1. November 2014

2. Reader Advisory Barrels of Oil Equivalent Barrels of oil equivalent (boe) is calculated using the conversion factor of 6 Mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Reserve Life Index The reader is also cautioned that this corporate presentation contains the term reserve life index ("RLI"), which is not a recognized measure under IFRS. Management believes that this measure is a useful supplemental measure of the length of time the reserves would be produced over at the rate used in the calculation. Readers are cautioned, however, that this measure should not be construed as an alternative to other terms such as net income determined in accordance with IFRS as a measure of performance. Chinook's method of calculating this measure may differ from other companies, and accordingly, they may not be comparable to measures used by other companies. Discovered Petroleum Initially-In-Place The Canadian Oil and Gas Evaluation Handbook defines this term as that quantity of petroleum that is estimated, as of a given date, to be contained in know accumulations prior to production. The recoverable portion of discovered petroleum initially-in-place includes production, reserves, and contingent resources; the remainder is unrecoverable. “Contingent Resources” are defined in the COGE Handbook as those quantities of petroleum estimated to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. The Contingent Resources estimate and the DPIIP estimates are estimates only and the actual results may be greater than or less than the estimates provided herein. There is no certainty that it will be commercially viable to produce any portion of the resources except to the extent identified as proved or probable reserves. Best Case Estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods were used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. Possible Reserves Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10 percent probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Analogous Information Certain information on the production profile and estimates of increased productivity rates on properties adjacent to Chinook’s properties, which is “analogous information” as defined by applicable securities laws. This analogous information is derived from publicly available information sources which Chinook believes are predominantly independent in nature. Some of this data may not have been prepared by qualified reserves evaluators or auditors and the preparation of any estimates may not be in strict accordance with Canadian Oil & Gas Evaluation Handbook. Regardless, estimates by engineers and geotechnical practitioners may vary and the differences may be significant. Chinook believes that the provision of this analogous information is relevant to Chinook’s activities and forecasting, given its property ownership in the area(s); however readers are cautioned that there is no certainty that the forecasts provided herein based on analogous information will be accurate.

3. Reader Advisory (cont’d) Forward-Looking Statements In the interest of providing potential investors with information regarding Chinook Energy Inc. ("Chinook"), including management's assessment of the future plans and operations of Chinook, certain statements contained in this corporate presentation constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “anticipate”, "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In addition, statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the future. In particular, this corporate presentation contains, without limitation, forward-looking statements pertaining to the following: budgeted amounts in fiscal 2015 and the expectations that such amounts will be spent in the manner, location and timeframes set forth; the volume and product mix of Chinook’s oil and natural gas production on certain newly drilled wells; projected well costs; the operations to be conducted, wells to be drilled and/or completed and the timing thereof on certain of Chinook’s properties, in certain cases, the expected increase in production volumes resulting therefrom; and future development, exploration, acquisition and development activities (including drilling plans) and the timing thereof and related production expectations; as well as management’s future expectations regarding production, cash flow, capital expenditures, net debt and credit facilities. With respect to forward-looking statements contained in this corporate presentation, Chinook has made assumptions regarding, among other things: future capital expenditure levels; future oil and natural gas prices; future oil and natural gas production levels; ability to obtain equipment in a timely manner to carry out exploration and development activities; the ability of the operator of the projects of which Chinook has interest in to operate in the field in a safe, efficient and effective manner; the impact of increasing competition; and the ability to add production and reserves through exploration and development activities; the continued availability of adequate debt financing and cash flow to funds planned expenditures. Although Chinook believes that the expectations reflected in the forward-looking statements contained in this corporate presentation, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this corporate presentation, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Chinook's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the following: volatility in market prices for oil and natural gas; the Board of Directors of Chinook may amend the 2015 budget based on discretion; imprecision of reserve and resource estimates; failure to complete planned operational activities; unexpected decline rates in wells; inability to retain drilling rigs and other services; delays in projects and/or operations resulting from surface conditions; general economic conditions in Canada, the U.S. and globally; and the other factors described under "Risk Factors" in Chinook’s Annual Information Form dated March 27, 2014 available at www.sedar.com or on Chinook’s website at www.chinookenergyinc.com. Readers are cautioned that this list of risk factors is not exhaustive. Furthermore, the forward-looking statements contained in this presentation are made as of this date and Chinook does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Any financial outlook or future oriented financial information in this corporate presentation, as defined by applicable securities legislation, has been approved by management of Chinook. Such financial outlook or future oriented financial information is provided 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 other purposes. The forward-looking statements contained in this corporate presentation speak only as of the date of this corporate presentation. Except as expressly required by applicable securities laws, Chinook does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this corporate presentation are expressly qualified by this cautionary statement. The information contained in this corporate 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 and reviews of Chinook and of the information contained in this corporate presentation. Without limitation, prospective investors should consider the advice of their financial, legal, accounting, tax and other advisors and such other factors they consider appropriate in investigating and analyzing Chinook.

4. 4 Chinook at a Glance – Quality and Scale Canada Projected 37% Year over Year Average Production Increase in 2015 2015 - $135 Million Capital Program $93mm - Drilling, Completion, Equip & Tie-In $23mm - Facilities & Infrastructure $11mm - Land & Seismic $8mm - Optimizations/Turnarounds/Abex Montney: 2 Gold Creek Wells in 2014 3 Birley/Umbach Wells in 2014 1 Gold Creek Well in 2015 12 Birley/Umbach Wells in 2015  Birley/Umbach 1 st Well: 1,300 boe/d discovery (May/2014)  Gold Creek 1 st Well: 1,500 boe/d discovery (April/2014)  Birley/Umbach 2 nd Well: Drilled & Completed (Sept/2014) – Confidential  Gold Creek 2 nd Well: Currently Drilling (October/2014) Dunvegan: 5 Albright Wells in 2014 4 Albright Wells in 2015 5 Karr Wells in 2014 6 Karr Wells in 2015  Production added at $16,000/flowing BOE  2 of 6 CKE Dunvegan oil pools currently being developed at Albright & Karr

5. 5 Capitalization & Market Value As at November 12, 2014 and for Canadian operations only, unless noted Share price $1.58 Shares outstanding 215.1 million Market capitalization $385.0 million Net Debt/(Surplus) (Sept 30/14) $35.9 million Enterprise Value (1) $349.1 million Net Debt/2014 CF (Fcst) 0.0x Management and Directors (7.7% FD) Alberta Investment Management Corp. Public Float Ownership 1.Enterprise Value = Outstanding Shares x Current Share Price +/- Net Debt/(Surplus)

6. 6 2014 & 2015 Guidance 1.Natural gas: $4.79/mcf Cdn; Cdn oil: $92.95/bbl 2.Natural gas: $4.08/mcf Cdn; Cdn oil: $84.49/bbl 3.Includes net acquisitions/dispositions 4.Positive working capital and no drawn bank debt 5.214.4mm weighted average shares 2014 Estimated Production: 26% oil 10% NGLs 64% natural gas YTD Sept 30, 2014 Results 2014 Guidance (1) 2015 Guidance (2) Production (boe/d)7,7247,900-8,00010,500-11,500 YE Exit (boe/d)9,100-9,40013,250-13,750 Cash flow$42.1 million$54-56 million$62-66 million Capex$56.9 million$93 million (3) $135 million Period End Net Debt (surplus)$(35.9) million($8) million (4) $60-65 million Debt Facility$125.0 million CF/Share (weighted avg) 3 $0.20 /share$0.25 /share$0.31 /share 2015 Estimated Production: 21% oil 11% NGLs 68% natural gas 2015 Cash Flow Sensitivities: +/- $1/bbl oil: +/- $726,000 +/- $1/bbl NGL: +/- $361,000 +/- $0.10/mcf gas: +/- $1,402,000

7. Canadian Focus Area – Grande Prairie/PRA Canadian growth and development Montney and Dunvegan opportunities 23 wells planned for 2015 13 Hz Montney locations (all operated) 12 (11 net) at Umbach/Birley (liquids rich gas) 1 (0.37 net) at Gold Creek (oil/gas) 5 wells drilled in 2014 10 Hz Dunvegan oil locations (4 operated) 4 (4.0 net) at Albright 6 (2.0 net) at Karr 10 wells drilled in 2014 Large undeveloped land base over 300 net sections multi-year drilling inventory KARR (Dunvegan) KARR (Dunvegan) GOLD CREEK (Montney) GOLD CREEK (Montney) ALBRIGHT (Dunvegan) ALBRIGHT (Dunvegan) UMBACH/BIRLEY (Montney) UMBACH/BIRLEY (Montney) BCAB

8. 8 CKE holds 54 sections (45 net) of Montney rights 1 st Hz Upper Montney well drilled and tested in Q1/14, on prod in April at 4 mmcf/d (restricted) 2 nd Hz well tested in Q4/14, facility expansion to 10mmcf/d underway 6 well program planned for winter 2014-15, along with facility expansion to 35 mmcf/d, 6 additional wells in second half of 2015 216 Hz locations on CKE acreage (not including mid and lower Montney) Recent offsetting Hz wells have tested the Middle and Lower Montney intervals, with encouraging results CHINOOK PHASE I GROWTH PLAN… Birley/Umbach Area - Montney CKE 2014 HZ WELLS CKE MONTNEY LANDS Hz wells in Mid and Lwr Montney 1 st Well 2 nd Well Q1 2015 Activities -Expand Compressor to 35 mmcf/d -Upgrade main access road to allow summer access to southern pads Build 12” P/L from compressor to Pad 3 Prepare pads for future loc’s Assumes type curve well results (IP 4.5 mmcf/d) and constant gas price

9. 9 Birley/Umbach Area – Montney Economics Single Well Economics. Future program D&C costs should improve with pad drilling (as per other area operators) A-60-K Test Rate A-60-K Operating Day Prod Rate First well has been on production for over 3 months, and is exceeding the new type curve Recently acquired lands and infrastructure provide Chinook flexibility with respect to its gas processing and transportation options

10. 10 Grande Prairie Area - Montney Gold Creek and Knopcik areas within Montney oil and/or very high liquids window Recent offsetting wells reported Oil rates up to 1,500 bopd, 3,500 BOE/D Condensate ratios up to 200 bbl/mmcf Recent land sale prices up to $15,000/Ha Over 50 gross sections (35 net) of prospective Montney acreage in the Gold Creek area, with Upper and Middle Montney intervals prospective 34 gross sections (15 net) in the Knopcik area First Montney Hz well (CKE operated, 37.3% WI) drilled in Q1/14 Tested rates up to 500 BOPD and 6 mmcf/d (1,500 BOE/D) Well is on production Nov/14 Second Montney Hz well drilled in Q4/14 GOLD CREEK KNOPCIK ELMWORTH WAPITI KARR

11. 11 Gold Creek Area - Montney Active Montney area, with several operators currently drilling Hz wells Results to date have been highly variable, with some outstanding early test and production rates Chinook’s ownership position in Gold Creek gas plant provides a competitive advantage Currently one (0.37 net) well budgeted for 2015, with plan and ability to increase activity with success Gold Creek Gas Plant

12. 12 Grande Prairie Area – Dunvegan and Doe Creek Oil Pools Ownership in 6 established Dunvegan/Doe Creek oil pools, only 2 have seen activity in the last 2 years Hz drilling is: Developing new oil pools Extending mature oil pools Drilled 22 gross Hz Dunvegan wells in the past 24 months Average IP30 rate of 255 BOE/D (105 to 621 BOE/D) 79 additional Hz locations (48 net) identified on Chinook lands 10 wells (6.1 net) budgeted for 2015, 10 wells (6.1 net) drilled in 2014

13. 13 Karr and Albright Areas - Dunvegan Current production from these 2 properties is 2,000 BOE/D net (78% oil), with two (2 net) new Albright wells on in September Production being added for $16,000/boe/d (using IP90) New battery recently constructed at Karr, reduction in op costs 4 (1.6 net) more Hz wells planned for Q4/2014 10 (6.1 net ) Hz wells budgeted for 2015 Hz wells continue to outperform type curves 40+ Hz loc’s remaining Future waterflood potential in both areas could further increase recovery factors Karr Albright CHINOOK ENERGY KARR AND ALBRIGHT NET PROD

14. 14 Transformational 2014 & Strong Growth Catalysts For 2015 3 Key Growth Catalysts Montney discovery at Gold Creek Montney discovery at Birley/Umbach Dunvegan program(s) in full scale development No debt with projected cash flow and undrawn bank line of $125mm to fully fund the next growth phase of CKE

15. 15 Contact Walter Vrataric, President & CEO Chinook Energy Inc. Suite 1000, 517 – 10 th Ave SW Calgary, Alberta, Canada T2R 0A8 www.chinookenergyinc.com T: 403.261.6883 F: 403.266.1814 info@chinookenergyinc.com

16. 16 Experienced Leadership Management Walter VrataricPresident & CEO Tim HalpenCOO Canada Jason Dranchuk Vice President, Finance & CFO Darrel ZachariasVice President, Exploration Ryan White Vice President, Drilling & Completions Brent DubeVice President, Production Chad LernerVice President, Land Board of Directors Donald Archibald Jill T. Angevine Matthew J. Brister Stuart G. Clark Robert C. Cook Robert Herdman P. Grant Wierzba

17. 17 Analyst Coverage FirmAnalyst National Bank FinancialDan Payne Macquarie Equities ResearchRay Kwan Peters & Co.Dan Grager FirstEnergy CapitalRobert Fitzmartyn Cormark SecuritiesGarrett Ursu GMP SecuritiesGrant Daunheimer Dundee Capital MarketsGeoff Ready AltaCorp Capital Inc.Patrick O’Rourke Raymond JamesKurt Molnar TSX: CKE

18. 18 Chinook Canadian Reserves (1) December 31, 2013 Gross Canada Reserves Net Present Value, BTAX, PV10% Proved - developed producing 12.7 mmboe$179.4 million Proved - undeveloped1.5 mmboe$44.0 million Total 1P reserves16.0 mmboe$223.4 million Probable9.1 mmboe$88.9 million Total 2P reserves25.1 mmboe$312.3 million Commodity mix 37% liquids 63% natural gas (1) As independently evaluated effective December 31, 2013.

19. 19 2014 Hedging Positions Indexed PriceNotional Volumes Company Received Price Period AECO5,000 GJ/d$3.25/GJ to $3.50/GJ Jan 1/14 to Dec 31/14 AECO5,000 GJ/d$3.68/GJ Jan 1/14 to Dec 31/14 WTI500 bbl/d$101.30/bbl Jan 1/14 to Dec 31/14