M
S13,NE13,NW13
NG from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 46-RGE 2-W5M
NW24
PNG from surface to
top BELLY RIVER
Excluding NG from
surface to base
BEARPAW
Tract 1
TWP 46-RGE 2-W5M
S24
PNG from surface to
top BELLY RIVER
Excluding NG from
surface to base
BEARPAW
Tract 1
TWP 46-RGE 2-W5M
S24,NW24
NG from surface to
base BEARPAW
Tract 1
TWP 46-RGE 2-W5M
24(LSD 9,10,15)
PNG from surface to
top BELLY RIVER
Excluding NG from
surface to base
BEARPAW
Tract 1
TWP 46-RGE 2-W5M
24(LSD 16)
PNG from surface to
top BELLY RIVER
Excluding NG from
surface to base
BEARPAW
Tract 1
TWP 46-RGE 2-W5M
24(LSD 9,10,15)
NG from surface to
base BEARPAW
Tract 1
TWP 46-RGE 2-W5M
24(LSD 16)
NG from surface to
base BEARPAW
Tract 1
TWP 46-RGE 2-W5M
NE24
PNG from base BELLY
RIVER to base
MANNVILLE
Excluding PNG from
top CARDIUM to base
CARDIUM
Excluding NG from
base BELLY RIVER to
base MANNVILLE
Tract 1
TWP 46-RGE 2-W5M
NE24
NG from base BELLY
RIVER to base
WHITEBARK ENERGY LTD
Permits
Rights
100%
Active
WI %
MANNVILLE
Excluding NG from
top CARDIUM to base
CARDIUM
Tract 1
TWP 46-RGE 2-W5M
NE24
PNG from top
CARDIUM to base
CARDIUM
Excluding NG from
top CARDIUM to base
CARDIUM
Tract 1
TWP 46-RGE 2-W5M
NE24
NG from top
CARDIUM to base
CARDIUM
Tract 1
TWP 46-RGE 1-W5M
W30
PNG from surface to
top BELLY RIVER
Tract 1
TWP 46-RGE 2-W5M
36(LSD 1,2)
PNG from surface to
base BELLY RIVER
Excluding PNG from
top BELLY RIVER to
base BELLY RIVER
Tract 1
TWP 46-RGE 1-W5M
E30
NG from surface to
top BELLY RIVER
Tract 1
TWP 46-RGE 2-W5M
S24,NW24
PNG from base BELLY
RIVER to base
MANNVILLE
Excluding PNG from
top CARDIUM to base
CARDIUM
Excluding NG from
base BELLY RIVER to
base MANNVILLE
Tract 1
TWP 46-RGE 2-W5M
S24,NW24
NG from base BELLY
RIVER to base
MANNVILLE
Excluding NG from
top CARDIUM to base
CARDIUM
Tract 1
TWP 46-RGE 2-W5M
S24,NW24
PNG from top
CARDIUM to base
CARDIUM
Excluding NG from
top CARDIUM to base
CARDIUM
Tract 1
TWP 46-RGE 2-W5M
S24,NW24
NG from top
CARDIUM to base
CARDIUM
Tract 1
TWP 46-RGE 2-W5M
10
PNG from surface to
base MANNVILLE
Excluding PNG from
top CARDIUM to base
CARDIUM
Tract 1
14
15
30
30
30
30
30
15
15
15
8
Gilby
0499040098
Gilby
0499040098
Gilby
0402080131
Gilby
0402100167
Gilby
0483070174
Gilby
0498040209
Gilby
0498040209
Gilby
0498040209
Gilby
0498040209
Gilby
0403090140
Gilby
0403090140
2019 ANNUAL REPORT
Page | 60
WHITEBARK ENERGY LTD
Shareholder Information
Area
Lessor/Crown #
Rights Held
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Gilby
0403090140
Gilby
0499030408
Gilby
26889
Gilby
0404080460
Gilby
HENDERSON
Gilby
HENDERSON
Gilby
KENT
Gilby
KENT
Gilby
HENDERSEN
Gilby
HENDERSEN
Gilby
DEBERNARDI
TWP 46-RGE 2-W5M
10
PNG from top
CARDIUM to base
CARDIUM
Excluding WELLBORE
PROD
Tract 1
TWP 46-RGE 2-W5M
10
WELLBORE PROD
Tract 1
TWP 45-RGE 1-W5M
14(LSD 1, 8),N14
PNG from surface to
base MANNVILLE
Tract 1
TWP 45-RGE 1-W5M
SW14
TWP 45-RGE 1-W5M
14(LSD 2,7)
PNG from surface to
base MANNVILLE
Tract 1
TWP 45-RGE 2-W5M
4
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 43-RGE 28-W4M
SE1
NG from surface to
basement
Excluding NG from
base BELLY RIVER to
base BANFF
NG from top
CARDIUM to base
CARDIUM
Tract 1
TWP 43-RGE 28-W4M
SE1
NG from base BELLY
RIVER to base BANFF
Excluding NG from
top CARDIUM to base
CARDIUM
Tract 1
TWP 43-RGE 28-W4M
SE1
NG from surface to
basement
Excluding NG from
base BELLY RIVER to
base BANFF
NG from top
CARDIUM to base
CARDIUM
Tract 1
TWP 43-RGE 28-W4M
SE1
NG from base BELLY
RIVER to base BANFF
Excluding NG from
top CARDIUM to base
CARDIUM
Tract 1
TWP 43-RGE 28-W4M
SE1
NG from surface to
basement
Excluding NG from
base BELLY RIVER to
base BANFF
NG from top
CARDIUM to base
CARDIUM
Tract 1
TWP 43-RGE 28-W4M
SE1
NG from base BELLY
RIVER to base BANFF
Excluding NG from
top CARDIUM to base
CARDIUM
Tract 1
TWP 42-RGE 28-W4M
NE35
NG from surface to
basement
Excluding NG from
top MANNVILLE to
base MANNVILLE
Gilby
DEBERNARDI
Gilby
DEBERNARDI
Gilby
DEBERNARDI
Gilby
PRAIRIESKY
Gilby
0400050335
8
15
15
30
30
5
Gilby
0400050335
30
5
30
5
30
Gilby
0400050335
Gilby
0400050335
Gilby
0406060795
Gilby
0404010098
Gilby
0404010098
Gilby
0403030271
Gilby
0403030271
Tract 1
TWP 42-RGE 28-W4M
NE35
NG from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 42-RGE 28-W4M
NE35
NG from surface to
basement
Excluding NG from
top MANNVILLE to
base MANNVILLE
Tract 1
TWP 42-RGE 28-W4M
NE35
NG from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 42-RGE 28-W4M
NW35
TWP 42-RGE 28-W4M
S35
NG from top
GLAUCONITIC to base
GLAUCONITIC
Tract 1
TWP 42-RGE 3-W5M
6
PNG from base
EDMONTON to base
MANNVILLE
Excluding PNG from
top CARDIUM to base
CARDIUM
Excluding PNG from
top ELLERSLIE to base
ELLERSLIE
Tract 1
TWP 42-RGE 3-W5M
6
WELLBORE
Tract 1
TWP 42-RGE 3-W5M
6
PNG from top
CARDIUM to base
CARDIUM
Tract 1
TWP 42-RGE 3-W5M
6
PNG from top
ELLERSLIE to base
ELLERSLIE
Tract 1
TWP 40-RGE 1-W5M
SW36
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 41-RGE 28-W4M
E8
TWP 41-RGE 28-W4M
W8
PNG from surface to
base MANNVILLE
Excluding PNG from
top GLAUCONITIC to
base MANNVILLE
Excluding WELLBORE
PROD
Tract 2
TWP 41-RGE 28-W4M
E8
TWP 41-RGE 28-W4M
W8
PNG from top
GLAUCONITIC to base
MANNVILLE
WELLBORE PROD
Tract 1
TWP 40-RGE 28-W4M
11
PNG from base
EDMONTON to base
MANNVILLE
Excluding WELLBORE
PROD
Tract 1
TWP 40-RGE 28-W4M
11
2019 ANNUAL REPORT
Active
WI %
8
30
8
8
Gilby
VANDESHEE
Gilby
1450462 AB
Gilby
SPADY
Gilby
LIVERMORE
19
Gilby
PAGET
Gilby
JOHNSTON
Gilby
JOHNSTON
Gilby
SIMPSON/SAXING
E
Gilby
REITSMA ET AL
Gilby
JOHANSSON
Gilby
KRAUSE
Gilby
CUPID
Gilby
CUPID
19
19
19
30
12
10
20
18
Gilby
CUPID
Active
WI %
30
30
30
30
30
30
30
30
30
30
30
30
30
30
WELLBORE PROD
Tract 1
TWP 39-RGE 28-W4M
SW25
PNG from base
EDMONTON to base
MANNVILLE
PET from top
ELLERSLIE to base
ELLERSLIE
Tract 1
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
SW25
PNG from base
EDMONTON to base
MANNVILLE
Excluding PET from
top ELLERSLIE to base
ELLERSLIE
Tract 1
TWP 39-RGE 28-W4M
SW25
PNG from base
EDMONTON to base
MANNVILLE
Excluding PET from
top ELLERSLIE to base
ELLERSLIE
Tract 1
TWP 39-RGE 28-W4M
SW25
PNG from base
EDMONTON to base
MANNVILLE
Excluding PET from
top ELLERSLIE to base
ELLERSLIE
Tract 1
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
SW25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
NE25
Page | 61
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
WHITEBARK ENERGY LTD
Shareholder Information
Area
Lessor/Crown #
Rights Held
Gilby
CUPID
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
NW25
PNG from base
EDMONTON to base
MANNVILLE
Active
WI %
30
Gilby
HUEPPELSHEUSER Tract 1
30
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Gilby
HUEPPELSHEUSER Tract 1
30
TWP 39-RGE 28-W4M
SW25
PNG from base
EDMONTON to base
MANNVILLE
Gilby
HUEPPELSHEUSER Tract 1
30
TWP 39-RGE 28-W4M
NE25
PNG from base
EDMONTON to base
MANNVILLE
Gilby
HUEPPELSHEUSER Tract 1
30
TWP 39-RGE 28-W4M
NW25
PNG from base
EDMONTON to base
MANNVILLE
Gilby
HUEPPELSHEUSER Tract 1
30
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Gilby
HUEPPELSHEUSER Tract 1
30
TWP 39-RGE 28-W4M
SW25
PNG from base
EDMONTON to base
MANNVILLE
Gilby
HUEPPELSHEUSER Tract 1
30
TWP 39-RGE 28-W4M
NE25
PNG from base
EDMONTON to base
MANNVILLE
Gilby
HUEPPELSHEUSER Tract 1
30
TWP 39-RGE 28-W4M
NW25
PNG from base
EDMONTON to
basement
Gilby
FEAGAN
Gilby
FEAGAN
Gilby
FEAGAN
Gilby
SEIGFRIED
Gilby
SIEGFRIED
Gilby
SIEGFRIED
Gilby
SIEGFRIED
Gilby
SVENSON
Gilby
LIVINGSTONE
Gilby
HUEPPELSHEUSER Tract 1
30
Gilby
BIGLANDS
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Gilby
HUEPPELSHEUSER Tract 1
30
TWP 39-RGE 28-W4M
SW25
PNG from base
EDMONTON to base
MANNVILLE
Gilby
HUEPPELSHEUSER Tract 1
30
TWP 39-RGE 28-W4M
NE25
PNG from base
EDMONTON to base
MANNVILLE
Gilby
HUEPPELSHEUSER Tract 1
30
TWP 39-RGE 28-W4M
NW25
PNG from base
EDMONTON to base
MANNVILLE
Gilby
HUEPPELSHEUSER Tract 1
30
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Gilby
BIGLANDS
Gilby
LANDRY
Gilby
LANDRY ET AL
Gilby
1506168
Gilby
HUTTON EST.
Gilby
HUEPPELSHEUSER Tract 1
30
Gilby
BUTCHER ETAL
TWP 39-RGE 28-W4M
SW25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
30
Gilby
FEAGAN
Gilby
0408020332
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
SW25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
NE25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
NW25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
SE25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
SW25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
NE25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
NW25
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
NW25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
NW25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
NW25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SE25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SE25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 28-W4M
NW13
NG from surface to
basement
Tract 1
TWP 40-RGE 1-W5M
SE25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
NE25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
Gilby
0405120574
Gilby
DODD
Gilby
LEDINGHAM
Gilby
DODD
Gilby
WORSLEY
Gilby
BROWNLOW
Gilby
0401030226
Gilby
HUDSON
Gilby
TAYLOR
Gilby
ANGUS
Gilby
ANGUS
Gilby
0406060796
Gilby
0406060794
NE25
PNG from surface to
base MANNVILLE
Tract 1
TWP 39-RGE 28-W4M
24
PNG from base
EDMONTON to base
MANNVILLE
Excluding CBM
Tract 1
TWP 40-RGE 1-W5M
SW25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
NE25
PNG from surface to
base MANNVILLE
Excluding PET from
top MANNVILLE to
base MANNVILLE
Tract 1
TWP 40-RGE 28-W4M
12
PNG from surface to
base MANNVILLE
Excluding WELLBORE
PROD
Tract 1
TWP 40-RGE 1-W5M
SW25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW25
PNG from surface to
base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW26
ASSOC GAS from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW26
NG from surface to
base BANFF
Excluding ASSOC GAS
from top MANNVILLE
to base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
NE36
PNG from base
EDMONTON to base
MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SE36
PNG from base
EDMONTON to base
MANNVILLE
30
30
30
30
30
30
3
30
30
14
30
30
30
Gilby
ENCANA M106095 Tract 1
21
Gilby
0408030204
TWP 42-RGE 1-W5M
33
NG from top
ELLERSLIE to base
ELLERSLIE
Excluding CBM
Tract 1
TWP 43-RGE 1-W5M
NW3
PNG from surface to
base MANNVILLE
Excluding PET from
15
2019 ANNUAL REPORT
Page | 62
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
WHITEBARK ENERGY LTD
Shareholder Information
Gilby
0408030204
Gilby
0408030204
Gilby
0408030204
Gilby
BROOKS
Gilby
0404050581
Gilby
0402040090
12
11
15
30
5
18
top ELLERSLIE to base
ELLERSLIE
Tract 1
TWP 43-RGE 1-W5M
SW3
PET from top
ELLERSLIE to base
ELLERSLIE
Tract 1
TWP 43-RGE 1-W5M
NW3
PET from top
ELLERSLIE to base
ELLERSLIE
Tract 1
TWP 43-RGE 1-W5M
SW3
PNG from surface to
base MANNVILLE
Excluding PET from
top ELLERSLIE to base
ELLERSLIE
Tract 1
TWP 40-RGE 1-W5M
SW25
PNG from surface to
base MANNVILLE
Tract 1
TWP 43-RGE 28-W4M
E1
NG from base BELLY
RIVER to base
MANNVILLE
Excluding NG from
top CARDIUM to base
CARDIUM
Tract 1
TWP 43-RGE 1-W5M
4
PNG from top LEA
PARK to base
MANNVILLE
Gilby
ENCANA M094775 Tract 1
11
TWP 43-RGE 1-W5M
3
NG from top
ELLERSLIE to base
ELLERSLIE
Excluding CBM
Gilby
ENCANA M094778 Tract 1
11
TWP 43-RGE 1-W5M
NW3
PET from top
ELLERSLIE to base
ELLERSLIE
Gilby
ENCANA M094779 Tract 1
11
TWP 43-RGE 1-W5M
SE3
PET from top
ELLERSLIE to base
ELLERSLIE
Gilby
ENCANA M094780 Tract 1
12
TWP 43-RGE 1-W5M
SW3
PET from top
ELLERSLIE to base
ELLERSLIE
Gilby
ENCANA M106096 Tract 1
21
Gilby
PATTON
Gilby
PATTON
Gilby
MILES
Gilby
MILES
Gilby
GELSING
Gilby
GELSING
Gilby
CARSON
Gilby
CARSON
Gilby
FRIZZELL
Gilby
FRIZZELL
Gilby
0405120589
Gilby
MILES
Gilby
MILES
TWP 42-RGE 1-W5M
NE33
PET from top
ELLERSLIE to base
ELLERSLIE
Tract 1
TWP 40-RGE 27-W4M
SW18,NE18
PNG from base BELLY
RIVER to base
MANNVILLE
Excluding CBM from
top MANNVILLE to
base MANNVILLE
Excluding WELLBORE
Tract 1
TWP 40-RGE 1-W5M
SE26
ASSOC GAS from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SE26
PNG from surface to
basement
21
Gilby
BALL ET AL
Gilby
BALL ET AL
14
20
Gilby
LAVERY
Gilby
LAVERY
2019 ANNUAL REPORT
Excluding ASSOC GAS
from top MANNVILLE
to base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SE26
ASSOC GAS from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SE26
PNG from surface to
basement
Excluding ASSOC GAS
from top MANNVILLE
to base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SE26
ASSOC GAS from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SE26
PNG from surface to
basement
Excluding ASSOC GAS
from top MANNVILLE
to base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW26
ASSOC GAS from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW26
PNG from surface to
basement
Excluding ASSOC GAS
from top MANNVILLE
to base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW26
ASSOC GAS from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW26
PNG from surface to
basement
Excluding ASSOC GAS
from top MANNVILLE
to base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW26
ASSOC GAS from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW26
PNG from surface to
basement
Excluding ASSOC GAS
from top MANNVILLE
to base MANNVILLE
Tract 1 TWP 40-RGE
1-W5M SE26
ASSOC GAS from
surface to base
BANFF
Tract 1
TWP 40-RGE 1-W5M
SE26
Excluding ASSOC GAS
from surface to base
BANFF
PNG from surface to
base BANFF
Tract 1
TWP 40-RGE 1-W5M
SW26
ASSOC GAS from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
14
20
14
20
14
30
14
30
14
30
14
30
14
30
Gilby
LANSALL
Gilby
LANSALL
Gilby
PETERSON
Gilby
PETERSON
Gilby
122791
Gilby
122791
Gilby
PRAIRIESKY
Gilby
PRAIRIESKY
Gilby
PRAIRIESKY
Gilby
33854
Gilby
33854
Gilby
33854
14
30
14
30
3
3
2
3
1
1
1
1
SW26
PNG from surface to
basement
Excluding ASSOC GAS
from top MANNVILLE
to base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW26
ASSOC GAS from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW26
PNG from surface to
basement
Excluding ASSOC GAS
from top MANNVILLE
to base MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW26
ASSOC GAS from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 40-RGE 1-W5M
SW26
PNG from surface to
basement
Excluding ASSOC GAS
from top MANNVILLE
to base MANNVILLE
Tract 1
TWP 41-RGE 2-W5M
31
PNG from base
EDMONTON to top
GLAUCONITIC
Tract 1
TWP 41-RGE 2-W5M
31
PNG from top
GLAUCONITIC to base
MANNVILLE
Tract 1
TWP 42-RGE 3-W5M
7
NG from surface to
top MISSISSIPPIAN
Excluding NG from
top MANNVILLE to
base GLAUCONITIC
Excluding NG from
top ELLERSLIE to base
ELLERSLIE
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding WELLBORE
PROD
Tract 1
TWP 42-RGE 3-W5M
7
NG from top
MANNVILLE to base
GLAUCONITIC
Tract 1
TWP 42-RGE 3-W5M
7
NG from top
ELLERSLIE to base
ELLERSLIE
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 41-RGE 3-W5M
36
PNG from base
EDMONTON to base
OSTRACOD
Tract 1
TWP 41-RGE 3-W5M
36
PNG from base
OSTRACOD to base
JURASSIC
Excluding WELLBORE
PROD
Tract 1
TWP 41-RGE 3-W5M
36
Page | 63
WHITEBARK ENERGY LTD
Shareholder Information
Active
WI %
8
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Gilby
0497080281
Gilby
MOORE ET AL
Gilby
MOORE ET AL
Gilby
MOORE ET AL
Gilby
MOORE ET AL
Gilby
MOORE ET AL
Gilby
MOORE ET AL
Gilby
MOORE ET AL
Gilby
MOORE ET AL
Gilby
MOORE ET AL
Gilby
MOORE ET AL
Gilby
0401120262
Gilby
0401120262
Gilby
0401120262
WELLBORE PROD
Tract 1
TWP 42-RGE 3-W5M
24
PNG from base
GLAUCONITIC to base
MANNVILLE
Tract 1
TWP 42-RGE 2-W5M
SE19
PNG from surface to
top OSTRACOD
Excluding NG from
surface to top
OSTRACOD
Tract 1
TWP 42-RGE 2-W5M
SE19
NG from surface to
top OSTRACOD
Excluding WELLBORE
PROD
Tract 1
TWP 42-RGE 2-W5M
SE19
WELLBORE PROD
Tract 1
TWP 42-RGE 2-W5M
SE19
PNG from top
OSTRACOD to base
BANFF
Excluding NG from
top OSTRACOD to
base JURASSIC
Tract 1
TWP 42-RGE 2-W5M
SE19
NG from top
OSTRACOD to base
JURASSIC
Excluding WELLBORE
Tract 1
TWP 42-RGE 2-W5M
NE19
PNG from surface to
top OSTRACOD
Excluding NG from
surface to top
OSTRACOD
Tract 1
TWP 42-RGE 2-W5M
NE19
NG from surface to
top OSTRACOD
Excluding WELLBORE
Tract 1
TWP 42-RGE 2-W5M
NE19
WELLBORE
Tract 1
TWP 42-RGE 2-W5M
NE19
PNG from top
OSTRACOD to base
BANFF
Excluding NG from
top OSTRACOD to
base JURASSIC
Tract 1
TWP 42-RGE 2-W5M
NE19
NG from top
OSTRACOD to base
JURASSIC
Excluding WELLBORE
Tract 1
TWP 42-RGE 2-W5M
E19
PNG from surface to
top OSTRACOD
Excluding NG from
surface to top
OSTRACOD
Tract 1
TWP 42-RGE 2-W5M
E19
NG from surface to
top OSTRACOD
Excluding WELLBORE
Tract 1
TWP 42-RGE 2-W5M
E19
WELLBORE PROD
8
3
2
3
8
4
3
2
3
8
4
3
2
3
2019 ANNUAL REPORT
Gilby
0401120262
Gilby
0401120262
Gilby
PRAIRIESKY
Gilby
0505070277
Gilby
0505070277
Gilby
0505070277
Gilby
0501020179
Gilby
0501020179
Gilby
5406060285
Gilby
0507050333
Gilby
0507050333
Gilby
0507050333
Gilby
0507050333
Gilby
0502080498
Gilby
0505070276
Tract 1
TWP 42-RGE 2-W5M
E19
PNG from top
OSTRACOD to base
BANFF
Excluding NG from
top OSTRACOD to
base JURASSIC
Tract 1
TWP 42-RGE 2-W5M
E19
NG from top
OSTRACOD to base
JURASSIC
Excluding WELLBORE
Tract 1
TWP 42-RGE 3-W5M
SE7
PET from top
ELLERSLIE to base
ELLERSLIE
PET from top
NORDEGG to base
NORDEGG
Tract 1
TWP 55-RGE 17-W5M
N7
PNG from surface to
base CARDIUM
Tract 1
TWP 55-RGE 17-W5M
N7
PNG from base
CARDIUM to base
FISH SCALE
Tract 1
TWP 55-RGE 17-W5M
N7
PNG from base FISH
SCALE to base ROCK
CREEK
Tract 1
TWP 55-RGE 17-W5M
S7
PNG from base
CARDIUM to base
FISH SCALE
Tract 1
TWP 55-RGE 17-W5M
S7
PNG from base FISH
SCALE to base ROCK
CREEK
Tract 1
TWP 55-RGE 17-W5M
8
PNG from base
BLUESKY-BULLHEAD
to base ROCK CREEK
Tract 1
TWP 54-RGE 18-W5M
N35,SW35
PNG from surface to
top CARDIUM
Tract 1
TWP 54-RGE 18-W5M
NE35
PNG from top
CARDIUM to base
CARDIUM
Tract 1
TWP 54-RGE 18-W5M
W35
PNG from top
CARDIUM to base
CARDIUM
Tract 1
TWP 54-RGE 18-W5M
35
PNG from base
CARDIUM to base
SPIRIT RIVER
PNG from base
BLUESKY to base
BLUESKY-BULLHEAD
Tract 1
TWP 55-RGE 17-W5M
5
PNG from surface to
base CARDIUM
Tract 1
TWP 55-RGE 17-W5M
S7
Gilby
0507050334
Gilby
0507050334
4
1
Gilby
0505080141
Gilby
5496050091
Gilby
BALL
Gilby
BALL
Gilby
0508080372
Leaman
112437
8
8
8
8
8
30
30
Leaman
112437
6
Leaman
112438
12
30
19
Leaman
0599050113
Leaman
815
30
Leaman
815
12
30
30
6
14
30
10
13
14
13
20
13
14
PNG from surface to
base CARDIUM
Tract 1
TWP 54-RGE 18-W5M
36
PNG from top
CARDIUM to base
CARDIUM
Tract 1
TWP 54-RGE 18-W5M
36
PNG from surface to
base VIKING
Excluding PNG from
top CARDIUM to base
CARDIUM
Tract 1
TWP 55-RGE 17-W5M
S6,NE6
PNG from surface to
base CARDIUM
Tract 1
TWP 54-RGE 18-W5M
SE35
PNG from top
CARDIUM to base
CARDIUM
Tract 1
TWP 40-RGE 1-W5M
SE26
ASSOC GAS from
surface to base
BANFF
Tract 1
TWP 40-RGE 1-W5M
SE26
Excluding ASSOC GAS
from surface to base
BANFF
PNG from surface to
base BANFF
Tract 1
TWP 46-RGE 6-W5M
SE22,N22
PNG from base BELLY
RIVER to base
CARDIUM
Tract 1
TWP 56-RGE 8-W5M
W34
PNG from top
SURFACE to base
PEKISKO
Excluding NG from
top VIKING to base
VIKING
Excluding NG from
top DETRITAL
SANDSTONE to base
DETRITAL
SANDSTONE
Tract 1
TWP 56-RGE 8-W5M
W34
WELLBORE ONLY
Tract 1
TWP 57-RGE 8-W5M
SW3
PNG from surface to
base PEKISKO
Excluding NG from
top DETRITAL to base
DETRITAL
Excluding NG from
top VIKING to base
VIKING
Tract 1
TWP 56-RGE 8-W5M
11
CBM from surface to
base EDMONTON
Tract 1
TWP 57-RGE 8-W5M
S9
NG from top
JURASSIC to base
JURASSIC
NG from top PEKISKO
to base PEKISKO
Excluding WELLBORE
ONLY
Tract 1
TWP 57-RGE 8-W5M
S9
Page | 64
Active
WI %
13
14
20
15
14
13
14
13
13
14
5
3
5
5
5
Area
Lessor/Crown #
Rights Held
Leaman
816
Leaman
816
Leaman
0597100806
Leaman
1043
Leaman
1043
Leaman
38527
Leaman
38527
Leaman
360
Leaman
360
Leaman
360
Leaman
0593100167
Leaman
0593100167
Leaman
0597100807
Leaman
0597100807
Leaman
0597100807
Leaman
5497020047
WELLBORE ONLY
Tract 1
TWP 57-RGE 8-W5M
N9,16
NG from top
JURASSIC to base
JURASSIC
Tract 1
TWP 57-RGE 8-W5M
N9,16
WELLBORE ONLY
Tract 1
TWP 55-RGE 9-W5M
14
PNG from surface to
base VIKING
Tract 1
TWP 57-RGE 8-W5M
15
NG from top
JURASSIC to base
JURASSIC
Excluding WELLBORE
ONLY
Tract 1
TWP 57-RGE 8-W5M
15
WELLBORE ONLY
Tract 1
TWP 56-RGE 8-W5M
SE34
PNG from surface to
base PEKISKO
Tract 1
TWP 56-RGE 8-W5M
SE34
WELLBORE ONLY
Tract 1
TWP 57-RGE 8-W5M
S3
TWP 56-RGE 8-W5M
N34,SW34
NG from top VIKING
to base VIKING
Tract 1
TWP 56-RGE 8-W5M
N34,SW34
TWP 57-RGE 8-W5M
S3
NG from top
DETRITAL
SANDSTONE to base
DETRITAL
SANDSTONE
Tract 1
TWP 56-RGE 8-W5M
N34,SW34
TWP 57-RGE 8-W5M
S3
WELLBORE ONLY
Tract 1
TWP 53-RGE 9-W5M
10
CBM from surface to
base PEKISKO
Tract 1
TWP 53-RGE 9-W5M
10
PNG from surface to
base PEKISKO
Excluding CBM
Tract 1
TWP 57-RGE 11-W5M
NW32,SE32
PNG from base
ELLERSLIE to base
PEKISKO
Tract 1
TWP 57-RGE 11-W5M
NW32,SE32
TWP 58-RGE 11-W5M
4
CBM from surface to
base EDMONTON
Tract 1
TWP 58-RGE 11-W5M
4
PNG from base
EDMONTON to base
VIKING
Tract 1
TWP 57-RGE 11-W5M
35
CBM from surface to
2019 ANNUAL REPORT
Area
Lessor/Crown #
Rights Held
Area
Lessor/Crown #
Rights Held
WHITEBARK ENERGY LTD
Shareholder Information
Leaman
0597090712
Leaman
5417030207
Leaman
5417030207
Leaman
0517090172
Leaman
5417090210
Leaman
5417110139
Leaman
0594100562
Leaman
0584080106
Leaman
5417120215
Leaman
0519030066
Leaman
0519030066
Leaman
0519030071
Leaman
0519030071
Leaman
0519050104
Leaman
0519030067
Active
WI %
6
20
10
20
20
Leaman
0519030067
Leaman
0519030068
Leaman
0519030068
Leaman
0519030070
Leaman
0519030070
Leaman
0519030069
20
Leaman
0519030069
4
10
20
20
14
20
Leaman
0519030069
Leaman
0518110086
Leaman
0518110086
Leaman
0518110086
Leaman
0519010066
Leaman
0519010066
Leaman
0519010067
14
Leaman
0519010067
20
Leaman
0519030073
20
14
Leaman
0519030073
Leaman
0519030074
base MANNVILLE
Tract 1
TWP 57-RGE 11-W5M
SE4
PNG from surface to
base MANNVILLE
Tract 1
TWP 57-RGE 9-W5M
NE16,S16,20,21
PNG from surface to
base BASEMENT
Excluding WELLBORE
Tract 2
TWP 57-RGE 9-W5M
NW16
PNG from base
NORDEGG to base
BASEMENT
Tract 1
TWP 57-RGE 9-W5M
20
WELLBORE
Tract 1
TWP 53-RGE 9-W5M
E26
PNG from surface to
base BASEMENT
Tract 1
TWP 53-RGE 9-W5M
22
PNG from surface to
base BASEMENT
Tract 1
TWP 54-RGE 9-W5M
13,24
PNG from surface to
base BASEMENT
Tract 1
TWP 53-RGE 9-W5M
N21,SE21
PNG from surface to
base PEKISKO
Excluding CBM from
surface to base
MANNVILLE
Tract 1
TWP 53-RGE 8-W5M
27
PNG from surface to
base EDMONTON
Tract 1
TWP 57-RGE 10-W5M
27
PNG from surface to
base BASEMENT
Tract 1
TWP 56-RGE 8-W5M
NW3
PNG from surface to
base BANFF
Excluding WELLBORE
PROD
Tract 1
TWP 56-RGE 8-W5M
NW3
WELLBORE ONLY
Tract 1
TWP 56-RGE 8-W5M
SW28
PNG from surface to
base BANFF
Excluding WELLBORE
PROD
Tract 1
TWP 56-RGE 8-W5M
SW28
WELLBORE ONLY
Tract 1
TWP 57-RGE 9-W5M
24
PNG from surface to
base NORDEGG
Tract 1
TWP 56-RGE 8-W5M
NE17
PNG from surface to
base PEKISKO
Excluding WELLBORE
PROD
Tract 1
TWP 56-RGE 8-W5M
NE17
WELLBORE ONLY
Active
WI %
13
20
8
20
14
20
14
13
20
20
10
20
14
20
14
20
13
20
Tract 1
TWP 56-RGE 8-W5M
NE17
WELLBORE ONLY
Tract 1
TWP 56-RGE 8-W5M
NE19
PNG from surface to
base PEKISKO
Excluding WELLBORE
PROD
Tract 1
TWP 56-RGE 8-W5M
NE19
WELLBORE ONLY
Tract 1
TWP 56-RGE 8-W5M
SW21
PNG from surface to
base BANFF
Excluding WELLBORE
PROD
Tract 1
TWP 56-RGE 8-W5M
SW21
WELLBORE ONLY
Tract 1
TWP 56-RGE 8-W5M
S20
PNG from surface to
base PEKISKO
Excluding WELLBORE
PROD
Tract 1
TWP 56-RGE 8-W5M
SE20
WELLBORE ONLY
Tract 1
TWP 56-RGE 8-W5M
S20
WELLBORE ONLY
Tract 1
TWP 55-RGE 9-W5M
22
PNG from top
SURFACE to base
MANNVILLE
Tract 1
TWP 55-RGE 9-W5M
22
PNG from base
MANNVILLE to base
PEKISKO
Excluding WELLBORE
Tract 1
TWP 55-RGE 9-W5M
22
WELLBORE ONLY
Tract 1
TWP 57-RGE 8-W5M
19
PNG from surface to
base BANFF
Excluding WELLBORE
Tract 1
TWP 57-RGE 8-W5M
19
WELLBORE ONLY
Tract 1
TWP 57-RGE 8-W5M
30
PNG from surface to
base BANFF
Excluding WELLBORE
Tract 1
TWP 57-RGE 8-W5M
30
WELLBORE ONLY
Tract 1
TWP 56-RGE 8-W5M
SE32
PNG from surface to
base BANFF
Excluding WELLBORE
PROD
Tract 1
TWP 56-RGE 8-W5M
SE32
WELLBORE ONLY
Tract 1
TWP 56-RGE 9-W5M
NE25
PNG from surface to
base PEKISKO
Page | 65
10
Leaman
0519030067
WHITEBARK ENERGY LTD
Shareholder Information
Area
Lessor/Crown #
Rights Held
Active
WI %
Active
WI %
8
20
Leaman
31640
Leaman
31640
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Leaman
0519030074
Leaman
21631
Leaman
0596050319
Leaman
0595030612
Leaman
1304B
Leaman
1304B
Leaman
21810
Leaman
21811
Leaman
0597120230
Leaman
0586020328
Leaman
0586020328
Leaman
0594030698
Leaman
5404040707
Leaman
0585090110
Leaman
0585090110
Leaman
0585090110
Leaman
0585080381
Excluding WELLBORE
PROD
Tract 1
TWP 56-RGE 9-W5M
NE25
WELLBORE ONLY
Tract 1
TWP 54-RGE 8-W5M
12
PNG from surface to
base NORDEGG
Tract 1
TWP 54-RGE 8-W5M
2
PNG from surface to
base MANNVILLE
Excluding PNG from
top NOTIKEWIN to
base NOTIKEWIN
Tract 1
TWP 55-RGE 8-W5M
15
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 8-W5M
SE10
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 58-RGE 8-W5M
4
NG from top
NORDEGG to base
NORDEGG
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 58-RGE 8-W5M
SW10
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 8-W5M
N10
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 9-W5M
3
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 9-W5M
10
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 9-W5M
10
WELLBORE ONLY
from surface to
basement
Tract 1
TWP 55-RGE 8-W5M
22
PNG from surface to
base NORDEGG
Tract 1
TWP 56-RGE 9-W5M
N2,SW2
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 9-W5M
32
PNG from surface to
top NORDEGG
Excluding WELLBORE
Tract 1
TWP 57-RGE 9-W5M
32
WELLBORE ONLY
Tract 1
TWP 57-RGE 9-W5M
32
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 57-RGE 9-W5M
NW16
WELLBORE ONLY
14
20
12
20
20
20
20
20
8
8
20
20
13
17
20
17
20
2019 ANNUAL REPORT
Leaman
0585080381
Leaman
0585080381
Leaman
0585090107
Leaman
0585090107
Leaman
0585090107
Leaman
0578120076
Leaman
0578120076
Leaman
0578120076
Leaman
31640
Leaman
31640
Leaman
31640
Leaman
31640
Leaman
31640
Leaman
31640
Leaman
31640
Leaman
31640
Leaman
31640
Tract 1
TWP 57-RGE 9-W5M
NW16
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 9-W5M
28
PNG from top
NORDEGG to base
NORDEGG
Excluding CBM
Tract 1
TWP 57-RGE 9-W5M
17
PNG from surface to
top NORDEGG
Tract 1
TWP 57-RGE 9-W5M
17
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 57-RGE 9-W5M
17
WELLBORE ONLY
Tract 1
TWP 58-RGE 10-W5M
SE1,N1
PET from surface to
base NORDEGG
Tract 1
TWP 58-RGE 10-W5M
SE1,N1
NG from surface to
top NORDEGG
Tract 1
TWP 58-RGE 10-W5M
SE1,N1
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 57-RGE 9-W5M
30
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 10-W5M
S13
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 57-RGE 10-W5M
S13
PNG from surface to
top NORDEGG
Tract 1
TWP 57-RGE 10-W5M
NW13
PNG from surface to
top NORDEGG
Tract 1
TWP 57-RGE 10-W5M
E23,SW23
PNG from surface to
top NORDEGG
Excluding NG from
surface to base
EDMONTON
Tract 1
TWP 57-RGE 10-W5M
E23,SW23
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 57-RGE 10-W5M
25
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 10-W5M
NW13
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 57-RGE 10-W5M
SW24
TWP 57-RGE 10-W5M
N24
8
Leaman
31640A
12
Leaman
0578080076
20
Leaman
0578080076
3
2
2
7
6
7
5
4
3
9
6
4
Leaman
0578080077
Leaman
0578080077
Leaman
CRESTAR
Leaman
CRESTAR
Leaman
CRESTAR
Leaman
057812A073
Leaman
31639
Leaman
0578120073
Leaman
37586
Leaman
37586
Leaman
0579120177
Leaman
0579120177
3
7
7
7
20
7
3
3
3
3
7
3
7
5
5
10
5
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 10-W5M
E23,SW23
NG from surface to
base EDMONTON
Tract 1
TWP 57-RGE 10-W5M
26
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 9-W5M
19
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 9-W5M
31
PNG from surface to
base NORDEGG
Excluding WELLBORE
PROD
Tract 1
TWP 57-RGE 9-W5M
31
WELLBORE PROD
Tract 1
TWP 57-RGE 10-W5M
35
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 57-RGE 10-W5M
35
PNG from surface to
top NORDEGG
Tract 1
TWP 57-RGE 10-W5M
NW23
PNG from surface to
top NORDEGG
Excluding NG from
surface to base
EDMONTON
Tract 1
TWP 57-RGE 10-W5M
NW23
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 57-RGE 10-W5M
NW23
NG from surface to
base EDMONTON
Tract 1
TWP 57-RGE 9-W5M
NW7
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 9-W5M
4
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 9-W5M
S7,NE7
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 10-W5M
3
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 10-W5M
10
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 10-W5M
34
PNG from surface to
base MANNVILLE
Tract 1
TWP 57-RGE 10-W5M
34
PNG from base
MANNVILLE to base
NORDEGG
Page | 66
Area
Lessor/Crown #
Rights Held
Leaman
0580020159
Leaman
5497040081
Leaman
0585090109
Leaman
0585090109
Leaman
0591050578
Leaman
0591050578
Leaman
0579120178
Leaman
0590020438
Leaman
0590020438
Leaman
0582010223
Leaman
0582010223
Leaman
0582010223
Leaman
0585100503
Leaman
0585100503
Leaman
0596080466
Leaman
12670
Leaman
12670
Leaman
0504040482
Tract 1
TWP 56-RGE 10-W5M
22
PNG from surface to
base MANNVILLE
Tract 1
TWP 56-RGE 10-W5M
23
PNG from base
MANNVILLE to base
NORDEGG
Tract 1
TWP 57-RGE 9-W5M
29
PNG from surface to
base NORDEGG
Excluding WELLBORE
Tract 1
TWP 57-RGE 9-W5M
29
WELLBORE ONLY
Tract 1
TWP 58-RGE 10-W5M
14
WELLBORE ONLY
Tract 1
TWP 58-RGE 10-W5M
SE15,N15
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 10-W5M
4
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 9-W5M
33
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 9-W5M
4
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 9-W5M
29
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 9-W5M
N20
PNG from surface to
base NORDEGG
Excluding WELLBORE
Tract 1
TWP 58-RGE 9-W5M
N20
WELLBORE ONLY
Tract 1
TWP 58-RGE 9-W5M
5
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 58-RGE 9-W5M
5
PNG from surface to
top NORDEGG
Tract 1
TWP 58-RGE 9-W5M
S22
TWP 58-RGE 9-W5M
NE22
TWP 58-RGE 9-W5M
NW22
NG from surface to
base MANNVILLE
Tract 1
TWP 58-RGE 9-W5M
S20
PNG from surface to
base NORDEGG
Excluding WELLBORE
Tract 1
TWP 58-RGE 9-W5M
S20
WELLBORE ONLY
Tract 1
TWP 55-RGE 9-W5M
35
PNG from surface to
Active
WI %
20
20
18
9
5
4
5
10
20
20
4
10
10
4
5
4
10
13
2019 ANNUAL REPORT
Area
Lessor/Crown #
Rights Held
Leaman
0595080624
Leaman
0595080624
Leaman
0595030610
Leaman
26266
Leaman
26266
Leaman
0594110221
Leaman
0594110221
Leaman
0597030415
Leaman
0597030415
Leaman
0597100906
Leaman
0597100906
Leaman
0506070654
Leaman
0506070655
Leaman
0502110177
Leaman
5417030079
Leaman
5417030079
base NORDEGG
Tract 1
TWP 55-RGE 8-W5M
4
PNG from surface to
base NORDEGG
Excluding WELLBORE
Tract 1
TWP 55-RGE 8-W5M
4
WELLBORE PROD
Tract 1
TWP 55-RGE 8-W5M
9
PNG from surface to
base NORDEGG
Tract 1
TWP 54-RGE 9-W5M
3
PNG from surface to
base MANNVILLE
Excluding WELLBORE
PROD
Tract 1
TWP 54-RGE 9-W5M
3
WELLBORE PROD
Tract 1
TWP 54-RGE 9-W5M
10
PNG from top
SURFACE to base
MANNVILLE
Excluding CBM
Tract 1
TWP 54-RGE 9-W5M
10
CBM from top
SURFACE to base
MANNVILLE
Tract 1
TWP 54-RGE 9-W5M
NE35
PNG from surface to
base EDMONTON
Tract 1
TWP 54-RGE 9-W5M
NW35,S35
PNG from surface to
base EDMONTON
Tract 1
TWP 55-RGE 9-W5M
13
PNG from surface to
base MANNVILLE
Tract 1
TWP 55-RGE 9-W5M
12
CBM from surface to
base MANNVILLE
WELLBORE ONLY
Tract 1
TWP 55-RGE 8-W5M
NW18
PNG from surface to
base NORDEGG
Tract 1
TWP 55-RGE 9-W5M
NE13
PNG from base
MANNVILLE to base
NORDEGG
Tract 1
TWP 55-RGE 9-W5M
11
PNG from surface to
base NORDEGG
Tract 1
TWP 53-RGE 9-W5M
27,34
PNG from surface to
basement
Tract 2
TWP 53-RGE 9-W5M
28
PNG from base
EDMONTON to base
BASEMENT
Tract 3
TWP 53-RGE 9-W5M
W26
PNG from surface to
base PEKISKO
WHITEBARK ENERGY LTD
Shareholder Information
Area
Lessor/Crown #
Rights Held
Active
WI %
13
20
13
19
20
Niton
5497010208
Niton
5497010208
Niton
5497010208
Niton
CENOVUS ENERGY
INC.
Niton
0504030331
20
Niton
0504030331
Niton
5497020042
Niton
CENOVUS
Niton
5497040009
Niton
0597040239
10
20
20
20
20
other
LEHET ET AL
13
other
SORENSEN, R
20
20
20
20
other
BOGGOTT ET AL
other
HISER ET AL
other
HISER ET AL
other
HISER ET AL
other
HISER ET AL
Active
WI %
14
20
20
20
20
20
7
20
20
20
5
5
5
20
20
20
5
Tract 1
TWP 56-RGE 12-W5M
27
PNG from surface to
base MANNVILLE
Excluding WELLBORE
Tract 1
TWP 56-RGE 12-W5M
27
WELLBORE PROD
Tract 1
TWP 56-RGE 12-W5M
26
PNG from surface to
base NOTIKEWIN
Tract 1
TWP 56-RGE 12-W5M
W23
PNG from base
VIKING to base
NOTIKEWIN
Tract 1
TWP 56-RGE 12-W5M
E23
PNG from base
VIKING to base
NOTIKEWIN
Tract 1
TWP 56-RGE 12-W5M
E23
PNG from base
NOTIKEWIN to base
MANNVILLE
Tract 1
TWP 56-RGE 12-W5M
28
PNG from surface to
base NOTIKEWIN
Tract 1
TWP 56-RGE 12-W5M
S22
PNG from surface to
base MANNVILLE
Excluding CBM
Tract 1
TWP 56-RGE 12-W5M
N22
PNG from surface to
base MANNVILLE
Tract 1
TWP 56-RGE 12-W5M
14
PNG from surface to
base ROCK CREEK
Excluding CBM
Tract 1
TWP 36-RGE 3-W5M
SE5
PET from top
CARDIUM to base
CARDIUM
Tract 1
TWP 36-RGE 3-W5M
SE5
PET from top
CARDIUM to base
CARDIUM
Tract 1
TWP 36-RGE 3-W5M
SE5
PET from top
CARDIUM to base
CARDIUM
Tract 1
TWP 36-RGE 3-W5M
SW5
PET from top
CARDIUM to base
CARDIUM
Tract 1
TWP 36-RGE 3-W5M
SW5
PET from surface to
base BASEMENT
Excluding PET from
top CARDIUM to base
CARDIUM
Tract 1
TWP 36-RGE 3-W5M
N5,SW5
NG from surface to
basement
Tract 1
TWP 36-RGE 3-W5M
Page | 67
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
WHITEBARK ENERGY LTD
Shareholder Information
10
20
10
Other
22178A
Other
34937
Other
0582080144
Other
0582080144
19
Other
0582080144
Other
058208A144
Other
058208A144
Other
38215
Other
13198
Other
13198
Other
0276080004
other
0486010407
other
0486010407
other
GRTC BELLSILE
ESTA
Other
0502030291
Other
29397
Other
0417020121
5
0
20
10
10
1
10
3
10
1
base MANNVILLE
Excluding WELLBORE
Tract 1
TWP 68-RGE 3-W5M
SW36
PNG from surface to
top GILWOOD
Excluding PNG from
surface to base
MANNVILLE
Tract 1
TWP 68-RGE 2-W5M
SW19
PNG from surface to
base MANNVILLE
Excluding WELLBORE
Tract 1
TWP 61-RGE 4-W5M
31
PNG from surface to
base MANNVILLE
Tract 1
TWP 61-RGE 4-W5M
31
WELLBORE PROD
Tract 1
TWP 61-RGE 4-W5M
31
WELLBORE ONLY
Tract 1
TWP 61-RGE 4-W5M
30
PNG from surface to
base MANNVILLE
Tract 1
TWP 61-RGE 4-W5M
30
WELLBORE PROD
Tract 1
TWP 61-RGE 4-W5M
N36,SE36
PNG from surface to
base VIKING
Tract 1
TWP 61-RGE 5-W5M
NE30
PNG from surface to
base UPPER
MANNVILLE
Excluding NG from
top UPPER
MANNVILLE to base
UPPER MANNVILLE
Tract 1
TWP 61-RGE 5-W5M
NE30
PNG from base
UPPER MANNVILLE to
base BANFF
Tract 1
TWP 61-RGE 5-W5M
S30,NW30
NG from top BANFF
to base BANFF
Tract 1
TWP 56-RGE 1-W5M
E17
PNG from surface to
base MANNVILLE
Tract 1
TWP 56-RGE 1-W5M
W17
PNG from surface to
base MANNVILLE
Tract 1
TWP 54-RGE 25-W4M
NE20
PNG from surface to
base BASEMENT
Tract 1
TWP 54-RGE 16-W5M
NW33
PNG from surface to
base BLUESKY-
BULLHEAD
Tract 1
TWP 68-RGE 2-W5M
S17,NE17
PNG from top GRAND
RAPIDS to base
BLUESKY-BULLHEAD
Tract 1
TWP 65-RGE 26-W4M
17
10
Other
0417020122
1
2
2
2
5
0
7
5
5
5
1
1
20
7
3
20
other
0506010361
Other
0516050022
other
0510060146
other
0416050054
other
0591040348
other
018012A014
other
018012A014
other
018012A014
other
3932
other
3932
other
29953
other
29953
Paddle
River
5411110203
Paddle
River
5411110203
Paddle
River
5411110210
Paddle
River
5411110210
Paddle
5411110211
other
HISER ET AL
other
HISER ET AL
other
HISER ET AL
other
0481100014
Other
5405120248
Other
5405120248
other
5408090493
other
5408090493
Other
22178
Other
22178
Other
22178
Other
22178
Other
14445
Other
13533
NE5
PET from top
CARDIUM to base
CARDIUM
Excluding WELLBORE
PROD
Tract 1
TWP 36-RGE 3-W5M
NW5
PET from base
CARDIUM to base
BASEMENT
Tract 1
TWP 36-RGE 3-W5M
NW5
PET from surface to
base CARDIUM
Tract 1
TWP 36-RGE 3-W5M
NE 5
PET from surface to
base CARDIUM
Excluding PET from
top CARDIUM to base
CARDIUM
Tract 1
TWP 36-RGE 3-W5M
SE29
PET from top BASAL
QUARTZ to base
BASAL QUARTZ
PET from top
OSTRACOD to base
OSTRACOD
Tract 1
TWP 62-RGE 25-W5M
35
PNG from surface to
base PEACE RIVER
Excluding WELLBORE
Tract 1
TWP 62-RGE 25-W5M
35
WELLBORE PROD
Tract 1
TWP 63-RGE 20-W5M
17,19,20
PNG from base
BLUESKY-BULLHEAD
to base TRIASSIC
Tract 1
TWP 63-RGE 20-W5M
8
PNG from base
BLUESKY-BULLHEAD
to top DOIG
Tract 1
TWP 68-RGE 2-W5M
30
PNG from surface to
base MANNVILLE
Tract 1
TWP 68-RGE 2-W5M
NW19,SE19
PNG from surface to
base MANNVILLE
Excluding WELLBORE
Tract 1
TWP 68-RGE 2-W5M
NW17
PNG from surface to
base MANNVILLE
Excluding PNG from
top GRAND RAPIDS to
base BLUESKY-
BULLHEAD
Tract 1
TWP 68-RGE 2-W5M
NW17
PNG from top GRAND
RAPIDS to base
BLUESKY-BULLHEAD
Tract 1
TWP 68-RGE 3-W5M
SE36
PNG from surface to
top GILWOOD
Excluding PNG from
surface to base
MANNVILLE
Tract 1
TWP 68-RGE 2-W5M
NE19
PNG from surface to
2019 ANNUAL REPORT
20
10
20
20
10
20
6
6
6
20
14
20
14
20
20
20
20
18
PNG from surface to
base BASEMENT
Tract 1
TWP 65-RGE 26-W4M
18
PNG from surface to
base BASEMENT
Tract 1
TWP 63-RGE 20-W5M
5
PNG from base
BLUESKY-BULLHEAD
to top DOIG
Tract 1
TWP 67-RGE 26-W4M
SE28
PNG from surface to
base BASEMENT
Tract 1
TWP 89-RGE 5-W6M
1
PNG from top
BLUESKY-BULLHEAD
to base BLUESKY-
BULLHEAD
Tract 1
TWP 26-RGE 14-W4M
1
PNG from surface to
base BASEMENT
Tract 1
TWP 73-RGE 10-W6M
E24
PNG from surface to
base CHARLIE LAKE
Tract 1
TWP 56-RGE 15-W5M
NW22
PNG from surface to
top CARDIUM
Tract 1
TWP 56-RGE 15-W5M
NW22
PNG from top
CARDIUM to base
CARDIUM
Excluding WELLBORE
PROD
Tract 1
TWP 56-RGE 15-W5M
NW22
WELLBORE PROD
Tract 1
TWP 41-RGE 21-W4M
S24,NE24
PNG from top VIKING
to base MANNVILLE
Excluding WELLBORE
Tract 1
TWP 41-RGE 21-W4M
S24,NE 24
WELLBORE ONLY
Tract 1
TWP 41-RGE 21-W4M
NW24
PNG from top VIKING
to base MANNVILLE
Excluding WELLBORE
Tract 1
TWP 41-RGE 21-W4M
NW24
WELLBORE
Tract 1
TWP 55-RGE 6-W5M
27,28
PNG from surface to
base MANNVILLE
Tract 1
TWP 55-RGE 6-W5M
34
PNG from base BELLY
RIVER to base
MANNVILLE
Tract 1
TWP 56-RGE 6-W5M
4
PNG from surface to
base BANFF
Tract 1
TWP 56-RGE 6-W5M
3,9,10
PNG from base BELLY
RIVER to base BANFF
Tract 1
Page | 68
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
WHITEBARK ENERGY LTD
Shareholder Information
River
Paddle
River
0401080193
Paddle
River
0589060122
Paddle
River
0589060123
Paddle
River
058407A286
Paddle
River
35970
Paddle
River
0579080256
Paddle
River
0587090394
Paddle
River
5495090111
Paddle
River
26248
Paddle
River
0589110368
Paddle
River
0581020085
Paddle
River
018203A006
Paddle
River
CENOVUS ENERGY
INC.
Paddle
River
0580060165
Paddle
River
0182030006
Paddle
River
0577030155
Paddle
River
0182030004
TWP 56-RGE 6-W5M
5,6
PNG from surface to
base BANFF
Tract 1
TWP 54-RGE 4-W5M
17
PNG from surface to
base MANNVILLE
Excluding PNG from
top NOTIKEWIN to
base NOTIKEWIN
Tract 1
TWP 58-RGE 6-W5M
E21
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 6-W5M
22
PNG from surface to
base BANFF
Excluding CBM
Tract 1
TWP 59-RGE 6-W5M
N4,SW4
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 6-W5M
18
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 6-W5M
20
PNG from surface to
base NORDEGG
Excluding CBM
Tract 1
TWP 58-RGE 6-W5M
15
PNG from surface to
base NORDEGG
Excluding CBM
Tract 1
TWP 56-RGE 7-W5M
31
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 6-W5M
17
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 6-W5M
W21
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 6-W5M
N13,SW13
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 6-W5M
SW10
PNG from surface to
base BANFF
Tract 1
TWP 59-RGE 6-W5M
SE4
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 6-W5M
N10,SE10
PNG from surface to
base BANFF
Tract 1
TWP 58-RGE 6-W5M
3
PNG from surface to
base BANFF
Tract 1
TWP 57-RGE 6-W5M
S15
PNG from surface to
base NORDEGG
Tract 1
TWP 57-RGE 6-W5M
N15
PNG from surface to
4
20
20
15
15
20
20
20
20
20
20
20
15
20
11
2
2
2019 ANNUAL REPORT
Paddle
River
0182030004
Paddle
River
0182030004
Paddle
River
0182030004
Paddle
River
0182030004
Paddle
River
5417090087
Paddle
River
5417090088
Paddle
River
5417090211
Paddle
River
0507070449
Paddle
River
0511030353
Paddle
River
5418070086
Paddle
River
0581090214
Paddle
River
5409100375
Paddle
River
Paddle
River
5409100375
0509010131
Paddle
River
0509010131
Paddle
0511030676
base NORDEGG
Tract 1
TWP 57-RGE 6-W5M
22
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 57-RGE 6-W5M
SE21
PNG from surface to
base BELLY RIVER
Excluding NG from
top BELLY RIVER to
base BELLY RIVER
Tract 1
TWP 57-RGE 6-W5M
N21,SW21
PNG from surface to
base BELLY RIVER
Excluding NG from
top BELLY RIVER to
base BELLY RIVER
Tract 1
TWP 57-RGE 6-W5M
22
PNG from surface to
top NORDEGG
Tract 1
TWP 55-RGE 6-W5M
29,30,31,32
PNG from surface to
base MANNVILLE
PNG from base
NORDEGG to base
BASEMENT
Tract 1
TWP 56-RGE 6-W5M
7
TWP 56-RGE 7-W5M
2,11,12
PNG from surface to
base BASEMENT
Tract 1
TWP 54-RGE 7-W5M
17,20
PNG from surface to
base BASEMENT
Tract 1
TWP 56-RGE 7-W5M
4
PNG from surface to
base MANNVILLE
Tract 1
TWP 55-RGE 7-W5M
33
PNG from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 55-RGE 7-W5M
35,36
PNG from base
BANFF to basement
Tract 1
TWP 55-RGE 7-W5M
21
PNG from surface to
top NORDEGG
Tract 1
TWP 55-RGE 7-W5M
31
PNG from top
MANNVILLE to base
MANNVILLE
Excluding WELLBORE
PROD
Tract 1
TWP 55-RGE 7-W5M
31
WELLBORE PROD
Tract 1
TWP 55-RGE 7-W5M
NE30
PNG from top
MANNVILLE to base
MANNVILLE
Excluding WELLBORE
PROD
Tract 1
TWP 55-RGE 7-W5M
NE30
WELLBORE PROD
Tract 1
1
1
1
1
River
Paddle
River
CENOVUS
Paddle
River
CENOVUS
Paddle
River
0511050342
Paddle
River
0500080482
20
Paddle
River
0581090185
Paddle
River
Paddle
River
0581090185
0581100188
Paddle
River
0581100188
Paddle
River
0581100188
Paddle
River
5497100192
Paddle
River
5497100192
Paddle
River
0597040236
Paddle
River
0597040236
Paddle
River
0597040236
20
20
20
20
20
5
20
20
20
20
20
20
20
20
4
5
11
12
12
12
20
4
20
20
20
TWP 55-RGE 7-W5M
N28
PNG from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 56-RGE 7-W5M
SW5
PNG from top
SURFACE to base
OSTRACOD
Tract 1
TWP 56-RGE 7-W5M
SE5
PNG from top
SURFACE to base
OSTRACOD
Tract 1
TWP 56-RGE 7-W5M
N5
PNG from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 55-RGE 6-W5M
9
PNG from surface to
base BELLY RIVER
Tract 1
TWP 55-RGE 6-W5M
18,19
PNG from base BELLY
RIVER to base
NORDEGG
CBM from surface to
base NORDEGG
Tract 1
TWP 55-RGE 6-W5M
19
WELLBORE ONLY
Tract 1
TWP 55-RGE 6-W5M
20
PNG from surface to
base NORDEGG
Tract 1
TWP 55-RGE 6-W5M
17
PNG from base BELLY
RIVER to base
NORDEGG
Tract 1
TWP 55-RGE 6-W5M
17
CBM from surface to
base BELLY RIVER
Tract 1
TWP 55-RGE 7-W5M
NW29
PNG from top
SURFACE to base
MANNVILLE
Excluding CBM
Tract 1
TWP 55-RGE 7-W5M
NW29
CBM from top
SURFACE to base
MANNVILLE
Tract 1
TWP 55-RGE 7-W5M
32
PNG from top
SURFACE to base
MANNVILLE
Excluding PNG from
top GLAUCONITIC to
base GLAUCONITIC
Excluding CBM from
surface to base
MANNVILLE
Excluding WELLBORE
PROD
Tract 1
TWP 55-RGE 7-W5M
32
PNG from top
GLAUCONITIC to base
GLAUCONITIC
Excluding CBM
Tract 1
TWP 55-RGE 7-W5M
32
WELLBORE PROD
Page | 69
Area
Lessor/Crown #
Rights Held
Paddle
River
0597040236
Paddle
River
0597040236
Paddle
River
Paddle
River
0597040236
5411110204
Paddle
River
5414020096
Thornbury 0595010782
Thornbury 0593030391
Thornbury 0593030387
Thornbury 0593040701
Thornbury 0593070520
Thornbury 0593050473
Thornbury 0595070450
Thornbury 0507010388
Thornbury 0595110488
Thornbury 5495100161
Thornbury 5495100160
Thornbury 5495080116
Thornbury 0591050535
Tract 1
TWP 55-RGE 7-W5M
32
CBM from top
SURFACE to base
MANNVILLE
Excluding CBM from
top GLAUCONITIC to
base GLAUCONITIC
Tract 1
TWP 55-RGE 7-W5M
32
CBM from top
GLAUCONITIC to base
GLAUCONITIC
Tract 1
TWP 55-RGE 7-W5M
32
WELLBORE PROD
Tract 1
TWP 55-RGE 6-W5M
21,22,23,27,28,29,30,
31,32,33,34,36
PNG from base
MANNVILLE to base
NORDEGG
Tract 1
TWP 56-RGE 7-W5M
1
PNG from surface to
base NORDEGG
Tract 1
TWP 79-RGE 15-W4M
9
PNG from top
MCMURRAY to base
MCMURRAY
Tract 1
TWP 78-RGE 15-W4M
35
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 15-W4M
4
PNG from surface to
base MANNVILLE
Tract 1
TWP 78-RGE 15-W4M
26,28,33,34
PNG from surface to
base MANNVILLE
Tract 1
TWP 78-RGE 15-W4M
21
PNG from surface to
base MANNVILLE
Tract 1
TWP 78-RGE 15-W4M
22,23
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 15-W4M
20
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 15-W4M
17
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 15-W4M
23,35
PNG from surface to
base MANNVILLE
Tract 1
TWP 81-RGE 15-W4M
13
PNG from surface to
base MANNVILLE
Tract 1
TWP 81-RGE 14-W4M
4,5,6,7,8,9,16,18
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 16-W4M
35
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 15-W4M
Active
WI %
4
9
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
2019 ANNUAL REPORT
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
WHITEBARK ENERGY LTD
Shareholder Information
Thornbury 0595110408
Thornbury 5495090143
Thornbury 5495090143
Thornbury 0595090673
Thornbury 5495090144
Thornbury 5495090144
Thornbury 0595110411
Thornbury 0591050533
Thornbury 5495110058
Thornbury 0179040029
Thornbury 0179040029
Thornbury 0179040029
Thornbury 0179040029
Thornbury 0590100432
Thornbury 0586030343
Thornbury 0586030343
Thornbury 0587070166
Thornbury 0586030344
36
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 14-W4M
6,7
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 15-W4M
1
TWP 79-RGE 14-W4M
3,4
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 14-W4M
5
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 14-W4M
15,19,28,29,30
TWP 79-RGE 15-W4M
14,23,24,26
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 15-W4M
19
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 15-W4M
11
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 14-W4M
7
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 15-W4M
24
PNG from surface to
base MANNVILLE
Tract 1
TWP 81-RGE 15-W4M
24
PNG from surface to
base MANNVILLE
Tract 1
TWP 82-RGE 14-W4M
NW17,S17,21,22,28
PNG from surface to
base MANNVILLE
Tract 1
TWP 82-RGE 14-W4M
27
PNG from surface to
base MANNVILLE
Tract 1
TWP 82-RGE 14-W4M
15,16
PNG from surface to
base MANNVILLE
Tract 1
TWP 82-RGE 14-W4M
NE17
PNG from surface to
base MANNVILLE
Tract 1
TWP 82-RGE 13-W4M
3
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 14-W4M
10
PNG from surface to
base MANNVILLE
Excluding WELLBORE
Tract 1
TWP 80-RGE 14-W4M
10
WELLBORE PROD
Tract 1
TWP 79-RGE 14-W4M
27
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 14-W4M
20
Thornbury 0586030344
Thornbury 0595010787
20
20
20
20
20
20
20
20
10
10
10
10
10
17
20
20
17
Thornbury 0595010787
Thornbury 0585050215
Thornbury 0593060378
Thornbury 0593060380
Thornbury 0593060381
Thornbury 0594110276
Thornbury 0593060383
Thornbury 0593090784
Thornbury 0593090784
Thornbury 0593090784
Thornbury 0590060342
Thornbury 0590060343
Thornbury 0589050395
Thornbury 058905A395
Thornbury 058905A395
Thornbury 0585050217
16
20
20
4
4
4
4
4
4
4
0
4
4
4
4
4
4
4
12
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 14-W4M
12
WELLBORE PROD
Tract 1
TWP 80-RGE 15-W4M
30,31
TWP 80-RGE 16-W4M
36
TWP 81-RGE 15-W4M
6
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 16-W4M
25
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 13-W4M
1
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 12-W4M
17
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 12-W4M
27
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 12-W4M
29
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 13-W4M
14
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 13-W4M
26
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 13-W4M
27
WELLBORE PROD
Tract 1
TWP 79-RGE 13-W4M
27
WELLBORE PROD
Tract 1
TWP 79-RGE 13-W4M
27
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 12-W4M
4
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 12-W4M
5
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 13-W4M
3
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 13-W4M
4,10
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 13-W4M
9
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 13-W4M
12
PNG from surface to
base MANNVILLE
Page | 70
Area
Lessor/Crown #
Rights Held
Area
Lessor/Crown #
Rights Held
WHITEBARK ENERGY LTD
Shareholder Information
Active
WI %
7
0
7
20
5
20
20
20
20
20
Area
Lessor/Crown #
Rights Held
Thornbury 0590010419
Thornbury 0589120202
Thornbury 0589120202
Thornbury 0586030342
Thornbury 0586030342
Thornbury 5495100048
Thornbury 5495100055
Thornbury 5495100049
Thornbury 5495100050
Thornbury 5495100054
Thornbury 5494100161
Thornbury 5494100161
Thornbury 5494100161
Thornbury 5495100052
Thornbury 0505060901
Thornbury 0505080596
Thornbury 0505080599
Thornbury 0506070714
Tract 1
TWP 80-RGE 14-W4M
30
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 14-W4M
19
WELLBORE ONLY
Tract 1
TWP 80-RGE 14-W4M
19
PNG from surface to
base MANNVILLE
Excluding WELLBORE
Tract 1
TWP 80-RGE 14-W4M
2
WELLBORE PROD
Tract 1
TWP 80-RGE 14-W4M
2
PNG from surface to
base MANNVILLE
Excluding WELLBORE
Tract 1
TWP 77-RGE 14-W4M
9,17
PNG from surface to
base MANNVILLE
Excluding CBM
Tract 1
TWP 78-RGE 15-W4M
13,14
PNG from surface to
base MANNVILLE
Excluding CBM
Tract 1
TWP 77-RGE 14-W4M
18
PNG from surface to
base MANNVILLE
Excluding CBM
Tract 1
TWP 77-RGE 14-W4M
35
PNG from surface to
base MANNVILLE
Excluding CBM
Tract 1
TWP 78-RGE 14-W4M
26
PNG from surface to
base MCMURRAY
Excluding CBM
Tract 1
TWP 77-RGE 14-W4M
19
PNG from surface to
base MCMURRAY
Excluding CBM
Tract 1
TWP 77-RGE 14-W4M
30
PNG from surface to
base MCMURRAY
Excluding CBM
Tract 1
TWP 77-RGE 15-W4M
25
PNG from surface to
base MANNVILLE
Tract 1
TWP 78-RGE 14-W4M
16
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 14-W4M
23
PNG from surface to
base MANNVILLE
Tract 1
TWP 78-RGE 14-W4M
33
PNG from surface to
base MANNVILLE
Tract 1
TWP 78-RGE 15-W4M
36
PNG from surface to
base MANNVILLE
Tract 1
TWP 77-RGE 14-W4M
2019 ANNUAL REPORT
Thornbury 0500110212
Thornbury 0596060259
Thornbury 0595060345
Thornbury 0596010191
Thornbury 0585050411
Thornbury 39567
Thornbury 39586
Thornbury 39586
Thornbury 0178050155
Thornbury 0517110127
20
Thorsby
0411110070
20
20
20
20
20
20
20
Thorsby
0411110070
Thorsby
0494100828
Whitecourt 0588100423
Whitecourt 0507010723
Whitecourt 0501060447
Active
WI %
16
Whitecourt 0501080238
16
Whitecourt 0597040244
16
Whitecourt 0577020072
Whitecourt 0577020072
Whitecourt 0577020072
Whitecourt 0577020073
Whitecourt 0577020073
Whitecourt 2985
Whitecourt 2985
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
16
1
1
2
2
20
20
20
80
20
16
1
5
Whitecourt 38510
20
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 13-W4M
25
PNG from surface to
base MANNVILLE
Tract 1
TWP 79-RGE 12-W4M
2
PNG from surface to
base MCMURRAY
Tract 1
TWP 79-RGE 12-W4M
3
PNG from surface to
base MCMURRAY
Tract 1
TWP 79-RGE 12-W4M
30
PNG from surface to
base MANNVILLE
Tract 1
TWP 76-RGE 10-W4M
36
TWP 76-RGE 9-W4M
S20
PNG from surface to
base MANNVILLE
Tract 1
TWP 77-RGE 9-W4M
6
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 18-W4M
24
PNG from surface to
base GROSMONT
Tract 1
TWP 80-RGE 18-W4M
13,14,23
PNG from surface to
base GROSMONT
Tract 1
TWP 78-RGE 13-W4M
25
PNG from surface to
base MANNVILLE
Tract 1
TWP 80-RGE 15-W4M
15
PNG from surface to
base BASEMENT
Tract 1
TWP 49-RGE 1-W5M
18
PNG from top
MANNVILLE to base
MANNVILLE
Excluding PNG from
top SPARKY to base
SPARKY
Excluding PNG from
top GLAUCONITIC to
base GLAUCONITIC
Tract 1
TWP 49-RGE 1-W5M
18
PNG from top
GLAUCONITIC to base
GLAUCONITIC
Tract 1
TWP 50-RGE 3-W5M
N17
TWP 50-RGE 3-W5M
17(LSD 5-8)
PNG from surface to
base BELLY RIVER
Tract 1
TWP 58-RGE 21-W5M
NW23
PNG from surface to
base CARDIUM
Tract 1
TWP 60-RGE 11-W5M
S13,NE13
PNG from base BELLY
RIVER to base
MANNVILLE
Tract 1
TWP 60-RGE 11-W5M
S13,NE13
Active
WI %
10
2
2
6
2
4
4
5
5
1
10
2
4
7
PNG from surface to
base BELLY RIVER
Tract 1
TWP 60-RGE 10-W5M
7
PNG from base
NORDEGG to base
PEKISKO
Tract 1
TWP 61-RGE 10-W5M
21
PNG from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
S15
PNG from surface to
base PEKISKO
Excluding CBM from
surface to base
BASEMENT
Tract 1
TWP 60-RGE 11-W5M
S15
CBM from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
S15
WELLBORE PROD
Tract 1
TWP 60-RGE 11-W5M
SE16
PNG from surface to
base PEKISKO
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding NG from
top PEKISKO to base
PEKISKO
Excluding CBM
Tract 1
TWP 60-RGE 11-W5M
SE16
NG from top
NORDEGG to base
NORDEGG
NG from top PEKISKO
to base PEKISKO
CBM from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
W28
PNG from top
PEKISKO to base
PEKISKO
Tract 1
TWP 60-RGE 11-W5M
W28
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 60-RGE 11-W5M
NW13
PNG from base BELLY
RIVER to base
MANNVILLE
Tract 1
TWP 60-RGE 11-W5M
23,27,SE33,S34
PNG from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
N15
WELLBORE PROD
Tract 1
TWP 60-RGE 11-W5M
NE16
PNG from surface to
base PEKISKO
Excluding NG from
top PEKISKO to base
PEKISKO
Excluding CBM
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
E21
Page | 71
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
WHITEBARK ENERGY LTD
Shareholder Information
Active
WI %
3
10
Whitecourt 38510
Whitecourt 38510
Whitecourt 38509
10
Whitecourt 38509
5
5
Whitecourt 38509
10
Whitecourt 38509
Whitecourt 38509
Whitecourt 38509
10
10
4
Whitecourt 38509
Whitecourt 38509
Whitecourt 38509
Whitecourt 38509
Whitecourt 38509
7
3
6
5
5
Area
Lessor/Crown #
Rights Held
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
Whitecourt 38510
PNG from surface to
top BASAL QUARTZ
Excluding CBM
Tract 1
TWP 60-RGE 11-W5M
E21
PNG from top BASAL
QUARTZ to base
PEKISKO
Excluding CBM
Tract 1
TWP 60-RGE 11-W5M
22
PNG from surface to
base PEKISKO
Tract 2
TWP 60-RGE 11-W5M
S35
PNG from surface to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
E28
PNG from surface to
top PEKISKO
Excluding PNG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
E28
PNG from top
PEKISKO to base
PEKISKO
Tract 1
TWP 60-RGE 11-W5M
E28
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 60-RGE 11-W5M
W26
PNG from surface to
base PEKISKO
Excluding PNG from
top BELLY RIVER to
base BELLY RIVER
Tract 1
TWP 60-RGE 11-W5M
E26
PNG from surface to
base PEKISKO
Excluding PNG from
top BELLY RIVER to
base BELLY RIVER
Tract 1
TWP 60-RGE 11-W5M
N14
PNG from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
NE16
CBM from surface to
base PEKISKO
NG from top
NORDEGG to base
NORDEGG
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
E21
CBM from surface to
top BASAL QUARTZ
Tract 1
TWP 60-RGE 11-W5M
E21
CBM from top BASAL
QUARTZ to base
PEKISKO
Tract 1
TWP 60-RGE 11-W5M
N15
CBM from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
NW13
PNG from surface to
base BELLY RIVER
Tract 1
2019 ANNUAL REPORT
TWP 60-RGE 11-W5M
NW13
PNG from base
MANNVILLE to base
PEKISKO
Tract 1
TWP 60-RGE 11-W5M
N15
PNG from surface to
base PEKISKO
Excluding CBM
Excluding WELLBORE
Tract 1
TWP 60-RGE 11-W5M
N15
WELLBORE PROD
Tract 1
TWP 60-RGE 11-W5M
18
PNG from surface to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
W20
PNG from surface to
base PEKISKO
Excluding CBM
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding NG from
top PEKISKO to base
PEKISKO
Tract 1
TWP 60-RGE 11-W5M
N7
PNG from surface to
base NORDEGG
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
W17
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 60-RGE 11-W5M
N7
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 60-RGE 11-W5M
NW8
PNG from surface to
base NORDEGG
Excluding CBM
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
W20
CBM from surface to
base PEKISKO
Excluding CBM from
top PEKISKO to base
PEKISKO
Tract 1
TWP 60-RGE 11-W5M
SW29
PNG from surface to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
W20
NG from top PEKISKO
to base PEKISKO
Excluding CBM
Excluding WELLBORE
Tract 1
TWP 60-RGE 11-W5M
W20
WELLBORE PROD
Tract 1
TWP 60-RGE 11-W5M
SW29
CBM from base
NORDEGG to base
PEKISKO
PNG from base
NORDEGG to base
Whitecourt 38509
Whitecourt 38509
Whitecourt 38509
Whitecourt 38509
Whitecourt 120107
Whitecourt 120107
Whitecourt 120107
Whitecourt 120107
Whitecourt 120107
Whitecourt 16143
Whitecourt 16143
Whitecourt 38508
2
2
10
2
10
4
9
4
6
4
2
4
10
Whitecourt 38508
Whitecourt 38508
6
4
6
4
2
2
4
4
6
10
6
6
10
10
PEKISKO
Tract 1
TWP 60-RGE 11-W5M
W17
PNG from surface to
top NORDEGG
Excluding CBM
Tract 1
TWP 60-RGE 11-W5M
NW8
NG from top
NORDEGG to base
NORDEGG
CBM from surface to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
W17
CBM from surface to
top NORDEGG
Tract 1
TWP 60-RGE 11-W5M
W20
CBM from top
PEKISKO to base
PEKISKO
NG from top
NORDEGG to base
NORDEGG
Excluding WELLBORE
Tract 1
TWP 60-RGE 11-W5M
E20
NG from top PEKISKO
to base PEKISKO
Excluding CBM
Excluding WELLBORE
Tract 1
TWP 60-RGE 11-W5M
E20
PNG from surface to
base PEKISKO
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding NG from
top PEKISKO to base
PEKISKO
Excluding CBM
Tract 1
TWP 60-RGE 11-W5M
E20
NG from top
NORDEGG to base
NORDEGG
CBM from top
PEKISKO to base
PEKISKO
Excluding WELLBORE
Tract 1
TWP 60-RGE 11-W5M
E20
WELLBORE PROD
Tract 1
TWP 60-RGE 11-W5M
E20
CBM from surface to
base PEKISKO
Excluding CBM from
top PEKISKO to base
PEKISKO
Tract 1
TWP 60-RGE 11-W5M
N12,SE12,S14
PNG from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
N11
PNG from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
S11
PNG from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
SW12
PNG from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
NW1
Page | 72
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
WHITEBARK ENERGY LTD
Shareholder Information
Whitecourt 120106
Whitecourt 120106
Whitecourt 120106
Whitecourt 120108
Whitecourt 120108
Whitecourt 120108
Whitecourt 120108
Whitecourt 120105
Whitecourt 120105
Whitecourt 934A
Whitecourt 934A
Whitecourt 934A
Whitecourt 934A
Whitecourt 934A
4
6
6
3
7
7
3
4
4
8
8
8
8
8
PNG from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
E17
PNG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 60-RGE 11-W5M
E17
PNG from surface to
top NORDEGG
Excluding CBM
Tract 1
TWP 60-RGE 11-W5M
E17
CBM from surface to
top NORDEGG
Tract 1
TWP 60-RGE 11-W5M
SW21
PNG from top BASAL
QUARTZ to base
PEKISKO
Excluding CBM
Excluding WELLBORE
Tract 1
TWP 60-RGE 11-W5M
SW21
PNG from surface to
top BASAL QUARTZ
Excluding CBM
Tract 1
TWP 60-RGE 11-W5M
SW21
CBM from surface to
top BASAL QUARTZ
Tract 1
TWP 60-RGE 11-W5M
SW21
CBM from top BASAL
QUARTZ to base
PEKISKO
Tract 1
TWP 60-RGE 11-W5M
SW8
PNG from surface to
base NORDEGG
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding CBM
Tract 1
TWP 60-RGE 11-W5M
SW8
NG from top
NORDEGG to base
NORDEGG
CBM from surface to
base NORDEGG
Tract 1
TWP 59-RGE 11-W5M
SW30
NG from top BELLY
RIVER to base BELLY
RIVER
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 59-RGE 12-W5M
S25
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 59-RGE 12-W5M
N24
NG from top BELLY
RIVER to base BELLY
RIVER
Tract 1
TWP 59-RGE 12-W5M
N24
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 59-RGE 12-W5M
N24
TWP 59-RGE 11-W5M
SW30
NG from top
2019 ANNUAL REPORT
Whitecourt 934A
Whitecourt 1264
Whitecourt 1264
Whitecourt 38504
Whitecourt 38504
Whitecourt 38504
Whitecourt 38504
Whitecourt 38504
Whitecourt 38477
Whitecourt 38477
Whitecourt 38477
NORDEGG to base
NORDEGG
Tract 1
TWP 59-RGE 12-W5M
S25
NG from top BELLY
RIVER to base BELLY
RIVER
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 59-RGE 12-W5M
N24
TWP 59-RGE 11-W5M
SW30
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 59-RGE 12-W5M
S25
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 59-RGE 12-W5M
N25
NG from top BELLY
RIVER to base BELLY
RIVER
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 59-RGE 12-W5M
N25
PNG from surface to
base PEKISKO
Excluding NG from
top PEKISKO to base
PEKISKO
Excluding NG from
top BELLY RIVER to
base BELLY RIVER
Excluding NG from
top LOWER
MANNVILLE to base
LOWER MANNVILLE
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 59-RGE 11-W5M
NW30,W31
TWP 59-RGE 12-W5M
36
PNG from surface to
base PEKISKO
Tract 1
TWP 59-RGE 11-W5M
NW30,W31
TWP 59-RGE 12-W5M
36
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
NG from top PEKISKO
to base PEKISKO
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 59-RGE 12-W5M
N25
NG from top PEKISKO
to base PEKISKO
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 60-RGE 12-W5M
N12
PNG from surface to
base VIKING
Tract 1
TWP 60-RGE 12-W5M
S13
PNG from surface to
base LOWER
MANNVILLE
Tract 1
TWP 60-RGE 12-W5M
Whitecourt 38477
Whitecourt 38477
Whitecourt 38477
Whitecourt 38477
Whitecourt 38477
Whitecourt 38477
Whitecourt 5496120022
9
8
9
9
10
10
Whitecourt 5496120022
10
Whitecourt 5496120022
Whitecourt 5496120022
Whitecourt 0578080151
8
Whitecourt 0596010415
Whitecourt 0596010415
Whitecourt 124127
Whitecourt 124127
3
5
5
8
10
5
10
10
10
4
0
2
0
10
1
2
5
5
SE14
PNG from surface to
base LOWER
MANNVILLE
Tract 1
TWP 60-RGE 12-W5M
N12
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 60-RGE 12-W5M
NE11
PET from surface to
base NORDEGG
Tract 1
TWP 60-RGE 12-W5M
N12
PNG from base
VIKING to base
LOWER MANNVILLE
Excluding NG from
top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 60-RGE 12-W5M
SE14
PNG from base
LOWER MANNVILLE
to base NORDEGG
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 60-RGE 12-W5M
S13
PNG from base
LOWER MANNVILLE
to base NORDEGG
Tract 1
TWP 60-RGE 12-W5M
N12
PNG from base
LOWER MANNVILLE
to base PEKISKO
Tract 1
TWP 61-RGE 10-W5M
16
PNG from surface to
base PEKISKO
Excluding WELLBORE
PROD
Tract 1
TWP 61-RGE 10-W5M
16
WELLBORE PROD
Tract 1
TWP 61-RGE 10-W5M
7
WELLBORE PROD
Tract 1
TWP 61-RGE 10-W5M
6
WELLBORE ONLY
Tract 1
TWP 60-RGE 10-W5M
SE7
PNG from surface to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
NE32
PNG from surface to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
NE32
PNG from base
NORDEGG to base
PEKISKO
Tract 1
TWP 59-RGE 12-W5M
26
PNG from surface to
base NORDEGG
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 59-RGE 12-W5M
26
NG from top
NORDEGG to base
Page | 73
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
WHITEBARK ENERGY LTD
Shareholder Information
Active
WI %
10
9
8
8
8
8
4
8
4
4
4
Area
Lessor/Crown #
Rights Held
Whitecourt 0597070666
Whitecourt 127754
Whitecourt 127754
Whitecourt 127754
Whitecourt 127754
Whitecourt 127754
Whitecourt 127754
Whitecourt 127754
Whitecourt 0594120281
Whitecourt 0594120281
Whitecourt 0594120282
Whitecourt 931
NORDEGG
Tract 1
TWP 58-RGE 11-W5M
32
PNG from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
S7
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 60-RGE 11-W5M
S7
PNG from surface to
base PEKISKO
Excluding NG from
top PEKISKO to base
PEKISKO
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 59-RGE 11-W5M
E31
PNG from surface to
base PEKISKO
Excluding NG from
top PEKISKO to base
PEKISKO
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
6
PNG from base
VIKING to base
PEKISKO
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding NG from
top PEKISKO to base
PEKISKO
Tract 1
TWP 60-RGE 11-W5M
6
TWP 59-RGE 11-W5M
E31
NG from top PEKISKO
to base PEKISKO
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 60-RGE 11-W5M
6
PNG from surface to
base VIKING
Tract 1
TWP 60-RGE 11-W5M
S7
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 59-RGE 10-W5M
3
PNG from surface to
base PEKISKO
Excluding WELLBORE
Tract 1
TWP 59-RGE 10-W5M
3
WELLBORE ONLY
Tract 1
TWP 59-RGE 10-W5M
10
PNG from top
JURASSIC to base
JURASSIC
CBM from surface to
base PEKISKO
WELLBORE ONLY
Tract 1
TWP 60-RGE 12-W5M
SE12
TWP 59-RGE 11-W5M
29,SE32
NG from top
NORDEGG to base
NORDEGG
NG from top LOWER
2019 ANNUAL REPORT
Whitecourt 931
Whitecourt 931
Whitecourt 931
Whitecourt 931
Whitecourt 931
Whitecourt 127739
Whitecourt 127739
Whitecourt 38768
Whitecourt 38768
8
Whitecourt 38768
Whitecourt 38768
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 59-RGE 11-W5M
W32
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 59-RGE 11-W5M
29,SE32
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 59-RGE 11-W5M
W32
NG from top
NORDEGG to base
NORDEGG
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 60-RGE 12-W5M
1,SW12
NG from top PEKISKO
to base PEKISKO
NG from top
NORDEGG to base
NORDEGG
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 60-RGE 12-W5M
SE12
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 60-RGE 12-W5M
2
TWP 59-RGE 12-W5M
35
NG from top
NORDEGG to base
NORDEGG
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 59-RGE 12-W5M
35
TWP 60-RGE 12-W5M
2
PNG from surface to
base NORDEGG
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding NG from
top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 2
TWP 60-RGE 12-W5M
E3
PNG from surface to
base NORDEGG
Tract 1
TWP 59-RGE 12-W5M
E11,S12,NW12,SW13
PNG from surface to
base NORDEGG
Excluding CBM from
surface to base
NORDEGG
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 59-RGE 12-W5M
E11,S12,NW12,SW13,
SE14
CBM from surface to
base NORDEGG
Tract 1
TWP 59-RGE 12-W5M
E11,NW12,S12,SW13,
SE14
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 59-RGE 12-W5M
8
8
8
8
8
8
4
9
Whitecourt 38768
Whitecourt 38766
Whitecourt 38766
Whitecourt 38766
Whitecourt 38766
Whitecourt 38766
Whitecourt 38482
9
Whitecourt 38482
9
9
Whitecourt 38482
SE14
PNG from surface to
base NORDEGG
Excluding PNG from
top UPPER
MANNVILLE to base
UPPER MANNVILLE
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding CBM from
surface to base
NORDEGG
Tract 1
TWP 59-RGE 12-W5M
SE14
PNG from top UPPER
MANNVILLE to base
UPPER MANNVILLE
Excluding CBM
Tract 1
TWP 59-RGE 12-W5M
NE12,E13,NW13,SE23
,S24
TWP 59-RGE 11-W5M
7,18,S19
PNG from surface to
base NORDEGG
Excluding CBM from
surface to base
NORDEGG
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 59-RGE 12-W5M
NE12,E13,NW13,NE1
4,SE23,S24
TWP 59-RGE 11-W5M
7,18,S19
CBM from surface to
base NORDEGG
Tract 1
TWP 59-RGE 12-W5M
NE14
PNG from surface to
base NORDEGG
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding PNG from
top UPPER
MANNVILLE to base
UPPER MANNVILLE
Excluding CBM from
surface to base
NORDEGG
Tract 1
TWP 59-RGE 12-W5M
NE14
PNG from top UPPER
MANNVILLE to base
UPPER MANNVILLE
Excluding CBM
Tract 1
TWP 59-RGE 12-W5M
NE12,E13,NW13,NE1
4,SE23,S24
TWP 59-RGE 11-W5M
7,18,S19
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 59-RGE 10-W5M
W9
NG from top
JURASSIC to base
JURASSIC
Tract 1
TWP 59-RGE 10-W5M
W9
PET from top PEKISKO
to base PEKISKO
PNG from base
MANNVILLE to top
PEKISKO
Excluding CBM from
top JURASSIC to base
JURASSIC
Excluding NG from
top JURASSIC to base
JURASSIC
Tract 1
Page | 74
10
8
8
8
10
8
4
1
10
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Active
WI %
WHITEBARK ENERGY LTD
Shareholder Information
Whitecourt 38482
Whitecourt 38482
Whitecourt 38482
Whitecourt 38482
Whitecourt 38482
Whitecourt 38482
Whitecourt 38767
Whitecourt 38767
Whitecourt 38001
Whitecourt 38001
Whitecourt 38511
Whitecourt 38511
Whitecourt 1184
Whitecourt 1184
Whitecourt 1184
Whitecourt 1184
Whitecourt 0589050108
Whitecourt 0589050108
Whitecourt 0589050108
Whitecourt 0589050108
Whitecourt 0589050108
Whitecourt 38479
4
3
1
4
10
1
10
10
Whitecourt 38479
Whitecourt 38479
10
10
1
1
4
10
10
Whitecourt 38479
Whitecourt 0590040492
Whitecourt 18323
Whitecourt 11916
Whitecourt 38480
TWP 59-RGE 10-W5M
W16,17,SW21
PNG from surface to
base PEKISKO
Tract 1
TWP 59-RGE 10-W5M
S20
PNG from surface to
base PEKISKO
Excluding CBM
Tract 1
TWP 59-RGE 10-W5M
W9
WELLBORE ONLY
Tract 1
TWP 59-RGE 10-W5M
W9
NG from top PEKISKO
to base PEKISKO
Excluding CBM
Excluding WELLBORE
PROD
Tract 1
TWP 59-RGE 10-W5M
W9
CBM from surface to
base PEKISKO
Tract 1
TWP 59-RGE 10-W5M
S20
CBM from surface to
base PEKISKO
Tract 1
TWP 59-RGE 10-W5M
W9
PNG from surface to
base MANNVILLE
Excluding CBM
Tract 2
Excluding WELLBORE
ONLY
Tract 1
TWP 59-RGE 11-W5M
NE28,E33
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 59-RGE 11-W5M
NE28,E33
PNG from surface to
base PEKISKO
Excluding NG from
top PEKISKO to base
PEKISKO
Tract 1
TWP 58-RGE 10-W5M
SW32
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 11-W5M
NE25
PNG from top
SURFACE to base
NORDEGG
Tract 1
TWP 60-RGE 11-W5M
19
PNG from base
MANNVILLE to base
PEKISKO
Tract 1
TWP 60-RGE 11-W5M
S19,NW19
PNG from surface to
base MANNVILLE
Tract 1
TWP 59-RGE 10-W5M
SE9
NG from top
JURASSIC to base
JURASSIC
Tract 1
TWP 60-RGE 11-W5M
N34
NG from top
JURASSIC to base
JURASSIC
Tract 1
TWP 60-RGE 11-W5M
N35
NG from top
JURASSIC to base
4
1
1
3
4
1
10
4
4
10
10
10
10
4
JURASSIC
Tract 1
TWP 59-RGE 10-W5M
SE9
CBM from top
JURASSIC to base
JURASSIC
Tract 1
TWP 59-RGE 10-W5M
SE9
NG from top PEKISKO
to base PEKISKO
Excluding CBM
Tract 1
TWP 59-RGE 10-W5M
SE9
PNG from base
MANNVILLE to top
PEKISKO
PET from top PEKISKO
to base PEKISKO
Tract 1
TWP 59-RGE 10-W5M
SE9
WELLBORE ONLY
Tract 1
TWP 59-RGE 10-W5M
SE9
CBM from surface to
base PEKISKO
Excluding CBM from
top JURASSIC to base
JURASSIC
Tract 1
TWP 59-RGE 10-W5M
SE9
PNG from surface to
base MANNVILLE
Excluding CBM
Tract 1
TWP 59-RGE 10-W5M
7
CBM from surface to
base PEKISKO
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 59-RGE 10-W5M
8
PNG from surface to
base PEKISKO
Tract 1
TWP 59-RGE 10-W5M
7
PNG from surface to
base PEKISKO
Excluding CBM from
surface to base
PEKISKO
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 59-RGE 10-W5M
8
CBM from surface to
base PEKISKO
WELLBORE ONLY
Tract 1
TWP 59-RGE 10-W5M
1
PNG from surface to
base NORDEGG
Tract 1
TWP 58-RGE 11-W5M
S25,NW25
PNG from top
SURFACE to base
NORDEGG
Tract 1
TWP 58-RGE 11-W5M
35
PNG from surface to
base PEKISKO
Tract 1
TWP 59-RGE 10-W5M
NW4
PNG from base
MANNVILLE to base
PEKISKO
Excluding NG from
top NORDEGG to
base NORDEGG
Whitecourt 38480
Whitecourt 38480
Whitecourt 38480
Whitecourt 38507
Whitecourt 38507
Whitecourt 38507
Whitecourt 1183
Whitecourt 1183
Whitecourt 1183
Whitecourt 1183
Whitecourt 1183
Whitecourt 1183
Whitecourt 1183
Whitecourt 1183
2019 ANNUAL REPORT
0
10
1
10
10
10
10
10
4
1
5
4
10
10
Excluding CBM from
surface to base
BASEMENT
Tract 1
TWP 59-RGE 10-W5M
NW4
NG from top
NORDEGG to base
NORDEGG
Excluding CBM from
surface to base
NORDEGG
Tract 1
TWP 59-RGE 10-W5M
NW4
CBM from surface to
base PEKISKO
Tract 1
TWP 59-RGE 10-W5M
NW4
PNG from surface to
base MANNVILLE
Tract 1
TWP 59-RGE 10-W5M
N5
PNG from top
SURFACE to base
PEKISKO
Tract 1
TWP 59-RGE 10-W5M
N6
PNG from base
EDMONTON
SANDSTONE to base
NORDEGG
Tract 1
TWP 59-RGE 10-W5M
N6
CBM from top
SURFACE to base
EDMONTON
SANDSTONE
Tract 1
TWP 59-RGE 10-W5M
S5
NG from top
JURASSIC to base
JURASSIC
Tract 1
TWP 58-RGE 10-W5M
N32,SE32
NG from top
JURASSIC to base
JURASSIC
Tract 1
TWP 59-RGE 10-W5M
NE9
NG from top
JURASSIC to base
JURASSIC
Tract 1
TWP 59-RGE 10-W5M
NE9
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
S13,NE13
NG from top PEKISKO
to base PEKISKO
NG from top
JURASSIC to base
JURASSIC
Tract 1
TWP 59-RGE 10-W5M
S4,NE4
NG from top
JURASSIC to base
JURASSIC
NG from top PEKISKO
to base PEKISKO
Excluding CBM from
surface to base
BASEMENT
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 59-RGE 10-W5M
S6
NG from top
JURASSIC to base
JURASSIC
Tract 1
Page | 75
WHITEBARK ENERGY LTD
Shareholder Information
Area
Lessor/Crown #
Rights Held
Active
WI %
Active
WI %
8
8
8
5
10
10
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
Whitecourt 1183
Whitecourt 1183
Whitecourt 1183
Whitecourt 0578090138
Whitecourt 0578090138
Whitecourt 36939
Whitecourt 36939
Whitecourt 111575
Whitecourt 38481
Whitecourt 27886
Whitecourt 0500060518
Whitecourt 932
Whitecourt 932
Whitecourt 1262
3
0
4
10
10
10
10
10
10
10
8
8
8
8
TWP 59-RGE 10-W5M
S5
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 59-RGE 10-W5M
NE9
WELLBORE ONLY
Tract 1
TWP 59-RGE 10-W5M
S4,NE4
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 59-RGE 10-W5M
NE9
CBM from top
JURASSIC to base
JURASSIC
Tract 1
TWP 59-RGE 10-W5M
SW15
PNG from surface to
base NORDEGG
Excluding PNG from
top MANNVILLE to
base MANNVILLE
Tract 1
TWP 59-RGE 10-W5M
E15
PNG from surface to
base NORDEGG
Excluding PNG from
top MANNVILLE to
base MANNVILLE
Tract 1
TWP 59-RGE 10-W5M
SE16
PNG from surface to
base NORDEGG
Tract 1
TWP 59-RGE 10-W5M
SE16
PNG from base
NORDEGG to base
PEKISKO
Tract 1
TWP 59-RGE 10-W5M
N21
PNG from surface to
base PEKISKO
Tract 1
TWP 59-RGE 10-W5M
E22
PNG from surface to
base NORDEGG
Tract 1
TWP 59-RGE 10-W5M
NW22
PNG from surface to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
N10
NG from top PEKISKO
to base PEKISKO
NG from top
JURASSIC to base
JURASSIC
Tract 1
TWP 59-RGE 11-W5M
N19
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 59-RGE 11-W5M
N19
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 59-RGE 12-W5M
SE10,NW22
TWP 59-RGE 11-W5M
S28,NW28
NG from top LOWER
MANNVILLE to base
LOWER
MANNVILLENG from
top NORDEGG to
base NORDEGG
NG from top PEKISKO
2019 ANNUAL REPORT
Whitecourt 933
Whitecourt 933
Whitecourt 935
Whitecourt 21400
Whitecourt 21400
Whitecourt 21400
Whitecourt 21400
Whitecourt 21400
Whitecourt 21400
Whitecourt 21400
Whitecourt 38505
Whitecourt 38505
to base PEKISKO
Tract 1
TWP 59-RGE 11-W5M
E30
NG from top BELLY
RIVER to base BELLY
RIVER
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
Tract 1
TWP 59-RGE 11-W5M
E30
NG from top
NORDEGG to base
NORDEGG
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 59-RGE 11-W5M
NE32,W33
TWP 60-RGE 11-W5M
W4,5
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 59-RGE 12-W5M
NE10
PNG from surface to
base UPPER
MANNVILLE
Tract 1
TWP 59-RGE 12-W5M
W11
PNG from surface to
base NORDEGG
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 59-RGE 12-W5M
NE10,E15
PNG from base
UPPER MANNVILLE to
base NORDEGG
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 59-RGE 12-W5M
E15
PNG from surface to
base UPPER
MANNVILLE
Tract 1
TWP 59-RGE 12-W5M
NE10,W11,W14,E15
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 59-RGE 12-W5M
W14
CBM from top UPPER
MANNVILLE to base
UPPER MANNVILLE
PNG from surface to
base NORDEGG
Excluding PNG from
top UPPER
MANNVILLE to base
UPPER MANNVILLE
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 59-RGE 12-W5M
W14
PNG from top UPPER
MANNVILLE to base
UPPER MANNVILLE
Excluding CBM
Tract 1
TWP 59-RGE 12-W5M
W10
PNG from surface to
base UPPER
MANNVILLE
Tract 1
TWP 59-RGE 12-W5M
W10,W15,SW22
NG from top
NORDEGG to base
NORDEGG
Whitecourt 38505
Whitecourt 38505
Whitecourt 38505
Whitecourt 1263
5
Whitecourt 21401
8
Whitecourt 21401
10
Whitecourt 16143A
Whitecourt 5496080102
10
Whitecourt 5496080102
Whitecourt 5496080102
Whitecourt 5496080102
Whitecourt 37822
5
10
5
10
10
7
10
10
10
3
3
2
2
10
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 59-RGE 12-W5M
W15
PNG from surface to
base UPPER
MANNVILLE
Tract 1
TWP 59-RGE 12-W5M
W10,W15
PNG from base
UPPER MANNVILLE to
base PEKISKO
Excluding NG from
top LOWER
MANNVILLE to base
LOWER MANNVILLE
Excluding NG from
top PEKISKO to base
PEKISKO
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 59-RGE 12-W5M
SW22
PNG from surface to
base PEKISKO
Excluding NG from
top LOWER
MANNVILLE to base
LOWER MANNVILLE
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding NG from
top PEKISKO to base
PEKISKO
Tract 1
TWP 59-RGE 12-W5M
E22
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 59-RGE 12-W5M
N23,SW23
NG from top
NORDEGG to base
NORDEGG
Tract 1
TWP 59-RGE 12-W5M
N23,SW23
PNG from surface to
base NORDEGG
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding NG from
top BELLY RIVER to
base BELLY RIVER
Tract 1
TWP 60-RGE 10-W5M
N7,SW7
PNG from surface to
base NORDEGG
Tract 1
TWP 60-RGE 10-W5M
10
PNG from surface to
base MANNVILLE
Tract 1
TWP 60-RGE 10-W5M
10
WELLBORE ONLY
Tract 1
TWP 60-RGE 10-W5M
16
PNG from surface to
base MANNVILLE
Tract 1
TWP 60-RGE 10-W5M
9
PNG from surface to
base MANNVILLE
Tract 1
TWP 60-RGE 11-W5M
E1
PNG from surface to
base PEKISKO
Page | 76
Area
Lessor/Crown #
Rights Held
Active
WI %
Area
Lessor/Crown #
Rights Held
WHITEBARK ENERGY LTD
Shareholder Information
Area
Lessor/Crown #
Rights Held
Whitecourt 120106B
Whitecourt 120106B
Whitecourt 120106B
Whitecourt 120106B
Whitecourt 0597030792
Whitecourt 0597030792
Excluding NG from
top JURASSIC to base
JURASSIC
Tract 1
TWP 60-RGE 11-W5M
E8
PNG from surface to
base NORDEGG
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding CBM
Tract 1
TWP 60-RGE 11-W5M
W16
PNG from surface to
base PEKISKO
Excluding CBM
Excluding NG from
top PEKISKO to base
PEKISKO
Excluding NG from
top NORDEGG to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
E8
NG from top
NORDEGG to base
NORDEGG
CBM from surface to
base NORDEGG
Tract 1
TWP 60-RGE 11-W5M
W16
NG from top
NORDEGG to base
NORDEGG
NG from top PEKISKO
to base PEKISKO
CBM from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
S10
NG from top PEKISKO
to base PEKISKO
NG from top
JURASSIC to base
JURASSIC
Tract 1
TWP 60-RGE 11-W5M
S10
PNG from surface to
base NORDEGG
Active
WI %
4
Whitecourt 111574
4
Whitecourt 111574
Whitecourt CANPAR ETAL
4
4
8
10
Whitecourt CANPAR ETAL
Whitecourt 111573
Whitecourt 111573
Excluding NG from
top JURASSIC to base
JURASSIC
Excluding NG from
top PEKISKO to base
PEKISKO
Tract 1
TWP 59-RGE 10-W5M
N20
PNG from surface to
base PEKISKO
Excluding CBM
Tract 1
TWP 59-RGE 10-W5M
N20
CBM from surface to
base PEKISKO
Tract 1
TWP 60-RGE 12-W5M
SE2
PNG from surface to
base BASEMENT
Excluding NG from
top NORDEGG to
base NORDEGG
Excluding NG from
top LOWER
MANNVILLE to base
LOWER MANNVILLE
Excluding NG from
top PEKISKO to base
PEKISKO
Tract 1
TWP 60-RGE 12-W5M
SE2
NG from top LOWER
MANNVILLE to base
LOWER MANNVILLE
NG from top
NORDEGG to base
NORDEGG
NG from top PEKISKO
to base PEKISKO
Tract 1
TWP 59-RGE 10-W5M
NW15
PNG from surface to
base NORDEGG
Excluding PNG from
top MANNVILLE to
base MANNVILLE
Tract 1
TWP 59-RGE 10-W5M
SW22
PNG from surface to
Whitecourt 111573
4
Whitecourt 0501030376
Whitecourt 0595040193
10
10
10
10
Whitecourt 0500110822
Wizard
Lake
0418020147
Wizard
Lake
PRAIRIESKY
Wizard
Lake
PRAIRIESKY
Wizard
Lake
PARAMOUNT
10
Wizard
Lake
0419010049
base NORDEGG
Tract 1
TWP 59-RGE 10-W5M
NE16,SE21
PNG from surface to
base PEKISKO
Tract 1
TWP 60-RGE 11-W5M
24
PNG from surface to
base PEKISKO
Tract 1
TWP 64-RGE 14-W5M
26
PNG from surface to
base BLUESKY-
BULLHEAD
Excluding CBM from
top MANNVILLE to
base MANNVILLE
Tract 1
TWP 63-RGE 10-W5M
26
PNG from surface to
base VIKING
Tract 1
TWP 48-RGE 27-W4M
W16
PNG from surface to
base NISKU
Tract 1
TWP 48-RGE 27-W4M
5
TWP 48-RGE 27-W4M
9
PNG from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 48-RGE 27-W4M
17
PNG from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 48-RGE 27-W4M
8
PNG from top
MANNVILLE to base
MANNVILLE
Tract 1
TWP 48-RGE 27-W4M
22
PNG from surface to
base MANNVILLE
Active
WI %
10
10
20
10
30
30
30
30
30
2019 ANNUAL REPORT
Page | 77