Black Swan Energy Overview Well-Financed Junior 350 MM equity line; financing closed March 2011 150 MM equity line; financing closed November 2013 Experienced Management Deep and diverse experience in the Western Canadian…
Black Swan Energy Scale & Profitability Liquids-rich, repeatable and high return resource NE BC Montney (Aitken) 206 DSUs 206 net DSUs (144,460 net acres) in the Montney formation in NE BC (Aitken), targeting liquids-rich gas Ft.…
Black Swan Energy Montney Material position in the liquids-rich sweet spot 206 Net DSUs (144,460 acres) Contiguous position with 198 DSUs at 100% WI 14 Tcfe* of recoverable liquids- rich gas resource Includes 430 MMbbl of shallow…
Black Swan Montney Focused Position in Proven Fairway Favourable thickness, porosity and pressure Black Swan Beg A-020-H/094-G-01 Thick, Gas-Charged Resource Upper Montney 60m Montney over 820 ft (250 m) thick Up to 4 Hz…
North Montney High Level of Landsale and Drilling Activity Industry activity and capital investment supports quality of position Black Swan Montney Position Black Swan holds 144,460 net acres (206 net DSUs) of Montney rights Industry…
Liquids-Rich Montney a Proven Top-Tier North American Play Black Swan lands are positioned to achieve best-in-class economics Black Swans Montney investment thesis is built on three key elements: Repeatable Deliverability Well…
Montney Results Confirm Investment Thesis Moving into development in 2014 Pacesetter well drilled in 16 days Monobore wells (average 22 days in piloting) Operational Revised completion design has improved results Results…
Montney Large, High-Quality, Concentrated Position Unique large and contiguous position within liquids-rich fairway BC Montney Players 700 Differentiated by Size 600 Black Swan is the third largest 500 DRY GAS holder of…
Montney Ideally Situated for Long-Term Egress and LNG Multiple egress options Black Swan Potential Access to Multiple Markets Montney Current access to Spectra and Alliance sales lines TCPL extension to Aitken Creek Gas Storage…
Black Swan Montney Summary Proven Resource Play Montney is recognized as one of the premier resource plays in North America Top-Tier Position Black Swan has established a material, contiguous position in the over-pressured and…
Black Swan Energy Duvernay Material position in high potential, emerging play 203 Net Sections (129,600 acres) 100% working interest Very High Industry Activity Industry has been acquiring, derisking and developing the Duvernay at…
Duvernay Substantial Investment Reflects Play Potential Industry is focusing on the liquids-rich and oil windows Material Liquids-Rich Position Rapid Industry Development 4.0 B Crown landsales Kaybob 3.0 B in M&A transactions 214…
South Duvernay Senior Producers Have Established Large Positions High level of industry activity is derisking the South Duvernay Black Swan Duvernay Position Black Swan holds 92,640 net acres (145 sections) in the Edson and Pembina…
South Duvernay World Class Shale Similar characteristics to the Kaybob active area Duvernay Net Pay Black Swan has acquired some of the most favourable acreage in the South Duvernay Thick Shale/Thin Carbonate Comparable pay…
South Duvernay Positioned in Liquids-Rich Gas to Volatile Oil Window Growing confidence in the condensate gas ratio (CGR) predictive capability Predictive CGR model developed based on geochemical data calibrated to actual results…
Black Swans Duvernay Position Rivals Majors Seventh largest holder of rights in the liquids-rich gas to volatile oil fairway DUVERNAY LAND HOLDERS 900 Black Swan is one of the largest holders of Duvernay 800 rights in the…
Duvernay Increasing Industry Pace Reflects Positive Results Improving IP30s* and a drive towards more liquids-rich areas of the Fairway 1,400 Increasing IP30s over time 1,200 AOSC Bellatrix IP30s over Time 1,000 Chevron IP30s…
Black Swan Duvernay Summary World Class Shale Similar characteristics to the highly economic Eagle Ford and Marcellus shale plays Strategic Position Black Swan is well situated on three high potential, contiguous blocks at…
Appendix 21
Black Swan Management Team David Maddison, P.Eng. President and CEO 35 years experience in Asset Management, Exploitation, Operations and Strategy, formerly with Talisman Energy Marc Mereau, P.Eng. COO 34 years experience in Asset…
Affiliations Leveraging our Expertise Corporate Partners Technical Partners Other Partners Evaluation Engineers Strategy, Decision Making, Reservoir Modelling and GLJ Petroleum Consultants Modelling Characterization Bill Haskett…
Black Swan Investors and Board of Directors Jeff Donahue David Pearce Jim Nieuwenburg David Krieger James Levy INDEPENDENT DIRECTORS Jackie Sheppard Jim Buckee Mark Whitley Montney Field Trip 24
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