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Your investment in Flint gives you a

at every unconventional energy play in North America

FRONT ROW SEAT

Peters & CompanyInvestor BriefingJanuary 24, 2012

Company Presentation

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PaulM.BoechlerExecutiveVicePresident&CFO

GuyCocquytVicePresidentCommunications

Shell Albian Sands – Flint’s largest oil sands infrastructure project to date

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Flint’s Strategy - “Build it then Maintain it”Trading and Financial Indicators

$19.99 - $9.08 FES Share Price (High/Low)(high 2/22/11, low 9/26/11)

48.0 Million Basic Shares Outstanding

$691 Million Market Capitalization (as of Jan 24, 2012)

$1,781 Million in Annual Revenue (2010)

$131 Million in Annual EBITDA(2010)

$33 Million in Annual Net Earnings (2010)

$2.88 Annual EBITDA per Share (2010)

$80 Million cash holdings as of Sep 30, 2011

TSX:

FES

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Forward-Looking Information Statement

Thispresentationcontainsforward‐lookingstatementsconcerningtheCompany’sprojectedoperatingresultsandanticipatedcapitalexpendituretrendsanddrillingactivityintheoilandgasindustry.ActualeventsorresultsmaydiffermateriallyfromthosereflectedintheCompany’sforward‐lookingstatementsduetoanumberofrisks,uncertaintiesandotherfactorsaffectingtheCompany’sbusinessandtheoilandgasindustrygenerally.Theseriskfactorsinclude,butarenotlimitedtorisksanduncertaintiesdescribedundertheheading“RiskFactors”andelsewhereintheCompany’sAnnualInformationFormfortheyearendedDecember31,2010,andotherdocumentsfiledwithCanadianprovincialsecuritiesauthorities,whichareavailabletothepublicatwww.sedar.com.Unlessotherwiseindicated,allfinancialinformationinthispresentationisinCanadiandollarsandinaccordancewithCanadiangenerallyacceptedaccountingprinciples.

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• OurfocusisonenergyproductioninNorthAmerica

• Wearealignedwiththebestoilandgasproducersintheirrespectivemarkets

• Ourgoalis:toberecognizedasthemostrespectedenergyservicecompanyinNorthAmerica

Nexen’sLongLakeGasifier,completedbyFlintin2007

Flint’s Strategy“Build it, then Maintain it”

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Full-Cycle Services

OILFIELD SERVICES

PRODUCTIONSERVICES

FACILITY INFRASTRUCTURE

MAINTENANCESERVICES

UpstreamDrilling DownstreamRefining

Earlycycle Latecycle

MidstreamProduction

Transportation,Construction,Manufacturing&Maintenance

100% Oil sands Exposure35% Oil sands 15% Oilsands

Transportation Activities

TopL:RigMove,MarcellusBasin,PATopR:P&V,ColdLake,ABBottomL:NewRigMovingOffice,Texas

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Manufacturing and Production Activities

TopL:FlintProductionServices,FortMcMurray,ABTopR:JWWilliams,Casper,WYBottomL:FlintProcessSystems,Halkirk,AB

Add paint earth

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Fabrication & Module Construction Activities

TopL:Shell’sAlbianSandsProject,NEABTopR:Statoil’sLeismerProjectBottom:ModuleFabrication,SherwoodPark,AB

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Maintenance Activities

TopL:Nexen’sLongLakeFacilitiesTopR:SuncorEnergy’sFirebag1&2BottomL:TubularManagement,Nisku,ABAdd tubular management

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2010 Revenue by Segment

Total Revenues $1,334 millionEBITDA(1) $97 million

Amounts in C$ millions

Production Services$645 million in Revenue

$55 million in EBITDA

Facility Infrastructure$212 million in Revenue

$16 million in EBITDA

Oilfield Services$232 million in Revenue

$41 million in EBITDA

Maintenance Services$246 million in Revenue

$21 million in EBITDA

USA

Canada

$246.2 million Revenues$12.0 million EBITDA

23% of revenues arefrom US operations

2011 - 9 Month SegmentRevenue & EBITDA

1. Segment EBITDA before corporate allocations was $133 million

Canada

USARevenue$416 millionEBITDA $29 million Revenue

$229 millionEBITDA$26 million

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(in C$ Millions, except share amounts)3 months

Sep 30, 20113 months

Sep 30, 2010

Revenue (1) $505.3 $406.5EBITDA (including Maintenance Services)(1) 44.9 38.4Funds Provided by Operations(2) 36.7 31.1Net Earnings 17.3 9.2Earnings per Share

Basic Earnings $0.38 $0.20Diluted Earnings(3) $0.37 $0.20

(1) Revenues and EBITDA including Maintenance Services, before corporate charges(2) Before changes in non-cash working capital(3) Excluding non-recurring items adjusted net profit per fully diluted share was $0.40

for the quarter Vs $0.20 for Q3 2010

Q3 2011 Financial Highlights

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(in C$ Millions, except share amounts)9 months

Sep 30, 20119 months

Sep 30, 2010

Revenue (1) $1,333.6 $1,387.0EBITDA (including Maintenance Services) (1) 132.7 162.7Funds Provided by Operations (2) 70.5 106.5Net Earnings 11.9 36.0Earnings per Share

Basic Earnings $0.26 $0.79Diluted Net Profit (3) $0.26 $0.78

(1) Revenues and EBITDA including Maintenance Services, before corporate charges(2) Before changes in non-cash working capital(3) Excluding non-recurring items adjusted net profit per fully diluted share was $0.40

YTD 2011 Vs $0.78 in the first 9 months of 2010.

2011 9 Month Financial Highlights

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(in C$ Millions) Sep 30, 2011 Dec. 31, 2010

Total Current Assets (1) $557.1 $ 477.1Current Portion of Long Term DebtTotal Current Liabilities (2)

-211.4

133.6275.8

Non-Cash Working Capital 265.6 37.8

Long Term Debt (3) 192.0 107.5

Capital Assets 345.5 390.7

Shareholder’s Equity 538.6 511.4

Total Assets $965.5 $918.1

(1) Cash holdings were $80.1 million at June 30, 2011, compared to $163.5 million as at Dec. 31, 2010. (2) Includes $133.6 million current portion of LTD as of Dec. 31, 2010 Flint’s operating lines were undrawn. (3) LTD includes $22.2 million lease financing in Sept Vs $29.8 million on December 31, 2010.

2011 Balance Sheet Summary

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$-

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

$2,500

2005 2006 2007 2008 2009 2010 2011* 2012*

Production Infrastructure Oilfield Maintenance

Annual Revenues by Segment

*2011 & 2012 forecast based upon covering analyst’s published estimates, Nov 7, 2011

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Unconventional Opportunities

Regional Growth OpportunitiesRig MovingBakkenMarcellusN.E.B.C.Texas&Louisiana

Pressure & Vacuum, Fluid HaulingBakkenTexas

Major Facilities ProjectsContinentalUnitedStates

Maintenance ContractsOilsandsRefineriesOtherindustrial

Production ServicesFillgapsinregionalservicedeliveryAddcomplementaryservicelines

Woodford, Fayetteville & HaynesvilleShale Gas

Montney & Horn River Shale Gas

Bakken Shale Oil Marcellus Shale Gas

Heavy Oil & Bitumen

East CoastOffshore

Arctic Gas

Barnett, Eagle Ford Shale Gas

82 + operating centres

11,000 + employees

Unconventional Opportunities

Flint Headquarters – Calgary & Houston

Carson Energy Services operational footprint

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• US&Canadiandrillingactivityincreased25%in2011andisforecasttoincrease13%in2012

• Afterslowfirsthalf,mid‐streamcapitalspendinghaspickedupinbothCanadaandtheUSinQ4andQ12012

• Oilsandscapitalspendingisprojectedtoincreaseto$16billion,up20%

• WTIcrudeoilisforecasttoaveragebetween$95and$105overthenext5years

• Naturalgasisexpectedremainbelow$5/Mmbuthrough2017

2011/12 Forecast Update

24 inch pipeline installation near Fort McMurray, AB

70 acre module fabrication yard, Sherwood Park, AB

Sources: Spears & Associates Dec, 2011,CAPP June 2010, Oilsands Review, Nickle’s DOB Jan. 6, 2011

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2010 Actual348 average rigs 11,176 wells

2011 Forecast 424 average rigs 14,252 wells

2012 Forecast 472 average rigs15,975 wells

Sources: Historical rig counts - Baker HughesCanadian & US forecast – Spears & Associates, Drilling & Production Outlook, Sep. 2011

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100

200

300

400

500

600

700

800

2005 2006 2007 2008 2009 2010 2011 2012F-

400

800

1,200

1,600

2,000

2,400

Canadian Active Rigs US Active Rigs

2010 Actual1,536 average rigs 41,997 wells

2011 Forecast 1,879 active rigs 53,423 wells

2012 Forecast 2,113 rigs57,500 wells

North American Drilling Update

Jan 20, 2011 US rigs = 2,012Can rigs = 554

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Flint’s Oil Sands Construction ActivitiesCurrent Contracts

Suncor’sFirebagfieldconstructionMEGEnergy,ChristinaLakePhase2,fieldconstructionConocoPhillips,Surmont,fieldconstructionMultiplemodulefabricationcontractsDec2011– estimated$650millionincontractbacklog

Project History

Suncor’s Firebag1&2&Co‐GenSuncor’s MillenniumCoker&VacuumUnitsNexen’s LongLakeGasifierHusky’s TuckerLakeConocoPhillips’Surmont1EnCana’s FosterCreekPetro‐Canada’s MackayRiverShell’s AlbianSandsFrothTreatmentStatoil’s LeismerSAGDProjectSuncor’s Firebag4‐ modulefabrication

Shell’s Albian Sands Mine

Suncor Firebag 2

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Flint’s Oil Sands Construction Opportunities

0

50

100

150

200

250

300

350

400

Q1 2007 Q3 Q2 Q1 2010 Q3 Q2 Q1 2013 Q3 Q2

Revenues Potential

Quarterlyrevenues,millionsofdollars actual2006to2011

Greenbarsareestimatedquarterlyrevenuesandtotalworkinscopeto2012to2015Dashedlineispotentialquarterlyrevenueovernext4yearsriskedat50%

Source:Managementestimates

Current and medium-term targets to build our oil sands construction backlog:

Suncor - VoyageurUpgraderFortHillsMineMacKayRiverSAGDJoslynMineFirebag5&6SAGD

Northwest Upgrader – Upgrader

Osum Oil Sands Corp - Taiga,SAGD&CSS

Statoil – LeismerPhase2,SAGD

JACOS – HangingStone‐ SAGD

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Oil Sands Construction Capital Expenditure & Forecast

0

5

10

15

20

25

199719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

11F

2012

F20

13F

2014

F20

15F

C$ Billions

In‐situ Mining  Upgraders

Constructionspendingisforecasttopeakat$22Billionin2014.$180Billioninproposedoilsandsprojectsovernext10years.

Source:Peters&Co.,Jan2011

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Flint’s Maintenance Strategy

‘Build it, then Maintain it’

•Flint’s50%ownedFTServiceshasfourmulti‐yearcontractswithmajoroilsandsproducers•Over$2.2billionincontractedmaintenancebacklog 50%toFlint ,overnext5years.•Bitumenproductionisexpectedtoincreasetoover2.2millionbbl/dayby2015•Annualmaintenancespendingprojectedtoincrease30%to$5.8billionin2015

Sources:CAPP‐ oilsandsproductionforecast,June2010Maintenancespending‐ Peters&Co.,Jan2011

Flint’s Oil sands Maintenance

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

0.0

0.5

1.0

1.5

2.0

2.5

2007 2008 2009 2010 2011e 2012f 2013f 2014f 2015f

Ann

ual S

pend

ing

$ B

illio

ns

Mill

ions

Boe

/Day

Daily Production Annual Maintenance

Forecast Oil Sands Production and Maintenance Spending

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Carson Acquisition DetailsFlintpurchasedalloftheissuedandoutstandingsharesof

CarsonEnergyServicesLtd.

• GeographicexpansionforourProductionServicesdivision• $220millionannualrevenuesand$40millionEBITDA• ClosedOctober1,2011• $112millionincashpaidonclosingand• Issuedof2.1millionFlintcommonsharesatclosing• Upto$30millionearn‐outovernext36months• Approximatetotalvalueofconsiderationis$165million

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Summary

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