About

HUGH M THOMSON CA / CPA

T: 403 651 2170 E: HughThomson@shaw.ca

I am a Chartered Professional Accountant with 25 years’ experience in
managing successful public/private oil and gas companies. My areas of
expertise include banking and treasury, risk management, financial
reporting, corporate development and capital markets, budgeting, taxation,
insolvency restructuring, investor relations, and regulatory filings. I am
proficient in Microsoft Office, JVNexus Financial Accounting, EnergyLink,
Profile tax and Accumap.

Education:

Institute of Chartered Accountants of Alberta
Chartered Accountant, February, 1986
University of Calgary
Bachelor of Commerce, June, 1981

Relentless Resources Ltd.
Vice-President Finance & CFO, March 2014 – July 2018
• Vice-President of a Tier 1 TSXV oil and natural gas exploration and
development company (production approximately 300 boe/day – 50% oil).
• Recapitalized in 2014 with 35 boe/day of production. Assembled 100%
owned and operated contiguous 9 section land position at Heathdale,
Alberta and drilled 3 horizontal wells – increased average daily production
to over 300 boe/day.

Spartan Energy Corp.
Financial Consultant, December, 2013 – February, 2014
• Reported to the VP Finance and CFO of Spartan during the
recapitalization transition. Completed the December 31, 2013 accounting
and prepared the year-end financial statements and related MD&A.

Alexander Energy Ltd.
Vice-President Finance & CFO, February, 2011 – December, 2013
• Vice-President of a Tier 1 TSXV oil and natural gas exploration and
development company (production approximately 1,000 boe/day – 50% oil).
• Developed the company’s operated Morinville oil play by drilling,
completing and tieing in 6 wells to increase production to 1,000 boe/day.
• In December, 2013 Spartan Energy Corp. acquired and recapitalized
Alexander increasing the market capitalization from $10 million to over
$500 million.

New North Resources Ltd.
President, CEO, CFO and Director, December, 1999 – February 2011
• President and Director of an oil and natural gas exploration and
development company. New North was a TSX Venture Exchange Company
acquired by myself and two partners by way of Exempt Takeover Bid in
December, 1999 with a market capitalization of $450,000 and average
production of 15 BOE/day.

President, CEO, CFO and Director
• The Company was privatized in March, 2004 at a value $7.5 million. At that
time New North had average production of 180 BOE/day.
• New North’s growth was achieved by way of property acquisitions, flow
through share drilling and corporate acquisitions.
• In 2002 New North acquired an insolvent company and completed a Plan
of Arrangement whereby tax pools and losses of $6 million were acquired
and 50 BOE/day of production was added.
• In 2008 New North acquired another insolvent company whereby tax
losses of $8 million were acquired along with various lands and 10
BOE/day of production.
• New North as operator and non-operator participated in the drilling of
over 20 oil and gas wells in the province of Alberta. The majority of these
wells were financed with flow through shares. New North’s positive tax
position allowed it to flow drilling deductions directly to its investors.
• Since going private in 2004 New North paid over $5 million in tax free
distributions to its shareholders, and in February, 2011 had an NAV of over
$10 million.

Dundee Petroleum Corp.
Vice President Finance, Chief Financial Officer and Director, 1996 – 1999
• Founder, Officer and Director of an oil and natural gas exploration and
development company listed on the Alberta Stock Exchange. Company
started with initial share capital of $400,000. Sold in 1999 for $6 million.

Hartwell Petroleums Ltd.
Vice President Finance and Chief Financial Officer, 1993 – 1996
• Officer of an oil and natural gas exploration and development company
listed on the Alberta Stock Exchange. Company started with initial share
capital of $3.5 million. Sold in 1997 for $25 million.

TM Financial Ltd.
President, 1986 – 1993
• Provided accounting, management and tax services.
• Managed a real estate portfolio.

Ernst & Young, Calgary, Alberta
Senior Staff Accountant, 1981-1986
• Articled for Chartered Accountant designation working in the areas of
audit, tax, insolvency and accounting.

Professional
Memberships

Canadian Institute of Chartered Professional Accountants
Institute of Chartered Professional Accountants of Alberta