2015 ANNUAL FINANCIAL AND OPERATIONAL HIGHLIGHTS

• Achieved average production of 7,118 boe/d (75% oil and NGLs).

• Generated revenue of $116.7 million.

• Generated funds from operations of $64.6 million (including realized hedge gains of $14.6 million) or $1.40/share

• Realized operating netbacks of $23.54/boe.

• Completed the acquisition of its properties and commenced independent business operations on May 15, 2015.

• Reduced drilling and completion costs to approximately $3.2 million per well by the end of 2015 as compared to DeeThree's $5.4 million per well in 2014.

• Achieved finding and development costs ("F&D") of $18.90/boe (proved) and $18.18/boe (proved plus probable).

• Reduced drilling by 38% from DeeThree's 2014 levels in order to minimize the Company's overall production decline profile, while still allowing the Company to maintain cash flow from operations.

• Reduced overall corporate declines on its asset base to 30% at year-end 2015, a significant improvement from 40% at year-end 2014.

• Reported proved year end reserves of 26.1 million boe and proved plus probable year end reserves of 34.6 million boe (76% proved).

• Initiated its first gas injection enhanced oil recovery project (EOR) on its Brazeau Belly River Property.

• Exited 2015 with net debt of $142.8 million and $135.7 million drawn on $140 million of availability on its Credit Facility.

OPERATIONAL AND GUIDANCE UPDATE

Throughout the first quarter of 2016, the Company has been injecting approximately 2.5 mmcf/day of gas into its 15-14-47-15 horizontal well in the large D sand development pool as part of its first gas re-injection scheme. The Company is now in the process of converting its 11-29-47-15 horizontal well into a second high pressure injection well, this time in the C sand development pool, and plans to have the first gas re-injected into this C pool late in the second quarter of 2016.

As of the date of this press release, Boulder's 2016 budget has the Company generating $18.5 million of cash flow for the year (based on WTI US$39/bbl and C$1.00/US$0.74) with average production of approximately 4,800 boe/d for the year (73% oil and NGLs) and exit production of approximately 4,500 boe/d (73% oil and NGLs). The Company is approaching 2016 conservatively with plans to drill only 2 wells and incur capital expenditures of approximately $13.6 million, ending the year with net debt of approximately $138 million. Boulder will re-evaluate the capital budget in order to ensure that spending levels are appropriate in the context of prevailing commodity prices. The Company's plans are also subject to change pending the outcome of the proposed Transaction (see "Subsequent to Year End" and "Outlook" sections below).

RISK MANAGEMENT

Boulder has secured a number of crude oil hedging contracts throughout the remainder of 2016 and through the first half of 2017 to mitigate the oil price volatility that has dominated the industry over the past year.

The Company currently has 2,400 bbls/d of crude oil hedged at an average price of US$37.06/bbl from now until the end of June 2016, as well as 1,000 bbls/d hedged at US$40.00/bbl and 600 bbls/d hedged at an average of CAD$55.21 until the end of December 2016. The Company also has 650 bbls/d of crude oil hedged for January to June 2017 at an average price of CAD$55.28.

SUBSEQUENT TO YEAR END

On February 24, 2016, Boulder entered into a definitive arrangement agreement (the "Arrangement Agreement") with 1951556 Alberta Ltd. ("AcquisitionCo"), a newly formed portfolio company of ARC Energy Fund 8, pursuant to which each Common Shareholder, other than certain members of senior management of Boulder (the "Management Participants"), will receive $2.59 in cash in exchange for each Common Share held (the "Transaction"). The Transaction, if approved by the Common Shareholders, will proceed by way of a court-approved plan of arrangement pursuant to the Business Corporations Act (Alberta) (the "Arrangement").

Boulder's Board of Directors has approved the terms of the Transaction and unanimously recommends that all Boulder Shareholders vote in favour of the Transaction at the special meeting of shareholders that will be held on April 12, 2016 in Calgary, Alberta (the "Special Meeting") to consider the Transaction.

The Transaction is subject to customary conditions for the approval of a plan of arrangement, including the approval of the Court of Queen's Bench of Alberta, and the approval of not less than 66 2/3% of the votes cast by Common Shareholders represented in person or by proxy at the Special Meeting. The application for the Final Order of the Court of Queen's Bench of Alberta approving the Arrangement has been re-scheduled from 1:30pm to 2:00pm on April 12, 2016. Closing of the Transaction expected to occur on or about April 13, 2016. The Common Shares will be de-listed from the TSX and the OTCQX following closing.

A copy of each of the Arrangement Agreement and the management information circular of Boulder dated March 15, 2016 prepared in respect of the Special Meeting are available on Boulder's SEDAR profile at www.sedar.com.

OUTLOOK

Assuming the successful completion of the Transaction, Boulder intends to maintain its oil production in 2016 through a moderate drilling program on its multi-zone Brazeau Belly River Property. These plans are subject to the approval of the Board of Directors as constituted following the completion of the Transaction and will adjust based on commodity prices.

Reader Advisories

Forward-Looking Statements. Certain statements contained in this press release may constitute forward-looking statements. These statements relate to future events or the Boulder's future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions suggesting future outcomes or language suggesting an outlook.

The forward-looking statements included in this press release regarding the Transaction, the receipt of related necessary approvals, the shareholder vote, and the anticipated timing for mailing the information circular, holding the Special Meeting of Shareholders of Boulder and completing the Transaction, are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements. In respect of the forward-looking statements and information concerning the completion of the Transaction and the anticipated timing for completion of the Transaction, Boulder has provided such in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court, shareholder, TSX and other third party approvals and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Transaction. These dates may change for a number of reasons, including unforeseen delays in preparing meeting material; inability to secure necessary shareholder, regulatory, court or other third party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Transaction. Risks and uncertainties that may cause such differences include but are not limited to: the risk that the Transaction may not be completed on a timely basis, if at all; the conditions to the consummation of the Transaction may not be satisfied; the risk that the Transaction may involve unexpected costs, liabilities or delays; the risk that, prior to the completion of the Transaction, Boulder's business may experience significant disruptions, including loss of customers or employees, due to transaction-related uncertainty or other factors; the possibility that legal proceedings may be instituted against Boulder and/or others relating to the Transaction and the outcome of such proceedings; the possible occurrence of an event, change or other circumstance that could result in termination of the Transaction; risks regarding the failure of AcquisitionCo to obtain the necessary financing to complete the Transaction; risks related to the diversion of management's attention from Boulder's ongoing business operations; risks relating to the failure to obtain necessary shareholder and court approval; risks related to obtaining the requisite consents to the Transaction; other risks inherent in the oil and gas industry. Failure to obtain the requisite approvals, or the failure of the parties to otherwise satisfy the conditions to or complete the Transaction, may result in the Transaction not being completed on the proposed terms, or at all. In addition, if the Transaction is not completed, and Boulder continues as an independent entity, the announcement of the Transaction and the dedication of substantial resources of Boulder to the completion of the Transaction could have a material adverse impact on Boulder's share price, its current business relationships (including with future and prospective employees, customers, distributors, suppliers and partners) and on the current and future operations, financial condition and prospects of Boulder.

Statements relating to "reserves" are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Boulder believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement.

This press release also contains forward-looking statements pertaining to Boulder's plans, strategy and other aspects of Boulder's anticipated future operations and its financial and operating results, including the following: projections of cash flow and net debt, projections of market prices and costs, supply and demand for oil and natural gas, the quantity of reserves, oil and natural gas production levels, the success of the enhanced oil recovery scheme, capital expenditure programs, treatment under governmental regulatory and taxation regimes, expectations regarding Boulder's ability to raise capital and to continually add to reserves through acquisitions and development and projections of market prices and costs. With respect to the related forward-looking statements contained in this press release, Boulder has made assumptions regarding, among other things: prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; the legislative and regulatory environments of the jurisdictions where Boulder carries on business or has operations; future production rates and estimates of operating costs; performance of existing and future wells; reserve and resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; ability to market oil and natural gas successfully and Boulder's ability to obtain additional financing on satisfactory terms. Although Boulder believes that the assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because no assurance can be given that they will prove to be correct. Boulder's actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors that may include, but are not limited to: volatility in the market prices for oil and natural gas; uncertainties associated with estimating reserves; uncertainties associated with Boulder's ability to obtain additional financing on satisfactory terms; geological, technical, drilling and processing problems; liabilities and risks, including environmental liabilities and risks, inherent in oil and natural gas operations; incorrect assessments of the value of acquisitions; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel.

The forward-looking information included in this press release represents Boulder's views as of the date of this document and such information should not be relied upon as representing its views as of any date subsequent to the date of this document. Boulder has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.

When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Boulder's operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

Non-GAAP Measurements. This press release contains the terms "funds from operations" and "funds from operations per share", which should not be considered an alternative to or more meaningful than cash flow from (used in) operating activities as determined in accordance with IFRS. These terms do not have any standardized meaning under IFRS. Boulder's determination of funds from operations and funds from operations per share may not be comparable to that reported by other companies. Management uses funds from operations to analyze operating performance and leverage, and considers funds from 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, if applicable. Funds from operations is calculated using cash flow from operating activities as presented in the statement of cash flows, before changes in non-cash working capital. Boulder presents funds from operations per share whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share.

The Company considers corporate netbacks to be a key measure as they demonstrate Boulder's profitability relative to current commodity prices. Corporate netbacks are comprised of operating and funds flow netbacks. Operating netback is calculated as the average sales price of the Company's commodities, less royalties, operating costs and transportation expenses. Funds flow netback starts with the operating netback and further deducts general and administrative costs, finance expense and unrealized gains on financial instruments, and then adds any finance income and realized gains on financial instruments, if applicable. No IFRS measure is reasonably comparable to netbacks. See "Non-GAAP Measurements - Funds from Operations" in the Company's management's discussion and analysis for the year ended December 31, 2015 filed on www.sedar.com for the netback calculations.

Net debt, which represent current assets less current liabilities, excluding current derivative financial instruments, is used to assess efficiency, liquidity and the Company's general financial strength. No IFRS measure is reasonably comparable to net debt.

Reserves Disclosure. All reserves references in this press release are "Company share reserves". Company share reserves are the Company's total working interest reserves before the deduction of any royalties and including any royalty interests of the Company.

BOE Presentation. References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6: 1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.