EAGLE ENERGY INC.Investor Presentation | September 2016

TSX: EGL

EXPERTISE • QUALITY • INCOME

Advisory Regarding Forward Looking Statements:

This presentation includes statements that contain forward looking information (“forward-looking statements”) in respect of Eagle Energy Inc.’s (“Eagle”) expectations regarding its future operations, including Eagle’s

business strategy, and forecast estimates for Eagle’s capital budget, production, drilling plans, operating costs, funds flow from operations, that Eagle’s funds flow from operations will exceed capital expenditures for the

second third and fourth quarters of 2016 combined, year end 2016 debt levels, timing and consequent increase in production from bringing “behind-pipe” production on-stream at Dixonville, commodity split, debt to trailing

funds flow from operations, basic payout ratios, corporate payout ratios, dividends, tax pools, estimated field netback, hedging, reserves, resources and that the recent changes by the AER to its LMR regime will not be an

impediment to future acquisition opportunities. These forward looking statements involve estimates and assumptions including those relating to timing to drill and bring wells on production, production rates, operating and

capital costs, marketability of crude oil, natural gas and natural gas liquids, future commodity prices, future currency exchange rates, anticipated cash flow based on estimated production, size of reserves and reservoir

performance, among other things. These estimates and assumptions necessarily involve known and unknown risks, delays, challenges and other uncertainties inherent in the oil and gas industry including those relating to

geology, production, drilling, technology, operations, human error, mechanical failures, transportation, processing problems and poor reservoir performance, among others things, as well as the business risks discussed in

Eagle Energy Trust’s (the predecessor reporting issuer to Eagle Energy Inc.) annual information form (“AIF”) dated March 17, 2016 under the headings “Risk Factors” and “Advisory-Forward-Looking Statements and Risk

Factors”.

The forward-looking statements included in this presentation should not be unduly relied upon. Actual results may differ from the forward-looking information in this presentation, and the difference may be material and

adverse to Eagle and its shareholders. No assurance is given that Eagle’s expectations or assumptions will prove to be correct. Accordingly, all such statements are qualified in their entirety by reference to, and are

accompanied by, the information and factors discussed throughout this presentation. These statements speak only as of the date of this presentation and may not be appropriate for other purposes. Eagle does not

undertake any obligation, except as required by applicable securities legislation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or

otherwise. Eagle’s AIF contains important detailed information about Eagle. Copies of the AIF may be viewed at www.sedar.com and on Eagle’s website at www.eagleenergy.com.

Advisory Regarding Non-IFRS Financial Measures:

Statements throughout this presentation make reference to the terms “field netbacks”, ”basic payout ratio” and “corporate payout ratio”, which are non-IFRS financial measures that do not have any standardized meaning

prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Investors should be cautioned that these measures should not be construed as an alternative to earnings (loss)

calculated in accordance with IFRS. Management believes that these measures provide useful information to investors and management since they reflect the quality of production, the level of profitability, the ability to drive

growth through the funding of future capital expenditures and the level of dividends to shareholders.

“Field netback” is calculated by subtracting royalties and operating expenses from revenue.

“Basic payout ratio” is calculated by dividing shareholder dividends by funds flow from operations.

“Corporate payout ratio” is calculated by dividing capital expenditures plus shareholder dividends by funds flow from operations.

See the “Non-IFRS financial measures” section of Eagle’s management discussion and analysis relating to its financial statements for a reconciliation of feld netback to earnings (loss) for the period, the most directly

comparable measures in Eagle’s financial statements.

Advisory Regarding Oil and Gas Measures and Estimates

This presentation contains disclosure expressed as barrel of oil equivalency (“boe”) or boe per day (“boe/d”). All oil and natural gas equivalency volumes have been derived using the conversion ratio of 6:1 Mcf of natural

gas: 1 bbl of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and

does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalent of six to one,

utilizing a boe conversion ratio of 6 Mcf: 1 bbl would be misleading as an indication of value.

The estimated values of the future net revenues of the reserves disclosed in this presentation do not represent the market value of such reserves. There is no assurance that such price and cost assumptions will be attained

and variances could be material. The recovery and estimates of reserves provided in this presentation are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be

greater than or less than the estimates provided.

Advisories

2

“Eagle is created to provide investors with a sustainable business while

delivering stable production and overall growth through accretive investments

and acquisitions.”

Expertise

Quality

Income

Eagle’s trusted management team brings

an average of 25 years of experience in the oil and

gas sector.

Eagle owns stable petroleum producing assets

in Canada and the U.S.

Eagle strives to deliver a sustainable business

to its shareholders.

Strategy

3

Corporate Profile

4

Notes:

1) 2016 full year production guidance and current estimated production include both working interest and royalty interest production.

2) In June 2016, The Alberta Energy Regulator (“AER”) announced that as a condition of transferring existing AER licenses, approvals, and permits, the AER will require all

transferees to demonstrate that they have a liability management ratio (“LMR”) of 2.0 or higher immediately following the transfer. LMR is an assets to liabilities comparison

to ensure a higher likelihood that energy companies can meet future decommissioning and abandonment liabilities. Following Eagle’s assumption of operatorship of the

Dixonville properties, the LMR for Eagle was 3.13 (as of July 22, 2016). As such, Eagle does not expect that the recent changes by the AER to its LMR regime will be an

impediment to future acquisition opportunities for Eagle.

3) Based on forecast pricing of $US 47.50 per barrel WTI oil, $CA 2.47 per Mcf AECO gas and $US 16.63 per barrel of natural gas liquids (NGL price is calculated as 35% of

the WTI price), a monthly dividend of $0.005 per share ($0.06 annualized), a foreign exchange rate of $US 1.00 equal to $CA 1.30, a 2016 capital budget of $CA 5.0 million,

average production of 3,800 boe/d (the upper end of the guidance range) and average operating costs of $CA 2.2 million per month (the mid-point of guidance range).

Current Estimated Production 3,900 boe/d(1)

2016 Full Year Production Guidance 3,400 to 3,800 boe/d(1)

Production Split 88% oil, 3% NGLs, 9% gas

LMR 3.13(2)

2016 Ending Debt to Trailing Funds Flow

from Operations3.7x(3)

2016 Corporate Payout Ratio 57%(3)

Dividend $0.06 per share (annualized)

US Tax Pools $US 173 million

CDN Tax Pools $CA 198 million

Ticker

Shares Outstanding (basic) 42.5 million

52 Week Range $0.40 - $2.79

Recent price $0.69(1)

Average daily trading volume (30 day) 67,923 shares

Market Cap $28.9 million

Equity Research

Acumen Capital Partners

Paradigm Capital

Scotiabank Global

TSX: EGL

Market Data

Notes:

1) TSX closing price on September 22, 2016.

5

2016 Q2 Highlights

Notes:

1) For more information, see Eagle’s news release issued on August 4, 2016.

6

• Achieved quarterly production in excess of 4,100 barrels of oil equivalent per day (“boe/d”) for the first time in the history of Eagle, and expects 2016 average production to be at the upper end of the guidance range.

• Reduced per boe operating costs (inclusive of transportation) by 12% from the first quarter of 2016 and 16% from the prior year’s comparative quarter.

• Assumed operatorship of the Dixonville properties (where Eagle holds a 50% working interest) on June 1, 2016, thereby allowing Eagle to commence pipeline upgrades in order to bring “behind-pipe” production on-stream; upgrades which the former operator, being in receivership, was not capitalized to complete. Eagle expects to add 200 to 250 boe/d of production (gross to the field) by the end of 2016.

• Grew second quarter production 8% when compared to the first quarter of 2016, more than doubled second quarter funds flow from operations to achieve $5.1 million and expects a year end 2016 debt to trailing funds flow from operations ratio of 3.7 times.

• Successfully drilled the second well of its two well drilling program at Salt Flat in Texas, with costs coming in considerably under budget. The first well came on production in April and the second well at the end of June, with the drilling program exceeding expectations from both a cost control and productivity perspective.

“Eagle is on track to post results at the upper end of our production guidance, the

lower end of our operating cost guidance and as planned for our capital spend.”

Credit Agreement

7

Sustained weakness in global commodity prices resulted in downward pressure on the price decks used by

lenders to determine borrowing base levels. Results of the semi-annual redetermination finalized on May

31, 2016 set the borrowing base level at $CA 70 million and left the May 27, 2017 maturity date of the credit

agreement unchanged.

At June 30, 2016 there were no covenant violations under or in connection with the credit agreement.

Eagle accelerated a portion of its 2016 capital program into the first quarter and by the end of the second

quarter was 80% through its 2016 capital budget of $5.0 million. For the second, third and fourth quarters of

2016 combined, it is therefore expected that:

funds flow from operations will exceed capital expenditures;

year end 2016 debt will be reduced to approximately $58 million;

the year end debt to trailing funds flow from operations ratio will be approximately 3.7 times

Pursuant to the new term in its credit agreement that restricts Eagle from paying dividends exceeding half a

cent per share per month, Eagle has reduced its monthly dividend to half a cent per share per month

beginning with the June 2016 dividend.

Notes:

1) For more information, see Eagle’s unaudited interim condensed consolidated financial statements for the six months ended June 30, 2016 and related management’s

discussion and analysis for a summary of the significant amendments made to the credit agreement.

2016 Guidance

Notes:

(1) The 2016 capital budget of $CA 5.0 million consists of $US 3.0 million for Eagle’s operations in the United States and $0.8 million for Eagle’s operations in Canada. At an

assumed $US 47.50 per barrel WTI oil price, Eagle’s 2016 capital budget of $5.0 million and dividend of $0.005 per common share of Eagle per month ($0.06 per share

annualized) results in a corporate payout ratio of 57%.

(2) 2016 average production is expected to consist of 88% oil, 9% natural gas and 3% NGLs and includes both working interest production and royalty interest production.

8

Eagle’s 2016 capital budget, average production and operating cost guidance remains unchanged from

what Eagle previously announced on May 5, 2016 and June 6, 2016 as follows:

2016 Guidance Notes

Capital Budget $5.0 million (1)

Average Production 3,400 to 3,800 boe/d (2)

Operating Costs per month $2.0 to $2.4 million

“Eagle expects 2016 average production to be at the upper end of the guidance

range.”

Build Financial Liquidity

Stable Production

Capital Discipline

Sustainable Business with

Growth Potential

Exercising Fiscal Prudence and Discipline in

a Low Commodity Price Market

“We intend to continue to monitor and realign our

business to operate near or within our cash flow.”

9

2016 Expected Funds Flow from Operations

and Corporate Payout Ratio

Notes:

(1) 2016 funds flow from operations is expected to be approximately $CA 15.6 million based on the following assumptions:

(a) average production of 3,800 boe/d (the upper end of the guidance range);

(b) pricing at $US 47.50 per barrel WTI oil, $CA 2.47 per Mcf AECO gas and $US 16.63 per barrel of NGL (NGL price is calculated as 35% of the WTI price);

(c) differential to WTI is $US 3.10 discount per barrel in Salt Flat, $US 3.50 discount per barrel in Hardeman, $CA 16.17 discount per barrel in Dixonville and $CA 12.67 discount per barrel in

Twining;

(d) average operating costs of $CA 2.2 million per month ($US 0.8 million per month for Eagle’s operations in the United States and $CA 1.1 million per month for Eagle’s operations in Canada), the

mid-point of the guidance range;

(e) foreign exchange rate of $US 1.00 equal to $CA 1.30; and

(f) field netback (excluding hedges) of $16.82 per boe.

(2) Eagle calculates its Basic Payout Ratio as follows:

(3) Eagle calculates its Corporate Payout Ratio as follows:

(4) Field netback, basic payout ratio and corporate payout ratio are non-IFRS measures. See the “Advisory regarding Non-IFRS Financial Measures” at the beginning of this presentation.

10

Amount

Funds Flow from Operations $15.6 million (1)

Basic Payout Ratio 27% (2)

Plus: Capital Expenditures 30%

Equals: Corporate Payout Ratio 57% (3)

Eagle’s expected funds flow from operations and corporate payout ratio are calculated as follows:

Shareholder Dividends

= Basic Payout Ratio

Funds Flow from Operations

Capital Expenditures + Shareholder Dividends

= Corporate Payout Ratio

Funds Flow from Operations

2016 Sensitivities

2016 Average WTI

(Average Production = 3,800 boe/d)

$US 37.50 (F/X 1.35) $US 47.50 (F/X 1.30) $US 57.50 (F/X 1.25)

Funds Flow from Operations $14.4 million $15.6 million $15.9 million

Corporate Payout Ratio 62% 57% 56%

Debt to Trailing Funds Flow from

Operations4.1x 3.7x 3.6x

2016 Average Production (boe/d)

(WTI = $US 47.50 / F/X 1.30)

3,700 3,800 3,900

Funds Flow from Operations $15.1 million $15.6 million $16.1 million

Corporate Payout Ratio 59% 57% 55%

Debt to Trailing Funds Flow from

Operations3.9x 3.7x 3.6x

Assumptions:

1) Annualized dividends are assumed to be $0.06 per share per year ($212,000 per month).

2) Operating costs are assumed to be $2.2 million per month (mid-point of guidance range).

3) Differential to WTI is held constant.

4) Foreign exchange rate is assumed to be $US 1.00 equal to $CA 1.30 unless otherwise indicated in the table.

5) 2016 average production is assumed to be 3,800 boe/d (the upper end of the guidance range). 11

Sensitivity to Commodity Price

Sensitivity to Production

• Eagle’s 2016 capital budget is $5.0 million:

Texas and Oklahoma ($US 3.0 MM)

• Salt Flat Property

• 2 (2.0 net) horizontal oil wells

• Seismic processing, facilities, pump changes

• Hardeman Property

• Seismic processing, pump installs

Alberta ($0.8 MM)

• Dixonville Property (Non-operated)

• Pipeline and facilities capital

• Twining Property

• Facility Capital

2016 Capital Budget

Note:

1) The capital budget excludes future corporate and property acquisitions, which are evaluated separately on their own merit.

“To the end of the second quarter of 2016, Eagle is 80% through its capital budget,

with the program exceeding expectations from both a cost control and productivity

perspective.”

12

• Eagle owns stable, oil producing properties with development

and exploitation potential located in Canada (Alberta) and in the

US (Texas and Oklahoma).

• Twining Field Properties, AB:• Located in the Pekisko oil pool formation at the Twining field in East-Central Alberta

• 57 gross (33 net) producing oil wells, 9 gross (2 net) producing gas wells

• Approximately 41,500 gross (32,650 net) acres

• Dixonville Properties, AB:• Appointed operator effective June 1, 2016

• Located 50 kms northwest of Peace River

• 78 gross (39 net) producing oil wells

• 81 gross (41 net) water injectors

• 19,520 gross (7,900 net) acres

• Other Properties (WCSB), AB

• Salt Flat Properties, TX:• Located in Salt Flat field in Caldwell County, TX

• 54 gross (41 net) producing oil wells

• 3,200 (2,600 net) acres

• Hardeman Properties, TX & OK:• Located in Hardeman Basin in Hardeman County, TX, and Greer, Harmon and

Jackson Counties, OK

• 44 gross (34 net) producing oil wells

• 28,000 acres (18,000 held by production plus 10,000 undeveloped)

Our Properties

13

CDN Properties – Twining Field (Alberta)

• 70% average working interest production to Eagle from the largest Pekisko oil pool in the Western

Canadian Sedimentary Basin

• 70% light oil and natural gas liquids

• 57 gross (33 net) producing oil wells, 9 gross (2 net) producing gas wells• 30° API medium/light oil, 4 mD permeability and 7-8% average porosity

• 41,500 gross (32,650 net) acres

Approx. 70 km from

Three Hills, AB

T32N-R24WT32N-R25W

T33N-R24WT33N-R25W

T31N-R24WT31N-R25W

T32N-R24WT32N-R25W

T33N-R24WT33N-R25W

T31N-R24WT31N-R25W

T32N-R24WT32N-R25W

T33N-R24WT33N-R25W

T31N-R24WT31N-R25W

T32N-R24WT32N-R25W

T33N-R24WT33N-R25W

W

W

100/02-07-032-24W4/00

125 375

CAL

0 150

GR

0.15 -0.05

CORE_POROSITY_SHIFTED

0.15 -0.05

L1_SONIC_POROSITY_CALC

0.1 1000

IL

0.1 1000

CORE_KMAX_SHIFTED

16

10

16

20

16

30

16

40

16

50

16

60

16

70

16

80

16

90

17

00

06/21/1973

HS=900

Lower MNVL

Upper Pekisko

Middle Pekisko

Lower Pekisko

Banff

Layer 1

Layer 2

Layer 3

Layer 2C

Layer 2B

Layer 4

Pekisko Type Log

14

CDN Properties – Twining Field (Alberta)

Source: IHS public data to April 30, 2016

Interests in the largest Pekisko oil pool in

the WCSB

Significant upside potential

• 10 horizontal wells drilled to date with

over 30 additional drilling locations

• Waterflood in certain areas of the field

has the potential to double recovery

factors in the area

Ongoing production improvements

• Including well workovers, pipeline and

facilities and G&G software

Low declines

• Decline rate below 5%

15

Twining Pekisko Pool Production History

• Appointed operator effective June 1, 2016

• 50% working interest in a horizontal oil waterflood in the Montney “C” Formation

• Primary development started in 2004 with full scale waterflood by 2012

• 78 gross (39 net) producing oil wells, 81 (41 net) water injectors

• 30◦API Oil, 18 mD permeability and 16-26% average porosity

• Approximately 19,520 gross (7,900 net) acres

50 km from

Peace River

CDN Properties – Dixonville (Alberta)

16

A premier waterflood in Western Canada

• Low decline property

• Low abandonment liabilities due to long life

asset

• Over the long term, plans are to leverage off

internal waterflood expertise to improve the

effectiveness of the field by developing a more

efficient artificial lift strategy

• In the medium term, Eagle plans to undertake

a number of projects to improve field

operations, trucking and marketing

Long-term potential

• Decline rate below 10%

Refurbished, optimized gathering system

• Pipeline remediation program, including poly

liner installation in emulsion gathering system

Low maintenance and capital costs

• Maintenance capital below $1 million per year

to Eagle

CDN Properties – Dixonville (Alberta)

Source: IHS public data

17

18

CDN Properties – Other - Western Canadian

Sedimentary Basin

Acquired interests in attractive

Alberta plays located in the

WCSB effective January 27,2016

• Royalty interest and non-operated

working interest production (30% oil

and natural gas liquids)

No incremental debt, capital

expenditures or overhead

needed to manage production

Estimated total net proved

reserves of 0.94 million boe(1)

Estimated total net proved plus

probable reserves of 1.09 million

boe(1)

• Over 50

producing

non-operated

royalty

interest wells

• 10 non-

operated

working

interest wells

18(1) As of January 1, 2016, calculated by Eagle’s internal qualified reserves evaluator.

US Properties – Salt Flat (Texas)

Light oil producing

• 35oAPI oil from the Edwards limestone

formation, located in the Salt Flat field in

Caldwell County, South Central Texas

• Acquired an 80% working interest in 2010

Low cost development technology

• Eagle is redeveloping the pool using low cost

horizontal well drilling technology to capture

additional oil:

• Eagle has drilled over 55 horizontal

wells

• Completed numerous successful

production enhancement and operating

cost reduction projects

• Shot a comprehensive 3D seismic

program in 2014

Additional location opportunity

• Eagle continues to identify additional locations

and optimizations to capture additional

recovery

19

Light oil producing

• 45oAPI oil from the Chappel and Atoka

Conglomerate formations located in

Hardeman County, Texas and Greer,

Harmon and Jackson Counties,

Oklahoma

28,000 gross acres of land

• 18,000 acres held by production

• 44 gross (34 net) producing oil wells,

gathering systems and associated

assets

Low risk, low cost, high opportunity

• Eagle will drill low risk development

wells and deploy capital to reduce

operating costs, while processing newly

acquired seismic data to define future

drilling opportunities

US Properties – Hardeman (Texas &

Oklahoma)

20

• Eagle’s coverage through its 2016 hedging program is well above the 25% weighted average hedge position of its

junior peers(1)

• For the remainder of 2016, Eagle has an average 1,666 bbls/d hedged at WTI $US 51.37, which is

approximately 44% of expected production

• 1,429 Mcf/d (240 boe/d) of natural gas hedged at $CA 2.97/Mcf

• A differential hedge between the Edmonton Light Sweet oil price and the WTI oil price at $US 3.65 per barrel

on 1,000 bbl/d

• For 2017, hedges are in place covering 750 barrels of oil per day at $US 45.00/bbl

Hedging Program

Note:

1) Source: Company Reports; National Bank of Canada, “Canadian Producer Hedge Positions – Q1 2016” issued on June 6, 2016.

Q1 2016 $US 55.86 Q2 2016 $US 51.61 Q3 2016 $US 51.42 Q4 2016 $US 51.33

2016 Avg Hedged Oil Price = $US 52.30 2016 Avg Hedged Gas Price = $CA 3.00/Mcf

Average % Hedged 21

0%

10%

20%

30%

40%

50%

60%

0200400600800

1000120014001600180020002200240026002800300032003400

% H

ed

ged

BO

E/D

2015 Year-End Reserves Highlights

+10% Increase in year-over-year proved developed producing (PDP) reserves

+14% Increase in year-over-year total proved reserves

+16% Increase in year-over-year total proved plus probable reserves volumes

234%(1) Stability reflected in total proved reserves replacement ratio

307%(1) Strong total proved plus probable reserves replacement ratio

22

Note:

1) The reserves replacement ratios are calculated by dividing total reserve additions by total working interest production for the year.

• Total proved plus probable reserves of approximately 18.6 million boe (70% proved, 58% proved producing)

• PV10 value on total proved plus probable reserves of approximately $229 million

• Proved plus probable reserve life index of 14 years(2)

McDaniel & Associates

Price forecast

(as of Jan 1, 2016)

2015 Year-End Reserves(1)

Excellent year-over-year reserve performance

Notes:

1) Per McDaniel & Associates Consultants Ltd., and Netherland, Sewell & Associates, Inc., Eagle’s independent reserves evaluators, with an effective date of December 31, 2015. Note

that reserves associated with the January 27, 2016 acquisition of Maple Leaf are not in these figures.

2) The reserve life index calculation is based on average daily production of 3,400 boe/d.

23

YearWTI Crude Oil

$/bbl

2016 45.00

2017 53.60

2018 62.40

2019 69.00

2020 73.10

$141

$8

$24

$56

PV10 Value ($MM)

PDP PDNP PUD Probable

58%

2%

10%

29%

Reserves by Category

PDP PDNP PUD Probable

Management Experience

• Eagle’s management team has an average of 25 years of experience

Years 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 25 26 27 28 29 30

Richard Clark Corporate Finance Law - Shiningbank Energy Trust General Counsel Corporate Finance Law Eagle - CEO

Wayne

Wisniewski

Petroleum Engineering-

Anders Energy,

Occidental Petroleum

Pennzoil E&P BP - Various Senior Leadership Engineering and Operations

Roles

Eagle – President

& COO

Kelly TomynController - Various Junior

O&G CompaniesCFO - Various Junior O&G Companies Eagle - CFO

Scott LovettSenior Reserves Evaluator - GLJ Petroleum

Consultants

Business Development -

Shiningbank Energy;

Enerplus

Business

Development,

COO - Native

American Res.

Ptnrs

Eagle -

EVP, Bus

Dev

Jo-Anne Bund Corporate Securities Lawyer at a Boutique Oil

and Gas Law Firm

Senior Legal

Counsel -

Alberta

Securities

Commission

Corporate Securities

Lawyer at a National

Law Firm

In-House

Corporate

Counsel

Eagle - General

Counsel &

Corporate

Secretary

24

Value Proposition

Why Invest in Eagle?

• Stable production base

• Capital discipline

• Experienced management team

• Focus on improving cost efficiencies

25

26

APPENDIX

Richard Clark, B.A. (Econ), LLB, Director and Chief Executive Officer

• 19 years in the legal profession as a founding partner at a boutique oil andgas law firm, then 10 years at a Canadian national law firm, specializing incorporate finance, securities, M&A and venture capital

Wayne Wisniewski, P.E., MBA, President and Chief Operating Officer (Houston)

• 30 years of oil and gas engineering and operations experience

• Last 13 years of career spent in a senior operations and engineeringmanagement role in the Houston office of a major international E&Pcompany

Kelly Tomyn, CA, Chief Financial Officer

• Former VP Finance and CFO for numerous public & private companieswith over 25 years of financial experience with E&P companies

Continued..

Management

27

Continued…

Scott Lovett, M.Sc., MBA, P.Eng, Executive Vice President, BusinessDevelopment

• 20 years experience in the oil and gas industry, including reservoirevaluations, acquisitions and divestments, business planning andstrategic analysis

Jo-Anne Bund, B.A., LLB, General Counsel and Corporate Secretary

• 20 years of experience in corporate finance, securities, and M&A,including with a national law firm, with a securities regulator and asin-house corporate counsel

Management

28

David Fitzpatrick, P.Eng., Chairman• President and Chief Executive Officer, Veresen Midstream

• Former Chief Executive Officer of Shiningbank

Bruce Gibson, CA, Chair of Audit Committee• Former Chief Financial Officer of Shiningbank

Warren Steckley, P.Eng., Chair of Reserves and GovernanceCommittee and Chair of Compensation Committee

• Former President and Chief Operating Officer, Barnwell ofCanada, Former Director of Shiningbank

Richard Clark, B.A. (Econ), LLB, Director• President and Chief Executive Officer of Eagle; Former Director

of Shiningbank

Board of Directors

29

Production History

Notes:

1) 2016 average production guidance includes both working interest and royalty interest production (shown at the upper end of the 3,400 to 3,800 guidance range).

2) Q4/14 production is after the Permian asset disposition and before the Dixonville asset acquisition.

30

Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/162016

Guidance

Production 2,169 2,400 2,825 2,986 2,928 3,022 3,052 2,994 3,010 3,341 2,859 1,929 2,995 3,034 3,607 3,783 3,854 4,147 3,800

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