Conversion to Corporate Structure

Effective December 19, 2007, Fairborne Energy Trust was converted into a growth oriented exploration and production company. Unitholders of Fairborne Energy Trust received one share of the new company, Fairborne Energy, for each trust unit held. For tax implications of this event, please refer to page 48 of the Information Circular dated November 16, 2007 which can be found at www.sedar.com. Please also keep in mind that the Fairborne Energy Trust did not include any return of capital in its distributions, and therefore the use of the ACB Tracking Calculator will not be necessary.