Annual Report 2011

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OIL RELATED MEASUREMENTS bbl bcf Bn boe boepd bopd Bn boe Mbbl Mbo Mboe Mboepd MMbo MMboe MMbpd MMbopd Mcf Mcfpd MMscf MMscfd MMbtu Barrel (1 barrel = 159 litres) Billion cubic feet (1 cubic foot = 0.028 m3) Billion Barrels of oil equivalents Barrels of oil equivalents per day Barrels of oil per day Billion barrels of oil equivalents Thousand barrels (in Latin mille) Thousand barrels of oil Thousand barrels of oil equivalents Thousand barrels of oil equivalents per day Million barrels of oil Million barrels of oil equivalents Million barrels per day Million barrels of oil per day Thousand cubic feet Thousand cubic feet per day Million standard cubic feet Million standard cubic feet per day Million British thermal units CURRENCY ABBREVIATIONS CHF EUR GBP NOK RUR SEK USD TCHF TSEK TUSD MSEK MUSD Swiss Franc Euro British Pound Norwegian Kroner Russian Rouble Swedish Kroner US Dollar Thousand CHF Thousand SEK Thousand USD Million SEK Million USD This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980). FORWARD-LOOKING STATEMENTS Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Company’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and / or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements 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. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of this release and the Company does not intend, and does not assume any obligation, to update these forwardlooking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading “Risks and Risk Management” and elsewhere in the Company’s annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements included in this new release are expressly qualified by this cautionary statement. RESERVES AND RESOURCES Unless otherwise stated, Lundin Petroleum’s reserve and resource estimates are as at 31 December 2011, and have been prepared and audited in accordance with National Instrument 51–101 Standards of Disclosure for Oil and Gas Activities (“NI 51–101”) and the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”). Unless otherwise stated, all reserves estimates in this Annual Report are the aggregate of “Proved Reserves” and “Probable Reserves”, together also known as “2P Reserves”. For further information on reserve and resource classifications, see “Reserves and Resources” on pages 28 to 30. BOEs BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf : 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Printed in Sweden 2012 Landsten Reklam – Sjuhäradsbygdens Tryckeri 109

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