Portfolio

	Sector	Investment	Description
	Oil & Gas Services	$2,700,000	Bulldog Oil & Gas Inc. is an oil and gas exploration and production company. With operations focused in SE Saskatchewan, this light oil-producing venture is the third company to be managed by the same highly-skilled management team.
	Oil & Gas Production	$520,000	Caltex Resources engages in heavy oil and natural gas exploration in Western Canada. The company’s management team created substantive value with its most-recent heavy oil iteration and will deploy a similar combination of strategic acquisitions and organic growth through economic and technically-robust plays. The Fund’s investment in Caltex is a result of the company’s acquisition of SaskWorks’ investee TriWestern Energy Corp.
	Oil & Gas Services	$478,000	CanElson Drilling Inc. is a privately-held oil and gas drilling services company with operations focused in the Bakken Formation in the Western Canadian Sedimentary Basin. Led by the founder of Western Lakota Energy Services, Mr. Elson McDougald, CanElson deploys a similar model of partnerships with First Nations communities to develop employment opportunities.
	Oil & Gas Production	$2,502,000	Crescent Point Energy Corp is an intermediate E&P company with assets strategically focused in core properties consisting of high quality, long life, operated, light oil and natural gas reserves in Western Canada. SaskWorks received equity units in Crescent Point as a result of the company's acquisition of Mission Oil and Gas and Villanova Energy Corp, both were former SaskWorks investees.
	Oil & Gas Production	$1,253,000	Crusader Drilling Corp. is a privately held drilling company that services the oil and gas market. Based in Yorkton, Saskatchewan, the company’s core customer target group includes those oil and gas companies drilling Saskatchewan’s Bakken formation.
	Retail Energy	$41,000	Just Energy Income Fund is an open-ended, limited-purpose trust which distributes natural gas and electricity to residential and commercial customers in Ontario, Manitoba, Alberta, British Columbia, Quebec, Illinois, New York and Indiana. SaskWorks acquired shares of Just Energy through its acquisition of Universal Energy Group.
	Oil & Gas Production	$197,000	SaskWorks acquired shares in NAL Oil and Gas Trust as a result of the sale of Spear Exploration. This publically traded trust focuses primarily on the SE region of Saskatchewan and central Alberta.
	Oil & Gas Production	$534,000	SaskWorks acquired shares in the newly formed, PetroBakken Energy Ltd., as a result of the sale of TriStar Oil and Gas Ltd. Petrobank Energy and Resources Ltd. purchased TriStar combining it with its conventional oil assets to spin out the new entity focused in southeastern Saskatchewan.
	Oil & Gas Services	$944,000	Rotex Energy Inc. is involved in the treatment, processing and disposal of oilfield wastes. Rotex's range of service, including both solid and liquid waste processing capabilities, represents a significant competitive advantage will allow for the company's future growth.
	Oil & Gas Services	$1,000,000	Sun Country is a private well-servicing contractor operating out of Estevan, Saskatchewan. The company’s use of newly constructed freestanding mobile service rigs, combined with a highly experienced management team and a board of industry veterans, will allow Sun Country to attract a diverse set of top-tier clients.
	Oil and Gas	$2,600,000	Spur Resources has oil and gas assets in Alberta and Saskatchewan and is well-regarded for its operating efficiencies. SaskWorks' investment will help finance the company's acquisition of assets in Western Saskatchewan and provide operating capital to allow for Spur's ongoing development.
	Oil & Gas Production	$3,334,000	Torquay Oil Corp. is aggressively pursuing targeted acquisition, exploration, exploitation and development opportunities in Southeast Saskatchewan, Southwest Manitoba and Alberta. Led by a management team with extensive technical experience and partnered with a well-regarded intermediate oil and gas company, Torquay's asset portfolio offers both geologic and geographic diversity.
	Alternative Energy	$372,000	SaskWorks co-led a syndicate of subordinated debt providers which has committed $40 million as part of the $130 million/150 million litre Terra Grain Fuels ethanol project. Located at Belle Plaine, Terra Grain is capitalizing on the fast-growing bio-fuels market and will be the largest wheat based ethanol plant in Canada, consuming over 15 million bushels of Saskatchewan feed wheat each year.
Triwest Exploration Inc.	Oil & Gas Production	$2,310,000	Triwest Exploration Inc. is the second start-up entity created by this highly regarded management team. This exploration and development company is focused on SE Saskatchewan's light oil.
	Oil & Gas Production	$398,000	Villanova Oil Corp. is the sixth high-growth exploration and production company to be operated by the same talented management team. This start-up will be light/medium oil-weighted company with operations focused in Southeast Saskatchewan.
	Oil & Gas Production	$993,000	WestFire is a privately held oil and gas exploration and development company, formed in 2007 to acquire below-market oil and gas entities, enhance the value of them and generate opportunities funded by internal operations. The company is planning to do the majority of its drilling in Saskatchewan, however, its current production is split almost evenly between Saskatchewan and Alberta.
	Oil & Gas Production	$38,000	Zargon is a small-intermediate technologically focused oil and gas company working in the Western Canadian and Williston sedimentary basins. SaskWorks received shares in Zargon from the sale of Churchill Energy.