ACQUIRE ENHANCE EXPLOIT Investor Presentation April 16, 2012 TSX:WFE .
Strategic Alternatives Process TSX:WFE On December 19, 2011, WestFire announced that its Board of Directors decided to initiate a process to identify, examine and consider a range of strategic alternatives available to the Company…
Management Objectives TSX:WFE Continue to build low-risk and predictable Viking light oil inventory Maintain and enhance technical in-house expertise and depth Hot Frac completion technique (Q4/2010) significantly improved well…
Corporate Profile TSX:WFE (as at December 31, 2011) Basic shares outstanding (MM) 83.0 Options outstanding (MM) 4.8 Fully Diluted shares outstanding (MM) 87.8 Year-end net debt (MM) on current bank line of 200MM* 125 Net…
Corporate Attributes TSX:WFE Viking Development Locations WestFire has an extensive drilling inventory in the Viking light oil play 1,028 net risked Large working interest in the Viking play at Redwater and WC Net Horizontally…
2011 Reserve Highlights TSX:WFE P+P reserves of 43.3 MMboe (66% liquids) represents an increase of 204% over the prior year or 82% on a per diluted share basis P+P reserves value of 815.7 MM (10% discount rate) before tax…
Q1 2012 Operational Update TSX:WFE Q1 2012 exit production in excess of 11,000 boe/d (70% oil and liquids) Drilled 57 (51.3 net) Viking horizontal wells with 100% success rate Next generation 'Modified Hot Frac' completion…
Year-over-year Growth TSX:WFE Funds Flow From Operations Production M per Share boepd boepd per MM Shares 35,000 0.4 12,000 140 122% CAGR per share 56 % CAGR per share 30,000 0.35 120 10,000 0.3 25,000 100 0.25 8,000…
Focused Viking Light Oil Assets TSX:WFE WestFire is a growth oriented intermediate-sized producer Teepee Creek focused on the world-class Viking light oil resource play - Stable production base weighted to light oil Kaybob South…
Redwater, Alberta Viking and Ellerslie Light Oil TSX:WFE Redwater represents approximately half of the Companys production and PV10% value - Light sweet oil (39 API) in the Viking and Ellerslie - Viking makes up 80% of Redwater…
Impact of Modified Hot Fracs TSX:WFE Redwater well completed with a traditional cold frac had a 30-day IP rate of 46 bbl/d Subsequently two additional wells were drilled into the same quarter section but completed with the next…
Redwater Viking Play Type Curve TSX:WFE 120 First 90 days average production is 91 bbl/d (Modified Hot Frac 12 well average ) Pre 2011 WellHot Pre-Modified Average Frac Well Average 6 wells - initial 30 day average 121 bbl/d 100…
Redwater Viking Oil Production Performance TSX:WFE 14
West Central Saskatchewan Viking Light Oil TSX:WFE West Central Saskatchewan contains WestFires largest Plenty Plenty Viking land base NAL - 39 API light sweet oil in the Viking - Harvest, Enerplus Dodsland Dodsland 183.4…
Plato Production Performance TSX:WFE 100 Pre 2011 Well Average 90 Modified ModifiedHot HotFrac Frac12 13 Well WellAverage Average 80 Pumping Normalized Oil Production (bbl/d) 70 Flowing 60 50 40 30…
WC Sask Plato Viking Play Type Curve TSX:WFE 70 Initial 30 day average on pump is 66 bbl/d (Modified Hot Frac 12 well average) Modified Hot Frac Well Average 6 wells averaging 77 bbl/d 60 WestFire Type Curve 6 wells averaging 54…
WCSK Viking Oil Production Performance TSX:WFE 18
Provost Viking Light Oil TSX:WFE Provost is WestFires third (and smallest) key Viking asset, located in Eastern Alberta, 200 km East of Halkirk - 14.3 net sections of horizontally undeveloped land - 228 (68 risked) locations…
Kaybob South Regional Swan Hills Complex TSX:WFE Kaybob South Beaverhill Lake Gas Unit 1 provides stable cash flow along with significant upside Part of the largest liquids rich natural gas pool in Western Canada (3.7 Tcf and 1…
Top 75 Plays in North America TSX:WFE Top third All WestFire Viking plays are in top third Dodsland Viking Provost Viking Redwater Viking Source. Scotia Capital estimates (US 90/Bbl, US 5/mcf) 21
Value Comparison TSX:WFE Comparison Group Median Metric WestFire (Range) 78,554 EV / 2012E Production (/boe/d) 42,695 (26,968 to 144,375) 4.9x EV / 2012E DACF 2.6x (3.2x to 6.5x) 1.1x Debt / 2012E Cash Flow 1.08x (0.3x to…
2012 Capital Budget & Guidance TSX:WFE Capital Budget 155 million 85% dedicated to drilling at Redwater, Plato and Provost Average Production 9,750 boepd Oil and NGLs 71 % Gas 29 % Price Assumptions Oil 98.50 /Bbl Gas 3.35 /Mcf…
Summary TSX:WFE Dominant land position and strong leverage to Viking light oil horizontal resource play Large and increasing inventory of light oil focused drilling opportunities Low risk strategy focusing on development,…
Contact Information TSX:WFE Lowell E. Jackson Legal Counsel President & CEO Burnet, Duckworth & Palmer LLP (403) 718-3601 Banking Syndicate ljacksonwestfireenergy.com ATB, CIBC, TD, BNS and BNP Jeff Holmgren Evaluation Engineers GLJ…
TSX:WFE Appendix
WestFire Management & Directors TSX:WFE Management Team Lowell Jackson, P.Eng. President and CEO Christopher Bennett, LL.B Vice President, Land & Legal Darrin Drall, P.Eng. Vice President, Engineering Jeff Holmgren, CA Vice…
Q4 2011 Financial and Operating Highlights TSX:WFE THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, ( thousands except share and production information) 2011 2010 2011 2010 Petroleum and natural gas sales 56,192 13,367…
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