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IBM X-force red adds New carrier for Blockchain security testing | Real Questions and Pass4sure dumps

Mar 5, 2019

IBM safety's team of offensive safety specialists, X-drive purple, has launched a new blockchain testing carrier to support 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 consider both the lower back-conclusion procedures used to manipulate 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 all industries. 

on the same time, the benefit 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 count 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 same tools, innovations, practices and mindsets as criminals would use. through vulnerability assessments, vulnerability administration classes, adversary simulation workout routines, and guide penetration checking out, X-drive purple can support 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 also check returned-conclusion approaches, purposes and physical hardware used to manage entry and manipulate blockchain networks.

"while blockchain is a leap forward for protecting the integrity of records, that doesn't mean the solutions that leverage it are immune from attackers, which is why security checking out is basic during development 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 opportunity to damage that vogue." by way of working with the IBM Blockchain team, IBM says, X-force crimson is capable of share 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 continual security trying out through the whole lifecycle of items is rising because the top-quality strategy to find vulnerabilities in a proactive trend. Blockchain adopters will now be able to leverage the security, developer, and "attacker approach" competencies of X-drive crimson to assist during building and deployment.

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world application Lifecycle administration Market : Future Demand analysis 2019 | Real Questions and Pass4sure dumps

Mar 05, 2019 (WiredRelease via COMTEX) -- free up a brand new market analysis report on “international utility Lifecycle management Market by type (On premise, and Hosted), by using utility (Aerospace and protection, buyer goods and Retail, and Others), by using location and Key organizations – business phase 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 boundary on pathways, atmosphere advancements, performance fame, global market measurement, and tendency. These are all 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 have a far better comprehension of ways in due to the fact that this may support 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.

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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 part 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 share annually 2019 the use 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 apparent that the document indicates the tempo of construction can charge, fee, salary, and software lifecycle administration market share apart from their building and accent is put 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 be 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 share boost and increase 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 handle the worldwide economic climate in the course of the estimates (2019-2028). Even the Asia-Pacific regions like 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

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IBM X-drive red will use Onapsis ERP know-how to aid companies find essential vulnerabilities | 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 use its ERP know-how to support agencies determine exploitable vulnerabilities in their company-important applications.

X-force crimson will use Onapsis’ ERP technology when performing vulnerability assessments and penetration testing in opposition t SAP and Oracle purposes to support at once discover normal 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 speak without delay with X-force crimson testers, getting rid of time-drinking backward and forward and the manual sharing of spreadsheets.

“we are very excited to be a part 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 important alerts during the past three years, businesses have realized they need 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 right away understand their protection posture, and receive actionable assistance on a way to be sure 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 use for sensitive enterprise processes,” noted Charles Henderson, global companion and Head of X-drive crimson. “because of their significance and the sort of facts they dangle, it is critical these functions are scanned and established normally so that critical vulnerabilities can be remediated earlier than attackers find them. Their collaboration with Onapsis will make that mission come 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 little thing else.

The group is made out of veteran hackers who practice 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 effort 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 | real questions and Pass4sure dumps

Masters Energy Inc.


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 financial and operating results for the three month period 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 share increased 82 percent to $0.31.

- Drilled two successful natural gas wells in a new exploration area 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 Little Bow.

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

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

Net earnings (loss) 876 (94)Per share - 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 flow 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 high allocation of funds to drilling and equipment. Drilling activity was primarily focused on natural gas prospects in the Peace River Arch area 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 Little 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 average daily production. A further 200 boe/d of new production is awaiting regulatory approval and third party facility upgrades. The new production, is anticipated to be onstream before the end of the second quarter 2008.

For the remainder of 2008, Masters' strategy is to proceed with implementing the enhanced oil recovery project at their Little 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 work by independent consultants, an incremental 15 to 20 percent of the original oil in place is expected to be recovered by implementing an ASP flood.

The ASP flood is designed to decrease interfacial tension and improve the vertical sweep efficiency, resulting in a higher ultimate oil recovery than would be achieved with the existing waterflood. Analogous oil reservoirs have 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 field 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 share 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 period is approximately $32 million.

Approximately 85 percent of the future funds generated by operations in the next 12 to 15 months will be allocated to the enhanced oil recovery project with the remaining 15 percent allocated to maintaining and building 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 be provided by funds generated from operations. The production forecast for the year is anticipated to average 1,600 to 1,700 boe per day.

Commodity prices have been strong 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 strength 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 average crude price ($/bbl) 47.78 55.49 75.99 99.75Master average natural gas price ($/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 increase to the line before the end 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 Little 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.


The strategy for the remainder of 2008 and the first half of 2009 is to develop the enhanced oil recovery project at Little 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 increase 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 whole 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 have 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 strong as demand for energy remains high. During the month of March 2008, Masters received an average crude price of $88.91 per barrel and a natural gas price of $8.25 per mcf which resulted in a total cash flow of approximately $2.1 million for the month. With further oil and natural gas production coming onstream in the second quarter they expect an incremental increase in cash flow going forward.

We continue to be 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 be realized through the exploitation of existing properties. They look 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 ("MD&A") of Masters Energy Inc. ("Masters or the Company"), provided as of April 24, 2008, should be read in conjunction with the unaudited financial statements presented for the three months ended March 31, 2008 and 2007 and the audited financial statements and related notes for the years ended December 31, 2007 and 2006.

Basis of Presentation - The financial 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 be considered an alternative to, or more meaningful than net earnings or cash flow 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 share may not be 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 be 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 flow 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 share amounts are calculated using weighted average shares outstanding consistent with the calculation of earnings per share. The following table reconciles funds generated by operations to cash flow from operating activities which is the most directly comparable measure calculated in accordance with GAAP:

Three Months Ended March 31,($ thousands) 2008 2007----------------------------------------------------------------------------Cash flow 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 certain industry benchmarks such as operating netback to analyze financial and operating performance. Operating netback is the net result of resource revenues less royalties and operating expenses. This benchmark as presented does not have any standardized meaning prescribed by GAAP and therefore may not be 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 financial 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 be misleading, particularly if used in isolation. A boe conversion ratio of six mcf equals one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Forward-Looking Information - This MD&A contains forward-looking or outlook information with regard to Masters within the meaning of applicable securities laws. Forward-looking statements may include 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 be given that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include 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 development 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 financial 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 general economic conditions. These statements speak only as of the date of this MD&A and Masters does not undertake an obligation to update their forward-looking statements except as required by law.


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 increase 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 same period 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.


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 type 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 strength in the price levels for WTI crude oil primarily due to concerns over global supply. As a result, the average price for a barrel of WTI crude during the period 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 average 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 period 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 type crudes compared to lighter sweet crudes experienced a positive effect 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 average 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 field price for the first quarter of 2008 increased 59 percent to $75.99 per bbl from the average 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 increase of Liquified Natural Gas ("LNG") imports into North America, caused natural gas storage to reach historically high levels before the winter heating season.

Weather is a key component for the demand of natural gas within North America. During the 2007 - 2008 winter, North America experienced colder than normal weather conditions causing the demand for natural gas to return to historic winter levels. Storage levels at the end 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 average natural gas price received during the first quarter of 2008 was $7.80 per mcf, an increase of seven percent from the price received in the same period 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 be for less than one year. To ensure Masters has sufficient 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 financial 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


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 period in 2007 as commodity prices remained strong 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.


Three Months EndedMarch 31,($ thousands, except as indicated) 2008 2007----------------------------------------------------------------------------Crown 1,898 1,213Freehold and gross 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 average royalty rate relative to oil and gas revenues of 22.5 percent. Royalty rates remained constant compared to the similar period in 2007. On a boe basis, royalties for the period were $13.96 per boe. For the similar period 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 all Crown mineral rights owned by the province. If enacted as stated, on January 1, 2009, factors that will affect the calculation of Crown royalties to be paid will include 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 increase and consequently reduce the cash flow available for future capital spending.


For 2008 Masters has entered into a fixed price financial 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 fair value of the contract at March 31, 2008 as the future average price is greater than the contracted price.


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 increase of 27 percent compared to $1.4 million during the same period in 2007. On a boe basis, the 2008 first quarter operating expenses increased nine percent to an average cost of $11.45 per boe from $10.49 per boe in the same period in 2007 as a result of higher power and well service costs during severe winter conditions.

Operating expenses per boe for the balance 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.


Three Months EndedMarch 31,($ thousands, except as indicated) 2008 2007----------------------------------------------------------------------------Gross general 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 general and administrative expense 557 447--------------------------------------General and administrative expense, before stock-based compensation, per boe ($) 3.45 3.07--------------------------------------Total general and administrative expense per boe ($) 3.66 3.44--------------------------------------

During the first quarter of 2008, net general 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. General and administrative expense per boe has increased six percent in the first quarter of 2008 versus the first quarter of 2007.

Total general and administrative expenses for the remainder of 2008 are anticipated to be similar to 2007. Based on forecasted production and capital spending, 2008 staff levels are anticipated to be similar to 2007.


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 same period 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 average cost of $1.76 per boe from $2.19 per boe in the same period in 2007.


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 same period 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 same period in 2007. The increase is primarily due to a 16 percent increase 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.


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 same period in 2007. The increase 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 shelter taxable income in future years.


Net earnings was $0.9 million for the three months ended March 31, 2008 compared to net loss of $0.1 million during the same period in 2007. Net earnings per basic and diluted share for the quarter was $0.06 compared to net loss of $0.01 per basic and diluted share during the same 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 same period in 2007. The increase is primarily due to higher production and commodity prices.


During the first quarter of 2008 the Company spent approximately $4.7 million in exploration and development capital expenditures compared to $3.6 million spent in the same period 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 balance of the 2008 year, Masters' strategy is to proceed with construction of an enhanced oil recovery ("EOR") facility at Little 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 be producing by the end of the second quarter. In the Chinchaga area 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) Gross Net Gross 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----------------------------------------------------------------------------------------


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 obligation 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 prevailing 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 high levels of exploration and development capital spending.

The industry has a pre-arranged monthly settlement day for payment of revenues from all 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' share of capital and operating expenses. These collections are subject to normal industry risk. Masters collects in advance for significant amounts related to partners' share 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 field operating activities and their capital spending program. Masters processes invoices within a normal payment period. In addition, the Company has recorded an unrealized loss of $0.6 million from a fixed price financial 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 affect funds generated by operations, Masters is capable of reducing the level of future capital spending.

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


During the first quarter of 2008, no common shares were issued. On November 7, 2007, Masters announced the renewal of a normal course issuer bid which is in effect 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.


Based on core analysis and reservoir simulation studies work done by independent consultants on the Little Bow field, incremental oil is anticipated to be 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 have indicated that Masters' estimated net cost to construct the ASP facility and install field infrastructure is approximately $30 million with approximately one half of the work carried out in 2008 and the balance in 2009. For the balance of the 2008 year, Masters will focus on the implementation of the ASP facility with a limited amount of resources allocated to maintaining and building 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 be allocated to the facility construction with the remainder spent on conventional exploration and development opportunities. Applying the average 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 be provided from funds generated by operations. The production forecast for 2008 is estimated to average 1,600 to 1,700 boe per day, with a production split of 50:50 of oil versus natural gas.


The following disclosures to the financial statements are in effect as of January 1, 2008:

1. Financial instruments

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


CICA handbook section 3064, Goodwill and Intangible Assets, will be in effect beginning January 1, 2009. This new section applies to goodwill subsequent to initial recognition and establishes standards for the recognition, measurement and disclosure of goodwill and intangible assets. The new disclosure requirement is not expected to have an impact on the Company's financial statements.


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


The unaudited financial 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 share - basic 0.06 0.05 0.02 0.04 (0.01) 0.00 0.05 0.05Per share - diluted 0.06 0.05 0.02 0.04 (0.01) 0.00 0.05 0.05Capital spending Exploration and development 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 average 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)- high 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 development activities. Timing of production is subject to timing of drilling and facility construction.

- Growth in revenue and funds generated by operations is the combination of increased production and strong commodity prices. Oil prices for medium grade quality crude experienced a large 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 demand for medium type crudes increased resulting in a decrease 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 affect 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 development of future drilling prospects and seasonal field 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 equipment (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 financial statements.

Masters Energy Inc.Statements of Earnings (Loss), Comprehensive Income (Loss) and Retained Earnings(unaudited)--------------------------------------------------------------------------------------------------------------------------------------------------------($ thousands except share and per share 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, beginning of period 7,287 5,787------------- -------------

Retained earnings, end of period $ 8,163 $ 5,693------------- -------------------------- -------------

Earnings (loss) per share (note 7)

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

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

Weighted average 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 financial 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 equipment (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, beginning of period - -------------- -------------

Cash and cash equivalents, end of period $ - $ -------------- -------------------------- -------------

Supplemental cash flow informationInterest paid $ 268 $ 285


See accompanying notes to the financial statements.

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

1. Accounting Policies

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

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

(a) Financial Instruments - Disclosure and Presentation

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

(b) Capital Disclosures

Effective January 1, 2008, the Company adopted the new Canadian capital disclosure standards. This new guidance requires disclosure about the Company's objectives, policies and process for managing capital. These disclosures include 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 have 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 equipment $ 103,639 $ 33,571 $ 70,068Office equipment 73 48 25 ------------ -------------- ------------$ 103,712 $ 33,619 $ 70,093------------ -------------- ------------------------ -------------- ------------As at December 31, 2007

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

The value of undeveloped lands excluded from costs subject 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 general 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 be drawn with direct advances or guaranteed notes. Direct advances bear interest at the bank's prime lending rate and the guaranteed notes bear 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 period of another 364 days, subject to the bank's approval. If the Company does not request the extension or the bank does not agree to the extension, the credit facility principal borrowed will be repaid in full with a single 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 general assignment of book debts secured by a first floating charge over all the assets of the Company.

4. Asset retirement obligation

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

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

Asset retirement obligation, beginning of period $ 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, end of period $ 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 average credit-adjusted risk-free interest rate of 6.0 percent. The Company expects these obligations to be settled in approximately one to 14 years.

5. Share 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 be 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 normal course issuer bid. The issuer bid will terminate on November 6, 2008. During the first quarter period 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 share 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 flexible 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 be successful. Therefore, the Company endeavors to balance the proportion of debt and equity in its capital structure to take into account the level of risk being incurred in its capital expenditures.

In the management of capital, the Company includes share 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 period it would take 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 foreign 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 level of bank credit available from the commercial bank; the level of bank credit that may be 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 new 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, beginning of period $ 1,103 $ 820Stock-based compensation expense 31 154Capitalized stock-based compensation 43 187Reacquisition and cancellation of common shares (22) (58)----------------- -------------Balance, end of period $ 1,155 $ 1,103----------------- ------------------------------ -------------

7. Per share amounts

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

8. Income taxes

(a) The provision for income tax expense differs from that which would be 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 difference 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 equipment in excess of available tax deductions $ 5,542 $ 5,034Asset retirement obligation (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 be 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 financial counterparties. The forward and future contracts are subject 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 place 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. Financial instruments


The Company has exposure to the following risks from its use of financial 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 financial statements.

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

(a) Credit risk

Substantially all of the Company's petroleum and natural gas production is marketed under standard industry terms. The industry has a pre-arranged monthly settlement day for payment of revenues from all 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' share of capital and operating expenses. These collections are subject to normal industry risk. Masters attempts to mitigate risk from joint venture receivables by obtaining partner approval of capital projects prior to expenditure and collects in advance for significant amounts related to partners' share 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 have 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 subject to the same risks as the industry as a whole.

(b) Liquidity risk

Liquidity risk relates to the risk the Company will encounter difficulty in meeting obligations associated with the financial liabilities. The financial liabilities on its balance sheet consist of accounts payable and bank debt. Accounts payable consists of invoices payable to trade suppliers relating to office and field operating activities and their capital spending program. Masters processes invoices within a normal 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 period of another 364 days, subject to the bank's approval. If the Company does not request the extension or the bank does not agree to the extension, the credit facility principal borrowed will be repaid in full with a single payment one year subsequent to April 30, 2008. Masters anticipates it will continue to have adequate liquidity to fund its financial 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 financial liabilities.

(c) Market risk

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

Masters utilizes financial derivative contracts to manage market risk. All 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 fair 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 also global economic events that dictate the levels of supply and demand. The Company has attempted to mitigate commodity price risk through the use of a financial 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 have impacted net earnings by approximately $36,000 for the first quarter 2008.

ii. Foreign currency exchange rate risk

Foreign currency exchange rate risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. The Company does not sell or transact in any foreign currency, however the United States dollar influences the price of petroleum and natural gas sold in Canada. The Company's financial assets and liabilities are not affected by a change in currency rates. The Currency had no foreign exchange contracts in place 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 have a floating interest rate. The Company had no interest rate swaps or hedges at March 31, 2008. In regards to interest rate risk, an increase or decrease of one percent to the effective interest rate for the Company would have impacted net earnings by approximately $32,000 for the first quarter 2008.

(d) Fair values

The fair 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 fair market value approximates the carrying value. From time to time the Company enters into short term derivative natural gas contracts such as type 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 symbol "MSY".


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 sufficient capital from internal and external sources: as a consequence, actual results may differ materially from those anticipated. The Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ 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 | real questions and Pass4sure dumps

Journal of Theoretical and Applied Information Technology



January 2015. Vol.71 No.2

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


1992-8645 E-ISSN:



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

IT Governance Institute, Retrieved from, 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

Documentation: A Systematic Literature

Review”, Information and Software

Technology, Journal of

Information and

Software Technology18 January 2014



[11] P. Woods and R.Byrt, “Risk assessment,

measurement and management”


Book on

Forensic, November 2006.

[12] M. A. Mustafa, and J.F. Al-Bahar,“Project

risk assessment using analytical hierarchy

process”,IEEE Transactions on Engineering

Management, Vol. 3, No. 2, 2010, pp. 1-11.

[13] G. H. Bodnar, “IT Governance”, Internal

Auditing, Vol. 18, No.3, May 2008, pp. 27-


[14] R. McAdams and A. Galloway, “Enterprise

Resource Planning and Organisational

Innovation: A Management

Perspective”,Industrial Management & Data

Systems, Vol. 105, No. 3, 2005, pp. 1-14.

[15] A.R. Rim, “A Risk Management Standard

AIRMIC, ALARM, IRM”, Journal of Risk

Management,Febuary2005, pp.1-39.

[16] P.Coopers,IT Governance in Practice Insight

from leading CIOs; PricewaterhouseCoopers

International Limited,June 2007.

[17] D.Steuperaert, “The Risk IT

Framework”,Excerpt ISACA Journal USA,

March 2009, pp. 234-343.

[18] E. Wessels and J.L .Van, “IT Governance:

Theory and Practice”,Proceedings of the

Conference on Information Technology in

Tertiary Education, Pretoria, South Africa,

Vol. 1, No. 2, 20 September 2006, pp. 1-14.

[19] G. Stoneburner, A.Goguen, and A. Feringa,

“Risk Management Guide for Information

Technology Systems”,Recommendations of

the National Institute of Standards and

Technology. February 2002, pp. 434-470.

[20] L. Jack and B. Junior, “Information Security

Risk Assessment GAO Practices of Leading

Organizations”,Accounting and Information

Management DivisionJordan, May 2009, pp.


[21] E. Jordan, and Silcock L, “Beating IT risks.

West Sussex, England: John Wiley & Sons

Ltd, May 2005.

[22] Laurie Williams, “Risk Management”,IEEE

Computer Society Press, Vol. 5, No. 2,

2005, pp. 1-15.

[23] M. Gheorghe, “Risk Management in IT

Governance Framework”, The Bucharest

Academy of Economic Studies, Romania.

Vol. 14, No. 3, 2011, pp. 545-552.

[24] R. Beers, “Risk Management Fundamentals;

Risk Management for Decision

Making”,Homeland Security Risk

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through the Three Lines of Defence, RiskIT

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2012, pp. 10-21.

[26] W. D. Junior, "Assessing IT Governance

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University-San Marcos Luis, February 21-

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[27] ISACA, 2013.“Issues COBIT 5 Governance

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

facebookEarlier this year, the realms of law and new 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 use as character evidence in sentencing hearings.

CNN reports that party photos and pictures of defendants drinking or looking unrepentant have 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 judge slammed him with a two-year jail sentence.

A girl charged in a fatal drunken driving crash also 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 reason 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 be 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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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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