Royce/Cecil Area Summary Royce, Cecil North, Cecil South Reservoir Triassic Charlie Lake, light gravity crude oil 2016 2P Reserves 4,428 Mboe 2016 Production 973 Boe/d Contingent Resources 5,180 Mboe Key Players Birchcliff, Tourmaline, CNRL Potential Cecil N 10 Charlie Lake A HZ infills Charlie Lake B play Cecil S 15 Charlie Lake A HZ infills Royce 27 Charlie Lake A HZ infills ALBERTA Calgary Royce 100 km Cecil Drilled Q4 2016 Royce Our Royce/Cecil focus area in NW AB targets the Triassic Upper Charlie Lake A pool which is a Lithic Sand – the Charlie Lake formation is a regional system that extends through northern AB and into BC We produce light gravity oil from the formation Our 2016 production was just under 1,000 boe/d This area has 4.4 mmboe of 2P reserves plus 5.2 mmboes of contingent resources Key players in the area include Birchcliff, Tourmaline and CNRL Our Cecil areas are more developed, while our Royce area is relatively undrilled. While our focus is the Charlie Lake A pool, we also see opportunity in the Charlie Lake B sand in Cecil N. First wells were drilled with 600m spacing. • Infill wells will be drilled in future years to initiate secondary recovery and increase recovery from 15- 20% to >30%. Reservoir Property TVD: 1160~1175m Pay :1-4m; Porosity : 8-17% $2.3mm per well; 30% IRR; 3 yr payout 170 boe/d IP90 – 65% decline rate; 160-200 mboe EUR 1 2 3 km

Loon Area Summary Evi 1, Evi 3, Golden, Area Loon Lake, Red Earth Reservoir Devonian ‘Slave Point’ – Carbonate light gravity crude oil 2016 2P Reserves 9,443 Mboe 2016 Production 2,563 Boe/d Contingent Resources 4,254 Mboe Key Players Mount Bastion, Virginia Hills, Summerland Potential South Loon 9 HZ Slave Point locations Loon Lake 72 HZ Slave Point locations Perforation to undeveloped Interval (cycle 1, 2, 3) Existing wells 2017 proposed locations Inventory Locations Our Loon area of North central AB also includes Evi to the west and Red Earth to the north of Loon Our main target in this area is the base of the Devonian Slave Point carbonate formation. Loon is located on the west side of the Peace River Arch Our 2016 production was 2,563 boe/d of light gravity crude oil The Loon area has 9.4mmboes of 2P reserves and an additional 4.3mm boes of contingent resources In addition to the 72 locations in North Loon, we have significant re-perforation opportunities in undeveloped intervals Most of our Loon locations are on First Nations land and will convert to 90% working interest after payout $2.8mm per well; 26% IRR; 3 yr payout ($48 WTI) Reservoir Property TVD: 1,325-1,345m Pay :12-14m Porosity : 3-10% 150 boe/d IP 90’ 45-50% decline rate; 175-200 mboe EUR ALBERTA Calgary Loon 100 km

Deep Basin Area Summary Deep Basin South, Deep Basin Partnership Reservoir Cretaceous Falher (CGR 7-18 bbl/mmcf), Triassic Montney (CGR 105 bbl/mmcf) 2016 2P Reserves 315 Bcf Gas 65 MMboe 12 MMbbl NGL 2016 Production 60 MMcf/d Gas 11,750 boe/d 1,750 bbl/d NGL Key Players Paramount, 7 Gen, CNRL, Tourmaline, Conoco, NuVista, Jupiter Potential 1) Future Gross Inventory (DBP + DBS) Montney – 89, Falher FG – 165, Other - 12 2) Up to 10 perspective zones in the area. ALBERTA Calgary Deep Basin 100 km ALBERTA Our Deep Basin area, in West central AB has exposure to the Cretaceous Fahler in Deep Basin South, and the Triassic Montney in our Deep Basin Partnership. The charts show our Montney play, which is predominantly sand/silt layered with shale in the gas prone – liquids rich part of the Montney play, where our condensate gas ratio is in excess of 100 bbl per mmcf Other key players in our Montney area include Paramount and 7 Gens while Tourmaline and Conoco are our key partners in Deep Basin South, which targets the drier Fahler zones. We see significant potential in both the Montney and Falher including up to 10 additional prospective zones Our total 2016 production in the DeepBasin area was 11,750 boe/d and the area has 65 mmboes of 2P reserves Montney $9.5mm per well; 29% IRR; 2.8 yr payout (2 wells) 840 boe/d IP90; 50% decline; 860 mboe EUR 24 stage frac Fahler $5.5mm per well; 40% IRR; 2 yr payout (4 wells) – non-op BRITISH COLOMBIA

Hay Area Summary Area Hay Reservoir Cretaceous Bluesky, Pool Extension Area Main AB Area Hay Reservoir Cretaceous Bluesky, 240 gravity crude oil 2016 2P Reserves 21,697 Mboe 2016 Production 4,267 Boe/d Contingent Resources 33,543 Mboe Key Players Husky Potential 1) Drilling 25 production and injection wells/ year 2) Optimization potential exists 3) Improve sweep efficiency 4) Potential to convert watered out production wells into water injectors Hay ALBERTA Calgary 100 km 200/c-016-G 094-I-09 Our Hay area on the border of NE BC and NW AB targets the top of the thick Cretaceous Bluesky formation, and as the chart on the left indicates, while we have extensive pool development in the area, there remains lots of development potential both to the west and east of the Main pool We produce 24 degree crude from the formation; Natural gas produced from this formation, along with produced water, is re-injected for pressure support Our 2016 production from Hay was 4,267boe/d, We have 21.7mmboe of 2P reserves plus and additional 33.5mmboes of contingent resources Our Hay area is the largest single producing oil pool in BC Hay is a winter only access area and our future plans are to drill up to 25 production and injection wells a year plus we have significant optimization potential through conversion of watered out production wells into injection wells.

BlackGold Oil Sands Project 100% ownership 15 sections in 76-7-W4M ~10 km southeast of Conklin Great neighbourhood CVE Christina Lake MEG Christina Lake Devon – Jackfish 30,000 bbl/d SAGD oil sands project Phase 1: 10,000 bbl/d Phase 2: additional 20,000 bbl/d approved by regulators Phase 1 construction includes capital pre-build for Phase 2 Phase 1 moving towards first steam in early 2018 ALBERTA Calgary BlackGold 100 km Our BlackGold oil sands project is an in-situ SAGD recovery project located 10km SE of Conklin AB in the Athabasca Oilsands region We are in a great neighborhood; our project is surrounded by 3 of the best SAGD projects, Cenovus Christina Lake, MEG Christina Lake and Devon Jackfish We consider Devon Jackfish to be our analog project Our BlackGold project is a 30,000 bbl/d SAGD project Phase 1 is a 10,000 bbl/d operation which is moving towards first steam in early 2018 Phase 2 is an additional 20,000 bbl/d brownfield expansion, that has been approved by regulators Our Phase 1 site includes capital pre-built for Phase 2