13D Filing: Blue Mountain Capital and Saexploration Holdings Inc. (SAEX)

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The percentage set forth in Row 13 of this Cover Page is based on the 10,236,855 shares
of Common Stock (as defined in Item 1) outstanding as of January 29, 2018, based on information from the Issuer and other publicly
available information. The above ownership excludes shares that may be received pursuant to (i) the conversion of the Series A
perpetual convertible preferred stock (the “Series A Preferred Stock”) into Common Stock, (ii) the conversion of the
Series B convertible preferred stock (the “Series B Preferred Stock”) into Common Stock, and (ii) the exercise of
Series C Warrants to purchase shares of Common Stock (the “Series C Warrants”). Please see Item 3 for a detailed description
of the terms of the Series A Preferred Stock, Series B Preferred Stock and Series C Warrants.