The resources estimates provided herein were evaluated by Chapman Engineering, a qualified reserves evaluator and auditor. Chapman Engineering is not independent of the Corporation. The Contingent Resources Evaluation Report (the "Report"), was prepared effective August 1, 2009 using assumptions and methodology guidelines outlined in the Canadian Oil and Gas Handbook ("COGE Handbook") and in accordance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" ("51-101").

The Report is based on data obtained from the drilling, logging, coring and laboratory analysis results from Goldnev's previously reported 2008 ten core hole drilling program, plus the results of thirteen Sun Oil (now "Suncor Energy") core holes located within the mapped area, and information published by the government of the Province of Saskatchewan in order to determine the oil distillate resource volumes on the Corporations permitted lands.

Based on all available data, Chapman Engineering has reported the following estimates of gross contingent resources for the Corporation's Pasquia Hills oil shale permits:

Low Estimate: 1,725.9 billion barrels oil (distillate product);

Best Estimate: 1,878.4 billion barrels oil (distillate product);

High Estimate: 2,208.2 billion barrels oil (distillate product);

The geological mapping in the Report shows the oil shale deposit is present underlying 60 sections (38,223 acres or 15,289 hectares) of the Corporation's oil shale permits, and has an average oil shale thickness of 22.96 meters (75 feet).

Goldnev has an agreement to earn up to a 50% working interest in 234 contiguous sections (155,443 acres or 62,177 hectares) of oil shale leases and permits in the Pasquia Hills area and has, to date, earned a total of 33.33% working interest in these oil shale permits and leases. The Corporation's net working interest share of the contingent oil shale resources are Low Estimate 575.2 million barrels, Best Estimate at 626.1 million barrels and High Estimate 736 million barrels.