0. CORPORATE PRESENTATION MARCH 2015
TSX-V: MQL
OTCQX: MQLXF
Prudent and Disciplined

1. Forward Looking Statements
This presentation is for information purposes only and is not intended to, and should not be construed to, constitute an offer to sell or the solicitation of an offer to buy securities of Marquee Energy Ltd. (“Marquee“).
Certain disclosures set forth in this presentation constitute forward-looking information within the meaning of applicable securities laws. Any information contained herein that is not a statement of historical facts is forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, "expect", “believes”, “budget”, “continue”, “could”, “estimate”, “forecast”, “intends”, “may”, “plan”, “predicts”, “projects”, “should”, “will” and other similar expressions. All estimates and information that describe Marquee's future, goals, or objectives, including management’s assessment of future plans and operations, constitute forward-looking information under applicable securities laws. 
In particular, this presentation includes without limitation forward-looking information pertaining, directly or indirectly, to the following: Marquee's anticipated production and cash flows in 2014; business strategy; the future benefits of the proposed acquisition of assets from Paramount Resources (the "Transaction"), including: the number and quality of future potential drilling opportunities, the expectation of reduced operating and capital costs, anticipated production levels, anticipated debt levels, anticipated reserves, anticipated cash flow, anticipated cash flow per share, anticipated net debt, borrowings under credit facility, operating netbacks, anticipated capital expenditures, 2014 exit production, 2013 exit debt to 2014 cash flow and 2014 capital budget, receipt of TSXV approval for the Transaction.
In addition, statements relating to "reserves" are by their nature forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. The recovery and reserves estimates provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. The estimated future net revenue from the production of the disclosed oil and natural gas reserves does not represent the fair market value of these reserves.
Forward-looking information relates to future events and/or performance and, may prove to be incorrect. Actual results may differ materially from those anticipated in the information provided. Undue reliance should not be placed on forward-looking information because Marquee can give no assurance that such expectations will prove to be correct. The forward-looking information contained in this presentation is given as of the date hereof and Marquee does not undertake any obligation to update forward-looking information except as required by applicable securities laws.
Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six Mcf to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and do not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of six to one, utilizing a boe conversion ratio of six Mcf to one bbl may be misleading as an indication of value.

2. Forward Looking Statements
Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Marquee believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Marquee cannot give assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this presentation, assumptions have been made regarding and are implicit in, among other things: cash flow projections and netbacks; that Marquee will be able to successfully implement its planned capital expenditure program; bank debt levels; field production rates and decline rates; the ability of Marquee to secure adequate product transportation, and secure such transportation in a timely and cost efficient manner; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop its business; the ability to operate its properties in a safe, efficient and effective manner; the ability to obtain financing on acceptable terms; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and expansion; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters; and the ability to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
Forward-looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated and described in the forward-looking information, which include, but are not limited to: exploration, development and production risks; assessments of acquisitions; anticipated success of resource prospects and the expected characteristics of resource prospects; the validity of analogues to other properties and projects; the effectiveness of the application of certain drilling and completion technologies; reserve measurements; availability of drilling equipment; access restrictions; permits and licenses; aboriginal claims; title defects; commodity prices; commodity markets, transportation and marketing of crude oil, liquids and natural gas; reliance on operators and key personnel; competition; lack of diversification; corporate matters; funding requirements; access to credit and capital markets; market volatility; cost inflation; foreign exchanges rates; general economic and industry conditions; health, safety and environmental risks; climate control legislation; failure to obtain regulatory approvals; government regulation and taxation; and those other risks described in Marquee’s Annual Information form dated March 20, 2014 filed under Marquee’s profile on Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
The forward-looking information contained in this presentation is given as of the date hereof and Marquee does not undertake any obligation to update forward-looking information except as required by applicable securities laws.
Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six Mcf to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and do not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of six to one, utilizing a boe conversion ratio of six Mcf to one bbl may be misleading as an indication of value.  

3. Strategic Acquisition at a Glance
Marquee has expanded the scope of its Michichi drilling inventory along a high-productivity Banff oil fairway
Acquisition Metrics
Marquee will acquire the Michichi assets of a senior Canadian producer which include 330 boed (79% oil & NGLs) and a significant land position comprised of 37.5 total net sections of land for $16.5 million before closing adjustments.
The total consideration includes a non-core Central Alberta gas property valued at $2 million. In a separate transaction Marquee recently sold a non core property at Weyburn for $3.5 million.
Continued consolidation of Marquee control in an area where competitors have made significant Banff oil discoveries and where Marquee owns infrastructure.
Expands inventory of superior quality oil prospects with a high chance of success and high net present value, >40 locations identified offsetting recent drilling successes with well control and 3D seismic.
Synergy with existing Marquee assets and infrastructure will result in no change in G&A and a reduction in OPEX on a $/boe basis.
Purchase Price
$16.5 million
Current Production (1)
330 boe/d (79% oil & ngls)
Proved Reserves (2)
2,403 Mboe
Proved + Probable Reserves (2)
3,694 Mboe
Proved NPV 10% (2)(3)
$29.9 million
$/boe Proved Reserves
$6.87/boe
$/boe P+P Reserves
$4.58/boe
Current Run Rate Cashflow
$3.6 million
Undeveloped Land
21,000 net undeveloped acres
Notes:
Estimated annualized production
Based on Sproule reserve evaluations prepared for Marquee effective Dec.31, 2014
Before tax, net present value based on a 10% discount

4. Strategic Consolidation Acquisition
34 Net Sections with Banff rights
5 Producing Banff HZ Wells
~330 boed, 79% Oil & NGLs
TP 2,403 MBOE, $29.9MM PV10
9-16 HZ well encountered both Banff Sand and Carbonate
Completed with 14x22T/Stage Borajet frac with N2

5. Near-term Corporate Strategy
In response to a low commodity pricing environment, Marquee plans to remain disciplined and conservative with its capital spending. The Company will continue to strengthen and protect its balance sheet, optimize its superior asset base and focus on sustainable shareholder value creation.
Discipline
H capital spending is less than 50% of estimated cashflow
Prudence & Positioning
Continue to improve efficiencies in operating, capital and G&A costs
Plan to use excess cashflow to organically reduce debt
Financial Flexibility
H Exit D/CF is 2.1 times
Current hedges support 2015 cashflow – approximately 30% of oil production hedged through to end of Q2 2015
Experienced Team/ Proven Track Record
Current Board and management team have grown a number of junior oil and gas companies through volatile phases of the commodity price cycle
Build Value
Continued improvement in drilling results will drive value recognition, increase share price and produce multiple expansion
Marquee can grow value during a low commodity price environment through optimization, strategic acquisitions and organic business development

6. Marquee Profile
Market Profile (TSXV: MQL)
Current
Shares Outstanding (MM)
120.3
Insider Ownership (basic/fully diluted)
15.3%/19.5%
Operations
Estimated Average Production Q (boe/d)
5,240/46% oil & liquids
Proforma Production (boe/d)
5,630/50% oil & liquids
Production/Share Growth (2014/2013)
>12%
Undeveloped Land
~260,000 acres/345 sections
Drilling Inventory (100% oil focused)
>265 net
2015 Corporate Decline
~22%
Finances
2015 H1 Forecast Cash Flow ($MM)
~$14.8
2015 H1 Capital Expenditure Program ($MM)
$6.2
2014 Estimated Debt Adjusted Cash Flow/Share ($/share)
$0.37 (1.6 times 2013)
2014 Estimated Exit Net Debt ($MM)
$61.3
Credit Facility ($MM)
$95
Tax Pools
Tax Pools ($MM)
$226.9
Outstanding Production Results and Financial Performance in 2014

7. Marquee Reserves Highlights – December 31, 2014
The Company’s Proved Developed Producing (“PDP”) reserves increased by 39% to 8.9 mmboe (41% oil and NGLs and proved plus probable (“2P”) reserves rose by 16% to 20.0 mmboe (55% oil and NGLs).
Marquees NPV10 value of its PDP reserves grew by 34% to $129.9 million, 1P reserves value by 26% to $173.6 million and 2P reserves value by 23% to $257.9 million
Net of acquisitions, dispositions and production, 1P reserves increased by 3.7 mmboe and 2P reserves increased by 6.0 mmboe, due to successful drilling programs at Michichi and Lloydminster.
Finding, development and acquisition costs, including the increase in FDC are $14.76 per boe on a 1P basis, and $14.12 per boe on a 2P basis.
The 1P and 2P reserves additions net of acquisitions and dispositions replaced 2014 production by 2.1X and 3.4X, respectively.
The Company’s Reserve Life Index (“RLI”) improved to 11.7 years using 2P reserves and Sproule forecast 2P 2015 average production rate.
Marquees PDP reserves now comprise 70% of its 1P reserves and 1P reserves represent 64% of 2P reserves as at December 31, 2014.
The Company’s 2P Net Asset Value (“NAV”) per fully diluted share calculated on a present value before tax discounted at 10% is approximately $1.93 per share at December 31, 2014 inclusive of an internal land value of $37 million.
Michichi now represents 74% of Marquee’s 1P NPV10 reserve value and on a combined basis the Company’s 2 core areas of Michichi and Lloydminster represent more than 90% of its total reserve volumes and value.

8. Reserves Growth Reserves Category Effective Date: December 31, 2014
Light & Medium Oil
(Mbbl)
Heavy Oil
Natural Gas
(MMcf)
NGL
Total
(Mboe)
Proved
Developed Producing
Developed Non-Producing
Undeveloped
Probable
Total Proved
Total Probable
Total Proved plus Probable
2,529
2,025
556 15
2,843
4,554
3,414
7,967
858
712
297 51
535
1,570
883
2,454
31,678
1,003
5,459
6,112
1,384
8,717
38,137
16,224
54,363
277 1 79 52 2
123
358
177
8,944
168
3,726
1,925
299
4,954
12,838
7,178
20,016
Notes:
(1) Based on Sproule December 31, 2014 forecast prices.
(2) Gross Company reserves are the Company’s total working interest share before the deduction of royalties
(3) Totals may not add due to rounding.

9. The Michichi Advantage
Extensive Oil Potential
>10 million barrels of oil in place per section combined for the Banff and Detrital zones in the focus area
Dominant Land Base
~215 net undeveloped sections
Crown land, 92% avg. W.I.
Extensive Inventory
>215 horizontal oil focused inventory identified to date, before downspacing
Operational Strength
2 gas plants (28 mmcf/d total capacity)
2,000 bbl/d oil battery and terminal and new 1,000 bbl/d multi-well battery
As a First Mover in the Area, Marquee is Positioned for Dominance and Strategic Control

10. Drilling Success at Michichi
Michichi production >4,600 boe/d (79% of total production) on closing of acquisition
Since December 2011, Marquee has drilled 32 HZ wells at Michichi
2014 IP 30 rates are 20% higher than forecasted well guidance
Current well cost = $2.3 million, MQL expects a 20-30% reduction in service costs in 2015 (based on current commodity pricing)
*Includes Sonde & Paramount horizontal wells
*As of January 1, 2015
Superior Results Generated Through Experience and Strong Technical Skills

11. 2014 Michichi Capital Program
100% success rate on 13 HZ oil wells drilled in 2014, average peak IP30 >220 boe/d
Production results continue to improve based on technical and drilling/completion optimization
Extensive use of 3D seismic database to target new drilling locations - acquisition of new 3D seismic completed to aid expansion of focus area
Employ microseismic technology to enhance completions and optimize well spacing
Focus Area Combines Best Results and Access to Marquee Infrastructure

12. Michichi – Improvement of Capital Cost Structure
Infrastructure enhancements have significantly reduced tie-in times.
Infrastructure ownership generates dramatic reduction in tie-in times and acceleration of cash flow
Advancements to Marquee’s drilling design and operations process have successfully decreased drilling costs over time.

13. Lloydminster Performance* *
Lloydminster current production ~800 boe/d
Low risk drilling inventory >50 locations (19 proven, 7 probable booked)
Significant production growth upside
Marquee drilled 5 vertical and 3 net HZ wells in 2014
2014 well cost: $0.6 million (vert), $1.1 million (hz); expect 20-30% reductions with low oil prices in Q3
Low Capital Cost and Compelling Economics

14. 2015 First Half Guidance Q1 Capital Budget $6.2 MM
Marquee has issued guidance for the first half of The Company will continue to act with discipline and prudence in its approach to capital spending, acquisition opportunities and with respect to its overall balance sheet management.
Q1 Capital Budget
1 delineation HZ well at Michichi
1 delineation vertical well at Lloydminster
Facility infrastructure enhancements
$6.2 MM
H Production (1)
~5,300 BOE/D
H Cashflow (1)(2)
Debt (Exit H1 2015)
$14.8 MM
$64.5 MM
Debt to Cashflow (Exit H1 2015)(1)
~2.1 times
Proforma acquisition announced February 25, 2015
Based on WTI US$50/bbl and AECO CAD $2.65/gj with an exchange rate of US$0.86/C$1.00
2015 H1 Capital Program Focused on Protecting the Balance Sheet

15. Why own shares in Marquee today?
There is distinct value at the current share price as the company trades below its peers with financial flexibility
The company continues to reduce operating, capital and G&A costs, thereby increasing margins and extending the economic life of its assets
Few juniors boast a comparable scalable, low risk, development- stage, oil-prone asset base with a clearly delineated drilling inventory capable of supporting many years of profitable growth
Over the last year, the company has shown strong and repeatable drilling results highlighted by a step-change in deliverability.
The company is focused on delivering debt-adjusted per share growth in production, reserves, NAV, CF and FCF that will be increasingly attractive to a wide spectrum of investors
Solid Platform for Per-Share Growth

16. Contact Us For more information, please contact: Richard Thompson
President, CEO & Director
Direct: (403)
Main:
Fax:
Address: 1700, 500-4th Ave SW Calgary, AB T2P 2V6
Investor Inquires:
Web:
Corporate Information:
Legal: Norton Rose Fulbright LLP
Reserve Evaluators: Sproule Associates Limited
Auditor: Collins Barrow Calgary LLP
Transfer Agent: Computershare Trust Company of Canada
Commercial Lender: National Bank Financial, HSBC
Trading Symbols:
TSX Venture Exchange MQL.V
OTCQX Marketplace MQLXF

17. Analyst Coverage
Peters & Co.
Dale Lewko E: P:
Haywood Securities Inc.
Darrell Bishop E: P:
National Bank Financial
Dan Payne E: P:
Macquarie Equity Research
Brian Bagnell E: P:
Octagon Capital
Nav Malik E: P:
Acumen Capital
Trevor Reynolds E: P:
Canaccord Genuity Corp.
Anthony Petrucci E: P:
FirstEnergy Capital Corp.
Robert Fitzmartyn E: P:
Dundee Capital Markets
Chad Ellison E: P:
GMP Securities
Aaron Swanson E: P:
Independent analysis provides research and perspective

18. Appendix

19. Experienced Management Team
Richard Thompson, President & CEO
Mr Thompson has been the President and CEO at Marquee Energy since Previously, he served as an Executive Vice-President of Cequence Energy Ltd. from 2008 to 2010 and as Vice-President of Exploration of Cyries Energy Inc. from 2004 to Earlier, he was Manager of Geophysics of Cequel Energy Inc. from 2001 to 2004 and Chief Geophysicist of Cypress Energy from 1997 to He has been a Director of Marquee Energy since He previously served as a Director of Cequence Energy Ltd. from 2008 to Mr Thompson is a geophysicist and graduated from the University of Manitoba in 1979 with a BSc in Geophysics (with honours).
Roy Evans, CA, VP Finance & CFO
Mr Evans has been the CFO and Vice-President of Finance at Marquee Energy since He was previously the CFO at Marquee Petroleum Ltd. (previously Base Oil & Gas Ltd. and Torrential Energy Ltd.). He was associated with KPMG for 23 years, where he was a partner for 15 years. He is a Chartered Accountant with memberships in both the Saskatchewan and Alberta institutes. He currently serves as the Director of Operations for the Alberta Adolescent Recovery Centre. Mr Evans holds a Bachelor of Commerce degree from the University of Saskatchewan.
Dave Washenfelder, P. Geol, VP Exploration
Mr. Washenfelder has served as the Vice President, Exploration of Marquee since October Prior to joining Marquee, he served as Manager, Exploration at Tamarack Valley Energy Ltd. Prior thereto he held positions of increasing responsibility with Saskoil, Wascana Energy and Apache Canada. Mr. Washenfelder is a Professional Geologist with more than 34 years of related experience and graduated from the University of Manitoba in 1980 with a BSc in Geology (honours).
Sam Yip, P. Eng, VP Engineering
Mr. Yip is currently the Vice President, Engineering of Marquee, and has served in an executive capacity with Marquee March Prior thereto he was a Founder, Director and Vice President, Production of Teague Exploration Inc. from 2003 until Previously with Atco Gas, Webex and Mark Resources. Mr. Yip is a Professional Engineer with more than 30 years related experience and graduated from the University of Calgary in 1982 with a degree in Chemical Engineering.
Rob Lemermeyer, VP Operations
Mr. Lemermeyer has served as the Vice President, Production of Marquee since September 6, Mr. Lemermeyer was the Vice President, Operations since December 5, Prior thereto he was the Vice President Production for Canadian Coyote Resources from January 2011 to December 2011 and Manager of Production Operations of Base Resources Inc. from October 2007 to December 2010.
Steve Bradford, VP Land
Mr. Bradford is the Vice President, Land of Marquee and has served in that capacity since September 6, Prior to joining Marquee, he served as VP Land with Milestone Exploration Inc. from May 2010, and prior thereto served in progressively senior roles in land with West Energy Ltd., Encana Corporation, and Twin Butte Energy Ltd.

20. Strong Governance Dennis Feuchuk, BBM, CMA, Chairman
Mr. Feuchuk has served as a Director of Marquee since June 22, Prior thereto he was President and Chief Executive Officer of Base Oil & Gas Ltd. from October 2009 to May He was Vice President, Finance and Chief Financial Officer of PrimeWest Energy Trust (an oil and gas trust) from October 2001 to June 2007.
Richard Alexander, CMA, CFA 2, 3
Mr. Alexander is the President and Chief Executive Officer and a Director of Parallel Energy Trust, and has served as a Director of Marquee since December 5, From January 2008 to June 30, 2011, he was President and Chief Operating Officer of AltaGas Ltd. Prior thereto he was the Executive Vice President, Chief Operating Officer and Chief Financial Officer of AltaGas Ltd. from January 2007 to January Mr. Alexander was Vice President Finance and Chief Financial Officer of Niko Resources Ltd. from October 2003 to April 2006.
Glenn Carley, BA, LLB., MBA, ICD.D 2, 3
Mr. Carley is the President of Selinger Capital Inc., a private investment company and has served as a Director of Marquee since December 5, Mr. Carley currently serves as the Chairman of Painted Pony Petroleum Ltd. Mr. Carley had been Executive Chairman of Galleon Energy until August, 2011, and Chairman of Culane Energy Corp. until February, 2011.
Jim Riddell, B.Sc, M.Sc (Geology) 1
Mr. James Riddell joined Marquee Energy as a Director in December of Mr. Riddell is the President and COO of Paramount Resources Ltd. and has held the position since June Mr. Riddell has been the CEO of Trilogy Energy Corp. since February He serves as Executive Chairman for Cavalier Energy Inc. and as a Director for Great Prairie Energy Services Inc., MGM Energy Corp., Strategic Oil and Gas Ltd., Big Rock Brewery, DevCorp Capital Inc. (now Great Prairie Energy) and Paxton Corporation.
Dr. William Roach, B.Sc, Ph.D, C.Eng, MIM, PEng 1
Will Roach joined Marquee Energy as Director in December of 2013.  Since January 2012 Will Roach has served as the President and CEO of Cavalier Energy Inc., a privately held Oil Sands company. From October 2010 to December 2011 he served as the CEO of Calera, a green energy start-up, in Los Gatos, California.  Between 2004 and 2010 he served as the President and CEO of UTS Energy. Prior thereto, managed Husky Energy’s operations on the East coast of Canada, British Borneo’s projects in Houston and worked internationally for Shell. In addition to Marquee, Dr. Roach also serves on the Board of Directors for Sonde Resources, Tervita, Calera and SeaNG
Richard Thompson, B.Sc Honours (Geophysics) 1
See management page
Greg Turnbull QC, BA, LLB 2, 3
Mr. Gregory Turnbull joined Marquee Energy as a Director in December Mr. Turnbull is a partner with McCarthy Tetrault LLP Calgary, which he joined in 2002 following his position as partner of Donahue Ernst and Young LLP. Mr. Turnbull is also a Director of Crescent Point Energy, Storm Resources Ltd., Hyperion Exploration Corp. and Oyster Oil and Gas Ltd. Mr. Turnbull is also currently a Director of a number of private companies.
Reserves committee
Audit committee
Corporate Governance & Compensation committee

21. Marquee Hedges as of January 15, 2015
28% of Marquee’s production is hedged through to the end of Q2 2015
Term
Hedge Type
Counterparty
Volume
Pricing
January 1, 2015 to March 31, 2015
WTI fixed price
National Bank
500 bbls/d
CDN $104.00/bbl
AECO fixed price
4,000 GJ/d
CDN $4.465/GJ
January 1, 2015 to June 30, 2015
250 bbls/d
CDN $103.00/bbl
April 1, 2015 to June 30, 2015   
WTI fixed price    
National Bank   
500 bbls/d 
CDN $105.00/bbl

22. 2014 Production and NetbacksQ1
Q Q3
Average Production
Liquid Content
Sales Price $
Royalty Expense
Production Costs
Transportation Costs
4024
48%
59.57
5.37
18.92
4.18 5,
43% 42%
BOE/D
/BOE
Field Operating Netback $
Commodity contract settlement
31.10
3.59
Operating Netback $
G&A and other (excludes non-cash items)
Finance Expenses
27.51
4.54
2.56
Cash Flow Netback $
20.41

23. Balance Sheet Performance
CASHFLOW
Lowered G&A costs by ~50% on a per BOE basis since 2013
DEBT/CF
OPEX
G&A
Maintained a strong balance sheet and increased financial flexibility
Continuous Improvement in Cost Structure and Balance Sheet

24. Marquee History MAY 19 SEPT. 17 OCT. 4 MAY 2 FEB. 25 DEC. 5 DEC. 31
Entered into a reorganization and recapitalization with Base Oil
and Gas
MAY 19
Closed property acquisition at Michichi to further expand its core area
SEPT. 17
Acquired gas plant, gathering system and associated production at Michichi
OCT. 4
Closed bought deal financing with exercise of over allotment for total of ~$20.1 MM
MAY 2
Announced strategic acquisition to further consolidate core Michichi area; Closed sale of non-core asset for $3.48 MM
FEB. 25
Received shareholder approval for the business combination with SkyWest Energy
DEC. 5
Closed transaction to acquire Western Canada assets of Sonde Resources
DEC. 31
2011
2011
2011
2011
2011
2012
2012
2013
2013
2014
2014
2014
2015
AUG. 31
Closed financing with exercise of over allotment for total of ~$17 MM
NOV. 18
First horizontal well spud at Michichi
MAR. 16
Closed corporate acquisition of focused high net back heavy oil assets at Lloydminster
NOV. 5
Closed bought deal flow through financing with net proceeds of $7.6 MM
MAR. 6
Closed agreement to acquire Michichi property from Paramount Resources
SEPT. 30
Closed sale of non- core gas weighted assets at Pembina for $14 MM 24

25. Michichi vs. Mississippi Lime
Mississippian Paleo Geography
Play Attributes
Michichi
Mississippi Lime
Average Drill Depth
Rock Type (Carbonates)
Rock Type (Erosional Fill)
Average Thickness
API Gravity
Average IP (BOE/D)
Average EUR (MBOE)
Average Cost/Well
HZ Wells Drilled To Date
Major Operators
1300
Limestone, Dolomite, Chert
“Detrital” – Chert Conglomerate
15m 32
225
174
$2,200,000
<100
MQL, CNRL, Husky, Bonavista
1700
“Chat”- Chert Conglomerate 30
297
222
$3,000,000
>1000
Devon, Chesapeake, Repsol, Sandridge
Michichi
Lime
Detrital
Chat
Banff
Lime
Blakey, 2010
Michichi Geological Model
Michichi
Lime

26. Michichi – Geological ModelW E
Bantry
Ellerslie
Detrital
Middle Banff
Middle Banff Sand
Fracturing
MIDDLE BANFF
DETRITAL
BANFF SAND
API (°)
30-36
Pay (m)
2-10
3-8
Perm (md)
0.1-30
10-100
Porosity (%)
4-9
15-25
10-24
DPIIP (sec)
6-12
1-3
RF (%)* 10 15
Depth (m)
Reservoir
Limestone Shoals
locally enhanced through fracturing
Sandstone, Siltstone, Pebble Conglomerate Channels
Dolomitic Sand
Lower Banff
Fracturing
Model Indicates Significant Oil in Place in Banff and Detrital Zones
* Recovery information is based on average AER published recovery factors for analogous pools in the area