Tethys is delighted to announce the result of an updated Independent Reserves Report, which has been prepared by Gustavson Associates with an effective date of December 31, 2014. The report meets the expectations of the Canadian Oil and Gas Evaluation Handbook in accordance with the requirements of National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators.

Highlights •Production of 0.84 million barrels of oil (MMbbl) and 4.07 billion standard cubic feet of total gas (BCF) in 2014 •Increase in remaining gross reserves(1) in all three categories at December 31st 2014 over December 31st 2013 •Proven reserves (1P) of 16.62 million barrels of oil equivalent (BOE), up 18% from 2013, represents the highest volume in the history of the company in this reserves category •Reserves Replacement Ratio (RRR) of 163% for the 1P category •Proven and probable reserves (2P) of 27.08 million BOE, up 7% from 2013 •Reserve increases driven by the successful 2014 gas well development drilling program, and production performance above 2013 expectations

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