Changes in Reporting Conventions

Change in reporting currency

Effective January 1, 2011, the Company changed its reporting currency from C$ to US$. This change to US$ reporting follows the strategic changes of recent years and recognizes the fact that a significant proportion of the Company’s activities and transactions are conducted in US$.

Change in reporting segments

Effective January 1, 2011, the composition of the Company’s segments changed such that the activities in the UK and Scandinavia will be reported as a single ’North Sea’ segment. Prior periods will be restated accordingly in the first interim filing subsequent to the change. This change reflects the fact that, from 2011, the UK and Scandinavia business each operate a mature set of cash-generating assets that share similar economic characteristics.