1. October 11, 2012 Upgrading Bitumen using Molten Sodium Enabling Cost Effective Upgrading at Modest Scale www.fieldupgrading.com 1 John Gordon Javier Alvare Neil Camarta

2. October 11, 2012 Molten Sodium Upgrading Breakthrough Upgrading …Significantly Less Complex …One-Half the Capital Intensity …Twice the Net Margin …Less Hydrogen Required …Greatly Improved Economics …Lower emissions www.fieldupgrading.com 2

3. October 11, 2012 Molten Sodium Upgrading www.fieldupgrading.com 3 Reactor Separato r Electrolytic regeneration Separator H 2 or CH 4 Ni, V, Fe Electrical Power Na salt Na Sulfur Make up Na Simple Process

4. October 11, 2012 Diluent loop www.fieldupgrading.com 4 Bitumen production Market Sodium Upgrading Dilbit Mix Diluent Stripper Sweet 20 API Low resid 8 API 36 API 18 API 20 API Diluent return

5. October 11, 2012 Major Equipment Comparison www.fieldupgrading.com 5 Molten SodiumCoking ReactorAtmospheric Unit Solids Separator 1Vacuum Unit Condensate StripperCokers Solids DryerCoker Fractionator Solids Separator 2Gas Recovery Unit Electrolysis UnitHydrogen Plant Tank FarmNaphtha Hydrotreater UtilitiesDistillate Hydrotreater Gasoil Hydrotreater Amine and SRU Tank Farm Utilities

6. October 11, 2012 MSU Treatment Example Fractions boil at lower temperature “Resid” fraction is reduced www.fieldupgrading.com 6

7. October 11, 2012 Electro Regeneration www.fieldupgrading.com 7

8. October 11, 2012 Electrolysis Cells www.fieldupgrading.com 8 ++ Na 2 S Solution Molten Sodium Molten Sulfur Anolyte Cathode NaSICON tube Anode Na 2 S Solids Depleted Na 2 S Solution Na 2 S Depleted Solids

9. October 11, 2012 Tubular Commercial Cells For sodium waste recovery www.fieldupgrading.com 9

10. October 11, 2012 Cell Life Tests Very Encouraging www.fieldupgrading.com 10 Anolyte Replacement

11. October 11, 2012 Example Metrics & Economics www.fieldupgrading.com 11

12. October 11, 2012 Key Crude Valuation Metrics www.fieldupgrading.com 12 Property Athabasca Bitumen Feed MSU Product Best Run MSU Product Potential Delayed Coking Sweet SCO API Gravity8.327.32934.8 Sulphur, wt%4.9%<0.1% 0.2% TAN, mg KOH/g 2.8<0.1 Olefins wt%0%1.1%<1.0%0% MCRT, wt%13.2%0.3%<0.3%0% C 5 Asphaltenes16.6%<0.3% 0% Ni+V, wppm289<1

13. October 11, 2012 Key Crude Valuation Metrics www.fieldupgrading.com 13 Property Athabasca Bitumen Feed MSU Product Best Run MSU Product Potential Delayed Coking Sweet SCO Distillation IBP – 350 F0%4% 17% 350 – 650 F14%34%36%58% 650 – 1000 F35%43%45%25% 1000 F +51%19%15%0% Yield (LV%)N/A90%95%82% Edmonton Price $US/bbl $42.76$74.52$75.65$80.01

14. October 11, 2012 Economics - Margin www.fieldupgrading.com 14 MSU Product Potential Delayed Coking Sweet SCO Feedstock Price, US$/bbl$42.76 Product Price, US$/bbl$75.65$80.01 Product Yield, LV%95%82% Gross Margin, US$/bbl$29.93$23.67 Operating Cost, US$/bbl$8.85$16.30 Net Margin, US$/bbl$21.08$7.37

15. October 11, 2012 Economics – Capital & Return www.fieldupgrading.com 15 MSU Product Potential Delayed Coking Sweet SCO Net Margin, US$/bbl$21.08$7.37 Capital Cost, US$/bbl$30,000$60,000 Capital Cost, US$MM$750$1,500 IRR, %18.4%1.1% NPV (10%), US$MM$602($835) Profitability Index1.800.44

16. October 11, 2012 Emissions 45% Lower CO 2 Emissions Zero SO 2 Emissions www.fieldupgrading.com 16

17. October 11, 2012 Niches Smaller operations Diluent scarce Decentralized Remote www.fieldupgrading.com 17

18. October 11, 2012 Next Steps Pre-pilot investigation 2012 1 st Pilot scale installation and operation 2013 – 2014 www.fieldupgrading.com 18

19. October 11, 2012 Contact Information John Gordon …johng@ceramatec.com …(801) 631-5961 Neil Camarta …neil.camarta@fieldupgrading.com …(403) 470-0141 www.fieldupgrading.com 19