Positioning for Growth

Portfolio of Scalable Opportunities

Wyoming – High Impact “One-off” Acquisition Delivering Low Risk Organic Growth with Visible Upside

  • 70+ gross infill locations to be drilled over the next 3 years.
  • C$50/bbl netbacks at US$65 WTI
  • Drilling inventory delivers <1-year payouts and 125% ROR based on primary RF recovery
  • Gas Flood will increase the recovery factor from 10% to 15% to a potential of up to 50%
  • 5+ deeper zones where offsetting competitors (Anadarko, Chesapeake, EOG) have licensed 10,000 locations (Wyoming Rig Count has increased from 8 to 30 in the past two years)
  • Proven Muddy & Frontier on land base w/ 2 vertical wells (each produced >100 Mbbls)
  • Recent Cole Creek Asset Acquisition offers significant Frontier 2 and Dakota horizontal upside
Map of Positioning for Growth Regions

Alberta – Low-Cost Opportunities Provide Torque

  • $400K dry hole costs; 3 wells planned for under improved Edm Lt Differential
  • Prospects can generate multi-well development
  • Low half cycle costs
  1. Source: Wyoming Oil and Gas Conservation Commission – Barron Flats Shannon Unit – Enhanced Recovery Project Feasibility Report
  2. Ryder Scott Reserve Report effective December 31, 2018
  3. Quebec Disposition (873,743 acres) is expected to close August 30, 2019