Fully Diluted Share Calculation

Shares Outstanding (basic)87,820,443
Options Outstanding5,570,000
Outstanding Class "B" shares of Mountainview Energy (USA) Ltd.(1)7,822,727
Shares Outstanding (fully-diluted)(2)101,213,170
Note:
(1) Class "B" shares of Mountainview Energy (USA) Ltd. are convertible into common shares of Mountainview Energy Ltd. pursuant to the articles of Mountainview Energy (USA) Ltd.
(2) Mountainview Energy Ltd. also has a Convertible Debenture with a related party at a price of $2.50 per share, which if converted would equate an additional 828,821 issued and outstanding.
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