Corporate PresentationJuly 2020

This presentation contains forward-looking statements. More particularly, this presentation contains statements concerning anticipated: business strategies,

plans and objectives; potential development opportunities and drilling locations, expectations and assumptions concerning the success of future drilling and

development activities, the performance of existing wells, the performance of new wells, decline rates, recovery factors, the successful application of technology

and the geological characteristics of our properties; cash flow; oil & natural gas production growth and mix; reserves; debt and bank facilities; amounts and

timing of capital expenditures; hedging results; primary and secondary recovery potentials and implementation thereof; and drilling, completion and operating

costs.

Statements relating to "reserves" are deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and

assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. Actual

reserve values may be greater than or less than the estimates provided in this presentation.

The forward-looking statements are based on certain key expectations and assumptions made by Tangle Creek, including expectations and assumptions

concerning the performance of existing wells and success obtained in drilling new wells, anticipated expenses, cash flow and capital expenditures and the

application of regulatory and royalty regimes. Although Tangle Creek believes that the expectations and assumptions on which the forward-looking statements

are based are reasonable, undue reliance should not be placed on the forward-looking statements because Tangle Creek can give no assurance that they will

prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.

Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated

with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration

or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs

and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or

changes in plans with respect to exploration or development projects or capital expenditures.

Readers are cautioned that the foregoing list of risk factors is not exhaustive. Furthermore, new risk factors emerge from time to time, and it is not possible for

Tangle Creek to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or

combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The above summary of

assumptions and risks related to forward-looking statements in this presentation has been provided in order to provide potential investors with a more complete

perspective of our current and future operations and as such information may be not appropriate for other purposes. The forward-looking statements contained

in this presentation are made as of the date hereof and Tangle Creek undertakes no obligation to update publicly or revise any forward-looking statements or

information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Forward-Looking Statement

2

Tangle Creek Energy Ltd. - Corporate Overview

3

▪ Private company founded in 2010

▪ Focused on high margin, large resource, light-tight oil plays

▪ Culture of high Environmental, Social & Governance standards

▪ Concentrated assets – strategically positioned in West Central

Alberta

▪ 2019 production 6,145 boed (51% light oil)

▪ Sustainable organic growth potential in high margin, high working

interest light oil properties:

▪ Light oil drilling inventory of over 300 locations

▪ EOR Potential - Dunvegan waterflood pilot on-stream since 2015 with

expansion in 2017 – excellent flood response

▪ Short-term gas injection pilots at Waskahigan Montney and Kaybob

Dunvegan showed promising early results

▪ High working interest ownership in significant infrastructure:

▪ Owned and operated facilities with low operating costs

▪ Facilities include refrigeration, compression, oil treating, VRU’s, 500 km of

pipelines and gathering, over 10,000 bbls of tankage, etc.

▪ Field office located in Whitecourt

▪ LLR of 4.5 (May 2020)

Waskahigan

Kaybob

Windfall

Carrot Creek

Tangle Creek Field Office

Hwy 43

Hwy 16

Hwy 32

Hinton

Drayton Valley

Edson

Westcourt

Fox Creek

Swan Hills

Private oil producer with concentrated land position in West Central Alberta

Environmental, Social & Governance Performance

4

Tangle Creek in relation to Energy Industry

Tangle Creek production emissions rank well below the average for crude oil

consumed in the United States in 2014 (the most recent baseline). Innovations and

programs include:

✓ VRU’s (Vapor Recovery Units) installed and operational on all major facilities –

ongoing program to add VRU’s to smaller facilities

✓ Fugitive emissions and leak detection – ongoing program of detection, repair

and replace – Tangle owns and operates new emissions technology monitoring

equipment to meet MSAPR (Multi-Sector Air Pollution Regulations) requirements

✓ Ongoing program to reduce producing site visits through technology applications

✓ Ongoing program to electrify multi-well pads

✓ Program to reduce field gathering system pressures in conjunction with VRU’s

✓ Installation & conversion of wells from gas lift to GAPL (Gas Assisted Plunger Lift) –

reduce site visits, repair and maintenance and service rig work

✓ Example 2019 installation - AFR (Air-Fuel Ratio Controller) installed on K200

Compressor in Waskahigan, reduced GHG by 1,100T annually

Tangle Creek was one of the first producers to use up to 100% produced

(versus fresh) water in its completions systems.

✓ Tangle Creek successfully utilized 100% Montney Produced water for hydraulic

fracturing in the 2019 Drill Program

✓ Installed and licensed ‘Bi-directional’ pipelines prior to completions

US Average63 kgCO2e/BOE

Greenhouse Gas Emissions IntensityWide Boundary Upstream Production Emissions

ARC Portfolio Water Usage IntensityWide Boundary Upstream Production Emissions

Corporate Production and Financials

5

0

1

2

3

4

5

6

7

8

9

201

7-01

201

7-04

201

7-07

201

7-10

201

8-01

201

8-04

201

8-07

201

8-10

201

9-01

201

9-04

201

9-07

201

9-10

Pro

du

cti

on

(M

boe/d)

Oil Gas NGL

0

1

2

3

4

5

6

7

8

9

201

7-01

201

7-04

201

7-07

201

7-10

201

8-01

201

8-04

201

8-07

201

8-10

201

9-01

201

9-04

201

9-07

201

9-10

Pro

du

cti

on

(M

boe/d)

Kaybob Waskahigan Other

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Total Production (boe/d) 7,016 6,260 6,601 6,798 6,426 5,808 5,791 5,495 6,416 6,226 5,681 5,235 6,146

Total Revenue1 (000s) $8,193 $7,494 $9,730 $9,589 $8,591 $6,011 $6,537 $6,146 $7,681 $7,158 $7,164 $7,014 $91,306

Less: Royalties (000s) $451 $451 $660 $812 $359 $468 $338 $645 $626 $387 $573 $540 $6,311

Royalty Rate 2 (%) 5.5% 6.0% 6.8% 8.5% 4.2% 7.8% 5.2% 10.5% 8.2% 5.4% 8.0% 7.7% 6.9%

Less: Transportation Costs (000s) $870 $1,444 $1,609 $1,472 $1,307 $1,141 $1,352 $1,264 $1,292 $1,290 $1,050 $1,046 $15,137

Less: Operating Costs (000s) $2,000 $2,419 $2,322 $2,064 $2,298 $1,959 $2,072 $1,802 $2,142 $1,883 $1,996 $1,765 $24,723

Net Operating Income (000s) $4,872 $3,179 $5,139 $5,242 $4,626 $2,443 $2,774 $2,434 $3,619 $3,598 $3,545 $3,663 $45,135

Netback

Revenue ($/boe) $37.67 $42.76 $47.55 $47.02 $43.13 $34.50 $36.41 $36.08 $39.90 $37.09 $42.04 $43.22 $40.71

Royalties ($/boe) $2.07 $2.57 $3.22 $3.98 $1.80 $2.69 $1.89 $3.79 $3.25 $2.01 $3.36 $3.33 $2.81

Transportation Costs ($/boe) $4.00 $8.24 $7.86 $7.22 $6.56 $6.55 $7.53 $7.42 $6.71 $6.68 $6.16 $6.44 $6.75

Operating Costs ($/boe) $9.20 $13.80 $11.35 $10.12 $11.54 $11.24 $11.54 $10.58 $11.13 $9.76 $11.71 $10.88 $11.02

Netback ($/boe) $22.40 $18.14 $25.12 $25.70 $23.22 $14.02 $15.45 $14.29 $18.80 $18.64 $20.80 $22.57 $20.12

▪ Over 1 billion bbls OOIP provides stable base production and cash flow to fund future growth

▪ Enhanced Oil Recovery projects underway provide low cost reserve additions and reduce natural declines

2019 Lease Operating Summary

Historical Production by ProductHistorical Production by Area

Kaybob / Kaybob South

40%

Waskahigan46%

Carrot Creek11%Others

3%

Oil51%

Gas43%

NGL6%

32%Producing

2%Non-Producing

66%Undeveloped

Proved

Probable

Proved

Proved

Probable

Probable

Reserves and DCF Summary

6

1. Source: Sproule January 1, 2020 reserve report adjusted by Company for price forecast and June 1, 2020 effective date.

June 1 Evaluation Cases 1

(includes full Corporate ARO)

Reserve

Cat

Reserves

(mboe)

NPV10

($MM)

NPV20

($MM)

2020 NOI

(7mo) ($MM)

2021 NOI

($MM)

Net Wells

Drilled

FDC

($MM)

$US45 oil /$CAD2.00 gas PDP 9.4 79.3 64.6 15.4 22.2

$US45 oil /$CAD2.00 gas TP 17.3 89.9 59.8 18.1 42.7 40.2 128.6

$US55 oil /$CAD2.25 gas PDP 10.5 117.3 92.2 20.8 29.8

$US55 oil /$CAD2.25 gas TP 21.7 171.3 112.8 28.2 66.9 56.9 189.6

$US65 oil /$CAD2.50 gas PDP 11.3 155.5 119.7 26.1 37.2

$US65 oil /$CAD2.50 gas TP 24.9 260.6 171.7 35.5 88.0 74.9 239.0

2P Reserves by Product 2P Reserves by Area 2P Reserves by Category

ARO Evaluation

7

▪ Good alignment between TCE and

Sproule. Overall Discounted @10%

ARO of $11MM - $12MM

▪ Timing and discounting currently

being updated based on

participation in Alberta ABC

program

▪ Sproule $12.2MM Discounted @10%

ARO broken down into:

▪ $5.2MM Discounted @10% ARO

embedded within PD entities (i.e.

active wells)

▪ An additional $7.0MM Discounted

@10% ARO will be required to

abandon all existing pipes,

facilities, and non-reserve wells

(i.e. inactive wells)

Gross Abandoned Cost,

Undiscounted

Net Abandoned Cost,

Undiscounted

Gross Abandoned Cost,

Discounted at 10%

Net Abandoned Cost,

Discounted at 10%

Kaybob Dunvegan 23.74 17.89 3.32 2.38

Waskahigan Montney 12.12 12.11 2.79 2.79

Kaybob Montney 3.71 3.13 1.38 1.16

RMP Minor 2.97 2.07 0.96 0.67

Carrot Creek / Chip Lake 18.63 13.80 5.91 3.82

Windfall 1.08 0.97 0.13 0.13

Grand Total 62.25 49.97 14.49 10.93

Undiscounted Discounted at 10% Undiscounted Disc at 10%

PD

Entities

Non-PD

Entities

PD

Entities

Non-PD

EntitiesTotal ARO Total ARO

Kaybob Dunvegan 12.83 9.61 1.92 1.39 22.44 3.30

Waskahigan Montney 5.18 8.64 1.41 1.46 13.82 2.87

Kaybob Montney 1.22 1.89 0.40 0.75 3.11 1.15

RMP Minor 0.61 0.98 0.18 0.36 1.59 0.54

Carrot Creek / Chip Lake 3.71 10.88 1.12 3.05 14.59 4.17

Windfall 0.41 0.62 0.18 0.03 1.03 0.20

Grand Total 23.95 32.63 5.20 7.02 56.58 12.23

TCE Full ARO Summary (Existing Assets)

Sproule Summary (PDP) – On WTI55/AECO2 Price Deck

Oil Price Thresholds – What oil prices do we need to be active?

8

-2.72

1.35 5.43 9.51 13.7018.86

22.94

-$10.00

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00

C$

/BO

E

WTI (US$/BBL)Royalties Operating Transportation Carbon Tax G&A Cash Interest Hedging Netback

2020 Q4 Corporate Netback per BOE Operating Netback per BOE by Major Facility

Single Well Economics – Kaybob Dunvegan1 Single Well Economics – Waskahigan Montney2

1. Assumes 162 mbbl EUR and $2.50mm full cycle capex per well.

2. Assumes 175 mbbl EUR and $5.25mm full cycle capex per well.

ProduceShut-inStart bringing

production back on

when operating

netbacks exceed

~C$7/boe

Return to “full”

production

Execute on low

risk capital

Execute on full

capital program

5.00$ 15.00$ 25.00$ 35.00$ 45.00$ 55.00$ 65.00$

IRR nmf nmf 1% 31% 69% 127% 213%

PV10 - MM -2.7 -1.4 -0.1 0.9 2.0 3.1 4.0

Payout (mo) 0 0 102 30 16 11 8

PI Ratio -0.2x 0.3x 0.9x 1.4x 1.8x 2.2x 2.6x

Edmonton (US$)5.00$ 15.00$ 25.00$ 35.00$ 45.00$ 55.00$ 65.00$

IRR nmf nmf nmf 13% 43% 89% 157%

PV10 - MM -4.8 -3.0 -1.1 0.2 2.0 3.5 4.9

Payout (mo) 0 0 0 47 20 12 9

PI Ratio 0.0x 0.3x 0.7x 1.0x 1.4x 1.7x 1.9x

Edmonton (US$)

Tangle Creek – Major Asset Summary

9

Asset Key PlayGross

SectionsNet Sections

Liquids Production

(bbl/d)

Gas Production

(MMcf/d)

Total Production

(boe/d)

Kaybob Dunvegan 107.5 67.5 1,772 4.9 2,589

Waskahigan Montney 70.8 70.0 711 3.1 1,233

Carrot Creek Rock Creek /

Mannville101.3 78.1 252 2.8 719

Windfall Mannville 65.0 62.2 110 1.2 313

Kaybob Montney 30.8 25.2 91 2.9 575

Pine Creek Wilrich 3.25 1.45 3 0.7 119

TOTAL 2,938 15.6 5,546

Development Opportunity Summary

Land and Production1 Summary

1. YTD Production to Q1, 2020

2. Sproule estimates.

3. Management estimates.

Gross Locations Net Locations

Asset Key Play PUD2 PB2 Un-booked3 Total PUD2 PB2 Un-Booked3 Total

Waskahigan Montney 31 30 125 186 31.0 30.0 122.5 183.5

Kaybob Dunvegan 44 15 109 168 36.6 12.6 53.9 103.1

Carrot Creek Rock Creek /

Mannville11 12 58 81 9.6 11.5 37.9 59.0

Windfall Mannville 1 0 10 11 1.0 0.0 8.5 9.5

Kaybob Montney 0 7 0 7 0.0 5.8 0.0 5.8

TOTAL 87 64 302 453 78.2 60.0 222.8 360.9

▪ Large resource base – over one

billion bbls oil in place

▪ Existing infrastructure includes

424 gross (323 net) wells, 500

km of gathering and direct

pipeline egress

▪ Enhanced oil recovery (EOR)

projects being tested at Kaybob

and Waskahigan – preliminary

estimates of $2/bbl reserves

additions. Extend reserve life

and slow natural declines

▪ Continuous improvement of

drilling and completion costs.

Dunvegan from $4.8MM to

$2.5MM per well over five years.

Waskahigan from $7MM to

$5MM over two years

Kaybob Dunvegan Asset Overview

10

Net Production by Product1

1 Company production based on lease operating statements as of Dec. 2019.

▪ Relatively flat production profile demonstrated from 2017

to mid-2018

▪ Recent declines are a result of capital being focused at

Waskahigan

▪ 4 wells drilled in 2018, no drilling in 2019, 2 wells drilled in

Q1 2020

▪ Extensive drilling inventory and EOR give the ability to

ramp production back to over 4,000 boe/d using existing

infrastructure

Tangle Creek Dunvegan Land and WellsAsset Highlights

▪ Significant free cash flow generating

asset with identified drilling inventory

to maintain flat production for >5 years

▪ ~2,200 boe/d production (~75% light

oil)

▪ ~107.5 gross / 67.5 net Dunvegan

sections

▪ Over 90% working interest production

▪ Inventory of >100 net locations,

including 49.2 booked (1.0, 1.5 and

2.0 mile laterals), over 135 net lateral

miles

▪ Current estimated recovery factor of

4%

▪ Field-wide EOR implementation

(waterflood, gas flood) projected to

provide low cost (est $2/bbl) increase

in future recoveries and overall value

▪ Year-round access; currently being

tied into oil sales pipeline

▪ Low risk, shallow depth wells (~1,600 m) with low

operating costs and high netbacks

▪ Established infrastructure to manage future

development

▪ Since 2011, TCE has operated the drilling of 86

horizontal Dunvegan wells (79.1 net) wells and

participated in a total of 115 horizontal drills

▪ Active multi-zone potential area provides ample

service and infrastructure options

01/2020 TCE Wells103/04-33 & 100/05-33IP30: ~410-630 bbl/d

01-21 Type Log

1-20 Battery

12-15 Battery

11-29 Battery

0

5

10

15

20

25

30

0

1

2

3

4

5

6

2017-0

1

2017-0

4

2017-0

7

2017-1

0

2018-0

1

2018-0

4

2018-0

7

2018-1

0

2019-0

1

2019-0

4

2019-0

7

2019-1

0 Cu

mu

lati

ve N

ew

Well

s

Pro

ducti

on (M

boe/d)

Oil Gas NGL Cum. New Wells

Kaybob Dunvegan and Well Performance

11

10

100

1,000

1 3 5 7 9 11 13 15 17 19 21 23

Oil P

rod

ucti

on

(bbl/

d)

Production Month

Recent Tangle Creek Dunvegan Well Results1

Type Well Economic Summary

IP90 (bbl/d) 163

EUR (Mbbl) 120

EUR (Mboe) 198

CAPEX ($MM) $2.2

IRR (%) 63%

Payout (mo) 18

F&D ($/boe) $11.12

NPV10% ($MM) $1.3

2017 -18 Wells

2020 Wells IP30 Est.

Type Curve

Coarsening

upward

11

Strat Chart

▪ Up to 15 metres thickness

▪ Reworked, well sorted sandstones

▪ Light sweet crude oil; 36º API gravity

▪ Porosity up to 20%, average 10%; 36º API gravity

▪ Estimated OOIP on Tangle Creek lands of 460 MMbbls

Dunvegan Characteristics

1. Type well economics based on flat US$50/bbl Edm. and C$2.00/Mcf AECO price forecast, FX = 0.75 USD/CAD

2. Half cycle costs – drill, case, complete and equip

2

1

▪ Continuing evolution of drilling and completion practices will further increase

production performance and allow for significant future growth

▪ Ability to implement gas EOR with infrastructure largely in place

▪ Evolving lifting technology to gas lift / GAPL to improve well performance and

reduce workovers

▪ 6 of 8 wells drilled by Tangle Creek in top 25% of all 1200 Montney oil wells

drilled since 2011

Waskahigan Asset Overview

12

2019/04 ECA03-11: 40,000 bbl oil15-17: 20,000 bbl oil

2020 POU 04-36 IP~375 bbl/d oil>2 MMcf/d gas

TCE 103/11-15-064-23W5

IP max Oil >700 bopd

IP max Gas >1.1 MMcf/d

Top tier light oil well in AB

▪ ~1,250 boe/d production (~60% light oil)

▪ ~70 gross/net Montney sections (~100% WI)

▪ Inventory of 184 net locations, including 61 booked

(1.0, 1.5 and 2.0 mile laterals), over 240 net lateral

miles

▪ 72 net horizontal wells drilled to date; 8 wells drilled by

TCE to date with active offsetting operator drilling

▪ Estimated primarly recovery factor of 1% - currently

testing gas flood enhanced oil recovery

▪ Operating efficiencies including longer lateral lengths

and higher intensity fracturing materially increasing

production rates and reserves

▪ Over $20 MM invested in infrastructure over past 24

months, existing infrastructure now sufficient to handle

future development

▪ 6,000 bbl/d battery and 20-25 MMcf/d compression

and refrigeration, connected to Alliance & Pembina

▪ Bi-directional water handling allows produced water

completions and flowback; 6,000 bwpd disposal

capacity

▪ Opportunity for land base expansion; area active for

both Montney and Duvernay drilling

▪ Additional upside and de-risking of company lands

shown through third party development

1 Company production based on lease operating statements as of Dec. 2019.

Net Production by Product1

Tangle Creek Montney Land and WellsAsset Highlights

06-29 Type Log

12-7 Batteryand Gas Plant

0

5

10

15

20

0.0

0.5

1.0

1.5

2.0

2.5

201

7-10

201

8-01

201

8-04

201

8-07

201

8-10

201

9-01

201

9-04

201

9-07

201

9-10

Cu

mu

lati

ve N

ew

Well

s

Pro

ducti

on (

Mboe/d)

Oil Gas NGL Cum. New Wells

Waskahigan Montney and Well Performance

13

10

100

1,000

1 3 5 7 9 11 13 15 17

Oil P

rod

ucti

on

(bbl/

d)

Production Month

Tangle Creek Recent Montney Well Results

IP90 (bbl/d) 350

EUR (Mbbl) 172

EUR (Mboe) 318

CAPEX ($MM) $4.6

IRR (%) 99%

Payout (mo) 12

F&D ($/boe) $14.47

NPV10% ($MM) $3.2

Type Well Economic Summary

2017-19 Wells

Average

0% Sst = 3%

Lst

Strat Chart

Montney Characteristics

▪ Primarily Lower Montney development

▪ 15+ meters thick porous productive interval

▪ Light sweet crude oil; 36º API gravity

▪ Average porosity 7% limestone scale with

max. porosity >12% shown on logs

▪ Estimated OOIP of 900 MMbbls on TCE lands

1. Type well economics based on flat US$50/bbl Edm. and C$2.00/Mcf AECO price forecast, FX = 0.75 USD/CAD

2. Half cycle costs – drill, case, complete and equip

2

1

Carrot Creek / Chip Lake / Windfall Overview

14

Land Summary

▪ 800 boe/d of current production

▪ Ownership of key infrastructure at Carrot Creek including two gas processing plants and a large network of gas

gathering infrastructure with direct access to egress

▪ Pipeline connected to Nova with ample egress capacity

▪ ~$600,000 processing revenue earned in 2019

▪ Increasing recent activity in area targeting oil and liquids-rich gas production in the Rock Creek, Lower

Mannville, and Duvernay formations

Highlights Location Summary

▪ Carrot Creek/Chip Lake: 78 net,

largely contiguous sections of

land with an average 75%

working interest

▪ Windfall: 62.5 net sections,

mostly 100% working interest

Strat Chart

10-29-053-10W5Gas Plant

02-26-052-12W5Gas Plant

Windfall

Carrot Creek

Chip Lake

Play / Target HZ Length Gross Net WI % Booked

Rock Creek Oil 1/2 mile 20 17.5 86% 70%

Rock Creek LR Gas 1 mile 19 12.3 65% 0%

Mannville LR Gas 1 mile 24 16.5 69% 33%

Rock Creek Gassy Oil 1/2 mile 18 12.7 71% 0%Total 81 59.0 73% 26%

Total 81 59.0 73% 30%

Total Inventory

Summary of Key Strengths and Challenges

15

Strengths

1. Vision and Scalability – Large oil in place resource base – drilling inventory (over 300 locations) expanding as

technology improves

2. Concentrated, high working interest ownership in infrastructure and land

3. Attractive address – services/years round access/active operating area

4. Egress – pipeline connected

5. Stable-Steady production base

6. Numerous EOR, optimization and consolidation opportunities in geographic proximity and current economic

environment

7. ESG – Environmental, Social and Governance

8. Continuous Improvements in technology, reserves recovery and ESG

Challenges

1. Commodity Prices - COVID-19 and the oil price collapse have challenged drilling and development economics

2. Waskahigan development evolving – lower capital costs and improving well performance

3. Economic environment & access to new capital

Corporate Summary

16

Company Leadership

Management Team

▪ Glenn Gradeen

▪ Jean-Pierre Buyze

▪ Greg Kondo

▪ Ben Makar

▪ Jim Junker

Advisors

Director, President & CEO

Chief Financial Officer

VP, Production & Operations

VP, Engineering

VP, Land

▪ Legal Counsel

▪ Reserves Engineer

▪ Banker

▪ Auditor

Borden Ladner Gervais LLP

Sproule

ATB Financial, CIBC, NBF

PricewaterhouseCoopers

Capitalization (as at Q1 2020)

Share Capital

▪ Basic Shares Outstanding

Outstanding Indebtedness

▪ Accounts Receivable

▪ Prepaid Expenses / Deposits

▪ AP & Accrued Liabilities

▪ Revolving Credit Facility

▪ Net Debt

(MM)

($MM)

($MM)

($MM)

($MM)

($MM)

336.3

$4.4

$2.4

$8.4

$98.1

$99.7

Tax Pools (as at Q1 2020)

▪ COGPE

▪ CDE

▪ CEE

▪ UCC

▪ Non-Capital Losses

▪ Share Issue Costs

▪ Total Tax Pools

($MM)

($MM)

($MM)

($MM)

($MM)

($MM)

($MM)

$99.3

$72.0

$8.7

$60.4

$210.5

$0.4

$451.2