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A2010-591 Assessment: Fundamentals of Applying Tivoli Service Delivery and Process Automa

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A2010-591 exam Dumps Source : Assessment: Fundamentals of Applying Tivoli Service Delivery and Process Automa

Test Code : A2010-591
Test appellation : Assessment: Fundamentals of Applying Tivoli Service Delivery and Process Automa
Vendor appellation : IBM
exam questions : 86 real Questions

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IBM Assessment: Fundamentals of Applying

IBM X-force red adds unique carrier for Blockchain security testing | killexams.com real Questions and Pass4sure dumps

Mar 5, 2019

IBM safety's team of repulsive safety specialists, X-drive purple, has launched a unique blockchain testing carrier to back determine weaknesses and beef up the security of solutions that comprise the technology.

Leveraging the protection and developer abilities of X-force red penetration testers, the provider will account both the lower back-conclusion procedures used to exploit blockchain networks as well as the precise ledger ambiance.

With international spending on blockchain solutions anticipated to reach $9.7 billion by means of 2021, IBM says, the number of blockchain implementations will seemingly develop exponentially throughout utter industries. 

on the selfsame time, the capitalize of the community impact inherent to blockchain networks capacity they consist of wide, decentralized ecosystems of companies.

This, in flip, offers distinctive assault vectors than ordinary functions and creates alternatives for cybercriminals in the hunt for to govern or monetize the statistics being shared on the blockchain.

IBM X-drive purple is seeing that 70% of solutions that contain blockchain weigh on ordinary technologies for backend processes corresponding to authentication, statistics processing and software programming interfaces (API).

X-force purple is made out of hackers who can damage into blockchain networks using the selfsame tools, innovations, practices and mindsets as criminals would use. through vulnerability assessments, vulnerability administration classes, adversary simulation workout routines, and usher penetration checking out, X-drive purple can back organizations determine and repair vulnerabilities earlier than criminals find them. 

The X-force pink Blockchain checking out service will evaluate the entire implementation, together with chain code, public key infrastructure and hyperledgers. X-force purple will too check returned-conclusion approaches, purposes and physical hardware used to manage entry and exploit blockchain networks.

"while blockchain is a leap forward for protecting the integrity of records, that doesn't besubstantive the solutions that leverage it are immune from attackers, which is why security checking out is basic during evolution and after deployment," noted Charles Henderson, world Head of IBM X-drive purple. "If they study cellular purposes, cloud computing and even very own computer systems—all these improvements necessary to adopt guidelines and concepts for safety after they grew in recognition. Blockchain gifts corporations with an break to damage that vogue." by way of working with the IBM Blockchain team, IBM says, X-force crimson is capable of participate talents from an architectural, operational, and deployment viewpoint to understand the advantage protection risks in the expertise stack aiding blockchain networks.

in accordance with IBM, X-force purple has modified the start of safety testing due to the perceived gaps in protection of rising applied sciences comparable to IoT, connected vehicles, and now blockchain. Programmatic, scalable, and eternal security trying out through the total lifecycle of items is rising because the top-quality strategy to find vulnerabilities in a proactive trend. Blockchain adopters will now live able to leverage the security, developer, and "attacker approach" competencies of X-drive crimson to assist during structure and deployment.

For extra counsel, travel to www.ibm.com/protection.


world application Lifecycle administration Market : Future require analysis 2019 | killexams.com real Questions and Pass4sure dumps

Mar 05, 2019 (WiredRelease via COMTEX) -- Market.us free up a brand unique market analysis report on “international utility Lifecycle management Market by nature (On premise, and Hosted), by using utility (Aerospace and protection, buyer goods and Retail, and Others), by using location and Key organizations – business side Outlook, Market assessment, competition situation, developments and Forecast 2019-2028” to its tremendous document on-line store.

world software Lifecycle administration Market 2019 report has been replete with analysis from the analysis on questions which border on pathways, atmosphere advancements, performance fame, global market measurement, and tendency. These are utter of the understanding that the circumstance it's at the moment 2019 offshoots. It additionally helps with the path for a utility lifecycle management company and discernment of this contest condition from the market. To fill a far better comprehension of ways in due to the fact that this may back software lifecycle administration investors and producers equally.

through category, the market is segmented into On premise, Hosted . with the aid of software, the market is split into Aerospace and protection, consumer items and Retail, high-Tech, IT and telecom, Manufacturing, health-care and life science, Transportation and hospitality. according to geography, a market is analyzed across North the usa, Europe, Asia-Pacific, Latin the us and the middle East and Africa. fundamental avid gamers profiled in the report encompass Atlassian, HPE, IBM, Microsoft, CA technologies, CollabNet, Intland application, Kovair software, Micro focus, Neudesic, object know-how options, Rocket software, Siemens Product Lifecycle management application, VersionOne.

Request For The sample report here:https://market.us/report/utility-lifecycle-management-market/request-pattern/

This document covers the comprehensive analysis of tendencies involving key world software lifecycle administration market drivers and restraints affecting. The evaluate additionally comprises one more fragment highlighting the software lifecycle administration developments. The examine maps and profiles main players from the global software lifecycle administration market at the side of their business plans and improvements in the company. moreover, the reporting landscape of these application lifecycle administration groups highlighting their demand.

Key facets of this evaluation contain:

1. application Lifecycle management Market Snap Shot.

2. forms of software Lifecycle administration economy.

three. Market Overview: Market drivers, restraints and application lifecycle administration trends analysis.

four. evaluation of the key players working.

5. Market dimensions divide into both sub-geographies and geographies.

6. go-sectional world application lifecycle administration market size for many sections every sub-geography.

7. international software lifecycle management market participate annually 2019 the expend of 2018 as the foundation year.

eight. Forecast Interval: 2019 into 2028.

After taking an attractive analyze this specific application lifecycle administration file, dependent on the forms, it is obvious that the document indicates the tempo of construction can charge, fee, salary, and software lifecycle administration market participate apart from their structure and accent is position by the application of the goods, apart from on the consumers. application Lifecycle management document which has no longer shied faraway from accepting a extra seem to live at the present popularity and utility lifecycle administration future prognosis for those consumption/income of the objects, by means of functions and the conclusion clients. possibly now not denying that the software lifecycle management trade participate boost and enlarge cost of different varieties.

by Product forms:

On premiseHosted

by functions/end buyers:

Aerospace and defenseConsumer items and RetailHigh-TechIT and telecomManufacturingHealth-care and life scienceTransportation and hospitality

players covered:

AtlassianHPEIBMMicrosoftCA TechnologiesCollabNetIntland SoftwareKovair SoftwareMicro FocusNeudesicObject expertise SolutionsRocket SoftwareSiemens Product Lifecycle administration SoftwareVersionOne

Regional prognosis:

the most Great areas coated from the debts of international utility lifecycle administration market are Europe, Asia-Pacific, North the usa, Latin america and the middle East and Africa. united states software lifecycle administration report forecast to ply the worldwide economic climate in the course of the estimates (2019-2028). Even the Asia-Pacific regions dote India and China are set to deliver concerning the enhance of the international application lifecycle administration market in future.

essential factors Strung in international utility Lifecycle administration Market file

* using and retentive aspects of software lifecycle management company.

* awareness of rising utility lifecycle administration market avid gamers using sturdy product details.

* obvious comprehension of this application lifecycle administration market inspired increase, boundaries, opportunities, usefulness evaluation.

* Identification of becoming utility lifecycle management market segments besides a total analysis of existing market sections.

* previous, current and estimated application lifecycle management market measurement and velocity in forecast years.

* within your budget counter software lifecycle administration options and options to cherish the aggressive benefits.

* Technological utility lifecycle management innovations and investigation for ever-altering competitive dynamics.

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IBM X-drive red will expend Onapsis ERP know-how to aid companies find essential vulnerabilities | killexams.com real Questions and Pass4sure dumps

Onapsis, the international leaders in ERP cybersecurity and compliance, introduced IBM security’s team of veteran hackers, X-force pink, will expend its ERP know-how to back agencies determine exploitable vulnerabilities in their company-important applications.

X-force crimson will expend Onapsis’ ERP technology when performing vulnerability assessments and penetration testing in opposition t SAP and Oracle purposes to back at once ascertain classic and unknown vulnerabilities.

purchasers can access X-drive crimson’s features throughout the X-drive crimson Portal, the crew’s cloud-primarily based communications and collaboration platform. using the X-force pink Portal, purchasers can check in for checks and assessments, assess their fame, view findings as they are uncovered, view remediation strategies, and converse without dilatory with X-force crimson testers, getting rid of time-drinking backward and forward and the manual sharing of spreadsheets.

“we are very excited to live a fragment of X-drive pink’s vulnerability assessment providing. in the face of explosive boom in attacks to ERP systems, as evidenced with the aid of the U.S. department of fatherland safety releasing two significant alerts during the past three years, businesses fill realized they necessity to contain ERP continuous vulnerability assessment and monitoring into their safety classes. With Onapsis’ patented ERP cybersecurity know-how, mixed with X-force pink’s protection capabilities and attacker frame of mind, corporations can now birthright away understand their protection posture, and receive actionable assistance on a way to live certain the core of their business is relaxed,” observed Mariano Nunez, CEO and Co-founder, Onapsis Inc.

“SAP and Oracle ERP are purposes that many corporations expend for sensitive enterprise processes,” preeminent Charles Henderson, global companion and Head of X-drive crimson. “because of their significance and the sort of facts they dangle, it is faultfinding these functions are scanned and established normally so that faultfinding vulnerabilities can live remediated earlier than attackers find them. Their collaboration with Onapsis will originate that mission near to fruition.”

X-drive crimson provides vulnerability assessment and safety trying out programs that focal point on uncovering vulnerabilities throughout applications, hardware, personnel, cyber web-related instruments, networks, vehicles, ATMs, blockchain and essentially every slight thing else.

The group is made out of veteran hackers who exercise the equal equipment, techniques, practices and frame of mind as attackers, uncovering exploitable vulnerabilities that may additionally lead criminals to the crowned jewels.

This collaboration additional highlights Onapsis’ multiplied endeavor on growing the world ERP safety companion ecosystem. Onapsis additionally works carefully with the IBM safety features neighborhood for protecting, continuous monitoring, addressing compliance and enabling cloud migrations of probably the most world’s largest agencies.


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Masters Energy Inc. Reports First Quarter 2008 Interim Results | killexams.com real questions and Pass4sure dumps

Masters Energy Inc.

TSX : MSY

Masters Energy Inc.

April 24, 2008 19:30 ET

CALGARY, ALBERTA--(Marketwire - April 24, 2008) - Masters Energy Inc. (TSX:MSY) ("Masters" or the "Company") is pleased to report pecuniary and operating results for the three month era ended March 31, 2008. Several significant results were achieved during the period:

- Production increased 16 percent year over year to 1,675 boe per day.

- Funds generated by operations increased 77 percent to $4.8 million

- Funds generated by operations per participate increased 82 percent to $0.31.

- Drilled two successful natural gas wells in a unique exploration locality with a number of future drilling locations.

- Increased the 2008 capital budget to $21.5 million to provide for the capital required to implement the enhanced oil recovery facility at slight Bow.

Three Months EndedMarch 31,HIGHLIGHTS 2008 2007----------------------------------------------------------------------------(Unaudited)Financial ($ thousands, except per participate amounts)Gross revenue 9,450 6,108

Funds generated by operations (1) 4,797 2,705Per participate - basic 0.31 0.17- diluted 0.31 0.17

Net earnings (loss) 876 (94)Per participate - basic 0.06 (0.01)- diluted 0.06 (0.01)

Capital expenditures 4,659 3,634

Working capital deficiency 3,089 1,990

Long-term debt 18,288 19,550

Operations ProductionCrude oil (bbls/d) 790 734NGL (bbls/d) 15 8Natural gas (mcf/d) 5,222 4,216Total production (boe/d at 6:1) 1,675 1,445

Average sales priceCrude oil ($/bbl) 75.99 47.78NGL ($/bbl) 90.56 55.43Natural gas ($/mcf) 7.80 7.28

(1) Funds generated by operations is calculated using cash rush from operating activities as presented in the statement of cash flows beforenon-cash working capital and settlement of asset retirement costs.

Presidents Message to the Shareholders

During the first quarter of 2008 Masters invested $4.7 million of capital with a relatively tall allocation of funds to drilling and equipment. Drilling activity was primarily focused on natural gas prospects in the Peace River Arch locality of Alberta. Two (2.0 net) successful natural gas wells were drilled at Panny and the Company anticipates more drilling at Panny in the future. In addition, Masters successfully recompleted wells in the slight Bow and Chinchaga areas of Alberta.

Production volumes averaged 1,675 boe/d in the first quarter, up eight percent from fourth quarter 2007 daily production levels and 16 percent from first quarter 2007 tolerable daily production. A further 200 boe/d of unique production is awaiting regulatory approval and third party facility upgrades. The unique production, is anticipated to live onstream before the recess of the second quarter 2008.

For the residuum of 2008, Masters' strategy is to proceed with implementing the enhanced oil recovery project at their slight Bow property. The project will involve an alkaline surfactant polymer ("ASP") flood complementing their existing waterflood. The oil pool has produced for a total of 33 years and has been under waterflood for 25 of those years. Based on the results of core studies and reservoir simulation toil by independent consultants, an incremental 15 to 20 percent of the original oil in position is expected to live recovered by implementing an ASP flood.

The ASP flood is designed to dwindle interfacial tension and ameliorate the upright sweep efficiency, resulting in a higher ultimate oil recovery than would live achieved with the existing waterflood. Analogous oil reservoirs fill experienced incremental oil recoveries between 12 and 25 percent of original oil in place.

Based on detailed engineering design and reservoir simulation studies, Masters estimated net cost to construct the ASP facility and install the bailiwick infrastructure is approximately $30 million. They anticipate that ASP injection will start will start in the summer of 2009, approximately one year from the project commencement date. Masters anticipates funding its participate of the project with internal resources. Injection of the ASP will commence subsequent to completion of construction and the net chemical cost over the six year injection era is approximately $32 million.

Approximately 85 percent of the future funds generated by operations in the next 12 to 15 months will live allocated to the enhanced oil recovery project with the remaining 15 percent allocated to maintaining and structure the Company's prospect inventory by participating in Crown land sales and acquiring seismic.

As a result of construction of the enhanced oil facility in 2008 the capital budget for the year has been increased to $21.5 million from $15.5 million. It is anticipated that funding for the capital spending will live provided by funds generated from operations. The production forecast for the year is anticipated to tolerable 1,600 to 1,700 boe per day.

Commodity prices fill been stalwart and are expected to remain robust. In particular, the price of medium gravity crude which represents approximately 90 percent of Masters' oil production, has risen significantly since the first quarter of 2007. The following table illustrates the recent price might of oil and gas natural:

Q1 '07 Q4 '07 Q1 '08 Current-------- -------- -------- ---------Edmonton Par Light Crude($/bbl) 67.59 86.89 98.08 122.16Bow River Medium crude ($/bbl) 49.71 56.41 77.10 100.75Masters tolerable crude price ($/bbl) 47.78 55.49 75.99 99.75Master tolerable natural gas price ($/mcf) 7.28 6.39 7.80 9.00

The bank line of $28 million was established in June 2007. The bank line is currently being reviewed and they anticipate an enlarge to the line before the recess of April 2008.

Revised Guidance

Based on the improved commodity price outlook and the change in strategy with respect to financing the implementation of the enhanced oil recovery facility at slight Bow, the following table summarizes Masters' change in the 2008 forecast guidance.

Old New--------------- ---------------Production (boe/d) 1,600 - 1,800 1,600 - 1,700Sales price crude ($/bbl) 53.00 79.00Natural gas ($/mcf) 6.25 7.60Funds generated by operations ($ million) 13.0 to 15.0 19.5 to 22.5Capital expenditures ($ million) 15.5 21.5

Annual Meeting of Shareholders

The Company's Annual Meeting of shareholders is scheduled for 3:00 PM (Calgary Time) on Tuesday, May 20, 2008 at The Metropolitan Conference Centre, Strand/Tivoli Room, 333, 4th Avenue SW Calgary, Alberta.

Outlook

The strategy for the residuum of 2008 and the first half of 2009 is to develop the enhanced oil recovery project at slight Bow and continue to maintain and build their prospect inventory.

Public policy changes such as the Federal government's October 31, 2006 announcement to tax trusts and the Alberta government's October 25, 2007 announcement to enlarge Crown royalties created a degree of uncertainty within the capital markets as to the long term future of the energy sector. As a consequence, the industry as a total slowed down with fewer wells drilled and lower capital spending. Despite the public policy changes, the current business environment for the oil and gas sector remains solid.

During the first quarter of 2008, Alberta Crown land auctions for oil and gas rights fill seen the lowest prices paid for undeveloped acreage in the past 10 years. This allows us to pursue future exploration opportunities in a cost effective manner. Commodity prices are stalwart as require for energy remains high. During the month of March 2008, Masters received an tolerable crude price of $88.91 per barrel and a natural gas price of $8.25 per mcf which resulted in a total cash rush of approximately $2.1 million for the month. With further oil and natural gas production coming onstream in the second quarter they hope an incremental enlarge in cash rush going forward.

We continue to live optimistic about the future. They believe that the business fundamentals in their sector are conducive to attracting investment capital and that their existing asset base contains unrecognized value that will live realized through the exploitation of existing properties. They contemplate forward to sharing their progress with you throughout the year.

On behalf of the Board of Directors,

Geoff C. MerrittPresident and Chief Executive OfficerApril 24, 2008

MANAGEMENT'S DISCUSSION AND ANALYSIS

ADVISORIES

Management's discussion and analysis ("MD&A") of Masters Energy Inc. ("Masters or the Company"), provided as of April 24, 2008, should live read in conjunction with the unaudited pecuniary statements presented for the three months ended March 31, 2008 and 2007 and the audited pecuniary statements and related notes for the years ended December 31, 2007 and 2006.

Basis of Presentation - The pecuniary data presented below has been prepared in accordance with Canadian generally accepted accounting principles ("GAAP"). The reporting and the measurement currency is the Canadian dollar.

Non-GAAP Measurements - The MD&A contains the terms 'funds generated by operations' and 'funds generated by operations per share', which should not live considered an alternative to, or more meaningful than net earnings or cash rush from operating activities as determined in accordance with GAAP as an indicator of the Company's performance. Masters' determination of funds generated by operations and funds generated by operations per participate may not live comparable to that reported by other companies. Management uses funds generated by operations to analyze operating performance and leverage and considers funds generated by operations to live a key measure as it demonstrates the Company's ability to generate cash necessary to fund future capital investments and to repay debt. Funds generated by operations is calculated using cash rush from operating activities as presented in the statement of cash flows before changes in non-cash working capital and settlement of asset retirement costs. Masters presents funds generated by operations per share, which is prohibited under GAAP. Per participate amounts are calculated using weighted tolerable shares outstanding consistent with the calculation of earnings per share. The following table reconciles funds generated by operations to cash rush from operating activities which is the most directly comparable measure calculated in accordance with GAAP:

Three Months Ended March 31,($ thousands) 2008 2007----------------------------------------------------------------------------Cash rush from operating activities $ 1,500 $ 362Changes in non-cash working capital 3,297 2,281Settlement of asset retirement costs - 62------------ -----------Funds generated by operations $ 4,797 $ 2,705------------ ----------------------- -----------

Masters uses inescapable industry benchmarks such as operating netback to analyze pecuniary and operating performance. Operating netback is the net result of resource revenues less royalties and operating expenses. This benchmark as presented does not fill any standardized sense prescribed by GAAP and therefore may not live comparable with the calculation of similar measures for other entities.

Working capital, which is defined as current assets less current liabilities, and net debt, which is defined as the sum of working capital and long-term bank debt, is used to assess efficiency and pecuniary strength. There is no GAAP measure that is reasonably comparable to working capital and net debt.

Presentation of BOE - Masters bases calculations of barrels of oil equivalent ("boe") on a conversion rate of six thousand cubic feet ("mcf") of natural gas to one barrel ("bbl") of crude oil. The boe unit may live misleading, particularly if used in isolation. A boe conversion ratio of six mcf equals one bbl is based on an energy equivalency conversion fashion primarily applicable at the burner tip and does not delineate a value equivalency at the wellhead.

Forward-Looking Information - This MD&A contains forward-looking or outlook information with regard to Masters within the sense of applicable securities laws. Forward-looking statements may comprehend estimates, plans, expectation, forecasts, guidance or other statements that are not statements of fact. Masters believes the expectations reflected in such forward-looking statements are reasonable. However, no assurance can live given that such expectations will prove to live correct. These statements are matter to inescapable risks and uncertainties and may live based on assumptions that could cause actual results to vary materially from those anticipated or implied in the forward-looking statements. These risks comprehend but are not limited to: crude oil and natural gas price volatility, exchange rate and interest rate fluctuations, availability of services and supplies, market competition, uncertainties in the estimates of reserves, the timing of evolution expenditures, production levels and the timing of achieving such levels, Masters' ability to replace and expand oil and natural gas reserves, the sources and adequacy of funding for capital investments, the Company's future growth prospects and current and expected pecuniary requirements, the cost of future reclamation and site restoration, the Masters' ability to enter into or renew leases and to secure adequate product transportation, changes in environmental and other regulations and universal economic conditions. These statements converse only as of the date of this MD&A and Masters does not undertake an responsibility to update their forward-looking statements except as required by law.

PRODUCTION

Three Months EndedMarch 31,2008 2007----------------------

Total ProductionCrude oil (bbl) 71,835 66,086Natural gas liquids ("NGL") (bbl) 1,367 738Natural gas (mcf) 475,201 379,481Total (boe) 152,402 130,071Daily ProductionCrude oil (bbl/d) 789 734NGL (bbl/d) 15 8Natural gas (mcf/d) 5,222 4,216Total (boe/d) 1,675 1,445

Production volume for the first quarter ended March 31, 2008 averaged 1,675 boe/d, an enlarge of 16 percent in comparison with the first quarter of 2007. Oil and NGL production for the first quarter of 2008 increased eight percent to 804 bbl/d from 742 bbl/d in the selfsame era in 2007 as a result of wells recompleted during 2007 offsetting the natural declines in crude oil production. Natural gas production for the first quarter ended March 31, 2008 increased 24 percent to 5.2 mmcf per day from 4.2 mmcf per day for the three months ended March 31, 2007. Natural gas production increased during 2008 as a result of successful wells being drilled and tied-in since the first quarter of 2007.

PRICES

Three Months EndedMarch 31,2008 2007----------------------

Crude oil ($/bbl) 75.99 47.78--------------------------------------------NGL ($/bbl) 90.56 55.43--------------------------------------------Natural gas ($/mcf) 7.80 7.28--------------------------------------------

West Texas Intermediate ("WTI") is the benchmark for North American oil prices and is the crude nature against which NYMEX futures contracts are priced. Canadian crude oil prices are based on refiners' postings at hubs such as Edmonton and Hardisty, Alberta. The basis for Canadian postings is the WTI price at Cushing, Oklahoma minus a transportation differential, adjusted for the US/Canadian currency exchange rate and for relative quality and regional market conditions.

During the first quarter of 2008 North America saw significant might in the price levels for WTI crude oil primarily due to concerns over global supply. As a result, the tolerable price for a barrel of WTI crude during the era increased over $39.77(US) to $97.86(US) from the first quarter of 2007. The Canadian dollar strengthened relative to the US dollar during the course of the year. The tolerable currency exchange rate for $1.00 Canadian increased from $0.853(US) in the first three months of 2007 to $0.995(US) in the similar era of 2008. As a result, this lowered the effective price received for delivery of crude expressed in Canadian dollars. The narrowing quality price differential postings on medium nature crudes compared to lighter sweet crudes experienced a positive upshot during 2008. On a relative weighting comparison basis the Hardisty Bow River medium gravity crude price was approximately 79 percent (2007 - 74 percent) of the Edmonton Par posting prices for light sweet crude. The tolerable differential between Edmonton light sweet crude postings and Hardisty Bow River medium crude in the first quarter of 2008 increased to approximately $20.98 per bbl (2007 - $17.88 per bbl).

The Company's crude oil bailiwick price for the first quarter of 2008 increased 59 percent to $75.99 per bbl from the tolerable price received in the first quarter of 2007 primarily due to the improvement in the market price for crude.

US natural gas prices are typically referenced off NYMEX at Henry Hub, Louisiana while Canadian prices are referenced at Nova Inventory Transfer ("NIT") or the AECO Hub. Most of Masters' natural gas is sold to the spot market according to the AECO reference price.

During 2007, record levels of US onshore drilling directed at natural gas prospects and the enlarge of Liquified Natural Gas ("LNG") imports into North America, caused natural gas storage to achieve historically tall levels before the winter heating season.

Weather is a key component for the require of natural gas within North America. During the 2007 - 2008 winter, North America experienced colder than classic weather conditions causing the require for natural gas to revert to historic winter levels. Storage levels at the recess of the first quarter 2008 were well within the five-year averages.

During the first quarter of 2008, the price received for Masters' natural gas production ranged from $7.33 per mcf in the month of January to $8.25 per mcf in March. The tolerable natural gas price received during the first quarter of 2008 was $7.80 per mcf, an enlarge of seven percent from the price received in the selfsame era of 2007.

Masters' management complies with a Risk Management Policy approved by the board of directors. The objective of Masters' risk management activities is to reduce exposure to decreases in commodity prices that would materially impact funds generated by operating activities and, ultimately, reduce capital spending which generates Masters' growth. Any transactions entered would involve credit worthy purchasers and would live for less than one year. To ensure Masters has enough physical volumes available to meet the obligations of such transactions, Masters limits the volumes contracted to no more than 50 percent of forecasted production after royalties.

For 2008 Masters has entered into a fixed price pecuniary commodity contract as follows which was outstanding at March 31, 2008;

Daily Notional Product Index Term Volume price Received----------------------------------------------------------------------------Gas Fixed AECO-C Apr. 1/08 - Oct. 31/08 2,500 GJ $7.745 per GJ

REVENUES

Three Months EndedMarch 31,($ thousands, except as indicated) 2008 2007----------------------------------------------------------------------------Crude oil revenue 5,459 3,158NGL revenue 124 41Natural gas revenue 3,708 2,763---------------------Total petroleum and natural gas revenue 9,291 5,962Royalty revenue 159 146---------------------Total resource revenue 9,450 6,108------------------------------------------Total petroleum and natural gas revenue per boe ($) 60.96 45.83------------------------------------------Total resource revenue per boe ($) 62.01 46.96------------------------------------------

Petroleum and natural gas revenues for the first quarter of 2008 increased 56 percent to $9.3 million from the similar era in 2007 as commodity prices remained stalwart and production volumes continued to increase.

Royalty and other income increased by nine percent to $0.2 million as a result of royalty interest wells being brought on production during the year.

ROYALTIES

Three Months EndedMarch 31,($ thousands, except as indicated) 2008 2007----------------------------------------------------------------------------Crown 1,898 1,213Freehold and outrageous overriding 230 142---------------------Net royalties 2,128 1,355------------------------------------------Per boe ($) 13.96 10.42------------------------------------------Average royalty rate - net (%)(1) 22.5 22.7------------------------------------------

(1) A percentage of total petroleum and natural gas revenue

For the three months ended March 31, 2008, royalties totaled $2.1 million for an tolerable royalty rate relative to oil and gas revenues of 22.5 percent. Royalty rates remained constant compared to the similar era in 2007. On a boe basis, royalties for the era were $13.96 per boe. For the similar era in 2007 the net royalty rate averaged 22.7 percent of oil and gas revenues or $10.42 per boe.

On October 25, 2007, the Government of Alberta announced changes to the royalties payable on production from utter Crown mineral rights owned by the province. If enacted as stated, on January 1, 2009, factors that will paw the calculation of Crown royalties to live paid will comprehend the production rate per well, commodity prices and depth of producing wells. Based on Masters' current production profile and commodity prices, future Crown royalties paid to the province of Alberta in 2009 and thereafter will enlarge and consequently reduce the cash rush available for future capital spending.

UNREALIZED LOSS ON COMMODITY CONTRACT

For 2008 Masters has entered into a fixed price pecuniary contract as follows which was outstanding as of March 31, 2008;

Daily Notional Product Index Term Volume price Received----------------------------------------------------------------------------Gas Fixed AECO-C Apr. 1/08 - Oct. 31/08 2,500 GJ $7.745 per GJ

An unrealized loss of $0.6 million ($0.3 million - March 31, 2007) on the commodity contract represents the impartial value of the contract at March 31, 2008 as the future tolerable price is greater than the contracted price.

OPERATING EXPENSES

Three Months EndedMarch 31,($ thousands except as indicated) 2008 2007----------------------------------------------------------------------------Total operating expenses 1,731 1,364------------------------------------------Per boe ($) 11.45 10.49------------------------------------------

Operating expenses for the three months ended March 31, 2008 was $1.7 million, an enlarge of 27 percent compared to $1.4 million during the selfsame era in 2007. On a boe basis, the 2008 first quarter operating expenses increased nine percent to an tolerable cost of $11.45 per boe from $10.49 per boe in the selfsame era in 2007 as a result of higher power and well service costs during strict winter conditions.

Operating expenses per boe for the equilibrium of 2008 are anticipated to remain consistent with the year to date results.

Netback Analysis

Three Months EndedMarch 31,($ per boe) 2008 2007----------------------------------------------------------------------------Oil and gas revenues 60.96 45.83Royalty and other revenue 1.05 1.13---------------------62.01 46.96Royalties, net of ARTC (13.96) (10.42)Operating expenses (11.45) (10.49)---------------------Operating netback 36.60 26.05------------------------------------------

Operating income netback per boe for the first quarter of 2008 was higher as a result of increased commodity prices since the first quarter of 2007.

GENERAL and ADMINISTRATIVE

Three Months EndedMarch 31,($ thousands, except as indicated) 2008 2007----------------------------------------------------------------------------Gross universal and administrative 823 589Operating recoveries (34) (16)Capitalized expenses (264) (174)-------------------General and administrative expense, before stock-based compensation 525 399Stock-based compensation 74 102Capitalized stock-based compensation (43) (54)-------------------Total universal and administrative expense 557 447--------------------------------------General and administrative expense, before stock-based compensation, per boe ($) 3.45 3.07--------------------------------------Total universal and administrative expense per boe ($) 3.66 3.44--------------------------------------

During the first quarter of 2008, net universal and administrative costs before stock-based compensation increased 32 percent over the first quarter 2007 primarily as a result of the annual cost of performance-based compensation being accounted for in first quarter of 2008. universal and administrative expense per boe has increased six percent in the first quarter of 2008 versus the first quarter of 2007.

Total universal and administrative expenses for the residuum of 2008 are anticipated to live similar to 2007. Based on forecasted production and capital spending, 2008 staff levels are anticipated to live similar to 2007.

INTEREST EXPENSE

Three Months EndedMarch 31,($ thousands except as indicated) 2008 2007----------------------------------------------------------------------------Total interest expense 268 285----------------------------------------Per boe ($) 1.76 2.19----------------------------------------

Interest expense for the three months ended March 31, 2008 was $0.3 million, similar to the selfsame era in 2007 as debt levels remained relatively unchanged during the periods. On a boe basis, the 2008 first quarter interest expenses decreased 20 percent to an tolerable cost of $1.76 per boe from $2.19 per boe in the selfsame era in 2007.

DEPLETION, DEPRECIATION and ACCRETION

Three Months EndedMarch 31,($ thousands except as indicated) 2008 2007----------------------------------------------------------------------------Depletion 3,018 2,421Depreciation 1 2Accretion on asset retirement obligations 30 31---------------------

Total depletion, depreciation and accretion expense 3,049 2,454------------------------------------------Depletion, depreciation and accretion expense per boe ($) 20.00 18.86------------------------------------------

For the first quarter of 2008, depletion, depreciation and accretion expense increased 24 percent to $3.0 million from $2.5 million for the selfsame era in 2007. On a boe basis depletion, depreciation and accretion for the first quarter of March 2008 increased six percent to $20.00 from $18.86 in the selfsame era in 2007. The enlarge is primarily due to a 16 percent enlarge in production and a higher depletion rate per boe which resulted primarily from the cost of adding proved reserves since the first quarter of 2007.

At March 31, 2008, the ceiling test calculation indicated that the estimated undiscounted future cash flows from proven reserves exceeded the carrying values of producing petroleum and natural gas properties and therefore a ceiling test impairment does not exist.

INCOME TAXES

Three Months EndedMarch 31,($ thousands, except as indicated) 2008 2007----------------------------------------------------------------------------Future income tax expense (reduction) 281 (44)----------------------------------------Effective tax rate (%) 24.2 -----------------------------------------

The future income tax expense provision for the three months ended March 31, 2008 increased to $0.3 million from a future tax reduction of $0.04 million in the selfsame era in 2007. The enlarge in 2008 future tax expense was due to higher earnings before income taxes.

As of March 31, 2008, the Company had approximately $48.0 million in tax pools to retreat taxable income in future years.

NET EARNINGS and FUNDS GENERATED BY OPERATIONS

Net earnings was $0.9 million for the three months ended March 31, 2008 compared to net loss of $0.1 million during the selfsame era in 2007. Net earnings per basic and diluted participate for the quarter was $0.06 compared to net loss of $0.01 per basic and diluted participate during the selfsame quarter in 2007.

Funds generated by operations increased 77 percent to $4.8 million for the three months ended March 31, 2008 compared to $2.7 million during the selfsame era in 2007. The enlarge is primarily due to higher production and commodity prices.

CAPITAL EXPENDITURES

During the first quarter of 2008 the Company spent approximately $4.7 million in exploration and evolution capital expenditures compared to $3.6 million spent in the selfsame era of 2007. The Company drilled 7 wells (6.1 net), recompleted/re-entered 2 wells (2.0 net), tied-in two wells and added 10,700 net undeveloped acres during the period.

For the equilibrium of the 2008 year, Masters' strategy is to proceed with construction of an enhanced oil recovery ("EOR") facility at slight Bow and continue to maintain and build the Company's drilling prospect inventory. The forecasted capital spending budget for 2008 has been increased to $21.5 million from $15.5 million with approximately 70 percent of the total spending being allocated to the EOR project.

Three Months EndedMarch 31,($ thousands) 2008 2007----------------------------------------------------------------------------Land 311 644Geological and geophysical 18 123Drilling and completions 3,359 1,802Equipping and facilities 971 1,065---------------------

Total capital expenditures 4,659 3,634------------------------------------------

Drilling/Recompletion Results

During the first quarter of 2008 the Company drilled and recompleted nine wells resulting in two oil wells and three natural gas wells.including drilling and tying-in two natural gas wells at Panny, Alberta. The Company has made an application with government regulators and anticipates the two Panny wells to live producing by the recess of the second quarter. In the Chinchaga locality of Alberta an oil well was recompleted and is awaiting expansion of a third party facility with production anticipated in the second quarter 2008.

Three Months Ended Three Months EndedMarch 31, 2008 March 31, 2007(wells) outrageous Net outrageous Net----------------------------------------------------------------------------

Oil 2 2.0 3 3.0Natural Gas 3 2.4 1 -Dry 5 4.7 5 3.9--------------------------------------------Total 10 9.1 9 6.9----------------------------------------------------------------------------------------Success rate (%) 50 48 44 43----------------------------------------------------------------------------------------

LIQUIDITY and CAPITAL RESOURCES

The Company's total capitalization at March 31, 2008 was $76.9 (2007 - $73.8) million with the market value of common shares representing 61 (2007 - 61) percent of total capitalization. Net debt represented 28 (2007 - 29) percent and asset retirement obligations and future income taxes accounted for 11 (2007 - 10) percent.

Total Capitalization March 31, December 31,($ thousands except as indicated) 2008 % 2007 %----------------------------------------------------------------------------Common shares outstanding (thousands) 15,291 15,356Share price, March 31 ($ per share) 3.08 2.33---------------------------------------Total market capitalization 47,096 61 35,779 56---------------------------------------Working capital deficiency 3,089 2,560Bank debt 18,288 18,228---------------------------------------Net debt 21,377 28 20,788 32---------------------------------------Asset retirement responsibility 4,045 5 3,957 6Future income taxes 4,387 6 4,091 6---------------------------------------Total capitalization 76,905 100 64,615 100------------------------------------------------------------------------------Net debt to total capitalization 28% 32%------------------------------------------------------------------------------

At March 31, 2008 Masters had borrowed approximately $18.3 (December 31, 2007 - $18.2) million and had a working capital deficit of $3.1 (December 31, 2007 - $2.6) million amounting to total net debt of $21.4 (December 31, 2007 - $20.8) million. Net debt for the first quarter of 2008 represents approximately 1.1 (2007 - 2.0) times the annualized first quarter 2008 funds generated by operating activities of $19.2 million (2007 - $10.8 million).

Masters has a bank revolving term facility of $28 million to fund future activities. The facility is a borrowing base facility determined by Masters' latest reserves assessment, results of operations, current and forecasted commodity prices and the prevalent economic market. The facility is reviewed annually with the next scheduled review as at April 30, 2008. At March 31, 2008 the Company had drawn $18.3 million of the revolving credit facility.

The seasonal and capital intensive nature of their activities can create a negative working capital position in quarters with tall levels of exploration and evolution capital spending.

The industry has a pre-arranged monthly settlement day for payment of revenues from utter buyers of crude and natural gas. This occurs on the 25th day following the month in which the production is sold. As a result Masters collects sales revenues in an organized manner. Management monitors purchaser credit positions to mitigate any potential credit losses. To the extent Masters has joint interest activities with industry partners they must collect, on a monthly basis, partners' participate of capital and operating expenses. These collections are matter to classic industry risk. Masters collects in advance for significant amounts related to partners' participate of capital expenditures in accordance with the industry operating procedures. At December 31, 2007 Masters had no material accounts receivable deemed uncollectible.

Accounts payable consists of invoices payable to trade suppliers relating to office and bailiwick operating activities and their capital spending program. Masters processes invoices within a classic payment period. In addition, the Company has recorded an unrealized loss of $0.6 million from a fixed price pecuniary contract for the first quarter of 2008.

We continually manage Masters' capital spending program by monitoring forecasted production, commodity prices and anticipated cash flow. Should circumstances arise that negatively paw funds generated by operations, Masters is capable of reducing the flat of future capital spending.

The Company's future investing activities, which consist primarily of capital expenditures on oil and gas activities, will live funded with working capital, funds generated by operations and bank debt.

SHARE CAPITAL

During the first quarter of 2008, no common shares were issued. On November 7, 2007, Masters announced the renewal of a classic course issuer bid which is in upshot for one year. During the first quarter ended March 31, 2008, the Company purchased and cancelled 64,700 common shares, for total consideration of $167,000.

As at March 31, 2008, the issued and outstanding common shares of the Company were 15,291,179, options outstanding were 1,510,000 and performance warrants outstanding of 885,000.

OUTLOOK

Based on core analysis and reservoir simulation studies toil done by independent consultants on the slight Bow field, incremental oil is anticipated to live recovered under an enhanced oil recovery process utilizing the injection of alkaline surfactant polymer ("ASP") along with the existing waterflood. detailed engineering design and the simulation studies fill indicated that Masters' estimated net cost to construct the ASP facility and install bailiwick infrastructure is approximately $30 million with approximately one half of the toil carried out in 2008 and the equilibrium in 2009. For the equilibrium of the 2008 year, Masters will focus on the implementation of the ASP facility with a limited amount of resources allocated to maintaining and structure the Company's prospect inventory. As a result of the construction of the ASP facility proceeding ahead, the 2008 capital budget has been increased to $21.5 million from $15.5 million. Approximately 70 percent of the 2008 capital spending will live allocated to the facility construction with the residuum spent on conventional exploration and evolution opportunities. Applying the tolerable commodity sales prices received in the first quarter of 2008 to the forecasted production for the year, funding for the capital program is anticipated to live provided from funds generated by operations. The production forecast for 2008 is estimated to tolerable 1,600 to 1,700 boe per day, with a production split of 50:50 of oil versus natural gas.

CHANGES IN ACCOUNTING DISCLOSURES

The following disclosures to the pecuniary statements are in upshot as of January 1, 2008:

1. pecuniary instruments

CICA handbook section 3862 requires the Company to enlarge the disclosure on the nature, extent and risk arising from the pecuniary instruments and how the Company manages those risks. refer to note 10 of the pecuniary statements for further discussion.

2. Capital disclosures

CICA handbook section 1535 requires the Company to disclose the Company's objectives, policies and processes for managing the capital structure. refer to note 5 (d) of the pecuniary statements for further discussion.

FUTURE ACCOUNTING POLICY CHANGES

CICA handbook section 3064, Goodwill and Intangible Assets, will live in upshot nascence January 1, 2009. This unique section applies to goodwill subsequent to initial recognition and establishes standards for the recognition, measurement and disclosure of goodwill and intangible assets. The unique disclosure requirement is not expected to fill an impact on the Company's pecuniary statements.

CHANGES IN INTERNAL CONTROL OVER pecuniary REPORTING

During the most recent interim period, there fill been no changes in Masters' policies and procedures and other processes that comprise its internal controls over pecuniary reporting, that fill materially affected, or are reasonably likely to materially affect, Masters' control over pecuniary reporting. For further discussion of internal controls over pecuniary reporting refer to Masters' 2007 Annual Report.

SELECTED QUARTERLY INFORMATION (unaudited)

The unaudited pecuniary data presented below has been prepared in accordance with Canadian generally accepted accounting principles. The reporting and measurement currency is the Canadian dollar.

2008 2007 2006 Operations Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2----------------------------------------------------------------------------Production Oil (bbl/d) 789 754 787 768 734 749 791 781NGL (bbl/d) 15 13 13 16 8 10 10 13Natural gas (mcf/d) 5,222 4,711 4,698 4,758 4,216 4,417 2,897 3,543Total (boe/d) 1,675 1,552 1,583 1,576 1,445 1,495 1,284 1,384PricingOil ($/bbl) 75.99 55.49 54.41 49.08 47.78 42.31 58.03 59.65NGL ($/bbl) 90.56 84.34 63.02 60.02 55.43 71.65 62.71 61.62Natural gas ($/mcf) 7.80 6.39 6.07 7.27 7.28 7.07 5.61 5.91Total ($/boe) 60.96 47.04 45.57 46.44 45.83 42.57 48.92 49.34Financial($ thousands, except as indicated)Total revenue 9,450 6,966 6,823 6,889 6,108 5,960 5,971 6,545Funds generated by operations 4,797 3,384 3,309 3,129 2,705 2,200 3,144 3,553Net earnings (loss) 876 774 267 553 (94) 26 815 800Per participate - basic 0.06 0.05 0.02 0.04 (0.01) 0.00 0.05 0.05Per participate - diluted 0.06 0.05 0.02 0.04 (0.01) 0.00 0.05 0.05Capital spending Exploration and evolution 4,659 2,131 2,863 2,998 3,634 6,022 5,625 4,487Acquisitions/ (dispositions) - - - 617 - - (6,200) -Total assets 73,345 71,171 70,440 70,361 69,586 70,275 65,176 66,533Working capital deficiency 3,089 2,560 1,342 1,062 1,990 2,156 1,904 1,496Long-term debt 18,288 18,228 20,300 20,741 19,550 17,824 14,467 18,584Shareholders' equity 40,283 39,501 38,805 38,552 37,910 39,921 39,861 38,940Common SharesWeighted tolerable common shares outstanding (thousands)- basic 15,318 15,390 15,449 15,460 15,506 15,559 15,570 15,356- diluted 15,543 15,450 15,586 15,745 15,717 15,974 16,093 16,052Trading ActivityVolume (thousands)- total 610 1,588 696 1,255 2,337 865 773 804- daily 10 25 11 20 37 14 12 13Price ($ per share)- tall 3.20 2.65 3.14 3.22 3.40 4.08 4.28 5.39- low 2.20 2.01 2.08 2.72 2.41 3.00 3.25 3.56- closing 3.08 2.33 2.18 3.08 2.89 3.40 3.35 3.80

Factors that caused variations over the quarters -

- Production growth, other than the acquisitions is a result of Masters' exploration and evolution activities. Timing of production is matter to timing of drilling and facility construction.

- Growth in revenue and funds generated by operations is the combination of increased production and stalwart commodity prices. Oil prices for medium grade quality crude experienced a great drop in the latter portion of the fourth quarter 2004 due to wider than historical quality differentials. This impacted the prices received by Masters since that time as a majority of the crude production is of medium quality. During the first quarter of 2007 the price quality differentials for medium gravity crudes were returning to historical levels. In the first quarter of 2008, the require for medium nature crudes increased resulting in a dwindle to the price quality differentials.

- The net earnings are impacted by depletion, depreciation, accretion and future income taxes. The Company estimates its reserves every quarter based on its acquisition and drilling activities. The annual reserves are determined by independent reservoir evaluators, the results of which can paw fourth quarter reserve additions. Enacted changes to the federal and provincial income tax rates for the oil and gas industry impact future income taxes.

- The evolution of future drilling prospects and seasonal bailiwick conditions influence capital spending. Funds generated by operations, bank debt, working capital and the issuance of common shares primarily funded capital spending.

Masters Energy Inc.Balance Sheets(unaudited)

--------------------------------------------------------------------------------------------------------------------------------------------------------($ thousands)

March 31, December 31,2008 2007---------- -------------Assets

Current assetsAccounts receivable $ 2,691 $ 2,517Prepaid expenses and deposits 561 317---------- -------------

3,252 2,834

Property and tackle (note 2) 70,093 68,337---------- -------------$ 73,345 $ 71,171---------- ----------------------- -------------Liabilities

Current liabilitiesAccounts payable and accrued liabilities $ 6,341 $ 5,394

Long-term bank debt (note 3) 18,288 18,228

Asset retirement obligations (note 4) 4,045 3,957

Future income taxes (note 8) 4,387 4,091---------- -------------

33,061 31,670---------- -------------Shareholders' Equity

Share capital (note 5) 30,966 31,111Contributed surplus (note 6) 1,155 1,103Retained earnings 8,163 7,287---------- -------------

40,284 39,501---------- -------------

$ 73,345 $ 71,171---------- ----------------------- -------------

See accompanying notes to the pecuniary statements.

Masters Energy Inc.Statements of Earnings (Loss), Comprehensive Income (Loss) and Retained Earnings(unaudited)--------------------------------------------------------------------------------------------------------------------------------------------------------($ thousands except participate and per participate amounts)

Three months ended March 31,-----------------------------2008 2007------------- -------------RevenuePetroleum and natural gas revenue $ 9,291 $ 5,962Royalty and other revenue 159 146------------- -------------9,450 6,108Royalties (2,128) (1,355)------------- -------------7,322 4,753Unrealized loss on commodity contract (note 9) (560) (341)------------- -------------6,762 4,412------------- -------------ExpensesOperating 1,731 1,364General and administrative 557 447Interest 268 285Depletion, depreciation and accretion 3,049 2,454------------- -------------

5,605 4,550------------- -------------

Earnings (loss) before taxes 1,157 (138)

Future income tax expense (reduction) (note 8) 281 (44)------------- -------------

Net earnings (loss) and comprehensive income (loss) 876 (94)

Retained earnings, nascence of era 7,287 5,787------------- -------------

Retained earnings, recess of era $ 8,163 $ 5,693------------- -------------------------- -------------

Earnings (loss) per participate (note 7)

Basic $ 0.06 $ (0.01)------------- -------------------------- -------------

Diluted $ 0.06 $ (0.01)------------- -------------------------- -------------

Weighted tolerable number of shares outstanding (note 7)

Basic 15,317,765 15,506,285------------- -------------------------- -------------

Diluted 15,542,903 15,717,416------------- -------------------------- -------------

See accompanying notes to the pecuniary statements.

Masters Energy Inc.Statements of Cash Flows(unaudited)--------------------------------------------------------------------------------------------------------------------------------------------------------($ thousands)

Cash provided by (used for):

Three months ended March 31,-----------------------------2008 2007------------- -------------Operating activitiesNet earnings (loss) $ 876 $ (94)Add (deduct) non-cash items

Depletion, depreciation and accretion 3,049 2,454Future income tax expense (reduction) 281 (44)Unrealized loss on commodity contract 560 341Stock-based compensation expense 31 48Settlement of asset retirement costs (note 4) - (62)Changes in non-cash working capital (3,297) (2,281)------------- -------------

1,500 362------------- -------------

Financing activitiesLong-term bank debt 60 1,726Purchase of shares for cancellation (note 5) (167) (228)------------- -------------

(107) 1,498------------- -------------

Investing activitiesProperty and tackle (4,659) (3,634)Changes in non-cash working capital 3,266 1,774------------- -------------

(1,393) (1,860)------------- -------------

Change in cash and cash equivalents - -

Cash and cash equivalents, nascence of era - -------------- -------------

Cash and cash equivalents, recess of era $ - $ -------------- -------------------------- -------------

Supplemental cash rush informationInterest paid $ 268 $ 285

----------------------------------------------------------------------------

See accompanying notes to the pecuniary statements.

Masters Energy Inc.Notes to the pecuniary Statements(Unaudited)

1. Accounting Policies

Masters Energy Inc. ("Masters" or "the Company") is engaged in the exploration, evolution and production of petroleum and natural gas in Western Canada. The pecuniary statements are stated in Canadian dollars and fill been prepared in accordance with Canadian generally accepted accounting principles.

The disclosures provided below are incremental to those included with the annual pecuniary statements. These interim pecuniary statements should live read in conjunction with the pecuniary statements and notes disclosed in the Company's annual report for the year ended December 31, 2007. The interim pecuniary statements of Masters fill been prepared following the selfsame accounting policies and methods of computation as the pecuniary statements of the Company for the year ended December 31, 2007, except for the following changes in accounting disclosures:

(a) pecuniary Instruments - Disclosure and Presentation

Effective January 1, 2008, the Company adopted the unique Canadian pecuniary instrument disclosure standards which contour the disclosure requirements for pecuniary instruments and non-financial derivatives. The guidance prescribes an increased moment on risk disclosures associated with recognized and unrecognized pecuniary instruments and how such risks are managed and disclosure of the significance of pecuniary instruments on the Company's pecuniary position. In addition, the guidance outlines revised requirements for the disclosure of qualitative and quantitative information regarding exposure to risks arising from pecuniary instruments.

(b) Capital Disclosures

Effective January 1, 2008, the Company adopted the unique Canadian capital disclosure standards. This unique guidance requires disclosure about the Company's objectives, policies and process for managing capital. These disclosures comprehend a description of what the Company manages as capital, the nature of externally imposed capital requirements, how the requirements are incorporated into the Company's management of capital, whether the requirements fill been complied with, or consequences of non-compliance and an explanation of how the Company is meeting its objectives for managing capital. In addition, quantitative disclosures regarding capital are required.

2. Property and equipment

($ thousands) AccumulatedDepletionand Net BookAs at March 31, 2008 Cost Depreciation Value------------ -------------- ------------

Petroleum and natural gas properties and well tackle $ 103,639 $ 33,571 $ 70,068Office tackle 73 48 25 ------------ -------------- ------------$ 103,712 $ 33,619 $ 70,093------------ -------------- ------------------------ -------------- ------------As at December 31, 2007

Petroleum and natural gas properties and well tackle $ 98,863 $ 30,553 $ 68,310Office tackle 73 46 27 ------------ -------------- ------------$ 98,936 $ 30,599 $ 68,337 ------------ -------------- ------------------------ -------------- ------------

The value of undeveloped lands excluded from costs matter to depletion was $7.6 million at March 31, 2008 ($7.6 million - December 31, 2007).

During the three months ended March 31, 2008, $0.3 million ($0.2 million - March 31, 2007) of universal and administrative costs were capitalized.

3. Long-term bank debt

The Company has access to a revolving term credit facility with a Canadian commercial bank to a maximum of $28.0 million. The credit facility may live drawn with direct advances or guaranteed notes. Direct advances stand interest at the bank's prime lending rate and the guaranteed notes stand interest at the applicable bankers' acceptance rate plus a stamping fee.

The revolving term credit facility is available until April 30, 2008. Up to 60 days prior to April 30, 2008 the Company may request an extension of the revolving facility for a era of another 364 days, matter to the bank's approval. If the Company does not request the extension or the bank does not accord to the extension, the credit facility principal borrowed will live repaid in replete with a solitary payment one year subsequent to April 30, 2008. The nature of the lending facility is such that it is recognized as a long-term liability.

As of March 31, 2008, $18.3 million (December 31, 2007 - $18.2 million) has been drawn against the revolving term credit facility.

Security pledged for the facilities consists of a universal assignment of engage debts secured by a first floating imbue over utter the assets of the Company.

4. Asset retirement obligation

The following table summarizes changes in the asset retirement responsibility for the periods ended as indicated:

Three Months Year EndedEnded December 31,($ thousands) March 31, 2008 2007--------------------------------------------------------------------------------------------------------------------------------------------------------

Asset retirement obligation, nascence of era $ 3,957 $ 3,527Adjustments - 481Liabilities acquired - 151Liabilities disposed - (92)Liabilities incurred 58 64Settlement of asset retirement costs - (298)Accretion expense 30 124----------------- -------------

Asset retirement obligation, recess of era $ 4,045 $ 3,957----------------- ------------------------------ -------------

The total estimated, undiscounted cash flows required to settle the obligations, before considering salvage, is $4.8 million as at March 31, 2008 ($4.8 million - December 31, 2007) which has been discounted using a weighted tolerable credit-adjusted risk-free interest rate of 6.0 percent. The Company expects these obligations to live settled in approximately one to 14 years.

5. participate Capital

(a) Authorized

Unlimited number of voting common shares without nominal or par value.Unlimited number of preferred shares issuable in series, with rights andprivileges to live determined at the time of issuance by the Board of Directors.

(b) Issued

($ thousands, except number of shares) Number Amount--------------------------------------------------------------------------------------------------------------------------------------------------------

Balance, December 31, 2007 15,355,879 $ 31,111Shares repurchased and cancelled (64,700) (145)------------ -----------

Balance, March 31, 2008 15,291,179 $ 30,966------------ ----------------------- -----------

(c) Shares repurchased and cancelled

In November 2007, the Company received regulatory approval under the Canadian securities laws to purchase and cancel up to 1,100,000 common shares under a classic course issuer bid. The issuer bid will terminate on November 6, 2008. During the first quarter era ended March 31, 2008, the Company purchased 64,700 common shares for total consideration of $167,000. Of the amount paid, $145,000 was charged to participate capital and $22,000 was charged to contributed surplus.

(d) Management of capital structure

The Company's objective when managing capital is to maintain a resilient capital structure which will allow it to execute on its capital expenditure program, which includes expenditures in oil and gas activities which may or may not live successful. Therefore, the Company endeavors to equilibrium the symmetry of debt and equity in its capital structure to win into account the flat of risk being incurred in its capital expenditures.

In the management of capital, the Company includes participate capital and net debt (defined as the sum of current assets, current liabilities and bank debt) in the definition of capital.

The key measures that the Company utilizes in evaluating its capital structure are net debt to funds generated by operations (before changes in non-cash working capital and settlement of retirement costs) and the current credit available from its creditors in relation to the Company's budgeted capital expenditure program. Net debt to funds generated by operations is determined as net debt divided by funds generated by operations and represents the time era it would win to pay off the debt if no further capital expenditures were incurred and if funds generated by operations stayed constant. Annualized first quarter 2008 funds generated by operations was $19.2 (2007 - $10.8) million, resulting in a net debt to funds generated by operations ratio of 1.1 (2007 - 2.0). This ratio is within an acceptable range for the Company of 2.0 or less.

The Company manages its capital structure and makes adjustments by continually monitoring its business conditions, including; the current economic conditions; the risk characteristics of the underlying assets; the depth of its investment opportunities; forecasted investment levels; the past efficiencies of their investments; the efficiencies of forecasted investments and the desired pace of investment; current and forecasted total debt levels; current and forecasted energy commodity prices and other factors that influence commodity prices and funds generated by operations, such as strange exchange and quality basis differential.

In order to maintain or adjust the capital structure, the Company will consider; its forecasted net debt to forecasted funds generated by operations ratio while attempting to finance an acceptable capital spending program including incremental capital spending and acquisition opportunities; the current flat of bank credit available from the commercial bank; the flat of bank credit that may live attainable from its commercial bank as a result of oil and gas reserve growth; the availability of other sources of debt with different characteristics than the existing bank debt; the sale of assets; limiting the size of capital spending program and unique common equity if available on favourable terms.

During the first quarter of 2008, the Company's strategy in managing its capital was unchanged.

6. Contributed Surplus

The following table reconciles the Company's contributed surplus for the periods ended as indicated.

Three Months Year EndedEnded December 31,($ thousands) March 31, 2008 2007--------------------------------------------------------------------------------------------------------------------------------------------------------Balance, nascence of era $ 1,103 $ 820Stock-based compensation expense 31 154Capitalized stock-based compensation 43 187Reacquisition and cancellation of common shares (22) (58)----------------- -------------Balance, recess of era $ 1,155 $ 1,103----------------- ------------------------------ -------------

7. Per participate amounts

Per participate amounts fill been calculated using the basic weighted tolerable number of common shares outstanding of 15,317,765 during the three months era ended March 31, 2008 (15,506,285 - three months ended March 31, 2007). For the three month era ended March 31, 2008, a total of 225,138 (211,131 - 2007) were added to the total to win into account the dilutive upshot of the options and warrants for the period.

8. Income taxes

(a) The provision for income tax expense differs from that which would live expected from applying the combined effective Canadian federal and provincial income tax rate of 29.50% (32.12% - 2007) to income before income taxes. The incompatibility results from the following:

Three Months EndedMarch 31,($ thousands) 2008 2007----------------------------------------------------------------------------Expected income tax expense (reduction) $ 342 $ (44)

Increase (decrease) resulting from: impact in effective tax rate applied (33) (17)Stock based compensation expense 9 15Other (37) 2--------- -------Total future tax expense (reduction) $ 281 $ (44)--------- ---------------- -------

(b) The components of the future income tax liability are as follows:

March 31, December 31,($ thousands) 2008 2007----------------------------------------------------------------------------Carrying value of property and tackle in excess of available tax deductions $ 5,542 $ 5,034Asset retirement responsibility (1,061) (835)Share issuance costs (94) (108)----------- ------------$ 4,387 $ 4,091----------- ----------------------- ------------

9. Derivative instruments

The Company has a price risk management program whereby the commodity price associated with a portion of its future production can live fixed. The Company is able to sell forward a portion of its future production through a combination of fixed price sale contracts with customers and commodity swap agreements with pecuniary counterparties. The forward and future contracts are matter to market risk from fluctuating commodity prices.

The Company uses derivative instruments to reduce its exposure to fluctuations in commodity prices. The following table summarizes the derivative contract in position at March 31, 2008:

UnrealizedDaily Notional price LossProduct Index Term Volume Received ($ thousands)----------------------------------------------------------------------------Gas Fixed AECO-C Apr. 1/08 - 2,500 GJ $7.745 per GJ 560Oct. 31/08

10. pecuniary instruments

Overview

The Company has exposure to the following risks from its expend of pecuniary instruments:

- Credit risk

- Liquidity risk

- Market risk

This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies and processes for measuring and managing risk, and the Company's management of capital. Further quantitative disclosures are included throughout these pecuniary statements.

The Company's risk management policies are established to identify and analyze the risks faced by the Company, to set preempt limits and controls, and to monitor risks and adherence to market conditions and the Company's activities.

(a) Credit risk

Substantially utter of the Company's petroleum and natural gas production is marketed under touchstone industry terms. The industry has a pre-arranged monthly settlement day for payment of revenues from utter buyers of crude and natural gas. This occurs on the 25th day following the month in which the production is sold. As a result Masters collects sales revenues in an organized manner. Management monitors purchaser credit positions to mitigate any potential credit losses. To the extent Masters has joint interest activities with industry partners they must collect, on a monthly basis, partners' participate of capital and operating expenses. These collections are matter to classic industry risk. Masters attempts to mitigate risk from joint venture receivables by obtaining confederate approval of capital projects prior to expenditure and collects in advance for significant amounts related to partners' participate of capital expenditures in accordance with the industry operating procedures. The Company does not typically obtain collateral from petroleum and natural gas marketers or joint venture partners; however Masters does fill the ability to withhold production from joint venture partners in the event of non-payment. At March 31, 2008, Masters had no material accounts receivable deemed uncollectible. The Company's credit risk is limited to the carrying amount of its accounts receivable, which are due primarily from other entities involved in the oil and gas industry. These amounts are matter to the selfsame risks as the industry as a whole.

(b) Liquidity risk

Liquidity risk relates to the risk the Company will encounter vicissitude in meeting obligations associated with the pecuniary liabilities. The pecuniary liabilities on its equilibrium sheet consist of accounts payable and bank debt. Accounts payable consists of invoices payable to trade suppliers relating to office and bailiwick operating activities and their capital spending program. Masters processes invoices within a classic payment period. The bank revolving term credit facility is available until April 30, 2008. Up to 60 days prior to April 30, 2008 the Company may request an extension of the revolving facility for a era of another 364 days, matter to the bank's approval. If the Company does not request the extension or the bank does not accord to the extension, the credit facility principal borrowed will live repaid in replete with a solitary payment one year subsequent to April 30, 2008. Masters anticipates it will continue to fill adequate liquidity to fund its pecuniary liabilities through its future funds generated by operations and available bank debt. The Company had no defaults or breaches on its bank debt or any of its pecuniary liabilities.

(c) Market risk

Market risk is the risk of changes in market prices, such as commodity prices, strange currency exchange rates, and interest rate will paw the net earnings or the value of pecuniary instruments. The objective of managing market risk is to control market risk exposures within acceptable limits, while maximizing returns.

Masters utilizes pecuniary derivative contracts to manage market risk. utter such transactions are conducted in accordance with the risk management policy that has been approved by the Board of Directors.

i. Commodity price risk

Commodity price risk is the risk that the impartial value or future cash flows will fluctuate as a result of changes in the commodity prices. Commodity prices for petroleum and natural gas are impacted by not only the relationship between the Canadian and United States dollar, as outlined below, but too global economic events that dictate the levels of supply and demand. The Company has attempted to mitigate commodity price risk through the expend of a pecuniary derivative contract as indicated in note 9. In regards to commodity prices, a ten cent change in the price per thousand cubic feet of natural gas would fill impacted net earnings by approximately $36,000 for the first quarter 2008.

ii. strange currency exchange rate risk

Foreign currency exchange rate risk is the risk that the impartial value or future cash flows will fluctuate as a result of changes in strange exchange rates. The Company does not sell or transact in any strange currency, however the United States dollar influences the price of petroleum and natural gas sold in Canada. The Company's pecuniary assets and liabilities are not affected by a change in currency rates. The Currency had no strange exchange contracts in position at March 31, 2008.

iii. Interest rate risk

Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. The Company is exposed to interest rate risk to the extent the changes in market interest rates will impact the Company's debts that fill a floating interest rate. The Company had no interest rate swaps or hedges at March 31, 2008. In regards to interest rate risk, an enlarge or dwindle of one percent to the effective interest rate for the Company would fill impacted net earnings by approximately $32,000 for the first quarter 2008.

(d) impartial values

The impartial values of the Company's accounts receivable, accounts payable and accrued liabilities approximate their carrying values due to their short-term maturity. The Company's long-term debt bears interest at a floating market rate and accordingly the impartial market value approximates the carrying value. From time to time the Company enters into short term derivative natural gas contracts such as nature indicated in note 9.

Masters Energy Inc. is an Alberta based corporation engaged in the business of acquiring or exploring for and developing oil and natural gas reserves in western Canada. Masters' common shares are listed on the Toronto Stock Exchange under the trading emblem "MSY".

ADVISORY

Certain information regarding the Company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, impression of reserve estimates, environmental risks, competition from other producers and ability to access enough capital from internal and external sources: as a consequence, actual results may vary materially from those anticipated. The Company assumes no responsibility to update the forward-looking statements or to update the reasons why actual results could vary from those contemplated by the forward-looking statements.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.


Risk Assessment of IT Governance: A Systematic Literature Review | killexams.com real questions and Pass4sure dumps

Journal of abstract and Applied Information Technology

20

th

January 2015. Vol.71 No.2

© 2005 - 2015 JATIT & LLS. utter rights reserved.

ISSN:

1992-8645

www.jatit.org E-ISSN:

1817-3195

191

[6] ITGI,“Board Briefing on IT Governance”,

IT Governance Institute, Retrieved from

http://www.itgi.org, 2010, pp. 1-20.

[7] P. Weill and J. W. Ross, “IT Governance on

One Page”, CISR Working Paper, June

2005, pp. 1-349.

[8] B.A. Kitchenham, “Procedures for

Performing Systematic Reviews”,Joint

Technical Report Software Engineering

Group. Department of Computer Science

Keele University (UK) and Empirical

Software Engineering, National ICT

Australia.Vol. 4, No. 2, 2005, pp. 45-56.

[9] P. Brereton, B. A. Kitchenham, D. Budgen,

M. Turner, and M. Khalil, “Lessons from

Applying The Systematic Literature Review

Process within The Software Engineering

Domain”,School of Computing and

Mathematics Keele University Keele,

Staffordshire, ST5 5BG

UKVol. 80, No. 3, 2007, pp. 571–583.

[10] W. Ding, P. Liang, A. Tang and Van Vliet,

“Knowledge-based Approaches in Software

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pp.1-51.

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the National Institute of Standards and

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Charged With a Crime? Better Check Your Facebook Pictures | killexams.com real questions and Pass4sure dumps

facebookEarlier this year, the realms of law and unique media collided when Lori Drew was hit with federal charges for creating a fake MySpace page and harassing a neighboring teenager, who then committed suicide. In another case of courtrooms v. technology, prosecutors are reportedly searching Facebook and MySpace for photos of defendants to expend as character evidence in sentencing hearings.

CNN reports that party photos and pictures of defendants drinking or looking unrepentant fill resulted in harsher sentences for people charged in drunk driving accidents, with prosecutors presenting the incriminating pictures as evidence that the defendant lacked remorse.

In one instance, a prosecutor showed the court a Powerpoint presentation of party photos that had been posted on Facebook by a 20-year-old defendant after he nearly killed another driver in a three-car collision. The pictures depicted him at a Halloween party dressed as a prisoner in an orange jumpsuit labeled “Jail Bird.” The arbiter slammed him with a two-year jail sentence.

A girl charged in a deadly drunken driving crash too had photos from her MySpace page downloaded by prosecutors, who used them in their pre-sentencing report. The pictures, posted after the crash, showed her holding a beer bottle and wearing a “a belt bearing plastic shot glasses.” Her sentence was more than five years.

Given that there’s no understanding prosecutors can’t or won’t mine these sites for character evidence, technology is in essence handing these defendants a noose to hang themselves with. Still, there’s the danger that a photo taken out of context can live disproportionately damning. In the 20-year-old’s case, he was remorseful enough to drop out of college and write apologies to the victim and her family. But the image of him sticking his tongue out at a party is far more likely to color a judge’s (or anyone’s) perception—a phenomenon that’s been proven by more than anecdotes.

Image: Flickr/libraryman



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ITEC [1 Certification Exam(s) ]
Juniper [65 Certification Exam(s) ]
LEED [1 Certification Exam(s) ]
Legato [5 Certification Exam(s) ]
Liferay [1 Certification Exam(s) ]
Logical-Operations [1 Certification Exam(s) ]
Lotus [66 Certification Exam(s) ]
LPI [24 Certification Exam(s) ]
LSI [3 Certification Exam(s) ]
Magento [3 Certification Exam(s) ]
Maintenance [2 Certification Exam(s) ]
McAfee [8 Certification Exam(s) ]
McData [3 Certification Exam(s) ]
Medical [69 Certification Exam(s) ]
Microsoft [375 Certification Exam(s) ]
Mile2 [3 Certification Exam(s) ]
Military [1 Certification Exam(s) ]
Misc [1 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
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NCEES [2 Certification Exam(s) ]
NCIDQ [1 Certification Exam(s) ]
NCLEX [2 Certification Exam(s) ]
Network-General [12 Certification Exam(s) ]
NetworkAppliance [39 Certification Exam(s) ]
NI [1 Certification Exam(s) ]
NIELIT [1 Certification Exam(s) ]
Nokia [6 Certification Exam(s) ]
Nortel [130 Certification Exam(s) ]
Novell [37 Certification Exam(s) ]
OMG [10 Certification Exam(s) ]
Oracle [282 Certification Exam(s) ]
P&C [2 Certification Exam(s) ]
Palo-Alto [4 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
Pegasystems [12 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [15 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
PRMIA [1 Certification Exam(s) ]
PsychCorp [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
QlikView [1 Certification Exam(s) ]
Quality-Assurance [7 Certification Exam(s) ]
RACC [1 Certification Exam(s) ]
Real-Estate [1 Certification Exam(s) ]
RedHat [8 Certification Exam(s) ]
RES [5 Certification Exam(s) ]
Riverbed [8 Certification Exam(s) ]
RSA [15 Certification Exam(s) ]
Sair [8 Certification Exam(s) ]
Salesforce [5 Certification Exam(s) ]
SANS [1 Certification Exam(s) ]
SAP [98 Certification Exam(s) ]
SASInstitute [15 Certification Exam(s) ]
SAT [1 Certification Exam(s) ]
SCO [10 Certification Exam(s) ]
SCP [6 Certification Exam(s) ]
SDI [3 Certification Exam(s) ]
See-Beyond [1 Certification Exam(s) ]
Siemens [1 Certification Exam(s) ]
Snia [7 Certification Exam(s) ]
SOA [15 Certification Exam(s) ]
Social-Work-Board [4 Certification Exam(s) ]
SpringSource [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [135 Certification Exam(s) ]
Teacher-Certification [4 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [18 Certification Exam(s) ]
Trainers [3 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [6 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [33 Certification Exam(s) ]
Vmware [58 Certification Exam(s) ]
Wonderlic [2 Certification Exam(s) ]
Worldatwork [2 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]





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