TLM

Forward-Looking Information

        This Form 40-F contains or incorporates by reference information that constitutes "forward-looking information" or "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. Forward-looking information is included throughout the Annual Report on Form 40-F and the documents incorporated by reference herein including among other places: (1) in the Annual Information Form of the Registrant dated March 7, 2008 under the headings "General Development of the Business", "Description of the Business", "Corporate Responsibility and Environmental Protection", "Legal Proceedings" and "Risk Factors"; and (2) in the Management's Discussion and Analysis of the Registrant dated March 7, 2008 under the headings "Outlook for 2008" and "Risk Factors". This forward-looking information includes, among others, statements regarding:

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estimated amounts and timing of capital expenditures;



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business plans for drilling, exploration, development, and redevelopment and estimated timing;



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business strategy and plans;



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planned acquisitions and dispositions and their timing;



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expected impact of proposed royalty changes;



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estimated timing and results of new projects, including the timing of production;



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anticipated construction and installation of facilities;



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anticipated environmental compliance costs;

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estimated movement in working capital;



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anticipated filings with securities regulatory authorities;



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estimates of production, production growth, and operations or financial performance;



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estimated impacts of penalties;



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estimated petroleum revenue taxes;



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the merits or anticipated outcome or timing of pending litigation; and



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other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance.

        Often, but not always, forward-looking information uses words or phrases such as: "expects", "does not expect" or "is expected", "anticipates" or "does not anticipate", "plans" or "planned", "estimates" or "estimated", "projects" or "projected", "forecasts" or "forecasted", "believes", "intends", "likely", "possible", "probable", "scheduled", "positioned", "goal", "objective" or states that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

        Various assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information contained or incorporated by reference in this Form 40-F. Information regarding oil and gas reserves, business plans for drilling, exploration, development, and appraisal assumes that the extraction of crude oil, natural gas and natural gas liquids remains economic. For the purposes of preparing this Form 40-F and the documents incorporated herein by reference, the Registrant assumed a West Texas Intermediate oil price of approximately US$70/bbl, a NYMEX natural gas price of approximately US$8/mmbtu, a US$/C$ exchange rate of approximately US$0.94 = C$1.00 and a C$/£ exchange rate of approximately C$2.14=UK£$1.00 in 2008.

        Information regarding estimated future production and production growth includes anticipated completion of the Beatrice asset sale but does not reflect the impact of any future asset dispositions. The completion of any contemplated asset dispositions is contingent on various factors, including favorable market conditions, the ability of the Registrant to negotiate acceptable terms of sale and receipt of any required approvals for such dispositions.

        Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks which could cause actual results to vary and in some instances to differ materially from those anticipated by the Registrant and described in the forward-looking information contained in this Form 40-F. The material risk factors include, but are not limited to:

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the risks of the oil and gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas, market demand and unpredictable facilities outages;



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risks and uncertainties involving geology of oil and gas deposits;



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the uncertainty of reserves and resources estimates, reserves life and underlying reservoir risk;



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the uncertainty of estimates and projections relating to production, costs and expenses;



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potential delays or changes in plans with respect to exploration or development projects or capital expenditures;



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the risk that adequate pipeline capacity to transport gas to market may not be available;



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fluctuations in oil and gas prices, foreign currency exchange rates and interest rates;



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the outcome and effects of any future acquisitions and dispositions;



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the ability of the Registrant to integrate any assets it may acquire or the performance of those assets;



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health, safety and environmental risks;

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uncertainties as to the availability and cost of financing and changes in capital markets;



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uncertainties related to the litigation process, such as possible discovery of new evidence or acceptance of novel legal theories and difficulties in predicting the decisions of judges and juries;



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risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action);



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competitive actions of other companies, including increased competition from other oil and gas companies;



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changes in general economic and business conditions;



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the effect of acts of, or actions against, international terrorism;



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the possibility that government policies or laws may change or governmental approvals may be delayed or withheld;



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results of the Registrant's risk mitigation strategies, including insurance and any hedging activities; and



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the Registrant's ability to implement its business strategy.

        The foregoing list of risk factors is not exhaustive. Additional information on these and other factors which could affect the Registrants's operations or financial results are included: (1) under the heading "Risk Factors" in the Annual Information Form; (2) in the Report on Reserves Data by the Registrants's Internal Qualified Reserves Evaluator and in the Report of Management and Directors on Oil and Gas Disclosure, attached as schedules to the Annual Information Form; (3) under the heading "Risk Factors" in the Management's Discussion and Analysis; and (4) elsewhere in the Annual Information Form and Management's Discussion and Analysis. In addition, information is available in the Registrant's other reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission.

        Forward-looking information is based on the estimates and opinions of the Registrant's management at the time the information is presented. The Registrant assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change, except as required by law.