FORM 51-101F3
REPORT OF
MANAGEMENT AND DIRECTORS
ON OIL AND GAS DISCLOSURE
This is the form referred to in item 3 of section 2.1 of National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). This form does not apply in British Columbia.
Report of Management and Directors
on Reserves Data and Other Information
Management of Camflo International Inc. (the "Company") are responsible for the preparation
and disclosure of information with respect to the Company’s oil and gas activities in accordance
with securities regulatory requirements. This information includes reserves data, which consist of
the following:
(a) (i) proved and proved plus probable oil and gas reserves estimated as at December 31,
2003 using forecast prices and costs; and
(ii) the related estimated future net revenue; and
(b) (i) proved oil and gas reserves estimated as at December 31, 2003 using constant prices
and costs; and
(ii) the related estimated future net revenue.
An independent qualified reserves evaluator has evaluated the Company’s reserves data. The
report of the independent qualified reserves evaluator was filed with securities regulatory
authorities on June 16, 2004.
The board of directors of the Company has
(a) reviewed the Company’s procedures for providing information to the independent qualified
reserves evaluator;
(b) met with the independent qualified reserves evaluator to determine whether any restrictions
affected the ability of the independent qualified reserves evaluator to report without reservation;
and
(c) reviewed the reserves data with management and the independent qualified reserves
evaluator .
