Midale Unit - Saskatchewan

The Midale field was discovered in 1953 and the Midale Unit was formed in 1964 for the purpose of implementing a pressure maintenance scheme by water injection. The Midale Unit is located in southeast Saskatchewan approximately 40 kilometers southeast of the town of Weyburn and encompasses 13,760 gross (net 353) acres with 261 gross (net 6.7) producing wells. Franco-Nevada holds a 1.594% working interest and a 0.972% royalty interest in the Unit. Apache Canada Ltd. is the current Unit operator.

For the 11 days ended December 31, 2007, production net to the Oil & Gas Interests was 105 Boe/d. Franco-Nevada takes product-in-kind for the working interest portion of this production and markets it through a third party marketer. As of December 31, 2007, net proved reserves to the Oil & Gas Interests were 555 Mboe, comprised of 553 Mbbl of oil and 12 MMcf of natural gas.