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  Economics : Rates of Return/ IRR

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Middle Bakken North Fork Economics Middle Bakken: Type Curve Assumptions Middle Bakken: ROR vs WTI Abraxas EOY16 Assumptions 845 MBOE gross type curve 76% Oil Initial rate: 1120 boepd di: 98.5% dm: 8.0% bfactor: 1.5 Assumed CWC: 7.0 million NORMALIZED AVERAGE PRODUCTION BY WELL GROUP NORTH FORK FIELD MIDDLE BAKKEN ONLY GEN 1 COMPLETIONS; GEN 2 COMPLETIONS; GEN 3 COMPLETIONS; LINE = EOY16 TYPE 1,400 1,200 1,000 BOEPD 800 600 400 200 0 0 20 40 60 80 100 120 140 160 180 DAYS
Abraxas Petroleum Corp.
January 2018

SOUTHEAST SASKATCHEWAN Legend Midale Fairway Vermilion Land Entered area through acquisition of Elkhorn Resources Inc. in April VET Identified Locations 2014, with further land added subsequent to acquisition Midale HZ Wells 2P reserves totaling 16.1 mmboe Land base covers 67,600 net acres with 91% working interest Identified 232 net drilling locations* Primary target is the Mississippian Midale formation Secondary targets of Mississippian Frobisher and Devonian Bakken/Three Forks DCET costs (excluding infrastructure) per operated well reduced from SASKATCHEWAN - Average per well economics - Midale drilling program** an average of 3.0 million in 2014 to 1.7 million currently DCET Well Cost ( million) 1.7 IP30 Rate (boe/d) 145 2017 CAPITAL ACTIVITIES EUR per well (mboe) 135 After Tax ROR (%) 87% Drilled 13 (11.3 net) wells, and completed/tied-in four operated wells After Tax Payout (years) 1.2 drilled in 2016 After Tax NPV10 ( million) 1.5 Recycle Ratio 3.2x 2018 CAPITAL ACTIVITIES F&D (/boe) Production Efficiency at IP30 (/boe/d) 13.00 11,700 Plan to drill or participate in 16 (15.5 net) wells Pricing Assumptions: WTI US50/bbl, LSB diff. (US4.25)/bbl, AECO 2.50/mmbtu; escalated at 2%; CAD/USD 1.33 LIGHT OIL CORE AREA IN THE WILLISTON BASIN *Inventory reflects net 2P locations and net unrisked contingent resource (best estimate) locations in the development pending category and net unrisked prospective resource (best estimate) locations as evaluated by GLJ as at December 31, 2016. See Appendix A of Vermilions 2016 AIF for further details on the chance of development, chance of discovery and other country specific contingencies. (See Advisory) ** Midale drilling program economics based on crown lease locations 83
Vermilion Energy Inc.
January 2018

Economics by Play Corporate Presentation 55 WTI Economics Type Well (EUR) NPV 10% IRR Payout Williston Basin Cost per well (MM) (mbbl) (MM) (%) (months) Viewfield Bakken 50 125 1.4 0.4 3.4 33 239 24 9 Viewfield Bakken Waterflood 350 1.4 5.7 267 7 Flat Lake Torquay 100 175 2.4 1.6 3.8 57 - 126 17 12 Flat Lake Conventional Ratcliffe 75 1.2 1.4 90 14 North Dakota (US) 600 5.4 3.6 42 23 SE Saskatchewan Conventional 40 60 1.0 0.5 1.0 34 64 30 19 SW Saskatchewan Resource Play Type Well (EUR) NPV 10% IRR Payout Cost per well (MM) (mbbl) (MM) (%) (months) Shaunavon 80 130 1.5 0.7 1.7 42 113 21 11 Shaunavon Waterflood 264 1.5 2.4 53 20 Viking 41 54 0.9 0.4 0.7 32 50 29 21 Type Well (EUR) NPV 10% IRR Payout Crescent Point Energy Uinta Basin Cost per well (MM) (mbbl) (MM) (%) (months) Castle Peak (1-mile & 2-mile Hz) (US) 350 620 5.5 - 8.5 1.6 4.9 27 64 30 14 Wasatch (1-mile Hz) (US) 490 540 6.0 - 7.0 2.4 4.1 34 76 24 12 All figures are approximates and in CAD unless otherwise noted Capital costs per well include drilling, completion, equipment and tie-in expenditures Economics by play represent type wells expected to be drilled in 2018 program 31
Crescent Point Energy Corp.
January 2018

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