Ember Resources Inc.Corporate Presentation

April 2017Privileged and Confidential

0

ConfidentialityThis presentation is highly confidential and contains proprietary and confidential information about Ember Resources Inc. (the “Company” or “Ember”) and its business, assets, operations and financialperformance. As a recipient of this presentation, you agree to keep the contents of this presentation strictly confidential. This presentation material is being presented solely for informational purposes and may notbe copied, reproduced or redistributed to any other person in any manner without Ember’s prior written consent.

Forward-Looking InformationCertain statements contained in this presentation include statements which contain words such as “anticipate”, “could”, “should”, “expect”, “seek”, “may”, “intend”, “likely”, “will”, “believe” and similar expressions,statements relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about development, results and events which will or may occur in the future, constitute“forward-looking information” within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Any"financial outlook" or "future oriented financial information" in this presentation, as defined by applicable securities legislation has been approved by management of Ember Resources Inc. (“Ember” or the“Company”). Such financial outlook or future oriented financial information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readersare cautioned that reliance on such information may not be appropriate for other purposes.

In particular, this presentation contains statements regarding: the ability of Ember to grow 3 – 5 % per year under certain assumed conditions; potential growth opportunities and benefits relating to the assets ofthe Company; the ability of Ember to capitalize on its CBM completions and utilize wellbore remediation to maintain current production with $35 million in annual expenditures; the target Total Debt / EBITDA ratioof the Company of less than 2.0; the Company’s free cash flow estimates for 2017; Ember’s ability to generate cash flow to fund total capital of $36 million, interest of $28 million and debt reduction of $34 million;the ability of Ember’s hedging program to increase realized prices below $2.70/GJ; Ember’s projected EBITDA sensitivity based on 2018 production of 291 MMcfe/d and a maintenance capital spend; the strategyof the Company and the ability of the Company to execute on this strategy; the risk levels associated with Ember's development strategy; the availability of drilling or recompletion locations, including the timing andsuccess thereof; expected cash provided by operations; expected operating expenses; expected decline rates of the Company's asset base; expected quality of the Company's asset base; expected liquidity ofthe Company; future capital expenditures; future net debt levels; Ember's access to additional capital; and other such matters. As such, many factors could cause the performance or achievement of Ember to bematerially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Because of the risks, uncertainties and assumptions containedherein, readers should not place undue reliance on these forward-looking statements. Any data, graphs or information in this presentation that have been compiled by a third party has been credited to that thirdparty and Ember does not take responsibility for the accuracy of such information.

In addition, statements relating to "reserves" are by their nature forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described canbe profitably produced in the future. The recovery and reserves estimates provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Ember cautions that its futurenatural gas and natural gas liquids production, revenues, cash flows, liquidity, plans for future operations, expenses, outlook for oil and natural gas prices, timing and amount of future capital expenditures, andother forward-looking information is subject to all of the risks and uncertainties normally incident to the exploration for and development and production and sale of oil and gas.

All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments,as well as other factors we believe are appropriate in the circumstances. Such assumptions include: the expansion of Ember's business and operations; natural gas prices and demand; expansion and otherdevelopment trends in the oil and gas industry; the Company's future acquisition opportunities including the amount, timing and nature thereof; the ability of the Company to raise capital; royalty rates, general andadministrative expenses and interest expenses; the Company's ability to maintain existing customer, supplier and partner relationships; the ability of Ember's management team to execute the Company'sdevelopment strategy; and other such matters. The risks, uncertainties, and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations;equipment and labor shortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws andregulations are interpreted and enforced; the ability of oil and natural gas companies to raise capital; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil andnatural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations; increased competition; stock marketvolatility; opportunities available to or pursued by us; and other factors, many of which are beyond our control. The foregoing factors are not exhaustive.

Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the eventsanticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits will be derived therefrom. Except as required by law, Ember disclaims any intention or obligation toupdate or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained herein is expressly qualified by this cautionarystatement.

This presentation contains the term barrels of oil equivalent (“boe”) which has been calculated on the basis of six thousand cubic feet of gas to one barrel of oil. This conversion ratio is based on energyequivalence primarily at the burner tip and does not represent a value equivalency at the wellhead. The term boe may be misleading, particularly if used in isolation.

The Company uses terms “funds from operations”, “EBITDA”, “operating netback”, “net debt”, and “total debt”. These measurements should not be considered an alternative to, or more meaningful than, othermeasures as determined in accordance with IFRS. These measurements do not have a standardized meaning under IFRS; thus, the Company’s determination of funds from operations, EBITDA, operatingnetback, net debt, and total debt may not be comparable to that reported by other companies.

CAUTIONARY STATEMENTS

1

INTRODUCTION

Presenters

2

EMBER RESOURCES

Doug Dafoe, President & CEO

Bruce Ryan, VP Finance & CFO

BROOKFIELD

Dean Schultz, VP Energy

INTRODUCTION

Agenda Items

3

1. Introduction & Remarks

2. Company Overview

3. Asset Performance

4. Financial Performance

5. Conclusion & Questions

4

Asset Base with Significant Scale and an Extensive Inventory of Future Capital Projects

Industry Leading, Low Decline Production Base Requiring Minimal Sustaining Capex

Mechanical Hedging Program Reduces Gas Price Volatility

Low Risk Capital Investments & Sustainable Business Model

Demonstrated Ability to Acquire, Integrate & Optimize Production

Ability to grow 3%-5% per year under constructive gas prices with minimal incremental capital

Experienced Board, Management & Technical Team

Supportive Principal Shareholder

Credit Highlights

INTRODUCTION

Company Overview

ASSET OVERVIEW

• Ember is a leader in natural gas production from Coal Bed Methane (“CBM”) and represents a low decline, low cost natural gas resource in Alberta, Canada

‒ The resource has been built through a consolidation of the Horseshoe Canyon (“HSC”) CBM Formation in Alberta through a series of five strategic acquisitions (Fairborne, Sword, Apache and Encana x2)

‒ Long-term partnership with Brookfield as part of its flagship natural gas investment platform

• Ember is characterized by:

‒ Current production of ~290 MMcfe/d with a corporate decline rate of <5% per annum

‒ Concentrated asset base

o 2.3 Tcfe of proved plus probable reserves; >20 year reserve life(1)

o 1.1 Tcfe of developed producing reserves; >10 year reserve life(1)

‒ A large opportunity set to materially grow production and reserves with low risk development requiring modest capital

‒ Licensee Management Rating of 2.08

‒ Significant cash flow generation at modest increases in natural gas pricing

o Every $0.10/Mcf results in ~$10 million in additional cash flow generation pre hedges, per year

(1) Source: McDaniel & Associates Consultants (“McDaniels”) reserve report for Ember as at 12/31/2016.

Ember Today (By Lands Acquired)

6

STRATEGY – MAXIMIZE FREE CASHFLOW TO REDUCE TOTAL DEBT

Low Declines + Low Sustaining Capital = Free Cash Flow

Strategic Attributes

Stable Production • Current production of 290 MMcfe/d with a Corporate decline rate of < 5%

Low Sustaining Capital

• Capitalize on CBM completions in existing wellbores that, when combined with wellbore remediation, will maintain current production with $35 million in annual expenditures

Future Drilling • In constructive gas price environment target conventional sands stacked with CBM zones from drilling inventory to provide low risk future growth

Low Cost Operations

• Total operating cash cost plus G&A of $1.58/mcf• Opportunity to increase operating margins with facility consolidation and operating cost reductions

Leverage • Dedicate free cash flow to debt reduction, targeting < 2.0x Total Debt / EBITDA

7

ASSET HIGHLIGHTS

8

Large Scale Operational Base & Deep Project Inventory

Significant Production &

Operational Base

• 290 MMcfe/d concentrated in Sothern Alberta• 500 MMcf/d of owned and operated processing capacity • Ember owns 2.0 million net acres within the Horseshoe Canyon CBM fairway

PredictableLong-life

Reserves(1)

• Total proved and probable reserves of 2.3 Tcfe (47% PDP) with a NPV10% of $1.2 billion (71% PDP)• 51% of total 2P reserves are in the producing categories• Reserves life index of 22.1 years, 15.1 years and 10.3 years on a proved plus probable, total proved and

proved developed basis, respectively

Operational Expertise

• Positive PDP technical revisions of 440 Bcf over past 3 years replacing 177% of production

• Active wellbore management including identification of bypassed pay, comingles, flowing pressures and water shut-offs to maximize well performance

• Demonstrated record of converting PNP reserves to PDP reserves via low cost Frac's

• “Big data management" processes to perfect wellbore water clean-out strategy and manage 9,500 producing wells

Visible Inventory of Capital Projects(2)

• > 1,000 CBM stimulations identified in existing wellbores, 144 Bcf booked as proven non-producing reserves

• 3,000 CBM development locations

• 350 seismically defined convention sand targets stacked with CBM development locations

(1) Based on December 31, 2016 reserves and 2016 actual production(2) Management identified inventory

RISK MITIGATION IN VOLATILE GAS MARKET

Risk Mitigation Attributes

Stable Production

• Corporate decline rate of <5%• No exposure to high productivity wells – 9,500 producing wells, average productivity of 30 mcf/d• 94% and 81% of proven producing wells will still be producing in 2022 and 2027, respectively• No risk of egress as production base is located in close proximity to AECO Hub

Low Cash Costs• Operating , transportation and G&A costs estimated at $1.58/mcf• Average Royalty rate of 6% to 7%

Active Hedge program and Market

Diversification

• Mechanical hedge program to reduce natural gas price volatility • ~48% of production hedged at $2.93/Mcf from April 1/17 – March 31/18• ~28% of production hedged at $2.66/Mcf from April 1/18 – March 31/19• 50 Mmcf/d committed to TCPL Dawn delivery

Low Capital Investments

• $70,000 to convert PNP Reserves to PDP Reserves with stimulations of existing wellbores• New well costs estimated at $250,000 to $350,000 per well• No dry hole risk• Flexibility in increasing or decreasing capital spend based on gas price environment

9

MECHANICAL HEDGING PROGRAM

On a rolling basis 50% and 30% of production after royalty will be hedged 12 and 24 months out respectively

175

128 128 144 152

66 66

91 104

$1.95

$2.75 $2.75

$3.02 $3.14

$2.54 $2.54 $2.71 $2.76

0

40

80

120

160

200

$0.00

$0.75

$1.50

$2.25

$3.00

$3.75

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017E 2018E 2019E

Volume (M

Mcf/d)

Hed

ge P

rice

($/M

cf)

Volume Hedge Price

10

BUSINESS & OPERATING PHILOSOPHY

11

Strong Corporate Governance & Experienced Management Team

Board of Directors,Experienced

Management & Technical Team

• Seven person Board of Directors the majority of which are independent Directors• Board Committees comprised of Audit, Reserves, Health Safety and Environment, Corporate Governance,

Board Nominating and Compensation • The senior management team (comprised of the CEO, CFO and the Vice Presidents) has an average of

over 25 years of oil and gas experience• Extensive experience in building and managing oil and gas businesses, specifically CBM assets in western

Canada

Supportive Principal Shareholder

• Brookfield has invested $523 million in equity into the Company• Proactively managing and advising the Company and Ember team

Strong Environmental&

Safety Stewardship

• Minimal operational footprint on the environment and reduced risk of pollution events• Stimulations use Nitrogen with no additives• Regulations in place to ensure ground water protection• Programs to support the safety of our employees and our community partners • Active abandonment and reclamation program

Asset Performance

RESERVES SUMMARY

Facility Consolidation

(1) McDaniel & Associates Consultants reserve report effective 12/31/16 prepared in accordance with National Instrument 51 – 101; excludes royalty interest volumes

Profitable Growth in PDP ReservesEmber PDP Reserves Reconciliation

Reserves (Bcfe) Proved Probable Possible Total

Producing 1,073 99 114 1,285

Non-producing 144 23 22 189

Undeveloped 359 601 136 1,096

Total 1,575 723 272 2,570

Over 2.5 Tcfe of Proved, Probable & Possible reserves with a NPV 10% of ~$1.3 billion(1)

13

Undiscounted Future Cash Flows ($MM) PV-10 ($MM)Proved Probable Possible Total Proved Probable Possible Total

Producing $932 $166 $206 $1,304 $860 $65 $71 $995

Non-producing $369 $90 $92 $551 $140 $16 $13 $169

Undeveloped $472 $1,162 $570 $2,204 $46 $92 $51 $189

Total $1,773 $1,418 $868 $4,059 $1,046 $173 $135 $1,353

56 55 86

305 355

1,084 1,073

0

500

1,000

1,500

2010 2011 2012 2013 2014 2015 2016

PD

P R

eser

ves

(BC

FE)

Prior Year F&D

Acquisitions Revisions

1.324 Tcfe of PDP reserves added at $0.73/Mcfe

56

1,073

71

801

452 (307)

0

500

1,000

1,500

Privatization -June 2011

Explorationand Dev't

Acquisitions PerformanceTechincalRevisions

Production Reserves -Dec 2016

PD

P R

eser

ves

(Bcf

e)

CORPORATE DECLINE RATE < 5%

(1) Does not include equivalent volume for Oil, NGL’s and overriding royalties

(1) (1)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Mcf

/d

2015 Net Sales (Mcf/d) 2016 Net Sales (Mcf/d)

Winter freeze-offs

Estimated Corporate decline rate - 2015/2016 – 4.4%E&P Capital $11.7 MillionCapitalized costs 6.7Abandonments 2.8Asset sales (14.6 )Net 2016 Capital $6.7 Million

14

OPERATIONAL EXCELLENCE – APACHE ASSETS

15

Ember’s operational expertise has changed historical declines• Apache assets, purchased October 2013 (base decline 12.3%)• Application of Ember’s sophisticated data management system and proprietary clean-out program,

annual decline since acquisition reduced to 4.5%

0

30

60

90

120

150

2005 2007 2009 2011 2013 2015

Prod

uctio

n (M

Mcf

e/d)

Acqured by Ember(Oct-2013)

4.5% Decline

12.3% DeclinePrevious

Current

Source : AER public record

OPERATIONAL EXCELLENCE – ENCANA CLEARWATER ASSETS

16

• Encana Clearwater assets, purchased January 2015 (base decline 10.2%)• Ember’s in-house expertise has reduced annual decline since acquisition to 1.7%

0

60

120

180

240

300

2005 2007 2009 2011 2013 2015

Pro

duct

ion

(MM

cfe/

d)

Acqured by Ember(Jan-2015)

1.7% Decline

10.2% DeclinePrevious

Today

Source : AER public record

PROVEN + PROBABLE PRODUCING PRODUCTION PERFORMANCE

17

CONVERSION OF PROVEN NON-PRODUCING TO PROVEN PRODUCING CATEGORY (CBM FRAC’S)

18

2017E Free Cash Flow Generation(5)

2016A Base Capital Flat Prod. Forward $2.50/Mcf $3.00/Mcf $3.50/Mcf

Company Production(2) % Gas Decline(3) Efficiency(3) Req'd Capex(4) Strip AECO AECO AECO

(MMcfe/d) (%) (%) ($/Mcfe/d) ($MM) ($MM) ($MM) ($MM) ($MM)Advantage 203 96% 30% $2,167 $132 $36 $18 $54 $91Birchcliff 295 78% 24% $2,867 $203 ($18) ($53) $11 $75Bonavista 411 68% 25% $2,588 $261 ($3) ($50) $35 $119Painted Pony 139 91% 39% $1,927 $105 ($28) ($41) ($16) $10Peyto 582 93% 36% $2,000 $419 $80 $22 $136 $249Pine Cliff 135 93% 10% $2,000 $27 $12 $0 $23 $46Storm 79 86% 33% $1,736 $45 $2 ($6) $9 $25Tourmaline 1,114 87% 37% $1,667 $687 $99 ($16) $204 $423

Average 87% 29% $2,119 $22 ($16) $57 $130Median 89% 32% $2,000 $7 ($11) $29 $83

Ember 285 100% 5% $1,959 $28 $53 $30 $78 $127

FREE CASH FLOW GENERATION

19

Peer Free Cash Flow Generation Comparison(1)

(1) As at Mar. 17, 2017. Based on Forward Strip pricing as of Mar. 15, 2017, unless otherwise noted(2) As per Company filings(3) Base decline and capital efficiency based on most recent company disclosure where available, CIBC Equity Research estimates otherwise(4) Capital spending required to maintain flat production(5) $2.50/Mcf, $3.00/Mcf and $3.50/Mcf AECO cases assume C$55/bbl, C$65/bbl and C$75/bbl Ed. Par, respectively. Based on US$5.00/bbl Ed. Par differential, US$15.00/bbl WCS

differential, 0.75 US$/C$ FX rate US$0.80/Mcf AECO differential

Ember’s projected free cash flow exceeds the peer group under lower commodity price scenarios, highlighting the Company’s low base decline, and sustainability of its asset portfolio under a range of potential natural gas prices

Implied free cash flow assuming capital spending targets flat

production (2016 levels)

Leading low base decline and competitive

capital efficiency

Source: CIBC Capital Markets

MANAGEMENT IDENTIFIED CAPITAL PROJECTS (GROSS WELL COUNT)

20

Ember has a significant inventory of capital projects to maintain and grow production

Frac's1,298

Commingling495

Water Shut Off1,253

Perforation386

Siesmic Targets350

CBM development3,000

(741) NET NON PRODUCING WELL SUMMARY AT YEAR END 2016

21

Ember’s non-producing well count is < 10% of its total well count some of which can be made productive

Tie-In / Behind Pipe92

Abandonment / Suspension

Pending65

Under Review325

Producing21

Long Term Suspended

175

Non Op63

Financial Performance

HISTORICAL FINANCIAL PERFORMANCE

23

Daily Production by Quarter (MMcfe/d) EBITDA by Quarter ($MM)

Cash Flow and Capex ($MM) Operating Costs ($MM / $/Mcfe)

34

36

35

109

105

116

117

121

268 29

7

301

303

296

285

284

275

0

100

200

300

400

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2013 2014 2015 2016

$0.00

$1.50

$3.00

$4.50

$6.00

($20)

$0

$20

$40

$60

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2013 2014 2015 2016

EBITDA ($MM)Realized Gas Price ($/Mcf)(1)

(1) Net of hedging

$0.00

$0.70

$1.40

$2.10

$0.00

$15.00

$30.00

$45.00

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2013 2014 2015 2016$MM $/Mcfe

($120)

($60)

$0

$60

$120

($40)

($20)

$0

$20

$40

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2013 2014 2015 2016

Cash Flow Capex Cumulative Free Cash Flow

HISTORICAL FINANCIAL PERFORMANCE

24(1) 2013 LTM EBITDA has not been adjusted (increased) for Apache acquisition (September 30, 2013); 2014 LTM EBITDA has not been adjusted (increased) for Nevis acquisition (May 1, 2014)

C$MM unless notedEMBER RESOURCES INC. Annual SummaryHistorical Summary 2013A 2014A 2015A 2016A

Daily Production (Mcfe/d) 53,381 115,050 292,161 285,263AECO (C$/Mcf) $3.18 $4.48 $2.70 $2.18

$MM $/Mcfe $MM $/Mcfe $MM $/Mcfe $MM $/McfeSales Revenue $65 $3.34 $190 $4.52 $297 $2.78 $226 $2.17Royalty Costs ($5) ($0.24) ($18) ($0.43) ($18) ($0.17) ($15) ($0.15)Transportation Costs ($3) ($0.16) ($7) ($0.17) ($17) ($0.16) ($16) ($0.15)Operating Costs ($30) ($1.54) ($63) ($1.50) ($141) ($1.32) ($133) ($1.27)Operating Netback $27 $1.40 $101 $2.41 $122 $1.14 $62 $0.60Realized AECO Hedging Gain (Loss) ($0) ($0.02) $2 $0.05 $13 $0.12 ($17) ($0.17)Corporate G&A ($5) ($0.24) ($7) ($0.16) ($19) ($0.18) ($18) ($0.17)EBITDA $22 $1.15 $97 $2.31 $116 $1.09 $27 $0.26

FREE CASH FLOWEBITDA $22 $1.15 $97 $2.31 $116 $1.09 $27 $0.26Capital Expenditures ($19) ($0.97) ($63) ($1.50) ($42) ($0.39) ($19) ($0.19)Abandonment Costs ($1) ($0.04) ($5) ($0.11) ($5) ($0.05) ($3) ($0.03)Transaction Costs ($1) ($0.06) ($0) ($0.01) ($1) ($0.01) - -Interest Expense ($3) ($0.16) ($5) ($0.11) ($17) ($0.16) ($24) ($0.23)Dispositions (Acquisitions) ($206) ($10.55) ($60) ($1.43) ($548) ($5.14) $15 $0.14∆ in Non-Cash Working Capital and Other ($7) ($0.36) $4 $0.10 ($13) ($0.12) $5 $0.05Free Cash Flow ($214) ($11.00) ($32) ($0.76) ($510) ($4.78) $0 $0.00Net Debt Drawdown (Repayment) $58 $2.95 $32 $0.76 $262 $2.46 ($0) ($0.00)Equity Injection $157 $8.05 - - $248 $2.32 - -Net Change in Cash - - - - - - - -

Balance SheetTotal Assets $510 $674 $1,365 $1,212Total Liabilities $268 $376 $665 $621Total Equity $242 $298 $700 $591

LEVERAGECredit Facility Draw $111 $143 $405 $405Secured Debt (Draw + LCs + C.Leases) $114 $148 $416 $414

LEVERAGE METRICS1

Secured Debt / LTM EBITDA 5.1x 1.5x 3.4x 15.4xDebt / Book Capitalization 32% 33% 37% 41%LTM EBITDA / Interest 7.0x 20.6x 7.2x 1.1x

PRE HEDGED EBITDA AT VARIOUS GAS PRICING SCENARIOS

Ember delivers significant exposure to the upside in natural gas pricing under maintenance capital spend

• Every $0.25/GJ change in natural gas prices is equivalent to an additional ~$26 million in EBITDA pre hedging

• At AECO $2.50/GJ Ember has sufficient cashflow to fund:

‒ Total capital of $36 million and interest of $21 million

‒ Reduce debt by $34 million

• Ember’s mechanical hedging program will increase realized prices below $2.70/GJ

Ember EBITDA Sensitivity (1)

(1) Ember EBITDA based on maintenance capital spend and 2018 production of 291 MMcfe/d 25

$13 $39

$65 $91

$117 $144

$170 $196

$222 $248

$0

$50

$100

$150

$200

$250

$300

$1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 $3.75 $4.00

Realized Gas Price ($/GJ)

Conclusion

CONCLUSION

27

Ember is well positioned for the future

Asset Base with Significant Scale and an Extensive Inventory of Future Projects

Industry Leading, Low Decline Production Base Requiring Minimal Sustaining Capex

Mechanical Hedging Program Reduces Gas Price Volatility

Low Risk Capital Investments & Sustainable Business Model

Demonstrated Ability to Acquire, Integrate & Optimize Production

Experienced Board, Management & Technical Team

Supportive Principal Shareholder

Appendix

EXPERIENCED MANAGEMENT TEAM

Proven management team with an average of over 25 years experience in the CBM business and track record of successful acquisitions and integration into the organization

Management Team

Doug A. Dafoe, CPA, CAPresident & Chief Executive Officer

Over 35 years of oil & gas industry experience Previously founder, President and CEO of Thunder Energy Inc.

Bruce Ryan, CA, CFAChief Financial Officer

30 years of oil & gas industry experience Prior experience included positions in senior finance with a venture capital firm, and as a CFO and

a corporate secretary and director of a number of TSX-listed companies

Steven Gell, P. EngVice President, Production

Over 25 years of oil & gas industry experience Previously Vice President, Production at Thunder Energy Inc. and Thunder Energy Trust

Quinton Rafuse, P. GeolVice President, Geosciences

Over 15 years of oil & gas industry experience Prior experience includes senior roles with Thunder Energy Inc. and Encana Corp. Professional geologist with a focus on CBM geology

Kenneth Ronaghan, P. EngVice President, Engineering

Over 25 years of oil & gas industry experience Prior experience with a number of public oil & gas companies, including most recently Thunder

Energy Inc. and Cypress Energy Inc.

Tom ZuorroVice President, Land

Over 25 years of land and related business development experience in the oil and gas industry, most recently with Thunder Energy Inc.

Professional landman; member of the Canadian Association of Petroleum Landmen

Justin FerraraCorporate Secretary

Partner at the law firm of Norton Rose Fulbright Canada LLP Extensive experience with mergers & acquisitions, public and private equity financings, corporate

reorganizations and corporate governance issues

29

STRONG CORPORATE GOVERNANCE AND SUPPORTIVE SHAREHOLDER

Experienced Board of Directors provides strong corporate governance and strategic direction

30

Board of Directors

Deborah Close • Former President Production Services Division Tervita Corporation

Glenn Hamilton, CPA, CA • Former Chief Financial Officer and Senior Vice President of Bonavista Energy Corporation

Geoff Merritt, P. Eng • Independent Businessman

Amin Rawji • Business Consultant, Gas Marketing

Jim Reid, CPA, CA • Managing Partner of Brookfield Asset Management Inc.'s Energy Group

Dean Schultz, CPA, CA • Vice President in Brookfield Asset Management Inc.'s Energy Group

Doug Dafoe, CPA, CA • President and CEO, Ember Resources Inc.

OUR BUSINESS HAS DIVERSIFIED OPERATIONS (BBU)

Business Services Industrials

Provide construction and related services globally, including:• Design• Program

Management• Procurement

Provide business services to global clients, including:• Real Estate

Services• Logistics • Facilities

Management • Financial Services

Energy supply chain operations:• Oil & Gas

Production – low cost, low decline, long-life assets

• Oilfield Services

Industrialmanufacturing operations: • Graphite Electrode

Production• Pre-cast Concrete

Construction Products

• Aggregates• Specialty Metals

31

ENERGY (BBU)

Oil and gas exploration & production and energy related services

Our energy businesses operate across the supply chain including exploration and production, and well and drilling services

We operate in Western Canada with an orientation toward long-life, low-cost reserves located at shallow depths, and in Australia where we are focused on long-life, contracted natural gas reserves and high return offshore oil projects

Our contract drilling and well servicing business operates in Western Canada where we have the infrastructure to meet the changing needs of our upstream customers and respond to technological developments in the drilling space

100,000+BARRELS OF OILEQUIVALENT PER DAY OF PRODUCTION

~80% GAS PRODUCTION

~20%OIL PRODUCTION

32