CORPORATE PRESENTATION FEBRUARY 2015 2015 NBF ENERGY CONFERENCE TSX-V: MQL OTCQX: MQLXF Prudent and Disciplined 0 ˃ Near-term Corporate Strategy In response to a low commodity pricing environment, Marquee plans to remain disciplined and conservative with its capital spending. The Company will continue to strengthen and protect its balance sheet, optimize its superior asset base and focus on sustainable shareholder value creation. Discipline • H1 2015 capital spending is less than 50% of estimated cashflow Prudence & Positioning • • Continue to improve efficiencies in operating, capital and G&A costs Plan to use excess cashflow to organically reduce debt Financial Flexibility • • H1 2015 Exit D/CF is 2.0 times Current hedges support 2015 cashflow – approximately 30% of oil production hedged through to end of Q2 2015 • Current Board and management team have grown a number of junior oil and gas companies through volatile phases of the commodity price cycle • Continued improvement in drilling results will drive value recognition, increase share price and produce multiple expansion Marquee can grow value during a low commodity price environment through optimization, strategic acquisitions and organic business development Experienced Team/ Proven Track Record Build Value • 1 ˃ Marquee Profile Market Profile (TSXV: MQL) Current Shares Outstanding (MM) 120.3 Insider Ownership (basic/fully diluted) 15.3%/19.5% Operations Estimated Average Production Q4 (boe/d) 5,240/46% oil & liquids Current Production (boe/d) 5,700/50% oil & liquids Production/Share Growth (2014/2013) Undeveloped Land >12% ~240,000 acres/315 sections Drilling Inventory (100% oil focused) >225 net 2015 Corporate Decline ~22% Finances 2015 H1 Forecast Cash Flow ($MM) ~$13.1 2015 H1 Capital Expenditure Program ($MM) 2014 Estimated Debt Adjusted Cash Flow/Share ($/share) $5.6 $0.37 (1.6 times 2013) 2014 Estimated Exit Net Debt ($MM) Credit Facility ($MM) $61.3 $95 Tax Pools Tax Pools ($MM) $226.9 Outstanding Production Results and Financial Performance in 2014 2 ˃ Marquee Reserves Highlights – December 31, 2014 • The Company’s Proved Developed Producing (“PDP”) reserves increased by 39% to 8.9 mmboe (41% oil and NGLs and proved plus probable (“2P”) reserves rose by 16% to 20.0 mmboe (55% oil and NGLs). • Marquees NPV10 value of its PDP reserves grew by 34% to $129.9 million, 1P reserves value by 26% to $173.6 million and 2P reserves value by 23% to $257.9 million • Net of acquisitions, dispositions and production, 1P reserves increased by 3.7 mmboe and 2P reserves increased by 6.0 mmboe, due to successful drilling programs at Michichi and Lloydminster. • Finding, development and acquisition costs, including the increase in FDC are $14.76 per boe on a 1P basis, and $14.12 per boe on a 2P basis. • The 1P and 2P reserves additions net of acquisitions and dispositions replaced 2014 production by 2.1X and 3.4X, respectively. • The Company’s Reserve Life Index (“RLI”) improved to 11.7 years using 2P reserves and Sproule forecast 2P 2015 average production rate. • Marquees PDP reserves now comprise 70% of its 1P reserves and 1P reserves represent 64% of 2P reserves as at December 31, 2014. • The Company’s 2P Net Asset Value (“NAV”) per fully diluted share calculated on a present value before tax discounted at 10% is approximately $1.93 per share at December 31, 2014 inclusive of an internal land value of $37 million. • Michichi now represents 74% of Marquee’s 1P NPV10 reserve value and on a combined basis the Company’s 2 core areas of Michichi and Lloydminster represent more than 90% of its total reserve volumes and value. 3 ˃ Reserves Growth Reserves Category Effective Date: December 31, 2014 Light & Medium Oil (Mbbl) Heavy Oil (Mbbl) Natural Gas (MMcf) NGL (Mbbl) Total (Mboe) 2,529 858 2,025 712 31,678 1,003 5,459 277 1 79 8,944 168 3,726 Probable Developed Producing Developed Non-Producing Undeveloped 556 15 2,843 297 51 535 6,112 1,384 8,717 52 2 123 1,925 299 4,954 Total Proved Total Probable Total Proved plus Probable 4,554 3,414 7,967 1,570 883 2,454 38,137 16,224 54,363 358 177 535 12,838 7,178 20,016 Proved Developed Producing Developed Non-Producing Undeveloped Notes: (1) Based on Sproule December 31, 2014 forecast prices. (2) Gross Company reserves are the Company’s total working interest share before the deduction of royalties (3) Totals may not add due to rounding. 4 ˃ The Michichi Advantage Extensive Oil Potential • >10 million barrels of oil in place per section combined for the Banff and Detrital zones in the focus area Dominant Land Base • ~215 net undeveloped sections • Crown land, 92% avg. W.I. Extensive Inventory • >175 horizontal oil focused inventory identified to date (29 proven and 29 probable locations booked) Operational Strength • 2 gas plants (28 mmcf/d total capacity) • 2,000 bbl/d oil battery and terminal and new 1,000 bbl/d multi-well battery As a First Mover in the Area, Marquee is Positioned for Dominance and Strategic Control 5 ˃ Drilling Success at Michichi 2014 Michichi Wells Performing Above Type Curve Peak Weekly Peak Monthly Budgeted IP 30 Rate 450 • Michichi current production ~4,500 boe/d (79% of total production) • Since December 2011, Marquee has drilled 32 HZ wells at Michichi 150 • 2014 IP 30 rates are 20% higher than forecasted well guidance 100 • Current well cost = $2.3 million, MQL expects a 20-30% reduction in service costs in 2015 (based on current commodity 400 350 BOE/D 300 250 200 50 0 1 2 3 4 5 6 7 8 9 10 11 12 pricing) 13 Wells (Chronologically Ordered) Type Curve: MQL vs. Competitor Wells at Michichi Horizontal Wells Drilled at Michichi by Operator* 40 Licensed 30 BOE/D # of Wells Drilled 50 20 10 0 MQL* BNP HUSKY Operator *Includes Sonde & Paramount horizontal wells *As of January 1, 2015 CNQ DIRECT 200.0 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 0.0 Competitors Marquee Energy 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 Superior Results Generated Through Experience and Strong Technical Skills Month 6 ˃ 2014 Michichi Capital Program • 100% success rate on 13 HZ oil wells drilled in 2014, average peak IP30 >220 boe/d • Production results continue to improve based on technical and drilling/completion optimization • Extensive use of 3D seismic database to target new drilling locations - acquisition of new 3D seismic completed to aid expansion of focus area • Employ microseismic technology to enhance completions and optimize well spacing Focus Area Combines Best Results and Access to Marquee Infrastructure 7 ˃ Michichi – Improvement of Capital Cost Structure $2,500 Drilling Cost per Meter $2,000 Infrastructure enhancements have significantly reduced tie-in times. COST $1,500 $1,000 $500 Rig Release to On Production 160 $0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 140 WELL COUNT 120 80 Advancements to Marquee’s drilling design and operations process have successfully decreased drilling costs over time. 60 Infrastructure ownership generates dramatic reduction in tie-in times and acceleration of cash flow DAYS 100 40 20 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 WELL COUNT 8 ˃ Lloydminster Performance 2014 Llyodminster Well Results 100 Regional/Sparky 90 McLaren 80 HZ BOE/D 70 * 60 + 50 To be optimized Well bore damage 40 30 20 10 0 + * * * Wells (Chronologically Ordered) * * • Lloydminster current production ~800 boe/d • Low risk drilling inventory >50 locations (19 proven, 7 probable booked) • Significant production growth upside • Marquee drilled 5 vertical and 3 net HZ wells in 2014 • 2014 well cost: $0.6 million (vert), $1.1 million (hz); expect 20-30% reductions with low oil prices in Q3 Low Capital Cost and Compelling Economics 9 ˃ 2015 First Half Guidance Marquee has issued guidance for the first half of 2015. The Company will continue to act with discipline and prudence in its approach to capital spending, acquisition opportunities and with respect to its overall balance sheet management. Q1 Capital Budget • • • 1 delineation HZ well at Michichi 1 delineation vertical well at Lloydminster Facility infrastructure enhancements $5.6 MM H1 2015 Production 5,300 BOE/D H1 2015 Cashflow (1) $13.1 MM Debt (Exit H1 2015) $53.6 MM Debt to Cashflow (Exit H1 2015) ~2.0 times (1) Based on WTI US$50/bbl and AECO CAD $2.65/gj with an exchange rate of US$0.86/C$1.00 2015 H1 Capital Program Focused on Protecting the Balance Sheet 10 ˃ Why own shares in Marquee today? • There is distinct value at the current share price as the company trades below its peers with financial flexibility • The company continues to reduce operating, capital and G&A costs, thereby increasing margins and extending the economic life of its assets • Few juniors boast a comparable scalable, low risk, developmentstage, oil-prone asset base with a clearly delineated drilling inventory capable of supporting many years of profitable growth • Over the last year, the company has shown strong and repeatable drilling results highlighted by a step-change in deliverability. • The company is focused on delivering debt-adjusted per share growth in production, reserves, NAV, CF and FCF that will be increasingly attractive to a wide spectrum of investors Solid Platform for Per-Share Growth 11 ˃ Contact Us For more information, please contact: Richard Thompson President, CEO & Director Email: [email protected] Direct: (403) 817-5561 Main: Fax: 403-384-0000 403-265-0073 Address: 1700, 500-4th Ave SW Calgary, AB T2P 2V6 Investor Inquires: [email protected] Web: www.marquee-energy.com Corporate Information: Trading Symbols: Legal: Norton Rose Fulbright LLP Reserve Evaluators: Sproule Associates Limited Auditor: Collins Barrow Calgary LLP Transfer Agent: Computershare Trust Company of Canada Commercial Lender: National Bank Financial, HSBC TSX Venture Exchange MQL.V OTCQX Marketplace MQLXF 12 ˃ Analyst Coverage Peters & Co. DALE LEWKO E: [email protected] P: 403-261-2215 Acumen Capital TREVOR REYNOLDS E: [email protected] P: 403-410-6842 Haywood Securities Inc. DARRELL BISHOP E: [email protected] P: 403-509-1938 Canaccord Genuity Corp. ANTHONY PETRUCCI E: [email protected] P: 403-691-7807 National Bank Financial DAN PAYNE E: [email protected] P: 403-290-5441 FirstEnergy Capital Corp. ROBERT FITZMARTYN E: [email protected] P: 403-262-0648 Macquarie Equity Research BRIAN BAGNELL E: [email protected] P: 403-539-8540 Dundee Capital Markets CHAD ELLISON E: [email protected] P: 403-509-2663 Octagon Capital NAV MALIK E: [email protected] P: 416-306-2510 GMP Securities AARON SWANSON E: [email protected] P: 403-543-3563 Independent analysis provides research and perspective 13 ˃ Forward Looking Statements This presentation is for information purposes only and is not intended to, and should not be construed to, constitute an offer to sell or the solicitation of an offer to buy securities of Marquee Energy Ltd. (“Marquee“). Certain disclosures set forth in this presentation constitute forward-looking information within the meaning of applicable securities laws. Any information contained herein that is not a statement of historical facts is forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, "expect", “believes”, “budget”, “continue”, “could”, “estimate”, “forecast”, “intends”, “may”, “plan”, “predicts”, “projects”, “should”, “will” and other similar expressions. All estimates and information that describe Marquee's future, goals, or objectives, including management’s assessment of future plans and operations, constitute forward-looking information under applicable securities laws. In particular, this presentation includes without limitation forward-looking information pertaining, directly or indirectly, to the following: Marquee's anticipated production and cash flows in 2014; business strategy; the future benefits of the proposed acquisition of assets from Paramount Resources (the "Transaction"), including: the number and quality of future potential drilling opportunities, the expectation of reduced operating and capital costs, anticipated production levels, anticipated debt levels, anticipated reserves, anticipated cash flow, anticipated cash flow per share, anticipated net debt, borrowings under credit facility, operating netbacks, anticipated capital expenditures, 2014 exit production, 2013 exit debt to 2014 cash flow and 2014 capital budget, receipt of TSXV approval for the Transaction. In addition, statements relating to "reserves" are by their nature forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. The recovery and reserves estimates provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. The estimated future net revenue from the production of the disclosed oil and natural gas reserves does not represent the fair market value of these reserves. Forward-looking information relates to future events and/or performance and, may prove to be incorrect. Actual results may differ materially from those anticipated in the information provided. Undue reliance should not be placed on forward-looking information because Marquee can give no assurance that such expectations will prove to be correct. The forward-looking information contained in this presentation is given as of the date hereof and Marquee does not undertake any obligation to update forward-looking information except as required by applicable securities laws. Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six Mcf to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and do not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of six to one, utilizing a boe conversion ratio of six Mcf to one bbl may be misleading as an indication of value. 14 ˃ Forward Looking Statements Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Marquee believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Marquee cannot give assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this presentation, assumptions have been made regarding and are implicit in, among other things: cash flow projections and netbacks; that Marquee will be able to successfully implement its planned capital expenditure program; bank debt levels; field production rates and decline rates; the ability of Marquee to secure adequate product transportation, and secure such transportation in a timely and cost efficient manner; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop its business; the ability to operate its properties in a safe, efficient and effective manner; the ability to obtain financing on acceptable terms; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and expansion; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters; and the ability to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. Forward-looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated and described in the forward-looking information, which include, but are not limited to: exploration, development and production risks; assessments of acquisitions; anticipated success of resource prospects and the expected characteristics of resource prospects; the validity of analogues to other properties and projects; the effectiveness of the application of certain drilling and completion technologies; reserve measurements; availability of drilling equipment; access restrictions; permits and licenses; aboriginal claims; title defects; commodity prices; commodity markets, transportation and marketing of crude oil, liquids and natural gas; reliance on operators and key personnel; competition; lack of diversification; corporate matters; funding requirements; access to credit and capital markets; market volatility; cost inflation; foreign exchanges rates; general economic and industry conditions; health, safety and environmental risks; climate control legislation; failure to obtain regulatory approvals; government regulation and taxation; and those other risks described in Marquee’s Annual Information form dated March 20, 2014 filed under Marquee’s profile on www.SEDAR.com. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. The forward-looking information contained in this presentation is given as of the date hereof and Marquee does not undertake any obligation to update forwardlooking information except as required by applicable securities laws. Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six Mcf to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and do not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of six to one, utilizing a boe conversion ratio of six Mcf to one bbl may be misleading as an indication of value. 15 Appendix 16 ˃ Experienced Management Team Richard Thompson, President & CEO • Mr Thompson has been the President and CEO at Marquee Energy since 2011. Previously, he served as an Executive Vice-President of Cequence Energy Ltd. from 2008 to 2010 and as Vice-President of Exploration of Cyries Energy Inc. from 2004 to 2008. Earlier, he was Manager of Geophysics of Cequel Energy Inc. from 2001 to 2004 and Chief Geophysicist of Cypress Energy from 1997 to 2000. He has been a Director of Marquee Energy since 2011. He previously served as a Director of Cequence Energy Ltd. from 2008 to 2010. Mr Thompson is a geophysicist and graduated from the University of Manitoba in 1979 with a BSc in Geophysics (with honours). Roy Evans, CA, VP Finance & CFO • Mr Evans has been the CFO and Vice-President of Finance at Marquee Energy since 2011. He was previously the CFO at Marquee Petroleum Ltd. (previously Base Oil & Gas Ltd. and Torrential Energy Ltd.). He was associated with KPMG for 23 years, where he was a partner for 15 years. He is a Chartered Accountant with memberships in both the Saskatchewan and Alberta institutes. He currently serves as the Director of Operations for the Alberta Adolescent Recovery Centre. Mr Evans holds a Bachelor of Commerce degree from the University of Saskatchewan. Dave Washenfelder, P. Geol, VP Exploration • Mr. Washenfelder has served as the Vice President, Exploration of Marquee since October 2012. Prior to joining Marquee, he served as Manager, Exploration at Tamarack Valley Energy Ltd. Prior thereto he held positions of increasing responsibility with Saskoil, Wascana Energy and Apache Canada. Mr. Washenfelder is a Professional Geologist with more than 34 years of related experience and graduated from the University of Manitoba in 1980 with a BSc in Geology (honours). Sam Yip, P. Eng, VP Engineering • Mr. Yip is currently the Vice President, Engineering of Marquee, and has served in an executive capacity with Marquee March 2012. Prior thereto he was a Founder, Director and Vice President, Production of Teague Exploration Inc. from 2003 until 2012. Previously with Atco Gas, Webex and Mark Resources. Mr. Yip is a Professional Engineer with more than 30 years related experience and graduated from the University of Calgary in 1982 with a degree in Chemical Engineering. Rob Lemermeyer, VP Operations • Mr. Lemermeyer has served as the Vice President, Production of Marquee since September 6, 2013. Mr. Lemermeyer was the Vice President, Operations since December 5, 2011. Prior thereto he was the Vice President Production for Canadian Coyote Resources from January 2011 to December 2011 and Manager of Production Operations of Base Resources Inc. from October 2007 to December 2010. Steve Bradford, VP Land • Mr. Bradford is the Vice President, Land of Marquee and has served in that capacity since September 6, 2012. Prior to joining Marquee, he served as VP Land with Milestone Exploration Inc. from May 2010, and prior thereto served in progressively senior roles in land with West Energy Ltd., Encana Corporation, and Twin Butte Energy Ltd. 17 ˃ Strong Governance Dennis Feuchuk, BBM, CMA, Chairman • Richard Mr. Feuchuk has served as a Director of Marquee since June 22, 2010. Prior thereto he was President and Chief Executive Officer of Base Oil & Gas Ltd. from October 2009 to May 2011. He was Vice President, Finance and Chief Financial Officer of PrimeWest Energy Trust (an oil and gas trust) from October 2001 to June 2007. Alexander, CMA, CFA 2, 3 • Glenn Mr. Alexander is the President and Chief Executive Officer and a Director of Parallel Energy Trust, and has served as a Director of Marquee since December 5, 2011. From January 2008 to June 30, 2011, he was President and Chief Operating Officer of AltaGas Ltd. Prior thereto he was the Executive Vice President, Chief Operating Officer and Chief Financial Officer of AltaGas Ltd. from January 2007 to January 2008. Mr. Alexander was Vice President Finance and Chief Financial Officer of Niko Resources Ltd. from October 2003 to April 2006. Carley, BA, LLB., MBA, ICD.D 2, 3 • Jim Mr. Carley is the President of Selinger Capital Inc., a private investment company and has served as a Director of Marquee since December 5, 2011. Mr. Carley currently serves as the Chairman of Painted Pony Petroleum Ltd. Mr. Carley had been Executive Chairman of Galleon Energy until August, 2011, and Chairman of Culane Energy Corp. until February, 2011. Riddell, B.Sc, M.Sc (Geology) 1 • Dr. Mr. James Riddell joined Marquee Energy as a Director in December of 2013. Mr. Riddell is the President and COO of Paramount Resources Ltd. and has held the position since June 2002. Mr. Riddell has been the CEO of Trilogy Energy Corp. since February 2005. He serves as Executive Chairman for Cavalier Energy Inc. and as a Director for Great Prairie Energy Services Inc., MGM Energy Corp., Strategic Oil and Gas Ltd., Big Rock Brewery, DevCorp Capital Inc. (now Great Prairie Energy) and Paxton Corporation. William Roach, B.Sc, Ph.D, C.Eng, MIM, PEng 1 • Richard • Will Roach joined Marquee Energy as Director in December of 2013. Since January 2012 Will Roach has served as the President and CEO of Cavalier Energy Inc., a privately held Oil Sands company. From October 2010 to December 2011 he served as the CEO of Calera, a green energy start-up, in Los Gatos, California. Between 2004 and 2010 he served as the President and CEO of UTS Energy. Prior thereto, managed Husky Energy’s operations on the East coast of Canada, British Borneo’s projects in Houston and worked internationally for Shell. In addition to Marquee, Dr. Roach also serves on the Board of Directors for Sonde Resources, Tervita, Calera and SeaNG Thompson, B.Sc Honours (Geophysics) 1 See management page Greg Turnbull QC, BA, LLB 2, 3 • (1) (2) (3) Mr. Gregory Turnbull joined Marquee Energy as a Director in December 2013. Mr. Turnbull is a partner with McCarthy Tetrault LLP Calgary, which he joined in 2002 following his position as partner of Donahue Ernst and Young LLP. Mr. Turnbull is also a Director of Crescent Point Energy, Storm Resources Ltd., Hyperion Exploration Corp. and Oyster Oil and Gas Ltd. Mr. Turnbull is also currently a Director of a number of private companies. Reserves committee Audit committee Corporate Governance & Compensation committee 18 ˃ Marquee Hedges as of January 15, 2015 28% of Marquee’s production is hedged through to the end of Q2 2015 Term Hedge Type Counterparty Volume January 1, 2015 to March 31, 2015 WTI fixed price National Bank 500 bbls/d CDN $104.00/bbl January 1, 2015 to March 31, 2015 AECO fixed price National Bank 4,000 GJ/d CDN $4.465/GJ WTI fixed price National Bank 250 bbls/d CDN $103.00/bbl 500 bbls/d CDN $105.00/bbl January 1, 2015 to June 30, 2015 April 1, 2015 to June 30, 2015 WTI fixed price National Bank Pricing 19 ˃ Balance Sheet Performance CASHFLOW Lowered G&A costs by ~50% on a per BOE basis since 2013 DEBT/CF 12000 7 Debt to Cash Flow Ratio 6 5 6000 4 4000 3 G&A $10.00 2 2000 OPEX Debt/CF (x) $25.00 OPEX 1 0 $8.00 0 Q4 2013 Q1 2014 Q2 2014 Q3 2014 G&A Q4 2014E Quarter $20.00 $6.00 OPEX 8000 8 Cash Flow G&A/BOE Cash Flow ($000) 10000 9 $4.00 $15.00 Maintained a strong balance sheet and increased financial flexibility $2.00 $- $10.00 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014E Continuous Improvement in Cost Structure and Balance Sheet Quarter 20 ˃ 2014 Production and Netbacks Q1 Q2 Q3 4024 48% 5,035 43% 5143 42% BOE/D $ 59.57 5.37 18.92 4.18 55.93 7.31 16.15 3.51 49.97 6.54 11.67 3.23 /BOE /BOE /BOE /BOE Field Operating Netback Commodity contract settlement $ 31.10 3.59 28.96 3.01 28.53 0.93 /BOE /BOE Operating Netback $ 27.51 4.54 2.56 25.95 3.79 1.92 27.60 3.87 1.89 /BOE /BOE /BOE $ 20.41 20.24 21.84 /BOE Average Production Liquid Content Sales Price Royalty Expense Production Costs Transportation Costs G&A and other (excludes non-cash items) Finance Expenses Cash Flow Netback 21 ˃ Marquee History Entered into a reorganization and recapitalization with Base Oil and Gas Closed property acquisition at Michichi to further expand its core area Received shareholder approval for the business combination with SkyWest Energy Acquired gas plant, gathering system and associated production at Michichi MAY 19 SEPT. 17 DEC. 5 OCT. 4 2011 2011 2011 2011 2011 2012 2012 2013 Closed transaction to acquire Western Canada assets of Sonde Resources DEC. 31 2013 Closed bought deal financing with exercise of over allotment for total of ~$20.1 MM MAY 2 2014 2014 2014 AUG. 31 NOV. 18 MAR. 16 NOV. 5 MAR. 6 SEPT. 30 Closed financing with exercise of over allotment for total of ~$17 MM First horizontal well spud at Michichi Closed corporate acquisition of focused high net back heavy oil assets at Lloydminster Closed bought deal flow through financing with net proceeds of $7.6 MM Closed agreement to acquire Michichi property from Paramount Resources Closed sale of noncore gas weighted assets at Pembina for $14 MM 22 21
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