Committees

Audit Committee

The Audit Committee is responsible for assisting the Board of Directors in fulfilling its oversight responsibilities in respect of the review and approval of the financial statements and reporting processes of the Company, review of the system of internal controls that management has established and for overseeing the external audit process. The Audit Committee has a direct communication channel with the external auditors and meets with them independently of management.

Audit Committee Charter

Reserves Committee

The Reserves Committee is responsible for assisting the Board of Directors in fulfilling its oversight responsibilities in respect of the reserves evaluation process. The Reserves Committee meets with the independent engineers to assess the methodology used in estimating the reserves and to consider whether adequate information is made available for their assessment and whether management co-operated in making such information available. The Reserves Committee has a direct communication channel with the independent engineers and meets with them independently of management.

Compensation and Corporate Governance Committee

The Compensation and Corporate Governance Committee is responsible for assisting the Board of Directors in fulfilling its corporate governance role and approving the overall compensation policies of the Company. The committee also has the responsibility of monitoring and considering the effectiveness of the Board, its committees and the individual directors, including the composition and size of the Board and its committees and the compensation of the Board members.

Nominating Committee

The Nominating Committee is responsible for assisting the Board of Directors in fulfilling its oversight responsibilities in respect of determining the competencies and skills that the Board of Directors, as a whole, should possess. The Nominating Committee also has the responsibility for recommending new candidates for election to the Board of Directors and for the orientation of new directors.

Hedging Committee

The Hedging Committee is responsible for assessment and review of the Company’s risk management activities.

Disclosure Committee

The Disclosure Committee is responsible for oversight of the Company’s disclosure controls and procedures and endeavoring to ensure the Company meets all regulatory disclosure requirements. The Disclosure Committee reviews and, as necessary, helps revise the Company's disclosure controls and other procedures in a manner designed to ensure that information required to be disclosed by securities regulators and the Toronto Stock Exchange, and other information the Company discloses to the public is recorded, processed, summarized and reported accurately and on a timely basis.