Report Pursuant to Section 102.1 of the Securities Act (Ontario) and Similar Provisions of other Provincial Securities Legislation

1.  The name and address of the Offeror



The K2 Principal Fund LP. (the "Partnership")
444 Adelaide Street West
Suite 200
Toronto, Ontario M5V 1S7
2.  The designation and number or principal amount of securities and the Offerer's security holding percentage in the class of securities of which the Offeror acquired ownership or control in the transaction or occurrence giving rise to the obligation to file a news release, and whether it was ownership or control that was acquired in those circumstances
  On May 17th 2011, the Partnership acquired an aggregate of 1,937,100 common shares (the "Shares") of Typhoon Exploration Inc. ("TYP"), representing approximately 10.05% of the issued and outstanding common shares.
3.  The designation and number or principal amount of securities and the Offerer's security holding percentage in the class of securities immediately after the transaction or occurrence giving rise to obligation to file a news release
  The Partnership owns 1,937,100 Shares, representing approximately 10.05% of the issued and outstanding Shares.
4.  The designation and number or principal amount of securities and the percentage of outstanding securities of the class of securities referred to in paragraph (3) over which:
  (a)      the Offeror, either alone or together with any joint actors, has ownership and control
  The Partnership owns 1,937,100 Shares, representing approximately 10.05% of the issued and outstanding Shares.
  (b) the Offeror, either alone or together with any joint actors, has ownership but control is held by other persons or companies other than the Offeror or any joint actor
           N/A
  (c)      the Offeror, either alone or together with any joint actors, has exclusive or shared control but does not have ownership
            N/A
5.  The name of the market in which the transaction or occurrence that gave rise to the news release took place
  The Shares were purchased by the Partnership on the TSX-Venture Exchange.
   
6.  The value in Canadian dollars of any consideration offered per security if the Offeror acquired ownership of a security in the transaction or occurrence giving rise to the obligation to file a news release
  The acquisition cost of the Shares was $1,701,548.60 in the aggregate.
7.   The purpose of the Offeror and any joint actors in effecting the transaction or occurrence that gave rise to the news release, including any future intention to acquire ownership of, or control over, additional securities of the reporting issuer
  The Partnership acquired the securities for investment purposes only and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire, Shares or other securities of TYP through market transactions, private agreements or otherwise.
8.  The general nature and the material terms of any agreement, other than lending arrangements, with respect to securities of the reporting issuer entered into by the Offeror, or any joint actor, and the issuer of the securities or any other entity in connection with the transaction or occurrence giving rise to the news release, including agreements with respect to the acquisition, holding, disposition or voting of any of the securities
  N/A
9.  The names of any joint actors in connection with the required disclosure
  None
10.  In the case of a transaction or occurrence that did not take place on a stock exchange or other market that represents a published market for the securities, including an issuance from treasury, the nature and value of the consideration paid by the Offeror
  N/A
11.  If applicable, a description of any change in any material fact set out in a previous report by the entity under the early warning requirements or Part 4 of National Instrument 62-103 in respect of the reporting issuer's securities
  None
12.  If applicable, a description of the exemption from securities legislation being relied on by the Offeror and the facts supporting that reliance
  None

DATED this _19th_ day of May 2011.

                                                 
                                                THE   K2   PRINCIPAL   FUND   L.P.,   by  its
general partner, K2 GenPar Inc.
                                                 
                                                (signed)
                                                ---------------------------------------
                                                Shawn Kimel
President
Authorized Signing Officer

SOURCE K2 Principal Fund L.P.


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