EAGLE ENERGY TRUST

Eagle was created to provide investors with a sustainable business while delivering stable production and overall growth through accretive acquisitions. Eagle's strategy is to acquire and exploit conventional long-life hydrocarbon reserves in certain established production basins in North America. Eagle predominantly owns producing properties with development and exploitation potential. Eagle was formed in 2010 to take advantage of market conditions that allowed Eagle to acquire, operate a... nd exploit oil and gas production and reserves located in the U.S. Over a four year period, Eagle successfully acquired, operated and exploited U.S. oil and gas production and reserves at competitive costs compared to Canada, due to certain conditions during this period, including the U.S. having significantly lower transportation differentials compared to Canadian production, and drilling, abandonment, operating and service costs in the U.S. being lower than in Canada. During 2014, market conditions in the U.S. caused acquisition prices to increase significantly in the Permian Basin. Management elected to take advantage of these conditions and sold its Permian Basin asset for approximately $CDN 151 million. As market conditions in the Canadian oil and gas industry began to change in 2014, transportation differentials narrowed significantly and valuations became competitive with the U.S. market. In light of these conditions, management elected to expand its operating strategy to acquire and operate oil and gas properties in both Canada and the U.S., thereby taking advantage of market conditions in both countries. In December 2014, Eagle acquired a 50% non-working interest in one of Canada's premier petroleum producing waterflood properties near Dixonville, Alberta in the Montney "C" formation. This was a transformational opportunity for Eagle, allowing the Trust to form a Canadian subsidiary of the business and ultimately enter Canada. On August 20, 2015, Eagle acquired a private oil and gas company with petroleum producing properties located in the Twining Field in Alberta. The properties are located in one of the largest Pekisko oil pools in the Western Sedimentary Basin, and its portfolio of over 30 drilling locations is anticipated to extend Eagle’s inventory necessary to sustain a current corporate production rate of 3,750 boe per day for over 5 years. Eagle focuses its acquisition efforts on high quality petroleum producing properties with proven reserves and development and potential. Eagle currently owns properties in Dixonville and the Twining Field, which are both located in Alberta, and Caldwell, Hardeman and Palo Pinto counties in Texas. Eagle does not intend to engage substantially in exploration activities.More