SEGMENTED INFORMATION

The Company has two reportable operating segments for the year ended December 31, 2018: the Arab Republic of Egypt and Canada. The Company, through its operating segments, is engaged primarily in oil exploration, development and production and the acquisition of oil and gas properties.

In presenting information on the basis of operating segments, segment revenue is based on the geographical location of assets which is also consistent with the location of the segment customers. Segmented assets are also based on the geographical location of the assets. There are no inter-segment sales. The accounting policies of the operating segments are the same as the Company’s accounting policies.



	Egypt						Canada						Corporate						Total
($000s)	2018			2017			2018			2017			2018			2017			2018			2017
Revenue
Oil sales	$	278,111		$	230,323		$	10,666		$	10,464		$	—		$	—		$	288,777		$	240,787
Natural gas sales	—			—			2,632			4,120			—			—			2,632			4,120
Natural gas liquids sales	—			—			7,735			7,684			—			—			7,735			7,684
Less: Royalties	(120,271		)	(99,336		)	(2,646		)	(4,791		)	—			—			(122,917		)	(104,127		)
Petroleum and natural gas sales, net of royalties	157,840			130,987			18,387			17,477			—			—			176,227			148,464
Finance revenue	87			33			—			—			483			75			570			108
Total segmented revenue	157,927			131,020			18,387			17,477			483			75			176,797			148,572

Segmented expenses
Production and operating	45,562			44,705			7,736			6,300			—			—			53,298			51,005
Selling costs	2,103			2,495			—			—			—			—			2,103			2,495
General and administrative	4,798			5,782			1,134			1,147			12,756			8,324			18,688			15,253
Foreign exchange (gain) loss	—			—			—			—			(289		)	194			(289		)	194
Finance costs	4,635			4,357			440			860			—			1,016			5,075			6,233
Depletion, depreciation and amortization	26,271			30,653			7,711			8,985			309			398			34,291			40,036
Asset retirement obligation accretion	—			—			270			256			—			—			270			256
Loss on financial instruments	6,755			10,748			296			93			—			151			7,051			10,992
Impairment loss	14,500			79,025			—			—			—			—			14,500			79,025
Gain on disposition of assets	—			—			(207		)	—			—			—			(207		)	—
Income tax expense	26,340			21,819			—			—			—			—			26,340			21,819
Segmented net earnings (loss)	$	26,963		$	(68,564	)	$	1,007		$	(164	)	$	(12,293	)	$	(10,008	)	$	15,677		$	(78,736	)

Capital expenditures
Exploration and development	$	28,673		$	31,151		$	11,965		$	6,967		$	—		$	—		$	40,638		$	38,118
Corporate	—			—			—			—			68			41			68			41
Total capital expenditures																			$	40,706		$	38,159

The carrying amounts of reportable segment assets and liabilities are as follows:



	At December 31, 2018						At December 31, 2017
($000s)	Egypt		Canada		Total		Egypt		Canada		Total
Assets
Accounts receivable	$	9,031	$	2,525	$	11,556	$	14,956	$	2,684	$	17,640
Derivative commodity contracts	1,369		—		1,369		—		—		—
Intangible exploration and evaluation assets	35,735		531		36,266		41,478		—		41,478
Property and equipment
Petroleum and natural gas assets	123,043		72,220		195,263		127,363		73,618		200,981
Other assets	2,222		22		2,244		2,381		27		2,408
Other	58,518		1,296		59,814		49,769		3,467		53,236
Deferred taxes	4,523		—		4,523		—		—		—
Segmented assets	234,441		76,594		311,035		235,947		79,796		315,743
Non-segmented assets					7,261						11,959
Total assets					$	318,296					$	327,702

Liabilities
Accounts payable and accrued liabilities	$	13,407	$	8,010	$	21,417	$	17,035	$	4,004	$	21,039
Derivative commodity contracts	—		—		—		7,813		157		7,970
Long-term debt	44,134		8,221		52,355		58,792		11,207		69,999
Asset retirement obligation	—		12,113		12,113		—		12,332		12,332
Deferred taxes	4,523		—		4,523
Segmented liabilities	62,064		28,344		90,408		83,640		27,700		111,340
Non-segmented liabilities					7,597						6,355
Total liabilities					$	98,005					$	117,695