1. 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 % 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; mboe EUR 1 2 3 km

2. 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; mboe EUR
ALBERTA
Calgary
Loon
100 km

3. 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

4. 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.

5. 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