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Annual Information Form Year Ended December 31, 2017 March 23, 2018

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Annual Information Form Year Ended December 31, 2017 March 23, 2018 Annual Information Form Year Ended December 31, 2017 March 23, 2018 TABLE OF CONTENTS GENERAL MATTERS ................................................................................................................................ 1 Cautionary Note Regarding Forward-Looking Statements ..................................................................... 1 Reserves and Resources Advisory ........................................................................................................... 3 Currency .................................................................................................................................................. 5 Abbreviations ........................................................................................................................................... 5 CORPORATE STRUCTURE ...................................................................................................................... 5 GENERAL DEVELOPMENT OF THE BUSINESS ................................................................................... 6 Overview ................................................................................................................................................. 6 Corporate History and License Areas ...................................................................................................... 7 Corporate Social Responsibility ............................................................................................................ 11 Environmental and Safety Matters ........................................................................................................ 11 Capital Expenditure and Near-Term Work Program ............................................................................. 12 March 2015 Financing ........................................................................................................................... 13 March 2016 Private Placements ............................................................................................................ 14 October 2016 Private Placement ........................................................................................................... 15 June 2017 Private Placements ............................................................................................................... 15 LICENSE AREAS ...................................................................................................................................... 15 Iraq ......................................................................................................................................................... 15 AGC ....................................................................................................................................................... 26 Congo (Brazzaville) ............................................................................................................................... 28 KEY CONTRACTUAL TERMS ............................................................................................................... 31 Iraq ......................................................................................................................................................... 31 AGC ....................................................................................................................................................... 33 Congo (Brazzaville) ............................................................................................................................... 35 PETROLEUM RESERVES AND RESOURCES ...................................................................................... 38 Economic Evaluation ............................................................................................................................. 39 Forecast Prices and Cost Assumptions .................................................................................................. 40 Estimates of Future Net Revenue .......................................................................................................... 40 Reserves ................................................................................................................................................. 41 Contingent and Prospective Oil Resources ............................................................................................ 48 Other Oil and Gas Information .............................................................................................................. 48 DIVIDENDS ............................................................................................................................................... 51 DESCRIPTION OF SHARE CAPITAL ..................................................................................................... 52 Common Shares ..................................................................................................................................... 52 Preferred Shares ..................................................................................................................................... 52 TABLE OF CONTENTS (CONTINUED) MARKET FOR SECURITIES ................................................................................................................... 52 Trading Price and Volume ..................................................................................................................... 52 Common Shares ..................................................................................................................................... 52 Equity Compensation Plans ................................................................................................................... 53 ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER .............................................................................................................. 53 PRINCIPAL SHAREHOLDERS ............................................................................................................... 53 EXECUTIVE OFFICERS AND DIRECTORS .......................................................................................... 54 Summary Information ............................................................................................................................ 54 Common Share Ownership .................................................................................................................... 55 Terms of Directors and Executive Officers ........................................................................................... 55 Indebtedness of Directors and Executive Officers ................................................................................ 55 Corporate Cease Trade Orders and Bankruptcies .................................................................................. 55 Penalties and Sanctions .......................................................................................................................... 56 Conflicts of Interest ............................................................................................................................... 56 AUDIT COMMITTEE ............................................................................................................................... 56 The Audit Committee’s Charter ............................................................................................................ 56 Composition of the Audit Committee .................................................................................................... 56 Relevant Education and Experience ...................................................................................................... 56 Audit Committee Oversight ................................................................................................................... 58 Pre-Approval Policies and Procedures .................................................................................................. 58 External Auditor Service Fees ............................................................................................................... 58 RELATED PARTY AGREEMENTS ........................................................................................................ 59 Management Services Agreement ......................................................................................................... 59 Trademark Agreement ........................................................................................................................... 59 PCG Services Agreement ...................................................................................................................... 59 AOG Lease ............................................................................................................................................ 59 Other Agreements .................................................................................................................................. 59 RISK FACTORS ........................................................................................................................................ 60 Risks Relating to Oryx Petroleum’s Stage of Development .................................................................. 60 Risks Relating to the Countries in which Oryx Petroleum Conducts its Business or Intends to Conduct its Business ............................................................................................................
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