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  Economics : Rates of Return/ IRR

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ATAX IRR (%) 20% 40% 60% 80% 0% 100% Ellerslie Frobisher/Alida Marten Hills Montney Montney Montney Eagle Ford Eagle Ford Condy Marcellus Viking Montney Cantuar Mannville Ellerslie Charlie Lake Montney Upper Mannville Frobisher / Alida SE SK Unfracked Dunvegan Montney Upper Mannville Montney Montney Bakken Permian SE SK Bakken Midale Bakken Montney Cold Lake SE SK Fracked Midale Cardium Duvernay Austin Chalk Permian Viking Provost Permian Cold Lake Permian SW SK Viking Shaunavon Mannville Ratcliffe/Midale Cardium Montney VET Sparky Eagle Ford Permian Permian ROBUST RETURNS AMONGST NORTH AMERICAN PROJECTS Gething Ratcliffe/Midale Woodford Permian Permian Permian Montney Bakken Uinta Spirit River Bakken Permian Oil/Liquids Cardium Permian Cardium Pembina Powder River Beaverhill Lake Eagle Ford Montney Shannon; Vermilion capital program targets the Turner only in the Hilight area of the Powder River Basin. ** Permian -3%; Mississippian Mid-Con -4%. PROJECT RANKING BY ATAX IRR Duvernay Montney Permian Gas Utica Permian Utica PRB Parkman / Montney Turner / Shannon* Marcellus Deep Basin Woodford Bakken Bakken Torquay NORTH AMERICAN PROJECT RANKING Montney Woodford Permian SAGD - Heavy Oil Montney Marcellus Spirit River Duvernay Marcellus Marcellus DJ Basin Montney Scotia Capital research, November 2019. Price assumptions: WTI US55/bbl, HH Natural Gas US2.50/mcf, AECO 1.85/mcf, USD/CAD 0.76. * Scotia analyzes a composite of the Parkman / Turner / Eagle Ford Duvernay Woodford Haynesville SAGD - Oil Sands Spirit River DJ Basin Eagle Ford Woodford Gulf Coast Eagle Ford Permian Marcellus Permian** Mississippian** 55
Vermilion Energy Inc.
January 2020

Strong Returns in Current Price Environment IRRs Across SilverBows Portfolio 2.75 gas / 55.00 oil(1) 77% 63% 32% 28% (2) La Salle Condensate McMullen Oil Webb County Gas Southern EF Gas Producing Wells(3) 56 85 86 39 (3)(4) Drilling Locations 51 47 91 330 Type Curve EUR 1,290 MBoe 500 MBoe 12 Bcfe 14 Bcfe % Gas 41% 9% 100% 100% Type Curve EUR / 1,000 ft 172 MBoe 67 MBoe 1.6 Bcfe 1.9 Bcfe Lateral Length 7,500 7,500 7,500 7,500 (5) Well Cost (MM) 6.0 6.0 6.0 8.4 NPV-10 (MM) 8.4 4.7 2.1 3.8 IRR (%) 77% 63% 32% 28% Payback (Years) 1.5 1.5 3.1 3.5 Core Eagle Ford acreage with compelling returns (1) Assumes current drill and complete, transportation and processing, and royalty cost structure. Returns reflect midpoint of given ranges (2) Excludes Upper Eagle Ford gas locations in Uno Mas area (3) As of 6/30/19 (4) Current type curve areas and associated inventory. These do not include future upside associated with Austin Chalk development or stacked development potential (5) Cost includes: location, road, area-specific D&C, flowback, tubing installation and facilities hook-up CORPORATE PRESENTATION Page 15 8/7/2019
Silverbow Resources
August 2019

South Texas Eagle Ford Oil FAYETTE Bellwether Asset for EOG - EOG Largest Oil Producer & Acreage Holder San Antonio GUADALUPE GONZALES - Organically Leased Position for 450 per Acre KINNEY UVALDE MEDINA BEXAR LAVACA - Capable of Growth for 10+ Years WILSON DE WITT ATASCOSA MAVERICK ZAVALA FRIO KARNES Concurrent Austin Chalk Development Crude Oil - Focused on Matrix Flow DIMMIT Window MCMULLEN BEE - Complex Play with Sweet Spots LA SALLE Wet Gas LIVE OAK Window Dry Gas Window WEBB Implementing Enhanced Oil Recovery Program WEBB Corpus Christi - Incremental Reserves 30%-70% Laredo 0 25 Miles - Direct ATROR1 30% and PVI2 2.0 - Convert 90 Wells to EOR in 2018 vs. 56 in 2017 582,000 Net Acres 520,000 Net Acres in Oil Window (1) See reconciliation schedules. Assumes oil price 40 per barrel WTI and natural gas price 2.50 per MMBtu Henry Hub. (2) Net present value divided by capital investment. BAML 2018 27
EOG Resources, Inc.
November 2018

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