Obsidian Energy Corporate Presentation...Obsidian Energy Corporate Presentation February 2019....

Obsidian EnergyCorporate Presentation

February 2019

Important Notice to the Readers

2

This presentation should be read in conjunction with the Companyrsquos unaudited consolidated financial statements Managements Discussion and Analysis (MDampA) for the three and nine months ended September 30 2018 All dollar amounts contained in this presentation are expressed in millions of Canadian dollars unless otherwise indicated

Certain financial measures included in this presentation do not have a standardized meaning prescribed by International Financial Reporting Standards (ldquoIFRSrdquo) and therefore are considered non-generally accepted accounting practice (non-GAAP) measures accordingly they may not be comparable to similar measures provided by other issuers This presentation also contains oil and gas disclosures various industry terms and forward-looking statements including various assumptions on which such forward-looking statements are based and related risk factors Please see the Companys disclosures located in the Appendix amp Endnotes at the end of this presentation for further details regarding these matters

All slides in this presentation should be read in conjunction with ldquoDefinitions and Industry Termsrdquo ldquoNon-GAAP Measure Advisoryrdquo ldquoOil and Gas Information Advisoryrdquo ldquoReserves Disclosure and Definitions Advisoryrdquo and ldquoForward-Looking Advisoryrdquo Unless noted otherwise the pricing assumption for slide 3 are applicable for all the of the slides All locations are considered to be Unbooked locations unless otherwise noted

Corporate Overview

3

Deep Basin

Peace River

Alberta Viking

Cold flow heavy oilManage base production and

commercialize

Liquids rich deeper development underlying Cardium

Infrastructure capacity management and opportunistic partnering

Higher GOR oil playStrategy is base production

management and commercialization

Market SummaryTicker Symbol OBE

Shares Outstanding MM 507

Market Value MM $269

Net Debt MM $446

Enterprise Value MM $715

Corporate SummaryQ3 2018 Production boed 27777

Reserves (2P YE 2018) mmboe` 125

RLI (2P YE 2018) years 13

PDP Decline (YE 2018) 16

NPV10 (2P YE 2018) MM $1702

2019 GuidanceProduction boed 26750 ndash 27750

Capital Expenditures Inc Decommissioning

MM $120

Production Growth Flat

Operating Costs $boe $1400 - $1450

General amp Administrative

$boe $200 - $250

CardiumLight oil conventional development

Manufacturing model for exhaustive repeatable inventory

Leverage shallow decline base

Our Strategic Priorities

1 Generate meaningful YoY Cash Flow Growth

bull Target annual cash flow per share growth 10-15

bull Driven by high-graded investment metrics (IRRrsquos gt50 Capital Efficiency $20000 boed)

2 Improve balance sheet strength

bull Maintain capital discipline to improve debt picture through spending within Funds Flow from Operations

bull Target DebtEBITDA to 15X over coming 2-3 years

3 Simplify and grow the light oil business

bull Through targeted investment grow Cardium light oil platform gt20 over 3 years

bull Continue to rationalize the portfolio to reduce drag on cash flow

bull Maintain 33 operated secondary recovery projects to support top tier corporate decline (25-35)

Disciplined

Relentless

Accountable

4

The Cardium Advantage

Willesden Green H2 2018 ProgramSummary

Rig One

8-9 Pad (3 Wells) IP60 477 boepd (71 oil)




Rig Two


5-18 Pad (2 Wells) Fracturing complete

Actuals exceeding forecast Crimson Lake

1

1

2

3

4

On Production

6

R8W5

T43

OBE 2020 well

OBE 2019 well

OBE 2019 optionality well

OBE 2018 well

OBE future well

Unit land

OBE Cardium WI land

OBE East Crimson land

2 miles

3 kms

INDEX MAP

4

1

2

31

2

2

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

BO

Ed

H2 2018 Program Forecast

H2 2018 Program Actuals

8-9 Cardium Pad (3 wells)Oct 18 2018

Wet conditions

Frac PumpsFlowback Tanks

Sand Haulers

Crane for Coiled Tubing Lubricator

Coiled Tubing Unit

Water Supply

Shale cheaper than mats

Flare stack

Nitrogen Units

Chem Van

Communication

Data Van

Wellsite Trailer

Testers

Simultaneous Operations

7

Revitalization of the Cardium Play

Historical Cardium PoolOil Production (bbld)

Historical Cardium PoolTotal Well Count ()

The Cardium remains one of the premier plays in the Western Canadian Sedimentary Basin with six decades of production

history and significant remaining untapped potential

Historical Willesden GreenCumulative Oil Production (Mbbld)

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Horizontals

Deviated

Verticals

Introduction of horizontal

technology has awoken the giant

0

1000

2000

3000

4000

5000

6000

7000 Horizontals

Deviated

Verticals

8

0

10

20

30

40

50

60

70

80

0 20 40 60

Months

2014 - OBE 26 Wells 2014 - Industry 56 Wells





0

20

40

60

80

12 Month Cumulative Production (boed) per well

The Broader Cardium Opportunity

0

10

20

30

40

50

0

100

200

300

400

Development focused on oil-prone or

flood-supported reservoirs

Recent Oil rates that far exceed horizontal wells drilled to date

Value proposition is unique to each area

12 Month Cumulative Oil (Mbbl) per well

12 Month Cumulative Gas (MMcf) per well

Ferrier

Pembina

WillesdenGreen

OBE lsquo17 H1 rsquo18 Willesden Green

Ferrier

PembinaWillesden

Green


Balanced production with

top quartile recent results

Ferrier

Pembina

WillesdenGreen


Ferrier286 Wells

Pembina2337 Wells

WG

14

-12

Ferr

ier

6-1

1

10 miles

15 kms

Willesden Green428 Wells

T45

Pembina Cardium Hz well

Willesden Green Cardium Hz well

Ferrier Cardium Hz well

OBE Crimson Lake well

OBE Cardium WI land

Peer lands

R5W5

9

Breaking Down the Cardium Play Fairways - A Large High-graded Inventory

bull Continued Eastward extension of Crimson Lake development program

bull De-risked by new competitor drilling in 2018

bull Existing flexible and scalable infrastructure

86Type Curve Locations

bull Individual fairways and unit boundaries in historically pressure supported properties

bull Ability to waterflood for minimal capital through existing infrastructure

bull Technical de-risking through geo-modelling


bull Banked oil from historical pressure maintenance

bull Top quality reservoir previously ignored by vertical development

bull Recent top quartile results



bull Well established productive trend significantly de-risked by major Cardium players

bull Halo underdeveloped acreage

bull Easy access to existing OBE facilities with egress


West Pembina

Crimson Lake

Central Pembina

East Crimson

448 type curve assigned locations600+ total identified inventory

126 YE 2018 Booked Cardium Locations

CrimsonLake

Central Pembina

West Pembina

East Crimson

10 miles

15 kms

INDEX MAP

OBE Cardium WI land

Peer lands

R10W5

T45

10

Crimson Lake

bull Banked oil from historical pressure maintenance in WGCU9

bull Top quality reservoir previously ignored by historical development due to topographic and infrastructure challenges for vertical drilling

bull Recent top quartile results from 2018 programbull Existing flexible and scalable infrastructure at the

Crimson 13-27 Facility with optionality to East Crimson

Potential inventory build up with tiers

The Obsidian Energy flag pole for revitalized primary development on our Cardium acreage

Crimson Lake Statistics

Total Acreage (gross sections) 8925

Current Production (boed) 7200

Average Working Interest () 89

2018 YE 2P Booked Locations () 36

Inventory shown on map () 59

11

Crimson Lake

3 miles

5 kms

INDEX MAPR8W5

T43

WGCU9

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Peer well

Unit land

OBE Cardium WI land


517 bopd 0917OBE 40

0

20

40

60

80

100

120

140

160

180

0

100

200

300

400

500

600

700

800

900

0 12 24

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)

Months

2600m Type Curve

2200m Type Curve

H2 2018 Program Average IP30

2200m 2600m

Drill amp Complete $MM $32 $35

Equip amp Tie $MM $05 $05

Total $MM $37 $40

EUR Mboe 180 210

Oil IP30 bbld 410 484

Total IP30 boed 532 627



NPV BTAX 10 $MM $20 $27

PIR 10 x 05 x 07 x

IRR 90 120

Payout years 09 08

12M Efficiency $boed $15500 $14000

FampD $boe $2075 $1910

Crimson Lake Economics

Production

Economics

Type CurveRate vs TimeCumulative Oil vs TimeCost Inputs

12

H2 2018 Program IP30 (10 of 14 wells)- 105 of average type-curve oil-rate- 100 of boe rate

H2 2018 Program Average Well Cost (DCET)$36 MM (6 under average type-well cost)

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

0

1000

2000

3000

4000

5000

6000

DAYS

ME

AS

UR

ED

DE

PT

H (

M)

2015 Wells

2016 Wells

2017 Wells

2018 Wells

Drilling Longer Wells Efficiently

Longer Laterals Lower cost

per section amp higher resultingproduction rates

Faster DrillingTechnical

improvements and quicker

connections

Less Days Drilling Sticky savings if rates increase

Surface Casing

Intermediate Casing

Total Depth

bull Drilling two mile wells reduces fixed drilling costs

bull Mobilizationbull Constructionbull Infrastructure

bull Longer wells have proportionally higher rates and EUR

bull High speed motors and optimized drill parameters improve rate of penetration

bull Modelled and standardized well planning for reservoir quality and lateral placement for fast drilling

bull Single bit laterals

bull Monobore drilling in suitable areas to reduce total drill time

bull Reduced ldquoflat timerdquo and increased operational efficiency

bull Area development focus reduces mobilization time

Well Length

Drilling Speed

Drilling Time

OBE Intermediate Wells

13

0 50 100 150 200 250

Inter-frac Spacing (meters)

Optimized Well Design to Maximize the Economics of our Acreage

Inter-well SpacingIRR amp NPV Decisions

Inter-frac SpacingIRR amp NPV Decisions

Lateral LengthIRR amp NPV Decisions

bull Tight interwell spacing erodes per well EUR economics assuming reasonable primary recovery factors

bull Ideal well economics require modelled frac spacing

bull Higher quality reservoir displays less production variation with frac spacing than lower quality reservoirs

bull Fixed costs of construction drilling and infrastructure impact economics

bull Well length is limited by rate of penetration and land continuity

0 250 500 750 1000 1250 1500

Inter-well Spacing (meters)

NPV

IRR

Optimal economics implies 4-5 wells per section

Optimal frac spacing implies 30-35 stages for a 2600m well

1000 1500 2000 2500 3000

Well length (meters)

Lateral lengths beyond 3000 m limited by mineral land configurations and weight on bit

NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve

Survey Construct Drill Complete WellsiteFacilities

ArtificialLift

2019Crimson

LakeTarget

Crimson Lake Cost Reduction Trajectory

Surveying Large program brings cost efficiency and flexibility

ConstructionReuse of existing pads multi-well padsites constructed during dry periods

DrillingMonobore drill parameters single bit runs multi-well pads mitigate rig move costs

CompletionsMitigating coil use pads mitigate mobilization costs surface water lines frac price negotiations

Site FacilitiesLeverage existing infrastructure amp inventory

Drill Complete Equip amp Tie-In Costs$ thousands

Capital Efficiency is a key element to our economic success

Team is targeting a 10 reduction in type well costs for our 2019 activity

H2 2018 wells coming in under type curve cost estimates thus far

15

East Crimson

bull Continued Eastward extension of the Crimson Lake development program

bull Area has been de-risked by recent drilling results supporting the revitalized development

bull Shared and scalable infrastructure with the Crimson Lake program

bull Combination of pressure supported edge drilling and underdeveloped unit fairways

Moving the Crimson success eastward and onward

East Crimson Statistics






East CrimsonEast Crimson

3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land

OBE Crimson Lake land

16

Targeting Oil Banks in Historic Waterflood

Targeting Oil Banks Horizontal development in pressure maintained fields like East Crimson has two key target types

bull Banked oil on area edges where legacy drilling has failed to capture reserves

bull Underdeveloped fairways within the secondary recovery area where existing vertical well spacing has insufficient recovery

Keys To SuccessRecent production by peers has verified the modelling in the area and further supports inventory

bull Understanding reservoir fluid and movement over time through reservoir modelling to find underdeveloped fairways

bull Horizontal well placement closer to production (away from injection) to prevent water production

bull Utilize infield infrastructure to reduce capital costs

3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina

bull Significant offsetting production from established Cardium players throughout the West side of Pembina

bull Underdeveloped halo and core acreagebull Existing flexible and scalable infrastructure with

significant available capacity in multiple facilitiesbull Additional uncaptured inventory in non-operated

units in Northern area

Proven oil rich Cardium trend with undeveloped primary development acreage

West Pembina Statistics






West PembinaWest Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land

OBE Central Pembina land

18

Central Pembina

bull Strong technical model is the foundation for additional development from unswept fairways

bull Ability to de-risk through geological and reservoir modelling

bull Proven and booked waterflood response as the foundation for growth

bull Ability to grow waterflood scale through existing wells and infrastructure for minimal capital cost allows for corporate decline maintenance

The epicenter of low decline and pressure maintained development

Central Pembina Statistics






Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land

OBE West Pembina land

PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021

Cardium NOI Improved Pricing Optionality

Cumulative FCF Cumulative FCF Optionality

15000

20000

25000

30000

35000

2018 2019 2020 2021

Improved Pricing Optionality Cardium Production

Cardium 3 Year Forecastbull Cardium on its own is self funded and generates gt$60MM of Free Cash Flow per year

bull Growing the Cardium by gt20 with depth of inventory to back fill higher price scenario

bull Cardium feeds the rest of the business with high netbacks at strip

3 Year Production Rangeboed

~20 Self Funded Cardium Growth on Strip

T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands

3 Year NOI and Free Cash Flow$MM

Generates gt$60MM of Free Cash Flow per year amp ~$200MM in 3 year outlook

~50 Self Funded Cardium growth with improved pricing

20

21

Other AssetsDeep Basin amp Peace River

Deep Basin Company Under a Company

bull Ownership in key plant and pipeline infrastructure allows for development and operational synergies with Cardium program

bull Competitive economics with liquids-rich gas and oil production development potential

bull Large high working interest land base with significant multi-horizon inventory optionality

Unit land

OBE below Base Cardium land

OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms

2019 2 Well Upper Mannville ProgramImmediate cost savings by utilizing existing pad sites surface infrastructure amp operational proximity

2019 - 2 well Upper Mannville program

22

Drill amp Complete $MM $30

Equip amp Tie $MM $08

Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101

Total IP365 boed 414

NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17

12M Efficiency $boed $9500

FampD $boe $960

Mannville Falher Type Curve

Cost Inputs

Production

Economics

Type CurveRate vs TimeCumulative Oil vs Time

High Rate Liquids Rich Play

Mannville 2019 Falher Parameters

Net Pay (m) 15-20

Porosity () 8

Water saturation () 30

CGR (BblMMcf) 10-60

Spirit River Inventory Locations () 40


0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23

Large Peace River Presence

See end notes

bull Stable heavy cold-flow oil base production

bull Contiguous and extensive acreage with ample inventory

bull Simultaneous operations and multi-leg open-hole drilling have resulted in 25 savings in well drilling costs since 2017

bull Recent wells are exceeding historical results

Marketing History ()

All-in Realized Pricing (C$bbl)

WCSSeal WCSSeal WCSSeal

PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory

Contingency inventory

OBE Peace River WI land

5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal

Trucked to numerous locations on Peace pipeline

(PSO price exposure)

Rainbow pipeline(WCS price

exposure)


exposure)

R19W5 Cold Flow Inventory

Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018

WCSSealPSORailOBE Blended

Why invest in Obsidian Energy

Largest Cardium acreage

holder with a low decline

base

Development drilling

catalysts

Ample infrastructure

head room

Flexibility to manage

commodity volatility

Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined

conventional light oil

champion

25

Appendix amp Endnotes

26

Asset Retirement Obligation Improvement

Legacy Abandonment 2019-2031

bull OBE elected to participate in the AERrsquos ABC program to demonstrate a disciplined effort to reduce exposure to the costs of its Legacy portfolio

bull OBE Legacy properties are scattered across Alberta

bull Expect to involve 2-3 fields per year

bull Expected to reduce the average cost of abandoning these wells by approximately 30 on a program basis

ABC

Focusing our 2019 ABC efforts in the Wainwright area

$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E

57 Decrease 33 Decrease58 Decrease

Avg Pipeline Abandonment Cost$km

Avg Well Abandonment Cost$ well

27

Avg Reclamation Cost$Hectare

Management Team

28

David L FrenchPresident and Chief Executive Officer

Mr French joined Obsidian Energy on October 2016 Prior to joining the Company Mr French served as President and CEO of Bankers Petroleum Ltd Prior to joining Bankers in 2013 Mr French held several executive roles at Apache Corporation including Regional Production Manager for the western Canadian business and Global Vice President of Business Development Earlier in his career Mr French worked for McKinsey amp Co in energy consulting and built his career in the Permian Basin for Amoco Production Company (now BP) Mr French holds a Bachelorrsquos degree in mechanical engineering from Rice University and an MBA from Harvard Business School

David HendryChief Financial Officer

Mr Hendry is a Chartered Accountant with over 25 years of finance experience Joining Obsidian Energy in April 2015 as Vice President of Finance he moved into the CFO position in January 2017 Prior to joining the Company he served as a finance Vice President at Talisman Energy Inc where he also worked overseas for nine years in the Norway and UK North Sea offices Mr Hendry started his career working nine years in public accounting largely at PricewaterhouseCoopers

Aaron SmithVice President Development

Mr Smith joined the Company in July 2018 and brings over 20 years of engineering expertise across a broad range of technical and leadership roles Most recently he held the position of Vice President Production at Sinopec Canada Prior to that appointment he led the Development and Marketing divisions and served in asset leadership roles in the Cardium area His early career is distinguished with increasing responsibility in Corporate Planning Completions and Reservoir Engineering Aaron holds a Bachelor of Science in Geologic Engineering from the University of Saskatchewan

Andrew SweertsVice President Business Development amp Commercial

Mr Sweerts has over 25 yearsrsquo experience in the oil and gas industry and is currently the Vice President Business Development amp Commercial for Obsidian Energy In his tenure at Obsidian Energy Mr Sweerts has also held the position of Vice President Production and Technical Services Prior to joining the Company in June of 2014 Mr Sweerts held a number of senior roles within Marathon Oil Canada Corp including Vice President Operations and Engineering and Vice President JV Operations and Marketing Earlier in his career he held a variety of technical and commercial positions with successive levels of responsibility at Western Oil Sands LP and Suncor Energy Mr Sweerts has a Bachelor of Science degree in Chemical Engineering from the University of Waterloo and a Master in Business Administration from Wilfred Laurier University

Mark HodgsonVice President Operations and EampP Services

Mr Hodgson brings over 16 yearsrsquo experience in the industry most recently leading Bankers Petroleum technical and commercial expansion efforts in Eastern Europe Prior to New Ventures Mr Hodgson held positions managing service functions of Legal Crude Marketing Stakeholder Engagement Supply Chain Investor Relations and Corporate Planning Prior to Bankers Petroleum he worked five years each in investment banking with Tristone Capital in London and on Wall Street in New York with Group One a trading house Mr Hodgson holds a degree in Finance from the Wharton school at the University of Pennsylvania

End Notes

29

Slide 3 Corporate Overview

Market Value and Enterprise Value was determined at the close of business on January 31 2019 Net Debt is based on

Q3 2018 financials Reserves (2P) RLI NPV10 is based on 2P PDP Decline and our 2019 Guidance are as disclosed

in our press release dated February 11 2019 (the ldquoReleaserdquo)

Slide 6 Willesden Green H2 2018 Program Summary

Production amounts are averaged per well and timing is based on internal estimates

Slide 8 and 9 Revitalization of the Cardium Play amp The Broader Cardium Opportunity

Historical production and well count is public data sourced from IHS Accumap all producing wells from Cardium

formation Historic cumulative well production is public data sourced from IHS Accumap for horizontal producing wells

within the Willesden Green field rig released 2014 to current

Slide 10 Breaking Down the Cardium Play Fairways

Individual play fairways are Obsidian Energy defined trends displaying similar reservoir and geological characteristics

The ldquo448 type curve assigned locationsrdquo estimates that full field development based on the inventory locations outlined

would achieve an estimated average production consistent with the defined type curve for that fairway Type curves are

defined by existing productive wells within the defined trend displaying similar reservoir and geological characteristics

and normalized for horizontal length and completion Inventory not included within the assigned 448 has not been

assigned a production profile and has not been included in development plan models or forward-looking production

estimates

Slide 12 and 22 Economics Slides

Economic metrics are defined from provided type curves and on the Plan Pricing Scenario Type curve production is


and normalized for horizontal length and completion Development plan well counts are indicative and based on internal

estimates under our Plan Pricing Scenario

Slide 13 Drilling Longer Wells Efficiently

Drill days are calculated from spud to rig release date

Slide 14 Optimized Well Design to Maximize the Economics of our Acreage

Economic models are based modelled well productivity where Inter-well spacing Inter-frac spacing and Lateral Length

are variable against fixed standard well performance and design based on Obsidian Energy internal calculations

Economic modelling is illustrative and will vary with individual well geology reservoir composition capital costs and

price assumptions

Slide 15 Crimson Lake Cost Reduction Trajectory

Capital costs and savings are estimates and based on average well design and costs Individual well costs will vary

based on depth well design surface constraints road access and external factors such as market demand and

weather

Slide 11 16 18 and 19 Asset Slides

All reserve locations are gross location and are defined by Sproule at YE2018 and do not include 2019 development

activity Booked locations include both waterflood locations waterflood development and primary drilling locations

Total acreage and WI are based on highlighted land in the corresponding map WI is calculated across the entire

highlighted region of the map and includes land where Obsidian Energy is not the operator No inventory locations have

been assigned to land where Obsidian Energy is not the operator

Slide 17 Targeting Oil Banks in Historic Waterfloods

Peer posted rates from offsetting wells are peak calendar day rate from public data sourced from IHS Accumap with corresponding

date labelled Cumulative oil recovery is illustrative of total cumulative oil produced to date based on reservoir modelling and are

not reflective of variations in geology waterflood effectiveness or fluid composition

Slide 20 Cardium 3 Year Forecast

Is based on internal estimates

Slide 23 Mannville Falher Type Curve

All reserve locations are gross locations and are defined by Sproule at YE 2018 and do not include 2019 development activity Net

Pay Porosity Water saturation CGR and Spirit River Inventory Locations are based on internal Reservoir Modeling and internal

assumptions

Slide 25 Why invest in Obsidian Energy

10-15 CAGR is based on the price deck and assumptions that were run for the November 15 2018 Investor Day Presentation

Slide 27 Asset Retirement Obligation Improvement

Cost estimates are based on internal estimates

Definitions and Industry Terms

30

Fracturing is a short name for Hydraulic fracturing a method for extracting oil and natural gas

Frac means fraccing short name for Hydraulic fracturing a method for extracting oil and natural gas

FX means foreign exchange rate in our case typically refers to C$ to US$ exchange rates

Free Cash Flow which is Funds Flow from Operations less Total Capital Expenditures

FFO means funds flow from operations detailed in the Non-GAAP measure advisory

FY means fiscal year

GampA means general and administrative expenses

GOR means gas oil ratio

H1 means first half of the year

H2 means second half of the year

Hz means horizontal well

IP means initial production which is the average production over a specified time period

IRR means Internal Rate of Return which is the interest rate at which the NPV equals zero

Liquids means crude oil and NGLs

M or k means thousands

MMcf means million cubic feet and MMcfd means million cubic feet per day

Mboe means thousand barrels oil equivalent

MMboe means million barrels oil equivalent

Mbbl amp MMbbl means thousands barrels of oil and million barrels of oil respectively

N S E W means the North South East West or in any combination

NAV means net asset value

NGL means natural gas liquids which includes hydrocarbon not marketed as natural gas (methane) or various classes of oil

PDP means proved developed producing reserves as per Oil and Gas Disclosures Advisory

1P means proved reserves as per Oil and Gas Disclosures Advisory

2P means proved plus probable reserves as per Oil and Gas Disclosures Advisory

12M Efficiency means 12 month capital efficiency in $boed

ABC means area based closure program initiative from the AERCF

AampD means oil and natural gas property acquisitions and divestitures

AER means Alberta Energy Regulor

ARO means Asset Retirement Obligation

bbl and bbld means barrels of oil and barrels of oil per day respectively

bopd means barrel of oil per day

boe boed means barrels of oil equivalent and barrels of oil equivalent per day respectively

CAGR means compound annual growth rate

Capital Expenditures amp Capex includes all direct costs related to our operated and non-operated development programs including drilling completions tie-in development of and expansions to existing facilities and major infrastructure optimization and EOR activities

CFPS means cash flow per share

CGR means condensate gas ratio

Company or OBE means Obsidian Energy Ltd as applicable

Decommissioning means decommissioning expenditures

Ed Par means Edmonton Par Crude

Enviro means decommissioning expenditures

EUR means estimated ultimate recovery

FampD means finding and development costs

NGTL means a TransCanada operated transmission line

NOI means net operating income

NPV means net present value before tax discounted at 10 percent

NYSE means New York Stock Exchange

Opex means operating costs

Payout means the time it takes to cover the return of your initial cash outlay

PCU means Pembina Cardium Unit

PIR means profit investment ratio defined as NPV divided by capital outlay

Plan Pricing Scenario means the flat price deck at US$60bblWTI US$10bbl Ed Par Differential $2mcf AECO and CADUSD 131x FX Rate

POR means porosity

Perm means permeability

PROP means Peace River Oil Partnership

PSO means peace sour

SEC means US Securities and Exchange Commission

Spud means the process of beginning to drill a well

Unbooked means locations that are internal estimates based on Obsidian Energyrsquos prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review Unbooked locations do not have attributed reserves or resources (including contingent and prospective) Unbooked locations have been identified by management as an estimation of Obsidian Energyrsquos multi-year drilling activities based on evaluation of applicable geologic seismic engineering production and reserves information

WCS means Western Canadian Select

WI means working interest

WF means waterflood

WTI means West Texas Intermediate

YE means year end

YOY means year over year

Non-GAAP Measures Advisory

31

In this presentation we refer to certain financial measures that are not determined in accordance with IFRS These measures as presented do not have any standardized meaning prescribed by IFRS and therefore they may not be comparable with calculations of similar measures for other companies We believe that in conjunction with results presented in accordance with IFRS these measures assist in providing a more complete understanding of certain aspects of our results of operations and financial performance You are cautioned however that these measures should not be construed as an alternative to measures determined in accordance with IFRS as an indication of our performance These measures include the following

EBITDA is cash flow from operations excluding the impact of changes in non-cash working capital decommissioning expenditures financing expenses realized gains and losses on foreign exchange hedges on prepayments realized foreign exchange gains and losses on debt prepayments and restructuring expenses In addition under the syndicated credit facility realized foreign exchange gains or losses related to debt maturities are excluded from the calculation EBITDA as defined by Obsidian Energyrsquos debt agreements excludes the EBITDA contribution from assets sold in the prior 12 months and is used within Obsidian Energyrsquos covenant calculations related to its syndicated bank facility and senior notes

Enterprise Value is the measure of a companyrsquos total value and includes all ownership interests and asset claims from both debt and equity It is calculated as share price multiplied by total shares outstanding plus Net Debt

Funds flow is cash flow from operating activities before changes in non-cash working capital decommissioning expenditures and office lease settlements

Funds flow from operations or FFO is cash flow from operating activities before changes in non-cash working capital decommissioning expenditures and office lease settlements which also excludes the effects of financing related transactions from foreign exchange contracts and debt repayments and certain other expenses and is representative of cash related to continuing operations

Netback is a measure of cash operating margin on an absolute or per-unit-of-production basis and is calculated as the absolute or per-unit-of-production amount of revenue less royalties operating costs and transportation The measure is used to assess the operational profitability of the company as well as relative profitability of individual assets For additional information relating to netbacks including a detailed calculation of our netbacks see our latest managements discussion and analysis which is available in Canada at wwwsedarcom and in the United States at wwwsecgov and

Net Debt is the amount of long-term debt comprised of long-term notes and bank debt plus net working capital (surplus)deficit Net debt is a measure of leverage and liquidity

Oil and Gas Information Advisory

32

Barrels of oil equivalent (boe) may be misleading particularly if used in isolation A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of crude oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of 61 utilizing a conversion on a 61 basis is misleading as an indication of value

This presentation contains a number of oil and gas metrics prepared by management including reserve life index or RLI which does not have a standardized meaning or standard method of calculation and therefore such measure may not be comparable to similar measures used by other companies Such metrics have been included herein to provide readers with additional measures to evaluate our performance on a comparable basis with prior periods however such measures are not reliable indicators of our future performance and our future performance may not compare to the performance in previous periods RLI has been calculated in this presentation as the volume of our 2P reserves as of December 31 2018 divided by our average daily production for 2019 production for the associated reserve category

Inventory

This presentation discloses drilling locations in three categories (i) proved locations (ii) probable locations and (iii) unbooked locations Proved locations and probable locations are derived from the Sproule Report and account for drilling locations that have associated proved andor probable reserves as applicable Unbooked locations are internal estimates based on our prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review Unbooked locations do not have attributed reserves or resources

Of the 891 gross drilling locations identified herein 189 are proved locations 208 are probable locations and 683 are unbooked locations

Unbooked locations have been identified by management as an estimation of our multi-year drilling activities based on evaluation of applicable geologic seismic engineering production and reserves information There is no certainty that we will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves resources or production The drilling locations on which we actually drill wells will ultimately depend upon the availability of capital regulatory approvals seasonal restrictions oil and natural gas prices costs actual drilling results additional reservoir information that is obtained and other factors While certain of the unbooked drilling locations have been derisked by drilling existing wells in relative close proximity to such unbooked drilling locations other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves or production

Reserves Disclosure and Definitions

33

Unless otherwise noted any reference to reserves in this presentation are based on the report (Sproule Report) prepared by Sproule Associates Limited dated January 24 2019 where they evaluated one

hundred percent of the crude oil natural gas and natural gas liquids reserves of Obsidian Energy and the net present value of future net revenue attributable to those reserves effective as at December 31

2018 For further information regarding the Sproule Report see our Release It should not be assumed that the estimates of future net revenues presented herein represent the fair market value of the reserves

There is no assurance that the forecast price and cost assumptions will be attained and variances could be material The recovery and reserves estimates of crude oil natural gas liquids and natural gas

reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered Actual crude oil natural gas and natural gas liquid reserves may be greater than or less

than the estimates provided herein The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation

Production and Reserves

The use of the word gross in this presentation (i) in relation to our interest in production and reserves means our working interest (operating or non-operating) share before deduction of royalties and without

including our royalty interests (ii) in relation to wells means the total number of wells in which we have an interest and (iii) in relation to properties means the total area of properties in which we have an

interest The use of the word net in this presentation (i) in relation to our interest in production and reserves means our working interest (operating or non-operating) share after deduction of royalty

obligations plus our royalty interests (ii) in relation to our interest in wells means the number of wells obtained by aggregating our working interest in each of our gross wells and (iii) in relation to our interest in

a property means the total area in which we have an interest multiplied by the working interest owned by us Unless otherwise stated production volumes and reserves estimates in this presentation are stated

on a gross basis All references to well counts are net to the Company unless otherwise indicated

Reserve Definitions

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations as of a given date based on the analysis of drilling

geological geophysical and engineering data the use of established technology and specified economic conditions which are generally accepted as being reasonable Reserves are classified according to the

degree of certainty associated with the estimates

proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable It is likely that the actual remaining quantities recovered will exceed the estimated

proved reserves

probable reserves are those additional reserves that are less certain to be recovered than proved reserves It is equally likely that the actual remaining quantities recovered will be greater or less

than the sum of the estimated proved plus probable reserves

Each of the reserves categories (proved and probable) may be divided into developed and undeveloped categories

Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or if facilities have not been installed that would involve a low expenditure (for example

when compared to the cost of drilling a well) to put the reserves on production The developed category may be subdivided into producing and non-producing

Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate These reserves may be currently producing or if

shut-in they must have previously been on production and the date of resumption of production must be known with reasonable certainty

Developed non-producing reserves are those reserves that either have not been on production or have previously been on production but are shut-in and the date of resumption of production is

unknown

Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (for example when compared to the cost of drilling a well) is required to render

them capable of production They must fully meet the requirements of the reserves category (proved probable) to which they are assigned

For additional reserve definitions see the Release

Forward-Looking Information Advisory

34

Certain statements contained in this presentation constitute forward-looking statements or information (collectively forward-looking statements Forward-looking statements are typically identified by words such as anticipate continue estimate expect forecast budget may will project could plan intend should believe outlook objective aim potential target and similar words suggesting future events or future performance In addition statements relating to reserves or resources are deemed to be forward-looking statements as they involve the implied assessment based on certain estimates and assumptions that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future In particular this presentation contains without limitation forward-looking statements pertaining to the following our 2019 guidance including production production growth operating and GampA cost ranges the expected decline rates and reserve life index on reserves how we intend our assets including but not limited to base production and commercialization infrastructure capacity management and opportunistic partnering and development capital our strategic priorities including meaningful year over year cash flow growth (including the target and how that will be driven) improved balance sheet strength (including maintaining capital discipline and target DEBTEBITDA for next couple of years) and simplify and grow the light oil business (through targeted investment portfolio rationalization and maintain operated secondary recovery projects to support declining the expected decline rates and reserve life index on reserves) our internal expectations for type curves our expectations on how we will deliver returns in the future that the Cardium has significant remaining untapped potential our ability to waterflood certain locations and for minimal capital through existing infrastructure our potential locations that certain locations have been de-risked due to various reasons that the Cardium play has remaining untapped potential that drilling two mile wells reduces fixed drilling costs and longer wells have proportionally higher rates and EUR that higher drilling speed motors and drill parameters improve rate of penetration and how we plan to drill and the impact that will have to efficiency and mobilization time how we plan to drill complete equip and tie-in in order to reduce certain costs our inventory our target for reduction in type well costs for our 2019 activity how we plan to target certain oil banks and the keys to its success our expectations for the 3 year production range and 3 year NOI and free cash flow in the Cardium and how strip pricing and greater than strip pricing will impact self-funded growth in the area that the Cardium will feed the rest of the business with high netbacks at strip that we own and operate an infrastructure kit which can handle our development plans in the Cardium and allows for development and operational synergies for the Deep Basin our expectations for legacy abandonment and how participating in the AER ABC program will impact various costs and the amount of fields that will be involved each year moving forward

The key metrics for the Company set forth in this presentation may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws Financial outlook and future-oriented financial information contained in this presentation are based on assumptions about future events based on managements assessment of the relevant information currently available In particular this presentation contains projected operational and financial information for 2019 and beyond for the Company The future-oriented financial information and financial outlooks contained in this presentation have been approved by management as of the date of this presentation Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein

With respect to forward-looking statements contained in this document we have made assumptions regarding among other things our ability to complete asset sales and the terms and timing of any such sales the economic returns that we anticipate realizing from expenditures made on our assets future crude oil natural gas liquids and natural gas prices and differentials between light medium and heavy oil prices and Canadian WTI and world oil and natural gas prices future capital expenditure levels future crude oil natural gas liquids and natural gas production levels drilling results future exchange rates and interest rates future taxes and royalties the continued suspension of our dividend our ability to execute our capital programs as planned without significant adverse impacts from various factors beyond our control including weather infrastructure access and delays in obtaining regulatory approvals and third party consents our ability to obtain equipment in a timely manner to carry out development activities and the costs thereof our ability to market our oil and natural gas successfully our ability to obtain financing on acceptable terms including our ability to renew or replace our reserve based loan our ability to finance the repayment of our senior secured notes on maturity and our ability to add production and reserves through our development and exploitation activities In addition many of the forward-looking statements contained in this document are located proximate to assumptions that are specific to those forward-looking statements and such assumptions should be taken into account when reading such forward-looking statements There is also a Pricing Assumption slide which should be taken into account when reviewing the presentation Please note that illustrative examples are not to be construed as guidance for the Company and further details on assumptions can be found in the End Notes section of the presentation

Although Obsidian Energy believes that the expectations and assumptions on which such forward-looking information is based are reasonable undue reliance should not be placed on the forward-looking information because Obsidian Energy can give no assurances that they will prove to be correct Since forward-looking information addresses future events and conditions by its very nature it involves 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 the risks associated with the oil and gas industry in general such as operational risks in development exploration and production the possibility that the semi-annual borrowing base re-determination under our reserve-based loan is not acceptable to the Company or that we breach one or more of the financial covenants pursuant to our amending agreements with holders of our senior secured notes delays or changes in plans with respect to exploration or development projects or capital expenditures the uncertainty of estimates and projections relating to reserves production costs and expenses health safety and environmental risks commodity price and exchange rate fluctuations interest rate fluctuations marketing and transportation loss of markets environmental risks competition incorrect assessment of the value of acquisitions failure to complete or realize the anticipated benefits of acquisitions or dispositions ability to access sufficient capital from internal and external sources failure to obtain required regulatory and other approvals reliance on third parties and changes in legislation including but not limited to tax laws royalties and environmental regulations Readers are cautioned that the foregoing list of factors is not exhaustive

Additional information on these and other factors that could affect Obsidian Energy or its operations or financial results are included in the Companys Annual Information Form (See Risk Factors and Forward-Looking Statements therein) which may be accessed through the SEDAR website (wwwsedarcom) EDGAR website (wwwsecgov) or Obsidian Energys website

Unless otherwise specified the forward-looking statements contained in this document speak only as of February 10 2019 Except as expressly required by applicable securities laws we do not undertake any obligation to publicly update or revise any forward-looking statements whether as a result of new information future events or otherwise The forward-looking statements contained in this document are expressly qualified by this cautionary statement

Important Notice to the Readers

2

This presentation should be read in conjunction with the Companyrsquos unaudited consolidated financial statements Managements Discussion and Analysis (MDampA) for the three and nine months ended September 30 2018 All dollar amounts contained in this presentation are expressed in millions of Canadian dollars unless otherwise indicated

Certain financial measures included in this presentation do not have a standardized meaning prescribed by International Financial Reporting Standards (ldquoIFRSrdquo) and therefore are considered non-generally accepted accounting practice (non-GAAP) measures accordingly they may not be comparable to similar measures provided by other issuers This presentation also contains oil and gas disclosures various industry terms and forward-looking statements including various assumptions on which such forward-looking statements are based and related risk factors Please see the Companys disclosures located in the Appendix amp Endnotes at the end of this presentation for further details regarding these matters

All slides in this presentation should be read in conjunction with ldquoDefinitions and Industry Termsrdquo ldquoNon-GAAP Measure Advisoryrdquo ldquoOil and Gas Information Advisoryrdquo ldquoReserves Disclosure and Definitions Advisoryrdquo and ldquoForward-Looking Advisoryrdquo Unless noted otherwise the pricing assumption for slide 3 are applicable for all the of the slides All locations are considered to be Unbooked locations unless otherwise noted

Corporate Overview

3

Deep Basin

Peace River

Alberta Viking


commercialize








Net Debt MM $446






NPV10 (2P YE 2018) MM $1702



MM $120




$boe $200 - $250















Disciplined

Relentless

Accountable

4



Rig One





Rig Two




1

1

2

3

4

On Production

6

R8W5

T43

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Unit land

OBE Cardium WI land


2 miles

3 kms

INDEX MAP

4

1

2

31

2

2

0

500

1000

1500

2000

2500

3000

3500

4000

4500


BO

Ed




Wet conditions


Sand Haulers


Coiled Tubing Unit

Water Supply


Flare stack

Nitrogen Units

Chem Van

Communication

Data Van

Wellsite Trailer

Testers


7







0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Horizontals

Deviated

Verticals



0

1000

2000

3000

4000

5000

6000

7000 Horizontals

Deviated

Verticals

8

0

10

20

30

40

50

60

70

80

0 20 40 60

Months






0

20

40

60

80



0

10

20

30

40

50

0

100

200

300

400







Ferrier

Pembina

WillesdenGreen


Ferrier

PembinaWillesden

Green




Ferrier

Pembina

WillesdenGreen


Ferrier286 Wells

Pembina2337 Wells

WG

14

-12

Ferr

ier

6-1

1

10 miles

15 kms


T45





OBE Cardium WI land

Peer lands

R5W5

9



















West Pembina

Crimson Lake

Central Pembina

East Crimson



CrimsonLake

Central Pembina

West Pembina

East Crimson

10 miles

15 kms

INDEX MAP

OBE Cardium WI land

Peer lands

R10W5

T45

10

Crimson Lake













11

Crimson Lake

3 miles

5 kms

INDEX MAPR8W5

T43

WGCU9

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Peer well

Unit land

OBE Cardium WI land


517 bopd 0917OBE 40

0

20

40

60

80

100

120

140

160

180

0

100

200

300

400

500

600

700

800

900

0 12 24

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)

Months

2600m Type Curve

2200m Type Curve


2200m 2600m



Total $MM $37 $40

EUR Mboe 180 210





NPV BTAX 10 $MM $20 $27

PIR 10 x 05 x 07 x

IRR 90 120

Payout years 09 08


FampD $boe $2075 $1910


Production

Economics


12



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

0

1000

2000

3000

4000

5000

6000

DAYS

ME

AS

UR

ED

DE

PT

H (

M)

2015 Wells

2016 Wells

2017 Wells

2018 Wells






connections


Surface Casing

Intermediate Casing

Total Depth










Well Length

Drilling Speed

Drilling Time


13

0 50 100 150 200 250











0 250 500 750 1000 1250 1500


NPV

IRR



1000 1500 2000 2500 3000



NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







Corporate Overview

3

Deep Basin

Peace River

Alberta Viking


commercialize








Net Debt MM $446






NPV10 (2P YE 2018) MM $1702



MM $120




$boe $200 - $250















Disciplined

Relentless

Accountable

4



Rig One





Rig Two




1

1

2

3

4

On Production

6

R8W5

T43

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Unit land

OBE Cardium WI land


2 miles

3 kms

INDEX MAP

4

1

2

31

2

2

0

500

1000

1500

2000

2500

3000

3500

4000

4500


BO

Ed




Wet conditions


Sand Haulers


Coiled Tubing Unit

Water Supply


Flare stack

Nitrogen Units

Chem Van

Communication

Data Van

Wellsite Trailer

Testers


7







0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Horizontals

Deviated

Verticals



0

1000

2000

3000

4000

5000

6000

7000 Horizontals

Deviated

Verticals

8

0

10

20

30

40

50

60

70

80

0 20 40 60

Months






0

20

40

60

80



0

10

20

30

40

50

0

100

200

300

400







Ferrier

Pembina

WillesdenGreen


Ferrier

PembinaWillesden

Green




Ferrier

Pembina

WillesdenGreen


Ferrier286 Wells

Pembina2337 Wells

WG

14

-12

Ferr

ier

6-1

1

10 miles

15 kms


T45





OBE Cardium WI land

Peer lands

R5W5

9



















West Pembina

Crimson Lake

Central Pembina

East Crimson



CrimsonLake

Central Pembina

West Pembina

East Crimson

10 miles

15 kms

INDEX MAP

OBE Cardium WI land

Peer lands

R10W5

T45

10

Crimson Lake













11

Crimson Lake

3 miles

5 kms

INDEX MAPR8W5

T43

WGCU9

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Peer well

Unit land

OBE Cardium WI land


517 bopd 0917OBE 40

0

20

40

60

80

100

120

140

160

180

0

100

200

300

400

500

600

700

800

900

0 12 24

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)

Months

2600m Type Curve

2200m Type Curve


2200m 2600m



Total $MM $37 $40

EUR Mboe 180 210





NPV BTAX 10 $MM $20 $27

PIR 10 x 05 x 07 x

IRR 90 120

Payout years 09 08


FampD $boe $2075 $1910


Production

Economics


12



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

0

1000

2000

3000

4000

5000

6000

DAYS

ME

AS

UR

ED

DE

PT

H (

M)

2015 Wells

2016 Wells

2017 Wells

2018 Wells






connections


Surface Casing

Intermediate Casing

Total Depth










Well Length

Drilling Speed

Drilling Time


13

0 50 100 150 200 250











0 250 500 750 1000 1250 1500


NPV

IRR



1000 1500 2000 2500 3000



NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34


















Disciplined

Relentless

Accountable

4



Rig One





Rig Two




1

1

2

3

4

On Production

6

R8W5

T43

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Unit land

OBE Cardium WI land


2 miles

3 kms

INDEX MAP

4

1

2

31

2

2

0

500

1000

1500

2000

2500

3000

3500

4000

4500


BO

Ed




Wet conditions


Sand Haulers


Coiled Tubing Unit

Water Supply


Flare stack

Nitrogen Units

Chem Van

Communication

Data Van

Wellsite Trailer

Testers


7







0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Horizontals

Deviated

Verticals



0

1000

2000

3000

4000

5000

6000

7000 Horizontals

Deviated

Verticals

8

0

10

20

30

40

50

60

70

80

0 20 40 60

Months






0

20

40

60

80



0

10

20

30

40

50

0

100

200

300

400







Ferrier

Pembina

WillesdenGreen


Ferrier

PembinaWillesden

Green




Ferrier

Pembina

WillesdenGreen


Ferrier286 Wells

Pembina2337 Wells

WG

14

-12

Ferr

ier

6-1

1

10 miles

15 kms


T45





OBE Cardium WI land

Peer lands

R5W5

9



















West Pembina

Crimson Lake

Central Pembina

East Crimson



CrimsonLake

Central Pembina

West Pembina

East Crimson

10 miles

15 kms

INDEX MAP

OBE Cardium WI land

Peer lands

R10W5

T45

10

Crimson Lake













11

Crimson Lake

3 miles

5 kms

INDEX MAPR8W5

T43

WGCU9

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Peer well

Unit land

OBE Cardium WI land


517 bopd 0917OBE 40

0

20

40

60

80

100

120

140

160

180

0

100

200

300

400

500

600

700

800

900

0 12 24

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)

Months

2600m Type Curve

2200m Type Curve


2200m 2600m



Total $MM $37 $40

EUR Mboe 180 210





NPV BTAX 10 $MM $20 $27

PIR 10 x 05 x 07 x

IRR 90 120

Payout years 09 08


FampD $boe $2075 $1910


Production

Economics


12



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

0

1000

2000

3000

4000

5000

6000

DAYS

ME

AS

UR

ED

DE

PT

H (

M)

2015 Wells

2016 Wells

2017 Wells

2018 Wells






connections


Surface Casing

Intermediate Casing

Total Depth










Well Length

Drilling Speed

Drilling Time


13

0 50 100 150 200 250











0 250 500 750 1000 1250 1500


NPV

IRR



1000 1500 2000 2500 3000



NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34









Rig One





Rig Two




1

1

2

3

4

On Production

6

R8W5

T43

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Unit land

OBE Cardium WI land


2 miles

3 kms

INDEX MAP

4

1

2

31

2

2

0

500

1000

1500

2000

2500

3000

3500

4000

4500


BO

Ed




Wet conditions


Sand Haulers


Coiled Tubing Unit

Water Supply


Flare stack

Nitrogen Units

Chem Van

Communication

Data Van

Wellsite Trailer

Testers


7







0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Horizontals

Deviated

Verticals



0

1000

2000

3000

4000

5000

6000

7000 Horizontals

Deviated

Verticals

8

0

10

20

30

40

50

60

70

80

0 20 40 60

Months






0

20

40

60

80



0

10

20

30

40

50

0

100

200

300

400







Ferrier

Pembina

WillesdenGreen


Ferrier

PembinaWillesden

Green




Ferrier

Pembina

WillesdenGreen


Ferrier286 Wells

Pembina2337 Wells

WG

14

-12

Ferr

ier

6-1

1

10 miles

15 kms


T45





OBE Cardium WI land

Peer lands

R5W5

9



















West Pembina

Crimson Lake

Central Pembina

East Crimson



CrimsonLake

Central Pembina

West Pembina

East Crimson

10 miles

15 kms

INDEX MAP

OBE Cardium WI land

Peer lands

R10W5

T45

10

Crimson Lake













11

Crimson Lake

3 miles

5 kms

INDEX MAPR8W5

T43

WGCU9

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Peer well

Unit land

OBE Cardium WI land


517 bopd 0917OBE 40

0

20

40

60

80

100

120

140

160

180

0

100

200

300

400

500

600

700

800

900

0 12 24

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)

Months

2600m Type Curve

2200m Type Curve


2200m 2600m



Total $MM $37 $40

EUR Mboe 180 210





NPV BTAX 10 $MM $20 $27

PIR 10 x 05 x 07 x

IRR 90 120

Payout years 09 08


FampD $boe $2075 $1910


Production

Economics


12



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

0

1000

2000

3000

4000

5000

6000

DAYS

ME

AS

UR

ED

DE

PT

H (

M)

2015 Wells

2016 Wells

2017 Wells

2018 Wells






connections


Surface Casing

Intermediate Casing

Total Depth










Well Length

Drilling Speed

Drilling Time


13

0 50 100 150 200 250











0 250 500 750 1000 1250 1500


NPV

IRR



1000 1500 2000 2500 3000



NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34








Wet conditions


Sand Haulers


Coiled Tubing Unit

Water Supply


Flare stack

Nitrogen Units

Chem Van

Communication

Data Van

Wellsite Trailer

Testers


7







0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Horizontals

Deviated

Verticals



0

1000

2000

3000

4000

5000

6000

7000 Horizontals

Deviated

Verticals

8

0

10

20

30

40

50

60

70

80

0 20 40 60

Months






0

20

40

60

80



0

10

20

30

40

50

0

100

200

300

400







Ferrier

Pembina

WillesdenGreen


Ferrier

PembinaWillesden

Green




Ferrier

Pembina

WillesdenGreen


Ferrier286 Wells

Pembina2337 Wells

WG

14

-12

Ferr

ier

6-1

1

10 miles

15 kms


T45





OBE Cardium WI land

Peer lands

R5W5

9



















West Pembina

Crimson Lake

Central Pembina

East Crimson



CrimsonLake

Central Pembina

West Pembina

East Crimson

10 miles

15 kms

INDEX MAP

OBE Cardium WI land

Peer lands

R10W5

T45

10

Crimson Lake













11

Crimson Lake

3 miles

5 kms

INDEX MAPR8W5

T43

WGCU9

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Peer well

Unit land

OBE Cardium WI land


517 bopd 0917OBE 40

0

20

40

60

80

100

120

140

160

180

0

100

200

300

400

500

600

700

800

900

0 12 24

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)

Months

2600m Type Curve

2200m Type Curve


2200m 2600m



Total $MM $37 $40

EUR Mboe 180 210





NPV BTAX 10 $MM $20 $27

PIR 10 x 05 x 07 x

IRR 90 120

Payout years 09 08


FampD $boe $2075 $1910


Production

Economics


12



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

0

1000

2000

3000

4000

5000

6000

DAYS

ME

AS

UR

ED

DE

PT

H (

M)

2015 Wells

2016 Wells

2017 Wells

2018 Wells






connections


Surface Casing

Intermediate Casing

Total Depth










Well Length

Drilling Speed

Drilling Time


13

0 50 100 150 200 250











0 250 500 750 1000 1250 1500


NPV

IRR



1000 1500 2000 2500 3000



NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34













0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Horizontals

Deviated

Verticals



0

1000

2000

3000

4000

5000

6000

7000 Horizontals

Deviated

Verticals

8

0

10

20

30

40

50

60

70

80

0 20 40 60

Months






0

20

40

60

80



0

10

20

30

40

50

0

100

200

300

400







Ferrier

Pembina

WillesdenGreen


Ferrier

PembinaWillesden

Green




Ferrier

Pembina

WillesdenGreen


Ferrier286 Wells

Pembina2337 Wells

WG

14

-12

Ferr

ier

6-1

1

10 miles

15 kms


T45





OBE Cardium WI land

Peer lands

R5W5

9



















West Pembina

Crimson Lake

Central Pembina

East Crimson



CrimsonLake

Central Pembina

West Pembina

East Crimson

10 miles

15 kms

INDEX MAP

OBE Cardium WI land

Peer lands

R10W5

T45

10

Crimson Lake













11

Crimson Lake

3 miles

5 kms

INDEX MAPR8W5

T43

WGCU9

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Peer well

Unit land

OBE Cardium WI land


517 bopd 0917OBE 40

0

20

40

60

80

100

120

140

160

180

0

100

200

300

400

500

600

700

800

900

0 12 24

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)

Months

2600m Type Curve

2200m Type Curve


2200m 2600m



Total $MM $37 $40

EUR Mboe 180 210





NPV BTAX 10 $MM $20 $27

PIR 10 x 05 x 07 x

IRR 90 120

Payout years 09 08


FampD $boe $2075 $1910


Production

Economics


12



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

0

1000

2000

3000

4000

5000

6000

DAYS

ME

AS

UR

ED

DE

PT

H (

M)

2015 Wells

2016 Wells

2017 Wells

2018 Wells






connections


Surface Casing

Intermediate Casing

Total Depth










Well Length

Drilling Speed

Drilling Time


13

0 50 100 150 200 250











0 250 500 750 1000 1250 1500


NPV

IRR



1000 1500 2000 2500 3000



NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







0

20

40

60

80



0

10

20

30

40

50

0

100

200

300

400







Ferrier

Pembina

WillesdenGreen


Ferrier

PembinaWillesden

Green




Ferrier

Pembina

WillesdenGreen


Ferrier286 Wells

Pembina2337 Wells

WG

14

-12

Ferr

ier

6-1

1

10 miles

15 kms


T45





OBE Cardium WI land

Peer lands

R5W5

9



















West Pembina

Crimson Lake

Central Pembina

East Crimson



CrimsonLake

Central Pembina

West Pembina

East Crimson

10 miles

15 kms

INDEX MAP

OBE Cardium WI land

Peer lands

R10W5

T45

10

Crimson Lake













11

Crimson Lake

3 miles

5 kms

INDEX MAPR8W5

T43

WGCU9

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Peer well

Unit land

OBE Cardium WI land


517 bopd 0917OBE 40

0

20

40

60

80

100

120

140

160

180

0

100

200

300

400

500

600

700

800

900

0 12 24

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)

Months

2600m Type Curve

2200m Type Curve


2200m 2600m



Total $MM $37 $40

EUR Mboe 180 210





NPV BTAX 10 $MM $20 $27

PIR 10 x 05 x 07 x

IRR 90 120

Payout years 09 08


FampD $boe $2075 $1910


Production

Economics


12



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

0

1000

2000

3000

4000

5000

6000

DAYS

ME

AS

UR

ED

DE

PT

H (

M)

2015 Wells

2016 Wells

2017 Wells

2018 Wells






connections


Surface Casing

Intermediate Casing

Total Depth










Well Length

Drilling Speed

Drilling Time


13

0 50 100 150 200 250











0 250 500 750 1000 1250 1500


NPV

IRR



1000 1500 2000 2500 3000



NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34

























West Pembina

Crimson Lake

Central Pembina

East Crimson



CrimsonLake

Central Pembina

West Pembina

East Crimson

10 miles

15 kms

INDEX MAP

OBE Cardium WI land

Peer lands

R10W5

T45

10

Crimson Lake













11

Crimson Lake

3 miles

5 kms

INDEX MAPR8W5

T43

WGCU9

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Peer well

Unit land

OBE Cardium WI land


517 bopd 0917OBE 40

0

20

40

60

80

100

120

140

160

180

0

100

200

300

400

500

600

700

800

900

0 12 24

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)

Months

2600m Type Curve

2200m Type Curve


2200m 2600m



Total $MM $37 $40

EUR Mboe 180 210





NPV BTAX 10 $MM $20 $27

PIR 10 x 05 x 07 x

IRR 90 120

Payout years 09 08


FampD $boe $2075 $1910


Production

Economics


12



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

0

1000

2000

3000

4000

5000

6000

DAYS

ME

AS

UR

ED

DE

PT

H (

M)

2015 Wells

2016 Wells

2017 Wells

2018 Wells






connections


Surface Casing

Intermediate Casing

Total Depth










Well Length

Drilling Speed

Drilling Time


13

0 50 100 150 200 250











0 250 500 750 1000 1250 1500


NPV

IRR



1000 1500 2000 2500 3000



NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







Crimson Lake













11

Crimson Lake

3 miles

5 kms

INDEX MAPR8W5

T43

WGCU9

OBE 2020 well

OBE 2019 well


OBE 2018 well

OBE future well

Peer well

Unit land

OBE Cardium WI land


517 bopd 0917OBE 40

0

20

40

60

80

100

120

140

160

180

0

100

200

300

400

500

600

700

800

900

0 12 24

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)

Months

2600m Type Curve

2200m Type Curve


2200m 2600m



Total $MM $37 $40

EUR Mboe 180 210





NPV BTAX 10 $MM $20 $27

PIR 10 x 05 x 07 x

IRR 90 120

Payout years 09 08


FampD $boe $2075 $1910


Production

Economics


12



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

0

1000

2000

3000

4000

5000

6000

DAYS

ME

AS

UR

ED

DE

PT

H (

M)

2015 Wells

2016 Wells

2017 Wells

2018 Wells






connections


Surface Casing

Intermediate Casing

Total Depth










Well Length

Drilling Speed

Drilling Time


13

0 50 100 150 200 250











0 250 500 750 1000 1250 1500


NPV

IRR



1000 1500 2000 2500 3000



NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







0

20

40

60

80

100

120

140

160

180

0

100

200

300

400

500

600

700

800

900

0 12 24

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)

Months

2600m Type Curve

2200m Type Curve


2200m 2600m



Total $MM $37 $40

EUR Mboe 180 210





NPV BTAX 10 $MM $20 $27

PIR 10 x 05 x 07 x

IRR 90 120

Payout years 09 08


FampD $boe $2075 $1910


Production

Economics


12



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

0

1000

2000

3000

4000

5000

6000

DAYS

ME

AS

UR

ED

DE

PT

H (

M)

2015 Wells

2016 Wells

2017 Wells

2018 Wells






connections


Surface Casing

Intermediate Casing

Total Depth










Well Length

Drilling Speed

Drilling Time


13

0 50 100 150 200 250











0 250 500 750 1000 1250 1500


NPV

IRR



1000 1500 2000 2500 3000



NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







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

0

1000

2000

3000

4000

5000

6000

DAYS

ME

AS

UR

ED

DE

PT

H (

M)

2015 Wells

2016 Wells

2017 Wells

2018 Wells






connections


Surface Casing

Intermediate Casing

Total Depth










Well Length

Drilling Speed

Drilling Time


13

0 50 100 150 200 250











0 250 500 750 1000 1250 1500


NPV

IRR



1000 1500 2000 2500 3000



NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







0 50 100 150 200 250











0 250 500 750 1000 1250 1500


NPV

IRR



1000 1500 2000 2500 3000



NPV

IRR

NPV

IRR

Pra

cti

cal C

uto

ff

14

$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







$3700

$3300

($10) ($20)($150)

($150)

($60)

($10)

CrimsonLake

2200mTypeCurve


ArtificialLift

2019Crimson

LakeTarget











15

East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







East Crimson













3 miles

5 kms

INDEX MAPR8W5

T43

WGCU6

WGCU1

WGCU3

WGCU2

OBE 2019 well

OBE future well

Unit land

OBE Cardium WI land


16









3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34















3 miles

5 kms

WGCU9

R6W5

WGCU6

WGCU1

WGCU2

T42

474 bopd0718

482 bopd0318

181 bopd0617

164 bopd0218

High cum

oil recovery

Low cum

oil recovery

WGCU3

OBE 2019 well

Future OBE well

Peer well

Unit land

OBE Cardium WI land

473 bopd0818

380 bopd1217

405 bopd0917

252 bopd0418

226 bopd0418

17

West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







West Pembina













3 miles

5 kms

INDEX MAPR10W5

T48

CCU4

CCU5

CCU1

PCU11


OBE future well

Unit land

OBE Cardium WI land


18

Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







Central Pembina












Central Pembina

3 miles

5 kms

INDEX MAPR10W5

T48

OBE future well

Unit land

OBE Cardium WI land


PBLCU1

PCU3

PCU9

PCU31

NWPCU1

PECU1

PCU14CCU3

PCU4

19

$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







$0

$100

$200

$300

$400

2019 2020 2021



15000

20000

25000

30000

35000

2018 2019 2020 2021







T50

10 miles

15 kms

Pembina

Willesden Green

T45

R10W5

OBE Cardium well

OBE Cardium WI land

Peer lands




20

21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







21






Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34











Unit land


OBE Cardium WI land

Willesden Green

Bigoray

Carrot Creek

AlderFlats

R8W5

T48

10 miles

15 kms



22



Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34









Total $MM $38

EUR Mboe 400

Oil IP30 bbld 106

Total IP30 boed 410

Oil IP365 bbld 101


NPV BTAX 10 $MM $18

PIR 10 x 05 x

IRR 40

Payout years 17


FampD $boe $960


Cost Inputs

Production

Economics




Net Pay (m) 15-20

Porosity () 8


CGR (BblMMcf) 10-60



0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

400

450

500

0 12 24 36

Cu

mu

lati

ve

Pro

d (

mb

oe

)

Pro

du

cti

on

Ra

te (

bo

ed

)Months

23


See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34








See end notes








PSO PSOPSO

Ra i l

Ra ilRa i l

0

25

50

75

100

Q12018

Q22018

Q32018

WCSSeal PSO Rail

Cold Flow Inventory

Total Locations 251

Cold Flow Inventory

Total Locations 251

Tiered inventory



5 miles

10 kms

T85

Nampa

SealHV

South

Cadotte

Walrus

HVMain

Nampa rail terminal




exposure)


exposure)


Total Locations 251

24

$10

$20

$30

$40

$50

Q12018

Q22018

Q32018





base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34










base


catalysts


head room



Significant rate of

change in cash flow

10-15 CAGR

Simple streamlined


champion

25


26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34








26







ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34













ABC


$-

$20000

$40000

$60000

$80000

$100000

$120000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

2015 2016 2017 2018 ABC2019E

$-

$5000

$10000

$15000

$20000

$25000

2015 2016 2017 2018 ABC2019E




27


Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







Management Team

28











End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34







End Notes

29


















estimates












price assumptions




weather
















assumptions






30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34








30





















































POR means porosity









WF means waterflood


YE means year end



31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34








31









32



Inventory





33














Reserve Definitions





proved reserves









unknown





34








32



Inventory





33














Reserve Definitions





proved reserves









unknown





34








33














Reserve Definitions





proved reserves









unknown





34








34







Obsidian Energy Corporate Presentation...Obsidian Energy Corporate Presentation February 2019....

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Transcript of Obsidian Energy Corporate Presentation...Obsidian Energy Corporate Presentation February 2019....