Drakkar EnergyLtd.

Montney Light Oil Production -Significant Growth Development

Modest capital requirementStrong rate of return

CONFIDENTIAL- This presentation is not for reproduction or distribution without the written permission of Drakkar EnergyLtd. May 2019

Seeking JV Drilling Partner- Montney Oil Development

JV Project: Drilling, Workover & Battery Expansion CAPEX = $6M

➢ Drill up to 2 wells with estimated production adds of 620 boepd (IP30); estimated $485,000 monthly net operating income initially; 67% oil

➢ Recomplete 8-9 well with estimated production add 100 to 150 bopd

➢ Upgrade battery and water disposal facilities and handle additional fluid volumes

Girouxville Property Highlights

➢ New Core Development Asset: Montney light oil➢ Three wells on production for gross rate of 90 bopd➢ 12,800 gross acres (20 sections) of contiguous Montney PNG rights➢ Montney well IP30 average 311 boepd, (66% light oil)➢ Montney EUR per well of 169,000 boe➢ 60 Montney development locations plus potential delineation locations➢ OOIP in development area estimated to range from 190 Million Barrels to 334 Million Barrels (1)➢ $1.8 MM/well to drill, complete and tie-in➢ 14 wells drilled offsetting company lands since September 2016 ➢ Waterflood pilot on adjacent property plus available Crown land➢ Year-round access adjacent to a major highway – 45 minutes north of Valleyview

Contact: Keith Macdonald 403-861-1314 or Riley Waite 403-861-8049

2

Girouxville Land and Wells

3

➢ Land base is gross 12,800 acres (net 8,960 acres)

➢ Next expiry date is December 2019 for 5 sections that were granted 1 year extensions

➢ Six horizontal wells: 6 have produced; 1 has been converted to SWD in Cadotte; 2 remain suspended

➢ AER Liability Management Rating as of April 2019 is 4.95

➢ Active competitors in area include Huron Resources (ARC funded), Canamax (Edge Natural Resources & 32 Degrees), Rising Star (Lex Capital & 32 Degrees), Long Run Exploration (Calgary Sinoenergy Investment) and Enercapita

➢ Property is adjacent to, and on trend with, Montney pool operated by Long Run Exploration

Girouxville Reserves Summary

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➢ Independent reserves evaluation prepared for our JV partner by GLJ Petroleum Consultants with effective date of April 30, 2018

➢ PDP reserve based on two producing wells

➢ Four Proven and five Probable Locations assigned

➢ Price deck effective 2018-04-01

Oil Natural Gas Natural Gas Liquids Total BTax NPV10

Category (MBbls) (MMcf) (MBbls) (Mboe) ($Thousands)

Proved Developed Producing 163 0 0 163 $1,920

Total Proved 707 1,576 23 990 $9,433

Total Proved + Probable 1,417 3,393 50 2,030 $16,851

GLJ Reserves Report, Effective April 30, 2018, 100% WI

Montney Pay Zone

10

00

10

25

10

50

BELLOY

MONTNEY

GIROUXVILLE_MBR

10

25

10

50

BELLOY

MONTNEY

GIROUXVILLE_MBR

10% Core Phi10% Core Phi

10% Core Phi10% Core Phi

High North Rsrcs Ltd

1065.0

+582.2

2013/09/19

100/09-03-076-21W5/00

A

Long Run Expl Ltd

1086.0

+602.6

2013/02/09

100/01-01-076-21W5/00<=3429.6m=>

A'

1:4

80

5

Density

2200 3000Blk Den

2200 3000Grn Den

Depth

Depth

Lithology

Lithology

Permeability

0.1 10K-Vert

0.1 10K-90

0.1 10K-Max

Pore Volume

0.0 1.0Por Vol Oil

1.0 0.0Por Vol Wtr

Porosity

0.2 0.0Porosity

0.1 1.0 1027100.5 0.10.1

MONTNEY(1007.6)

30m ofOil Pay

Elevation of8-2, 9-2 & 16-2hzntl wellbores

Typical level exploited by Long Run

Avg Por= 14.7%

Level ofhzntl wells

Elevated residual oil saturations

9-3-76-21W5 Core Analysis Log

Drilling and Growth

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➢ Full exploitation of the Develop area will require drilling >60 wells

➢ Initial five-year drilling plan shown on map

➢ Locations are based on good vertical well control and excellent offset production performance

➢ Choosing pad locations will be based on minimizing surface impact while optimizing position for horizontal locations and flowline tie-ins as well as future water injection

➢ Current pad sizes are large enough for 8 or more wells

Girouxville Montney Type Curve

5/28/2019 7

DCE&T ($M) $1,800

IP (30) (BOPD) 207

(BOEPD) 318

Reserves (MBBL) 103.1

(MBOE) 152.7

Capital Efficiency ($/BOEPD) $5,660

Reserve Finding Cost ($/BOE) $11.79

NPV10 ($M) $747

Rate of Return (%) 64

Payout (Years) 1.2

Operating Cost ($/BOE) 8.66

Operating Netback ($/BOE) $26.65

Recycle Ratio 2.3

Economic Parameters

GLJ Apr 1 2019 Price Deck