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
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

Quebec – Potential to Unlock Significant Value with Social / Political Progress

  • ~1MM gross acres targeting high-quality Utica shale gas (3.5 TCF Net Prospective Resource – NSAI, 2)
  • Cuda management has extensive Utica Shale experience drilling in the U.S. while at Magnum Hunter
  • Galt oil discovery IP30 at 200 bbl/d; 4.2 MMboe of recoverable contingent oil resource (P50)
  1. NSAI May 31, 2015, Unrisked P50-Best Estimate
  2. NSAI April 16, 2010, Unrisked P50-Best Estimate
  3. Ryder Scott Reserve Report effective December 31, 2018