Lexam VG Gold Inc. (fka LEXVF)

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LEXAM VG GOLD INC.
Form 51-101 F1
Statement of Reserves Data and other Oil and Gas Information
Effective December 31, 2012
Date of Statement April 11, 2013
Preparation Date April 11, 2013

This statement of reserves data and other oil and gas information has been prepared as of April 11, 2013.

Reserves and Future Net Revenue
The following is a summary of the oil and natural gas reserves and the value of future net revenue of Lexam VG Gold Inc.. ("Lexam VG" or the "Corporation") as of April 11, 2013.
References to oil, gas, natural gas liquids, reserves (gross, net, proved, developed, developed producing, developed non-producing, undeveloped), constant prices and costs, operating, costs, development costs, future net revenue and future income tax expenses shall, unless expressly stated to be to the contrary, have the meaning attributed to such terms as set out in National
Instrument 51-101, Companion Policy 51-101CP and all forms reference therein.

Part 1 – Date of Statement
Effective December 31, 2012
Date of Statement April 11, 2013
Preparation Date April 11, 2013

Part 2 – Disclosure of Reserves Data
The Company is in the business of exploring for oil and gas in the State of Colorado, USA. As of December 31, 2012 the Company had no oil or gas reserves.

Part 3 – Pricing Assumptions
An independent evaluator has not evaluated the assets of the Company.

Part 4 – Reconciliations of Changes in Reserves and Future Net Revenue
An independent evaluator has not evaluated the assets of the Company. There is no revenue currently being generated from the assets, there are no future revenue projections available.

Part 5 – Additional Information Relating to Reserves Data Significant Factors or Uncertainties
The Company currently has no reserves.
The estimation of reserves requires significant judgment and decisions based on available geological, geophysical, engineering and economic data. These estimates can change substantially as additional information from ongoing development activities and production performance becomes available and as economic and political conditions impact oil and gas prices and costs change.

Part 6 - Other Oil and Gas Information
6.2 Properties with No Attributed Reserves
The Corporation’s only oil and gas property, the Baca Grant, covers 100,000 acres in Colorado’s San Luis Valley (USA). Lexam VG owns 75% of the hydrocarbon estate in the Baca Grant. The Company has not made any work commitments for the coming fiscal year beyond those in Section 6.7.
6.3 Forward Contracts
The Company has no forward contracts.
6.5 Tax Horizon
The Corporation does not expect to be taxable in the foreseeable future.
6.6 Costs Incurred (Amounts in Canadian $)
The most recent financial year had no property acquisition costs or development costs. Exploration costs consisted of:
2012
Baca Project - Colorado
Technical and Professional Services $ 8,937
Total Exploration Expense $ 8,937
6.7 Exploration and Development Activities
Due to a court injunction Lexam VG does not anticipate being able to conduct any exploration on the Baca property in 2013.

Form 51-101F3
Report of Management and Directors on Oil And Gas Disclosure
Report of Management and Directors on Reserves Data and Other Information
Management of Lexam VG Gold Inc. (the "Company") is responsible for the preparation and disclosure of information with respect to the Company’s oil and gas activities in accordance with securities regulatory requirements.
An independent evaluator has not evaluated the assets of the Company.
As at December 31, 2012, the Company did not have any oil & gas reserves.
Because the reserves data are based on judgments regarding future events, actual results will vary and the variations may be material.

“John Tait”
John Tait, Director
“Hugh C. Squair”
Dr. Hugh C. Squair, Director
April 11, 2013