Write a few sentences expanding on the needs of the key users of these financial statements.

Western Energy Recovery Limited Income Statement For the year ending December 31 2020 (Projected) 2020 (Unaudited) 2019 (Unudited) 2018 (Unudited) Sales less royalties Cost of production Gross Margin $ 53,593,680 $ 23,925,750 $ 25,520,800 $ 21,692,680 4,843,801 4,800,086 4,320,737 2,937,485 $ 48,749,879 $ 19,125,664 $ 21,200,063 $ 18,755,195 Amortization of oil properties Production maintenance Decommissioning expense Income from Production 17,653,032 14,593,032 3,200,644 3,151,130 5,497,485 9,162,475 $ 22,398,718 ($ 7,780,973) $ 9,493,032 2,137,189 5,497,485 4,072,357 $ 6,433,032 1,386,565 1,832,495 9,103,103 Administrative and other Earnings before interest and taxes 390,451 377,092 $ 22,008,267 ($ 8,158,065) $ 353,121 3,719,236 $ 346,758 8,756,345 Interest expense Net income before taxes $ 12,100,000 $ 10,700,000 $ $ 9,908,267 ($ 18,858,065) $ 3,700,000 $ 3,000,000 19,236 $ 5,756,345 Tax expense Net income $ 4,260,555 ($ 8,108,968) $ $ 5,647,712 ($ 10,749,097) $ 8,271 $ 2,475,228 10,965 $3,281,117 * Sales revenue net of royalty payable to Alberta government As at December 31 2018P (Unaudited) 2017 (Unaudited) 2016 (Unudited) 2015 (Unudited) $ ASSETS Cash and equivalents Accounts receivable, net Taxes recoverable Inventory Total current assets 4,646,092 $ 1,311,717 5,442,405 3,667,045 18,100,259 $ 7,508,418 $ 3,166,257 9,702,960 4,331,603 25,009,238 $ 8,386,214 $ 3,827,388 1,593,992 3,499,928 17,307,522 $ 48,728,664 2,929,981 1,602,263 2,677,549 55,938,460 $ Land leases Leasehold improvements Production equipment Office equipment Total fixed assets $ 8,467,387 $ 7,349,644 $ 5,171,901 $ 3,894,158 184,552,653 157,727,819 104,027,985 72,203,151 113,779,753 97,875,362 65,845,971 46,941,580 103,152 102,035 101,038 100,148 $ 306,902,945 $ 263,054,860 $ 175,146,895 $ 123,139,037 Equity investments TOTAL ASSETS $ 2,000,000 $ 2,000,000 $ $ $ 327,003,204 $ 290,064,098 $ 192,454,417 $ 179,077,497 $ LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable Royalties payable Taxes payable Current portion of decommissioning Total current liabilities 685,727 $ 1,846,527 691,972 $ 4,023,065 4,260,555 638,113 9,613,705 $ 617,248 $ 2,211,102 8,271 499,330 3,335,951 $ 419,641 1,587,151 2,475,228 486,131 4,968,151 649,429 3,181,683 $ $ Convertible debt? Long term debt? Decommissioning obligation Total long-term liabilities TOTAL LIABILITIES $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 130,000,000 110,000,000 10,000,000 50,869,352 46,009,980 37,496,934 32,498,779 $ 230,869,352 $ 206,009,980 $ 97,496,934 $ 82,498,779 $ 240,483,057 $ 209,191,663 $ 100,832,885 $ 87,466,930 $ SHAREHOLDERS' EQUITY Common shares Retained earnings TOTAL SHAREHOLDERS'EQUITY 80,000,000 $ 6,520,147 86,520,147 $ 80,000,000 $ 872,435 80,872,435 $ 80,000,000 $ 11,521,532 91,621,532 $ 80,000,000 11,610,567 91,610,567 $ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 327,003,204 $ 290,064,098 $ 192,454,417 $ 179,077,497 Wells in production 140 125 100 85 ronomable at IERI Western Energy Recovery Limited Income Statement For the year ending December 31 2020 (Projected) 2020 (Unaudited) 2019 (Unudited) 2018 (Unudited) Sales less royalties Cost of production Gross Margin $ 53,593,680 $ 23,925,750 $ 25,520,800 $ 21,692,680 4,843,801 4,800,086 4,320,737 2,937,485 $ 48,749,879 $ 19,125,664 $ 21,200,063 $ 18,755,195 Amortization of oil properties Production maintenance Decommissioning expense Income from Production 17,653,032 14,593,032 3,200,644 3,151,130 5,497,485 9,162,475 $ 22,398,718 ($ 7,780,973) $ 9,493,032 2,137,189 5,497,485 4,072,357 $ 6,433,032 1,386,565 1,832,495 9,103,103 Administrative and other Earnings before interest and taxes 390,451 377,092 $ 22,008,267 ($ 8,158,065) $ 353,121 3,719,236 $ 346,758 8,756,345 Interest expense Net income before taxes $ 12,100,000 $ 10,700,000 $ $ 9,908,267 ($ 18,858,065) $ 3,700,000 $ 3,000,000 19,236 $ 5,756,345 Tax expense Net income $ 4,260,555 ($ 8,108,968) $ $ 5,647,712 ($ 10,749,097) $ 8,271 $ 2,475,228 10,965 $3,281,117 * Sales revenue net of royalty payable to Alberta government As at December 31 2018P (Unaudited) 2017 (Unaudited) 2016 (Unudited) 2015 (Unudited) $ ASSETS Cash and equivalents Accounts receivable, net Taxes recoverable Inventory Total current assets 4,646,092 $ 1,311,717 5,442,405 3,667,045 18,100,259 $ 7,508,418 $ 3,166,257 9,702,960 4,331,603 25,009,238 $ 8,386,214 $ 3,827,388 1,593,992 3,499,928 17,307,522 $ 48,728,664 2,929,981 1,602,263 2,677,549 55,938,460 $ Land leases Leasehold improvements Production equipment Office equipment Total fixed assets $ 8,467,387 $ 7,349,644 $ 5,171,901 $ 3,894,158 184,552,653 157,727,819 104,027,985 72,203,151 113,779,753 97,875,362 65,845,971 46,941,580 103,152 102,035 101,038 100,148 $ 306,902,945 $ 263,054,860 $ 175,146,895 $ 123,139,037 Equity investments TOTAL ASSETS $ 2,000,000 $ 2,000,000 $ $ $ 327,003,204 $ 290,064,098 $ 192,454,417 $ 179,077,497 $ LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable Royalties payable Taxes payable Current portion of decommissioning Total current liabilities 685,727 $ 1,846,527 691,972 $ 4,023,065 4,260,555 638,113 9,613,705 $ 617,248 $ 2,211,102 8,271 499,330 3,335,951 $ 419,641 1,587,151 2,475,228 486,131 4,968,151 649,429 3,181,683 $ $ Convertible debt? Long term debt? Decommissioning obligation Total long-term liabilities TOTAL LIABILITIES $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000 130,000,000 110,000,000 10,000,000 50,869,352 46,009,980 37,496,934 32,498,779 $ 230,869,352 $ 206,009,980 $ 97,496,934 $ 82,498,779 $ 240,483,057 $ 209,191,663 $ 100,832,885 $ 87,466,930 $ SHAREHOLDERS' EQUITY Common shares Retained earnings TOTAL SHAREHOLDERS'EQUITY 80,000,000 $ 6,520,147 86,520,147 $ 80,000,000 $ 872,435 80,872,435 $ 80,000,000 $ 11,521,532 91,621,532 $ 80,000,000 11,610,567 91,610,567 $ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 327,003,204 $ 290,064,098 $ 192,454,417 $ 179,077,497 Wells in production 140 125 100 85 ronomable at IERI