Formed in 1979, Middlefield Group creates and manages specialized investment products for individual and institutional investors and has assets under management of approximately $3 billion. Investment products include closed-end funds, mutual funds, private and public resource funds, real estate funds and a venture capital fund. Middlefield Group has approximately 70 employees with offices located in Calgary, Toronto, San Francisco and London, England. Clients include Canadian and international financial institutions, corporations and individuals. Its services are provided in Canada primarily through Middlefield Capital Corporation (a member of the Canadian self-regulatory organization that regulates investment dealers) and internationally through Middlefield International Limited in London, England (which is registered as a member firm with The Financial Services Authority in the United Kingdom). In addition to asset and investment management, the services provided by Middlefield Group include corporate finance, merchant banking, financial advisory and securities placement activities.

Middlefield Group's role in its fund management business includes the creation and structuring of investment vehicles, the completion of offerings to investors, the identification, selection and monitoring of suitable investments, acting as registrar and transfer agent, monitoring regulatory compliance and providing reports to investors on operating and financial performance and for income tax purposes.

Middlefield Group has focused on and developed investment management expertise in oil and gas and mining as well as real estate and income-producing equity securities. In the oil and gas and mining sectors, Middlefield has acted as agent or manager for over $2 billion of resource investments since 1983 when it commenced activity in these sectors. Middlefield also has developed extensive expertise in the utilization of tax-advantaged forms of investment vehicles such as limited partnerships and flow-through share funds. Flow-through funds currently managed by Middlefield include MRF 2010 Resource Limited Partnership, which was launched in January 2010, Discovery 2010 Flow-Through Limited Partnership, which was launched in August 2010, MRF 2011 Resource Limited Partnership, which was launched in January 2011, and Discovery 2011 Flow-Through Limited Partnership, which was launched in August 2011. Middlefield's resource experience includes: the management of 48 limited partnerships which have raised and invested over $2.1 billion in flow-through shares of resource companies; the management of a co-venture and two limited partnerships which own producing oil and gas assets engaged in oil and gas exploration and development; the co-founding of Morrison Middlefield Resources Limited (MMRL), a TSX listed oil and gas company; and the management of several open-end and closed-end funds which focus, to varying degrees, on the mining and oil and gas sectors and the generation of income.

In the real estate sector, since its inception, Middlefield Group has been involved in all aspects of the industry. Activities encompass land acquisition, project design, construction, financing and leasing of projects. Upon project acquisition or completion, ongoing property management services are provided through its affiliates. Middlefield has sponsored and manages 14 projects. Properties include approximately 1,500 residential units as well as commercial projects. Currently, about 900 residential units and several limited partnerships are managed by Middlefield Group.