NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Active Joint Ventures during the Year Operating Location Ownership Interest Akita Wood Buffalo Joint Venture 22 Canada 85% Akita Wood Buffalo Joint Venture 25 Canada 85% Akita Wood Buffalo Joint Venture 26 Canada 85% Akita Wood Buffalo Joint Venture 27 Canada 85% Akita Wood Buffalo Joint Venture 28 Canada 70% Akita Wood Buffalo Joint Venture 33 Canada 62.5% Akita Sahtu Joint Venture 51 Canada 50% Akita Equtak Joint Venture 60 Canada 50% Akita Equtak Joint Venture 61 Canada 50% Akita Equtak Joint Venture 63 Canada 50% Continuity of Investments in Joint Ventures $Thousands  Investments in Joint Ventures  Balance as at December 31, 2011  $ 5,672  Net income for the year ended December 31, 2012 14,163  Distributions for the year ended December 31, 2012 (15,229)  Disposition of joint venture interest  219 Balance as at December 31, 2012 4,825 Net income for the year ended December 31, 2013 18,792  Distributions for the year ended December 31, 2013 (13,525) Balance as at December 31, 2013  $ 10,092  $Thousands  December 31 2013 December 31 2012 Cash and cash equivalents  $ 10,291   $ 3,030  Other current assets  8,681   8,408 Total Assets 18,972  11,438  Current liabilities 5,558  3,190 Non-current liabilities 914 1,400 Total Liabilities 6,472  4,590 Net Assets  $ 12,500   $ 6,848  Revenue  $ 63,614   $ 57,637 Interest income  $ 100   $ 54 Net income and comprehensive income  $ 23,455   $ 20,661  Summarized Joint Venture Financial Information (100%) Summarized Joint Venture Financial Information This summarized financial information is the aggregate of the joint ventures’ IFRS financial statements. AKITA  recognizes its proportionate share of the Joint Ventures’ financial results. 50 AKITA DRILLING LTD.  ANNUAL REPORT