Terms of Use

Website - Terms of Use

This Website is the property of Arcan Resources Ltd. ("Arcan"). By accessing this Website you acknowledge that all information, reports, data, databases, graphics, interfaces, web pages, text, files, software, product names, company names, trade names and trademarks contained on this Website (the "Contents") are the property of Arcan, that this Website and Contents are protected by copyright, trademark and other proprietary rights of Arcan, and that you, and any parties with whom you share the Contents, accept the terms and conditions pursuant to which this Website and its Contents may be used (the "Terms of Use"). Please read the Terms of Use carefully. Your use of this Website signifies your acceptance of the Terms of Use. If you do not agree with all of the Terms of Use, please exit from this Website immediately.

This Website and the Contents are provided solely for informational purposes, do not and are not intended to constitute an offer to buy or sell securities in any jurisdiction and do not and are not intended to constitute financial, accounting, legal or tax advice. All information accessible on this Website that was disclosed pursuant to applicable Canadian corporate and securities laws is not and is not intended to be qualified, amended, modified or supplemented by the information available in, through or on this Website. If you are contemplating trading in securities of Arcan, you should contact your lawyer or financial advisor.

Exclusion of Liability and Disclaimer of Warranties

Arcan shall not be liable to you or any third party for any damages of any kind arising out of or relating to the use of this Website including, but not limited to, any lost profits, lost opportunities, direct, special, incidental, indirect, consequential or punitive damages resulting from (but not limited to) any use of the Website or the Contents, viruses, data corruption, failed messages, Internet failure and transmission errors or problems. You understand and expressly agree that the use of this Website is at your sole risk.

Arcan provides the Contents on an "as is" basis without any warranties of any kind, including without limitation, representations, warranties or conditions regarding accuracy, timeliness, completeness, currentness, reliability, legality, suitability, confidentiality, non-infringement, merchantability or fitness for any particular purpose. Management of Arcan believes that the information and materials contained on this Website are accurate and complete at the time of their posting. Although Arcan attempts to ensure that all information and materials remain current and accurate, Arcan assumes no responsibility to you or any third party for the consequences of any errors or omissions contained in the Contents and reserves the right to update the Contents at any time without notice. You understand and expressly agree that use of the Contents is at your sole risk.

You acknowledge that the information and materials available on this Website are provided to you solely as a convenience. You understand and expressly agree that where any documents available on this Website have been filed on SEDAR in accordance with applicable securities laws, the versions of such documents available on this Website are not the official versions of such documents and you are directed to obtain the official versions of such documents by accessing Arcan's SEDAR profile at www.sedar.com or by contacting Arcan directly.

Because Arcan cannot guarantee that this Website is secure, you acknowledge that your confidentiality and privacy cannot be assured and that Arcan shall not be liable for any damages resulting from the transmission of your confidential or personal information as a result of your use of this Website.

You agree to indemnify, defend and hold harmless Arcan, its affiliates and directors, officers, and employees against all actions, costs, claims, damages, demands, liabilities and expenses whatsoever (including legal and other fees and disbursements) sustained, incurred or paid in respect of any use of the Website or its Contents and any misuse of the Contents or Website, including, without limitation, infringement claims.

Copyright, Trademark and Intellectual Property

You agree that the Contents and the manner in which the Contents are presented are the property of Arcan and/or its licensors and are protected by copyright, trademark and other proprietary rights, that these rights are valid and legally binding upon you and that your use of the Contents is governed by applicable copyright, trademark and other intellectual property laws.

You may make one copy of the materials published on this Website solely for your personal and non-commercial use. No other use of the information is authorized. You agree that you will not modify the Contents or otherwise use, reproduce, broadcast, publish or disseminate the Contents without the prior written permission of a duly authorized signing officer of Arcan. By accessing the Website, you agree that you will not:

(a) distribute the Contents for any purpose including, without limitation, compiling an internal database, redistributing or reproducing the Contents by the press or media or through any commercial network, cable or satellite system; or

(b) create derivative works of, reverse engineer, decompile, disassemble, adapt, translate, transmit, arrange, modify, copy, bundle, sell, sub-license, export, merge, transfer, adapt, loan, rent, lease, assign, share, outsource, host, publish, make available to any person or otherwise use, either directly or indirectly, the Contents in whole or in part, in any form or by any means whatsoever, be they physical, electronic or otherwise.

You further agree that you shall not permit, allow or do anything that would infringe or otherwise prejudice the proprietary rights of Arcan or its licensors. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any right or license to any intellectual properties of Arcan. In consideration for this authorization, you agree that you will ensure that any copy of these materials made by you shall retain all copyright, trademark and other proprietary notices in the same form and manner as the original.

Third-Party Websites

You acknowledge that this Website may contain links to third-party websites not maintained by Arcan, that Arcan does not control or monitor any of the linked third-party website and that a link to a third-party websites shall not be construed to mean that Arcan is associated or affiliated with or has reviewed and/or approved the contents of such websites. You understand and expressly agree that Arcan is in no way acting as a publisher or disseminator of material contained on third-party websites, nor is it responsible for, nor does it endorse, any of the products, services, publications or contents of any linked third-party websites or any link contained within a linked third-party website.

Forward-Looking Statements

This Website contains certain forward-looking statements which are based on Arcan's internal expectations, estimates, projections, assumptions and beliefs, as of the earlier of the date of posting on this Website and the date upon which such statements or information was prepared. The use of words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "plan", "should", "believe", and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Arcan believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct, and such forward-looking statements should not be unduly relied upon. Arcan does not undertake to publicly update or revise any forward-looking statements, except as required by applicable laws.

In particular, this Website contains forward-looking statements pertaining to the following:

the quality of and future net revenues from our reserves;
oil, NGL and natural gas production levels;
commodity prices, foreign currency exchange rates and interest rates;
capital expenditure programs and other expenditures;
supply and demand for oil, NGL and natural gas;
plans for drilling and exploration;
expectations regarding Arcan's ability to raise capital and to continually add to reserves through acquisitions and developments;
schedules and timing of certain projects and Arcan's strategy for growth;
Arcan's future operating and financial results; and
treatment under governmental and other regulatory regimes and tax, environment and other laws.

Arcan's actual results could differ materially from those anticipated in these forward-looking statements as a result of both known and unknown risks, including those set forth below:

volatility in market prices for oil, NGL and natural gas;
changes of fluctuations in oil, NGL and natural gas production levels;
changes in foreign currency exchange rates and interest rates;
changes in capital and other expenditure requirements and debt service requirements;
liabilities and unexpected events inherent in oil and gas operations, including geological, technical, drilling and processing problems, weather conditions and restrictions on surface access;
uncertainties associated with estimating reserves;
availability of necessary services and equipment including rigs;
competition for, among other things, capital, acquisition of reserves, undeveloped lands and skilled personnel;
incorrect assessments of the value of acquisitions;
Arcan's success at acquisition, exploitation and development of reserves;
stock market volatility and market valuations;
the need to obtain required approvals from regulatory authorities;
changes in general economic, market and business conditions in Canada, North America and worldwide;
actions by governmental or regulatory authorities including changes in income tax laws or changes in tax laws, incentive and royalty programs relating to the oil and gas industry; and
changes in environmental or other legislation applicable to Arcan's operations and Arcan's ability to comply with current and future environment and other laws.

Many of these risk factors and other specific risks and uncertainties are discussed in further detail in Management's Discussion and Analysis ("MD&A") relating to Arcan's annual and quarterly financial statements and the Annual Information Form ("AIF"). The MD&A and the AIF are available through the Internet on Arcan's SEDAR profile at www.sedar.com and copies of the MD&A and AIF are available without charge from Arcan. Website users are also referred to the risk factors described in the other documents Arcan files from time to time on SEDAR.

Stock quotes are provided by TSX Inc and are delayed at least 15 minutes. Data and information is provided for informational purposes only, and is not intended for trading purposes. Arcan and TSX Inc shall not be liable for any errors or delays in the Contents, or for any actions taken in reliance thereon.

BOE Equivalency

Where amounts are expressed on a barrel of oil equivalent basis ("BOE"), natural gas volumes have been converted to oil equivalence at six thousand cubic feet per barrel. The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Disclosure of Less than all Reserves

This Website may contain estimates of reserves and future net revenue for individual properties owned or operated by Arcan. Readers are cautioned that such estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Non-GAAP Measurements

Readers are cautioned that this Website contains the term "funds (flow) from operations" which should not be considered an alternative to, or more meaningful than, cash provided by operating activities calculated in accordance with Canadian Generally Accepted Accounting Principles ("GAAP") as an indicator of Arcan's performance. Funds (flow) from operations plus change in non-cash working capital equals cash provided by operating activities. This Website also contains funds (flow) from operations per common share, which is calculated by dividing funds (flow) from operations by the number of common shares issued and outstanding.

Readers are also cautioned that this Website contains the terms "operating netbacks" and "corporate netbacks". "Operating netbacks" represents Arcan's revenue per BOE, less per BOE royalties and per BOE operating expenses, and "corporate netbacks" represents Arcan's operating netback per BOE, less per BOE general and administrative expenses and interest expenses.

The above-noted non-GAAP measurements do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Management of Arcan uses funds (flow) from operations, operating netbacks and corporate netbacks to assess Arcan's ability to generate funds to finance its operations and repay its debt. Management provides shareholders and potential investors with this information so that they have additional information regarding Arcan's liquidity.

Governing Law

Any dispute arising out of the use of this Website and/or the Contents shall be governed by the laws of the province of Alberta and the federal laws of Canada, and shall be treated in all respects as an Alberta contract without reference to the principles of conflicts of law. In the event of a dispute, you agree to submit to the exclusive jurisdiction of the courts of Alberta and the federal court of Canada.

Meaning of "You"

In the Terms of Use, the term "you" includes individuals, sole proprietors, partnerships, corporations, trusts, unincorporated associations, governments or any department or agency thereof, the successors, assigns, heirs, executors, administrators or other legal representatives of the foregoing, and any third parties to which this Website or Contents are disseminated without the prior written consent of a duly authorized signing officer of Arcan.