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This Site does not constitute an offering under applicable securities legislation. All potential investors should seek independent information and advice from qualified investment professionals.

No Suitability Review, No Advice No Suitability.

Refraction Asset Management Ltd. (Refraction) does not determine the general investment needs and objectives of the Site user or provide determinations of suitability in respect of proposed purchases or sales of any securities.

No Advice.

Refraction does not provide advice or recommendations regarding the purchase or sale of any securities. Information on the Site is for informational purposes only and is not intended to provide investment, financial, legal, accounting or tax advice and should not be relied upon in that regard.

Forward Looking Statements

This Site may contain forward looking statements including expectations relating to returns on capital. Such statements involve significant known and unknown risks, uncertainties and other factors outside of Refraction’s control that could cause actual results to differ materially from those expressed in the Forward looking statements. Neither Refraction nor any of its affiliates undertakes Any obligation to publicly revise such forward looking statements to reflect subsequent events or circumstances, except as required by law. The risks associated with energy investing include, but are not limited to:

The price risk associated with crude oil and natural gas prices, global currency risk , the risks inherent in exploring for oil and gas reserves  (e.g. operational risks in the development, exploration and production of crude oil and natural gas, delays or changes with respect to exploration or development projects or capital expenditures, the uncertainty of reserve estimates, the uncertainty of estimates and projections relating to production costs and expenses and health, safety and environmental risks), the risk of an investment in smaller companies, political risk, technology adoption risk and general market risk. Because of the risks, uncertainties and assumptions inherent in forward looking statements, prospective investors in Refraction securities should not place any reliance on these forward looking statements.

Links to Third Party Websites

The Site may provide, or third parties may provide, links to other world wide websites or resources. Refraction has not reviewed all of the sites that are linked to its Site, and the existence of a link does not indicate any approval or endorsement of any material contained on any link. Refraction is not responsible for the contents of any site linked to its Site and your connection to those linked sites is at your own risk. Because Refraction has no control over such sites and resources, you acknowledge and agree that Refraction is not responsible for the availability of such external sites or resources and does not endorse nor is responsible or liable for any content, advertising, products or other materials or information on or available from such sites or resources. You further acknowledge and agree that Refraction shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such site or resource.

Links to the Site

No link to the Site may be "framed" to the extent such frame contains any sponsorship, advertising or other commercial text or graphics. All links to the Site must be to, the Site welcome page. "Deep linking" to internal pages of the Site is expressly prohibited.

Cookies and Web Beacons

To enhance your experience with the Site, Refraction reserves the right to use "cookies." Cookies are text files we place In your computer's Browser to store your preferences. Cookies, by themselves, do not tell us Your e‐mail address or other personal information. We use cookies to understand site usage and to improve the content and offerings on the Site.


Refraction assumes no responsibility and shall not be liable to you or to  any other party for any damages to or any viruses, "Trojan horses", "worms", "cancelbots" or other harmful, disruptive or destructive files or computer programs that may infect your computer equipment or other property on account of your access to, use of or browsing on the Site or your downloading of any the Content from the Site.

Liability Disclaimer

To the extent permitted by law, Refraction hereby disclaims all liability (howsoever arising) in connection with any loss or damage, arising out of or in connection with any use of, or inability to use, all or any part of the Site, the Content or any website to which the Site is linked, or any action taken (or refrained from being taken) as a result of using any of the foregoing.

Limitation of Liability

Refraction shall not be liable for any direct, indirect, incidental, special, consequential, punitive or exemplary damages, including, but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses (even if Refraction has been advised of the possibility of such damages), in contract, tort or any other cause of action, resulting from:

  1. The use or the inability to use the Site;

  2. Unauthorized access to or alteration of Your transmissions Or data;

  3. Statements posted by, or the conduct of, any third party on the Site, including, without limitation, the posting or transmission by third parties of defamatory, offensive or illegal material; or

  4. The use or reliance on any Content or matter relating to the Site. This limitation of liability applies, without limitation, to any damages or injury caused by any error, omission or other failure of performance by Refraction, its affiliates and business partners; Any interruption, defect or delay in operation or transmission, including communication line failure; any computer virus; and any theft, destruction or alteration of, or unauthorized access to or use of, any electronic records.


You agree to indemnify, defend and hold harmless Refraction and each of its officers, directors, employees, affiliates and other related entities, agents, representatives, successors and assigns from any claim or demand, Including solicitor and his own client costs and fees, arising out of your use of or connection to the Site, any violation of these Terms and Conditions by you or any violation of applicable law or rights properly belonging to another party by you.

Disclaimer of Warranties and Conditions

The Site is provided by Refraction in good faith but Refraction does not make any representations or warranties of any kind, express or implied, in relation to all or any part of the Site or the Content or any websites to which the Site is linked, and all warranties and representations are hereby excluded to the extent permitted by law. Further, nothing on the Site constitutes advice, nor should the Site, or any part thereof, be relied upon in making, or refraining from making, any decision. Furthermore, Neither the Site Nor the Content Contained therein are necessarily reflective of the views or policies of Refraction. There is no guarantee that the Site will be free of infection by viruses or anything else which may be harmful or destructive.

You Expressly understand and agree that:

  1. Your use of the Site is at your sole risk. The Site is provided on an "as is" and "as available" basis. Refraction expressly disclaims all warranties and conditions of any kind, whether express or implied, including, but not limited to, warranties or conditions of title and non‐infringement and the implied warranties of merchantability and fitness for a particular purpose.

  2. Refraction makes no warranty that (i) the Site, the services or the Content will meet your requirements, (ii) the Site, the services or the Content will be uninterrupted, timely, secure or error‐free, (iii) the results that may be obtained from your use of the Site, the services or the Content will be accurate or reliable, (iv) the quality of any products, services, information obtained by you through the Site, the services or the Content will meet your expectations, and (v) Any errors in the software operating on the Site will be corrected.

  3. Any material downloaded or otherwise obtained through the use of the Site or the services is done at your own discretion and risk and that you will be solely responsible for any damage to your computer system or loss of data that results from the download of any such material.

  4. No advice or information, whether oral or written, obtained by you from the Site or through or from the services or the Content shall create any warranty or condition not expressly stated in the terms.

Exclusions and Limitations

Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the above limitations of may not apply to you.

Privacy and Protection of Personal Information

Refraction respects the privacy and confidentiality of your personal information. Refraction does not collect your personal information through this Site, except when you voluntarily provide it in an e‐mail message to us. Refraction's general policies with respect to the collection, use and disclosure of personal information are reflected in our company privacy policy and any questions in that regard may be directed to Refraction's Compliance Officer


These Terms and Conditions will be governed and interpreted in accordance with the laws of the Province of Alberta. Any dispute under these Terms and Conditions will be brought in the Court of Queen's Bench, sitting in Calgary, Alberta. If you use the Site from another jurisdiction, you are responsible for compliance with any and all applicable local laws.

Refraction makes no representation that the Site or the Contents are appropriate for users outside the Province of Alberta. Refraction reserves the right to changes these Terms and Conditions without notice at any time. Any changes will be posted to this page and it is your responsibility to ensure that you are aware of any such changes from time to time.

Changes will become effective 24 hours after they are first posted and you will be deemed to have accepted any change if you continue to access the Site after that time. These Terms and Conditions operate to the fullest extent permissible by law. If any provision of these Terms and Conditions is unlawful or unenforceable, that provision Is deemed severable from these Terms and Conditions and does not affect the validity and enforceability of any remaining provisions.


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