Small market capitalization public and private Junior Oil and Gas companies in the Canadian Petroleum Industry

• Companies are typically formed by experienced management and operating teams.
• Typical post-money capitalization between C$75 - $150MM.
• A majority of JOG’s investments have been with teams who have enjoyed multiple successes in the junior energy sector.

Experienced and successful Management teams

• Considerable personal capital invested
• Team covering all disciplines
• Compatibility — with JOG and amongst team members.

Identified opportunities

• Focus areas with prior experience
• Start-up kit — property available for reengineering
• Defined farm-in or joint-venture opportunities
• High working interest and operatorship

Required Board Seat in majority of investments

• Strong, active Boards including other long term capital providers
• JOG can bring financial, operating and/or engineering balance to a Board
• JOG representative active in bringing ideas/opportunities.

Non control position

• Typical hold of 15-50% of portfolio companies

Exit strategy defined and consistent with the fund

• Variable, typically a 3-5 year time frame
• Opportunistic.

The Investment Committee of JOG Capital believes that the Western Canadian Sedimentary Basin remains an attractive investment as new technology, strong commodity prices and demand for proven oil and natural reserves allow for rapid growth of junior energy companies and efficient monetization options.