Corporate Presentation May 2014

TSXV.CAC

Consolidating Micro Caps, Exploiting Quality Assets

Reader Advisory and Cautionary Statements

Certain statements contained in this Presentation constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements otherthan statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", “opinion", "continue", "estimate", "expect","may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", “plans” and similar expressions. These statements involve known and unknown risks, uncertainties and other factorsfacing the Corporation. Risks, uncertainties and other factors may be beyond the Corporation's control and may cause actual results or events to differ materially from those anticipated in such forward-looking statements.Canamax believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statementsincluded in this Presentation should not be unduly relied upon by investors. These statements speak only as at the date of this Presentation and are expressly qualified, in their entirety, by this cautionary statement. Inparticular, this Presentation contains forward-looking statements pertaining to the following: future plans and operations; reserve estimates; expectations of initial and future production; cash flow; capital expenditures;production targets; drilling inventory; netbacks; development potential; production acquisition costs; and acquisitions.

With respect to forward-looking statements contained in this Presentation, Canamax has made assumptions regarding, among other things, results of future operations, the legislative and regulatory environments of thejurisdictions where Canamax carries on business or has operations, the impact of increasing competition and Canamax’s ability to obtain additional financing on satisfactory terms. Canamax’s actual results could differmaterially from those anticipated in these forward-looking statements as a result of the risk factors included in this Presentation such as: the impact of general economic conditions; industry conditions; volatility in the marketprices for natural gas and crude oil; currency fluctuations; uncertainties associated with estimating reserves; geological, technical, drilling and processing problems; liabilities and risks, including environmental liabilities andrisks inherent in natural gas and crude oil operations; stock market volatility; the ability to access sufficient capital; incorrect assessments of the value of acquisitions; and, competition for, among other things, capital,acquisition of reserves, undeveloped lands, equipment, services and skilled personnel.

This forward-looking information represents Canamax’s views as at the date of this Presentation and such information should not be relied upon as representing its views as of any date subsequent to the date of thisPresentation. Canamax has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differmaterially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and future events could differ materially from those expected or estimated in suchstatements. Accordingly, readers should not place undue reliance on forward-looking information.

The forward-looking statements contained in this Presentation speak only as of the date of this Presentation. Canamax does not undertake any obligation to publicly update or revise any forward-looking statements, whetheras a result of new information, future events or otherwise, unless required by applicable securities laws.

Undue reliance should not be placed on management's assessment of reserve estimates, resource potential and initial and potential production rates. All references to such information contained herein are based uponinternal targets as prepared by management of Canamax and are not an estimate of reserves, resources or of production rates that may actually be achieved. Such information has been provided to assist the reader inunderstanding certain principal factors upon which management has relied in making capital investment decisions and for internal budget preparation. Reserve potential information provided in this Presentation includes bothdiscovered and undiscovered resources and recoverable reserve characteristics, and there is no certainty that any portion of the undiscovered resources will be discovered and, if discovered, that any volumes would beeconomically viable or technically feasible to recover or produce. Undue reliance should not be placed on estimates of reserve potential in terms of assuming Canamax's reserves or recoverable resources. All estimates ofreserve potential contained herein are based upon internal estimates of management of Canamax.

This Presentation contains references to Original Oil in Place ("OOIP") which is equivalent to estimates of oil and gas classified as Discovered Petroleum initially in Place ("DPIP") which are not, and should not be confused withoil and gas reserves. "Discovered Petroleum Initially in Place" is defined in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") as the quantity of hydrocarbons that are estimated, as of a given date, to becontained in known accumulations. DPIP is divided into recoverable and unrecoverable portions, with the estimated future recoverable portion classified as reserves and Contingent Resources, as defined in the COGEHandbook. There is no certainty that it will be economically viable or technically feasible to produce any portion of the DPIP except to the extent identified as proved or probable reserves. Resources do not constitute, andshould not be confused with, reserves. It should be noted that given the current early stage of development of Canamax's properties, estimates of DPIP potential might change significantly in the future with furtherdevelopment activity and the amount of Contingent Resources has yet to be estimated. The resource potential estimates provided herein are estimates only and the actual resources may be greater than or less than theestimates provided herein. A recovery project cannot be defined for these volumes of DPIP at this time. There is no certainty that it will be economically viable or technically feasible to produce any portion of these potentialresources.

The information contained in this Presentation does not purport to be all-inclusive or to contain all information that a prospective investor may require. Prospective investors are encouraged to conduct their own analysis andreviews of Canamax and of the information contained in this Presentation and the public record. Without limitation, prospective investors should consider the advice of their financial, legal, accounting, tax and other advisorsand such other factors they consider appropriate in investigating and analyzing Canamax. Additional information relating to Canamax is available on the Canadian System for Electronic Document and Analysis and Retrieval(“SEDAR”) at www.sedar.com

Any financial outlook or future-oriented financial information, as defined by applicable securities legislation, has been approved by management of Canamax. Such financial outlook or future-oriented financial information isprovided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for otherpurposes.

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Reader Advisory and Cautionary Statements

• Consolidate financially distressed micro caps

• Exploit low risk development opportunities

• First mover advantage

The Opportunity

• Completed 4 accretive deals and farm-in in last 8 months – over 1000 BOE/d production capability

• Closed 3 financings - $20mm gross proceeds

• Maintained strong balance sheet – No debt

Continuous Execution

• Focus on consolidation in core areas

• Targeting 2000-3000 bod/d in 12-24 months

• Combination of acquisition and exploitation

• Multi year inventory of low risk drilling locations

Visible Growth

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Growing shareholder value

i

Fall 2013

• Brazeau – Acquired 100% working interest in 2 sections – no up front investment

• Recompleted 2 wells in Cardium and commingled 1 well

• Flood - Expand Energy acquisition for net $0.7mm

• Large Montney Oil play 100% working interest , 37 sections, 3D Seismic

• Drilled water disposal well and upgraded battery for injection

Winter 2014

• Wapiti - Completed farm-in horizontal Cardium well for gross $3.5mm IP 30 – 405BOE/d (284 net)

• Land swap to acquire a more prospective section

• Acquisition of Ki Exploration for $6.0mm

• 330 boe/d production and 2P reserves of $16.6mm

• Metrics - $18,000 boe/d or 3.0x trailing cashflow

• Completed financing for $13.0mm to fund Ki acquisition and Capex

Remainder of 2014

• Purchased additional Flood assets – 4 additional net sections, 40 BOE/d and gas pipeline with sales point and compressor

• Sold Delta West property for $2.4mm

• Announced capital budget for remainder of 2014

• Develop Flood (8 wells, recomplete 3 wells & infrastructure)

• Drill 1 well at Wapiti and recomplete 4 wells in Retlaw/Brazeau

4

Acquisition & Exploration to date

Targeted calendar 2014 exit production rate 1400-1500 BOE/d

5

Corporate Snapshot

Stock Exchange TSX.V – Symbol CAC

Current share price – at May 26, 2014 $1.40

Capital StructureCommon stock (basic)

(fully diluted)(Insider ownership – fully diluted)

Market Capitalization - BasicCash and working capital – Feb 28, 2014 (Proforma) (1)

Enterprise value - Basic

Bank lines available – expected June 2014

41.3mm57.4mm

15%$58mm$10mm$48mm

Nil

Production and ReservesProduction capability (2)

Oil & NGL’s %1P Value (as at Feb 28, 2014)

2P Value (as at Feb 28, 2014)

Undeveloped land (Net acres)Field Net Back (quarter ended Feb 28, 2014)

1077 BOE/d52%

$34mm$55mm53,000

$28/BOE(1) Proforma Ki Exploration acquisition and May financing

(2) Production capability as of April 7, 2014 included 977 BOE/d of actual (Canamax + Ki) plus 100 estimated BOE/d coming on stream in June at Flood

2014 Capital Budget - $14.0mm

Flood $10.7mm

Wapiti $2.5mm

Brazeau$0.5mm

Retlaw $0.3mm

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2014 Capital Budget

• Recomplete 3 wells

• Drill and complete 8 wells

• Tie-in and infrastructure

• Drill, complete and equip 1 well (0.7 net)

• Recomplete 1 Wilrich well

• Recomplete 3 wells and equip (net 1.5)

Estimated incremental production range for 2014 Capital Budget 750-850 boe/d (IP 90)

Resulting flowing efficiency rate between $16,500 and $19,000 per barrel

Canamax may make changes to its capital expenditure budget depending on a number of factors, including drilling and and completion results, business conditions, commodity

Prices and prospective acquisitions and divestitures.

7

Production Summary – Actual & Forecast

Production additions in second half of 2014 reflect capital budget

BO

E/D

Current Production

Target Exit Production

400

600

800

1000

1200

1400

1600

High Case

Low Case

Target 60% Oil

& NGL’s

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Stock Performance

9

MANAGEMENT

Brad Gabel – President & CEO and Director• Involved in numerous acquisitions and divestitures

(private and public companies) - $360mm

• President of Pure Energy Services (TSX Listed sold for $280m),

• Founder and CEO of Canadian Sub-Surface (TSX listed)

Jeremy Krukowski, P.Eng – Chief Operating Officer• VP Operations for Rimfire Energy Inc. start-up to 600

boe/d, Manager of Operations at Onyx (2006) Inc. –start-up to 600 boe/d, Manager of Operations at Onyx O&G Ltd. – start-up to 1600 boe/d

Chris Martin, C.A. – VP Finance and CFO• VP Finance and CFO of Pure Energy Services, Canadian

Sub-Surface Energy Services, Jet Energy and CalvalleyPetroleum

• Involved in numerous acquisitions and divestitures

Harry Knutson – Advisor to the Board• Founding shareholder and past Director of Bonavista

Energy Corp., Twin Butte Energy, Novus Energy and Director of Pure Energy Services

Karen Genoway – Land Consultant • VP Land at Onyx O&G Ltd. and Rimfire Energy Inc., VP

Land at Enerplus Corp.

Nabil Khouri. P. Geol – Geologist (Consultant)• Over 45 years experience in WCSB. Worked with Pan

Canadian, Amerada Hess, Onyx, Ascot and Rimfire

BOARD OF DIRECTORS

Kevin Adair – Executive Chairman• Currently President & CEO of Petrus Resources Ltd.; Co-

Founder and VP Engineering Spry Energy Ltd.

Hugh Ross – Director• Currently President & CEO of Novus Energy Inc. – recently

sold for $320mm to Yanchang, Previously Founder, President & CEO of Gentry Resources Ltd.

Mark Shilling - Director • Retired CA and previously Director and Audit Committee

chairman several public oil & gas companies

• Director Canadian Wealth Management, Pinnacle Resources, Sugar Creek Oil & Gas, Seventh Energy Ltd.

Stuart McDowall - Director• Previous management positions with Canadian Trade

Commissioner Services, and served as Canada’s Ambassador to the Emirates., Previously a Director General of Government and PR with Talisman Energy

Allan King - Director• 2012 – 2013 President and CEO of Canamax, 2009 to 2011

Exploration advisor for Petroamerica Oil Corp in Colombia, 1996 to 2008 held senior positions within Nexen

Kevin Delaney – Director• 2001 – 2012 CEO Pure Energy Services, prior to CEO of

Delaney Energy Services from 1995 – 2001.

Experienced Management and Board

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Canamax Core Areas

Flood (100% WI) & Hines Creek (80% WI)

• Flood: Montney Oil; large land position (41 net sections); 28.5km 3D seismic, 7500 BBL battery, gas sales line; water disposal well and 10 wells

• Hines Creek: Mannville, Montney & Gething; 25.0 net sections, battery and disposal have year round access

Brazeau River (100% WI)

• Cardium and Belly River light oil• 4 producing wells (2 sections)

Wapiti (70% WI) & Bilbo (63% WI)

• Wapiti: Cardium light oil• Farm-in earning well drilled (1.4 net sections)

Retlaw (75% WI)

• Mannville medium gravity oil & shallow cretaceous gas; 32 net sections; good seismic coverage

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Flood - Montney Oil

Oil Battery

Injector Well

Drill after break-up

3D Seismic Coverage

Pool Montney F Montney C Triassic D TDB

Operator Barrick Pace Storm Canamax

Founder Blue Mt Trigger Belamont Expand

Strike Worseley Dixonville Grimshaw Flood

Discovered 2005 2004 2007 2011

Producers 25 109 10 3

Injectors 5 67 1 0

Production (bbl/d) 1,500 3,200 350 100

Cum.

Oil (mbbl) 1,093 6,301 244 14

Montney Oil Offsetting ProductionReserve Parameters Unit Montney Oil

OOIP (per section)* MMbls 3.7

API Degree 29.5

Recovery Factor % 10.8

Recoverable Oil MMbls 0.4

Recoverable Gas BCF Flared

Recoverable Boe MMBOE 0.4

Single well economics NPV10 $1.5mm

Acreage is on trend with Worsley, Dixonville and Grimshaw Montney oil fields

Recently acquired 5 wells, land and sales line

Total of 41 net sections

28.5km2 of 3D seismic

7,500 BBL Oil Battery in place

Significant development potential & water disposal

Low decline rates

Water floodable

Vertical well development plan

Drill, complete and tie-in cost of less than $1.0mm

Similar economics to “Viking play”

Canamax 100% WI

Recent asset Purchase

Proposed Drilling Locations

Reactivate 3 wells

*Management internal reserve estimates @ 100% WI

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Hines Creek

Hines Creek

• 30 BOE/d Production

• Gething recompletion potential that could

lead to horizontal follow-ups

• Montney horizontal that would have

further development potential

• Estimated well cost is $1.5mm and production

of approximately 80 boe/d (IP365)

Proposed Location

Canamax holds 100% WI in 2.25 sections

4 Producing wells

1620 mmcf gas production (270 BOE/d)

150 bbls per day oil production

Gas compressor installed to improve efficiency and remove third party fees

Multi-zone potential

Proven Cardium Oil

Belly River – “G” & Basal Zones

Wilrich channel potential

12 potential locations (includes 2 recompletes)

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T47

T48

2-5

1-32

9-5

11-32

R14W5

DeeThree’s Belly River Light Oil Resource Play Expansion

Canamax Acreage DeeThree Belly River Acreage DeeThree Farm-in Lands

Canamax’s Brazeau River Properties

SE13

Management internal reserve estimates @ 100% WI

Brazeau River – multi-zone potential

Multi-Zone Potential Reserve Parameters Unit

Middle Belly River (G

Zone) Basal Zone Cardium

OOIP (per section) MMbls 8.1 6.1 4.5

API Degree 42.0 42.0 45.0

Recovery Factor % 3.7% 4.9% 5.3%

Recoverable Oil MMbls 0.3 0.3 0.2

Recoverable Gas BCF 0.7 0.7 1.5

Recoverable Boe MMBOE 0.5 0.5 0.4

Cardium

Sec. 21

Sec. 35

NE Sec. 2

Land HoldingsSection Expiry21 Held by

Production35 Oct, 2014NE of 2 Nov, 2014

• Develop Section 21 initially• Earning 9-21 HZ well for

Cardium oil now being completed Ki Acquisition

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2 Recent Wells have an average IP of 190 BOE/d

• Farm-in with RimFire Energy – net interest 70%• Earning well at 9-21-67-8W6 has been drilled & completed as

Cardium oil well – on production March 25 • IP 30 rate 405 BOE/d (net 284 BOE/d - 86% Oil & NGL)

• Newly acquired section from asset swap• 7 additional development locations – all horizontal wells• Gross cost to drill, complete and equip - $3.5mm• 2014 Capex budget = 1 Hz well (0.7net)

Management internal reserve estimates @ 100% WI

Reserve Parameters Unit Wapiti

OOIP (per section) MMbls 4.7

API Degree 42.0

Recovery Factor % 8.1

Recoverable Oil MMbls 0.5

Recoverable Gas BCF 1.5

Recoverable Boe MMBOE 0.8

Single well economics NPV10 $3.2mm

Wapiti – Cardium Oil

Newly Acquired section

Proposed Locations

2 Gross (1.4 Net) Sections9-21 Hz Cardium

Well on Production

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Producing 195 boe/d (17% Liquids) 75% of Production is Operated 51.1 Gross Sections (31.9 Net) Good Seismic coverage on Upside lands;

56km2 of 3D and 116 km of 2D Year round access Horizontal Glauconite channel well with

additional follow-up wells pending results

Retlaw area

Proposed Glauconite Location

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Exploitation program – Low risk development

Total Development Potential (1)

Area Description Zone

Net CapitalRequiredLow Case

Net CapitalRequired High Case

Est Net ProductionIP (365) Low Case

Est Net ProductionIP (365) High Case

($mm) ($mm) (Boe/d) (Boe/d)

Flood 40 – 150 Vertical wells Montney $38.0 $140.0 1,480 5,550

Brazeau 2 – Hz wells Belly River G $9.0 $9.0 300 375

2 – Hz wells Basal Belly River $9.0 $9.0 300 375

2 – Vertical wells Cardium $3.5 $3.5 170 265

2 – Recompletions Wilrich $1.0 $1.0 90 140

2 – Hz wells Wilrich $17.0 $17.0 1,000 1,790

Wapiti 7 – HZ wells Cardium $14.7 $14.7 700 1,050

Hines Creek 1 – Hz well Montney $1.5 $1.5 60 100

Retlaw 1 – Recompletion Glauconite $0.3 $0.3 20 40

Retlaw 1 – HZ well 25% WI Glauconite $0.5 $0.5 15 40

Totals 60-170 Wells $94.5 $196.5 4,135 9,725

(1) Canamax may make changes to its capital expenditure budget depending on a number of factors, including drilling and and completion results, business conditions, commodity prices and prospective acquisitions and divestitures.

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Investment highlights

• First mover advantage

• Management has experience and capable of heavy lifting required with acquisition and divestiture strategy

How we are different

• Relationships with banks and investment dealers to access distressed juniors

• Additional targets identified

Acquisition Pipeline

• Focused on consolidation in core areas

• Maintain little or no debt

• Acquisition and low risk exploitation – no exploration

• Multi year inventory of drilling locations

Disciplined & Focused

Break-down of Dilutive Share components

Stock Options Exercise price Expiry Dates Proceeds

285,167 $0.60 Feb-17 $171,100

1,166,667 $1.08 Oct-18 $1,260,000

934,999 $1.36 Apr-19 $1,271,599

110,000 $1.42 May-19 $156,200 Avg

2,496,833 $2,858,899 $1.15

Warrants Exercise Price Expiry Dates Proceeds

500,000 $0.60 Oct-14 & Feb-15 $300,000

4,010,409 $0.60 Sep-15 $2,822,155

575,481 $1.25 May-15 $719,351

287,741 $2.40 May-15 $690,577

8,207,513 $2.40 Mar-16 $19,698,031

13,581,144 $24,230,115 $1.78

TOTALS 16,077,977 $27,089,014 $1.68

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Dilutive Equity Instruments

May 2014

TSXV.CAC