Perpetual Energy Inc. release a summary of the Company's year-end 2012 reserves as reported by the independent engineering firm McDaniel and Associates Consultants Ltd. (McDaniel).

2012 Year-End Reserve Highlights

• Perpetual added 19.5 MMBoe of proved and probable reserves in 2012, excluding production, net dispositions and downward technical revisions related to lower commodity price forecasts. Reserve additions and net positive technical revisions due to performance offset 2012 production of 7.4 MMBoe by 265 percent. Reserve additions offsetting production were a result of total exploration and development capital spending of $79.8 million. • After net dispositions of 11.3 MMBoe, production of 7.4 MMBoe and negative revisions due to commodity prices of 6.6 MMBoe in 2012, proved and probable reserves decreased just 5.8 MMboe (7 percent) from 80.8 MMBoe at year-end 2011 to 75.0 MMBoe. Proved reserves also decreased seven percent to 36.3 MMBoe at year-end 2012. • The majority of the reserve additions were related to activities driven by Perpetual's asset base transformation and diversification strategy, adding natural gas and natural gas liquids (NGL) reserves in the Alberta deep basin and heavy oil reserves in eastern Alberta. At year-end 2012, oil and NGL represent 13.4 percent of Perpetual's total proved and probable reserves (14.2 percent of proved), up from 10 percent (12 percent of proved) at year-end 2011.

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