Economics : Rates of Return/ IRR

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SOUTHEAST SASKATCHEWAN Legend Midale Fairway Vermilion Land Entered area through acquisition of Elkhorn Resources Inc. in VET Identified Locations April 2014, with further land added subsequent to acquisition Midale HZ Wells 2P reserves totaling 16.1 mmboe Land base covers 65,100 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 SASKATCHEWAN - Average per well economics - Midale drilling program DCET Well Cost ( million) 1.7 DCET costs (excluding infrastructure) per operated well reduced IP30 Rate (boe/d) EUR per well (mboe) 145 135 from an average of 3.0 million in 2014 to 1.7 million currently After Tax ROR (%) 87% After Tax Payout (years) 1.2 2017 CAPITAL ACTIVITIES After Tax NPV10 ( million) Recycle Ratio 1.5 3.2x Plan to drill or participate in 13 (11.3 net) wells, and plan to F&D (/boe) 13.00 Production Efficiency at IP30 (/boe/d) 11,700 complete/tie-in 4 operated wells drilled in 2016 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. See Appendix A of Vermilions 2016 Annual Information Form for further details on the chance of development, chance of discovery and other country specific contingencies. (See Advisory) 79
Vermilion Energy Inc.
August 2017

Fort Berthold Type Curves and Well Economics Fort Berthold Type Curves Well / Economic Assumptions Barrels of oil per day Lateral length 10,000 ft. 1,800 1,600 1,200 MBO Type Curve (1,400 MBOE) Proppant loading 1,000 lbs/lateral ft 1,400 900 MBO Type Curve (1,050 MBOE) Drilling & completions cost US6.7MM 1,200 1,000 Facilities cost US1.1MM 800 600 WTI price (flat) US50/bbl 400 Differential to WTI(1) -US4.50/bbl 200 0 NYMEX price (flat) US3.00/Mcf 0 5 10 15 20 25 30 35 40 45 50 Months Type Curve Production & Economics Cumulative % of Recoverable Oil Produced by Year Oil (MBO) 1,200 900 80% Oil Equivalent (MBOE) 1,400 1,050 70% 60% 30 Day Cum. Oil Prod (bbls) 48,118 36,089 50% 1st Year Cum. Oil Prod (bbls) 267,121 200,341 40% IRR Pretax (%) 63% 32% 30% 20% Payout (Years) 1.6 2.6 10% Breakeven WTI Price (US/bbl)(2) 33.50 39.20 0% 1 2 3 4 5 6 7 8 9 10 Year 1) Basis differential to WTI: -US4.50/bbl for 2017 & 2018; -US5.00/bbl for 2019; and US6.00/bbl for 2020 & 2021 16 2) Breakeven based on 10% rate of return
Enerplus Corp
August 2017

Economics by Play Corporate Presentation 50 WTI Economics 55 WTI Economics Type Well Cost per well NPV 10% IRR Payout NPV 10% IRR Payout Williston Basin (EUR) (M) (M) (%) (months) (M) (%) (months) (mbbl) Viewfield Bakken 75 125 1.3 1.1 to 2.9 68 to 216 9 to 16 1.4 to 3.4 86 to 268 8 to 14 Flat Lake Torquay 125 225 2.3 1.2 to 4.4 39 to 155 11 to 25 1.6 to 5.1 48 to 193 10 to 22 Flat Lake Midale 100 150 1.7 0.6 to 1.0 38 to 65 15 to 21 0.8 to 1.3 53 to 89 12 to 17 Flat Lake Conventional Ratcliffe 75 100 1.1 1.0 to 1.7 82 to 144 10 to 14 1.3 to 2.0 108 to 187 9 to 12 North Dakota (US) 430 700 4.2 to 5.3 0.5 to 2.5 14 to 28 34 to 61 1.0 to 3.8 20 to 40 25 to 44 SE Saskatchewan Conventional 60 1.0 0.7 47 23 0.9 60 19 Type Well SW Saskatchewan Resource Play Cost per well NPV 10% IRR Payout NPV 10% IRR Payout (EUR) (M) (M) (%) (months) (M) (%) (months) (mbbl) Shaunavon 84 150 1.4 0.4 to 1.3 21 to 68 16 to 41 0.6 to 1.7 29 to 92 13 to 32 Viking 41 51 0.6 0.6 to 0.8 66 to 92 14 to 17 0.8 to 1.0 88 to 121 12 to 14 Crescent Point Energy Type Well Uinta Basin Cost per well NPV 10% IRR Payout NPV IRR Payout (EUR) (M) (M) (%) (months) 10% (M) (%) (months) (mbbl) Castle Peak Horizontals (US) 380 5.0 2.2 58 13 3.1 83 11 All figures are approximate 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 2017 program North Dakota type wells include locations acquired in Williams County in Q1/17 26
Crescent Point Energy Corp.
August 2017

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