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Corp Presentation

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Corporate

Presentation

March 2022

Corporate Snapshot
Pipestone Energy (“Pipestone”) is forecast to deliver the top decile cash flow per share growth

+ free cash flow yield among its peer group in 2022

Capitalization Metrics (PIPE: TSX)

Share Price ($/sh) as of March 8, 2022 $5.68

Condensate-Rich Alberta Montney Fairway

   

F.D. Shares O/S (mm)(2)

(1)

281

($MM) $204

Veresen Hythe

eyera Pipestone

idewater Pipestone

Market Capitalization ($MM)

$1,596

Est. Q4 2021 Net Debt

Liquids-rich Pipestone

Montney economics rank within the top development plays in North America

Enterprise Value ($MM)

$1,800

Credit Facility Capacity / Q4 2021 Draw ($MM) $280 / $172

PPE E

eas apiti

eyera apiti

Pipestone Growth Trajectory(3)

Production (boe/d)

Actuals Forecast

60,000 50,000 40,000 30,000 20,000 10,000

0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2019 2020 2021 2022E 2023E 2024E 2025E (Exit)

Forecast to deliver $600 million in cumulative free cash flow 2022 – 2024, while growing production annually by ~25% on average

        

old r

     

1. 2. 3.

See “Advisories regarding non-IFRS Measures”. Includes bank debt and working capital deficit.
Includes the Convertible Preferred Share balance converted into common shares at $0.85/sh. Current common shares o/s of ~191 million. See page 3 for further details on the 3-year corporate plan. Free cash flow yield calculated as FCF / Market Capitalization.

2

Pipestone Energy holds ~95,000 net contiguous acres

Three-Year Corporate Plan(1)
Delivering a 25% production growth CAGR from 2021 – 2024, while delivering ~$600 million in cumulative free

cash flow at US$80 WTI (~37% of current market capitalization)

Exit 2022 production forecast to be ~37 Mboe/d

Annual Average Production (boe/d)

24,584 +30%

46,000

42,000

+12%

 

33,000 +27%

 

AT Cash Flow ($MM)(1)

CAPEX ($MM)(2)

FCF ($MM)

(Net Debt) /
Net Cash ($MM)(1)

LTM Debt / CF (x)

Guidance: US$80 WTI | $3.50 AECO

31,000

$340 - $360

$210 - $220

$130 - $140

($65) – ($75)

0.2x

Forecast: US$80 WTI | $3.50 AECO | $0.80 CAD

39,000

$420

$175

$245

$175

Net Cash

n.a.

44,000

2021

2022

2023

2023

2024

2024

$380

(net of ~$65 MM in cash taxes)

$165

$215

$390

Net Cash

n.a.

  

1. 2.

3-year plan as at March 2022, derived by utilizing, among other assumptions, historical Pipestone Energy production performance and current capital and operating cost assumptions held flat for illustration only. Budgets and forecasts beyond 2022 have not been finalized and are subject to a variety of factors and as a result forecast results for 2023 and 2024 may change materially. Where a range is not provided, guidance and forecast values represent the mid-point estimate. See “Advisories Regarding non-IFRS Measures”. Net debt excludes convertible preferred shares as there is no cash settled liability and includes adjusted working capital deficit. Net debt excludes the impact of any distributions to shareholders, including the planned NCIB.
Capex includes all anticipated DCE&T, infrastructure and other capital expenditures, but excludes capitalized G&A. 3

2022 Free Cash Flow Allocation
Committed to deliver significant free cash flow back to shareholders in 2022

 First priority is to deleverage the business, with a debt target of less than $100 million, which equates to <1.0x D/CF at a US$45 WTI | $2.00 AECO ($100 million debt balance equates to a run-rate 2022E debt / cashflow of 0.3x at US$80 WTI | $3.50 AECO)

 Pipestone commenced an NCIB late in Q4 2021 to repurchase up to 5% of its basic shares or approximately 10 million shares over a 12-month period from commencement

 Expect the balance of free cash flow to be directed towards shareholder returns 2022 Cash Flow / Outflows ($MM)

Up to $80 MM @ $100 WTI available for additional shareholder returns, incremental expansion capital and/or debt repayment

$450 $400 $350 $300 $250 $200 $150 $100

$50 $0

Base Case @ US$80 WTI

US$100 WTI

US$90 WTI

 

US$100 WTI

 

US$90 WTI

US$80 WTI

2022 Capital Program delivers 30% volume growth over 2021 and sets up growth to 45 Mboe/d by YE 2023

$215 MM

US$70 WTI

 

Post-2023 Maintenance capital requirement for 45,000 boe/d (~$160 MM/yr)

$100 MM

($200 MM YE 2021→ $100 MM YE 2022)

~$40 MM

+$40 MM

 

2022E Corporate Cash Flow

2022 Capital Expenditures (Mid-point)

Debt Repayment to Leverage Target

NCIB Program

Excess Free Cash Flow

Note: An increase / decrease of C$0.50/GJ in the AECO natural gas price equates to a net change of +/-$20 million to the 2022E cash flow forecast.

4

+$40 MM

2023 + 2024 Combined Free Cash Flow Allocation
After reaching its debt target in 2022, Pipestone has significant free cash flow available to

enhance shareholder returns and fund a methodical growth plan to ~55,000 boe/d
 With the conversion of the CP Shares in Q3 2022, Pipestone will be able to purchase ~13 million shares per year in 2023 and 2024 (~$74 million per year at current share prices)

 Pipestone is forecast to grow production by 23% in 2023, and by 12% in 2024, only limited by available processing capacity; the Company continues to work on further options to debottleneck its infrastructure access for 2024+

2023 + 2024 Cash Flow / Outflows ($MM)

Up to $475 MM @ $100 WTI available for additional shareholder returns (~38% of current market cap), further expansion capital and/or debt repayment

$1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0

Base Case @ US$80 WTI

Pipestone can fund its 2023 + 2024 combined capital program and maximum NCIB down to a US$55 WTI flat price

$340 MM

US$100 WTI

US$90 WTI

US$80 WTI

Up to ~$50 MM

$155 MM

 

US$100 WTI

+$80 MM

 

US$90 WTI

+$80 MM

 

US$80 WTI

US$70 WTI US$55 WTI

+$315 MM

 

Combined capital program supports growth to ~45 Mboe/d (midpoint) in 2024+

Total 2023E + 2024E Corporate Cash Flow

Total 2023 + 2024 Capital Expenditures (Mid-point)

~13mm shares per year x 2 years x ~$6.00/sh

NCIB Program

Excess Free Cash Flow

Note: An increase / decrease of C$0.50/GJ in the AECO natural gas price equates to a net change of +/-$40 million to the 2022E cash flow forecast.

5

Significant Development Upside(1)
YE 2021 Booked 2P + Tier 1 unbooked locations support development to ~55,000 boe/d by exit

2025 for an approximate 10-year plateau

 YE 2021 McDaniel 2P reserve report includes 149 undeveloped locations, which supports growth to ~45,000 boe/d and held flat until 2032
 Pipestone has identified an additional ~160 net unbooked locations on its Central and Eastern acreage blocks that support further growth to a risked plateau of ~55,000

boe/d, which could be maintained past 2035

Pipestone Future Development Locations (149 Booked + 160 Unbooked)

Production (boe/d)

60,000

50,000

40,000

30,000

20,000

10,000

0

Actuals

Forecast

   

55,000 45,000

   

1.

Exit 2025 production determined based on the technical capability of the asset. Incremental capital expenditures (D&C and in-field infrastructure) and access to more gas processing capacity and egress required to support a 55,000 boe/d production plateau.

6

15,570

24,584

32,000

(Midpoint)

40,500

(Midpoint)

(Midpoint)

Drilled Montney Wells Booked 2P Locations

Unbooked Tier 1 Locations

Tier 1 = <12-month payout at US$80 WTI | $3.50 AECO

160 net identified unbooked Tier 1 locations

(~10-Year average production plateau)

2020 2021

2022 2023 2024

Exit 2025

Pipestone Area Montney Activity Update Offsetting producers continue to be very active in the Pipestone Montney

Advantage Rig (3 Wells)

 

Wembley NVA GP 127 MMcf/d Capacity

  

Montney Hz. licenses Montney Hz. drilled

    

Kelt Rig (3 Wells)

Keyera Pipestone GP 200 MMcf/d Capacity

Kelt Rig

PIPE Rig

NVA 2 Rigs (6 Wells)

  

Veresen 16-28 Compressor Station 125MMcf/d

  

OVV 2 Rigs (8 Wells)

TWM Gas Plant 100 MMcf/d Capacity (30 MMcf/d firm)

 

Spartan Delta recently drilled 4 well pad

NVA New 6 well pad

   

Wapiti Semcams GP 200 MMcf/d Capacity

 

NVA Rig (4 Wells)

 

Hammerhead Rig

Paramount 2 Rigs (8 Wells)

   

Keyera Wapiti GP 300 MMcf/d Capacity (90 MMcf/d firm)

CNRL Gold Creek GP 153 MMcf/d Capacity
(5 MMcf/d IT)

7

Pipestone Energy 2022 Development Focus

Delivering efficient condensate-rich production growth + high impact delineation activity; brining on 13 new wells during H1 2022

2022 Development Focus

  

3-27 well awaiting tie-in. Last 24H test rate = 635 bbl/d + 6.0 MMcf/d gas (CGR = 106 bbl/MMcf)

PIPE Acreage

PIPE Montney Wells
Q4 2021 Development Wells 2022 Development Wells

Sour Gas Plant
Gathering Pipelines Veresen Pipeline (Q4 2021)

Non-Operated / Low WI Acreage

6-30 Pad: 3 Incremental Wells on-stream Q1 2022

  

9-14 (SE) Pad: Drilling

    

To Veresen Hythe Gas Plant (50 MMcf/d + liquids)

   

14-4 Pad (2/3 wells):
IP90: 3.4 MMcf/d + 330 bbl/d; CGR = 98 bbl / MMcf
Forecast first 12-month cumulative condensate of >85 Mbbls

    

6-13 Pad Phase 2: (3 wells): IP90: 4.6 MMcf/d + 493 bbl/d; CGR = 107 bbl / MMcf

 

2022 Capital Program (Mid-Point):

• 26 Wells Drilled

• 30 Wells Completed

• 29 Wells On-Stream

  

To Tidewater
(30 MMcf/d + liquids)

12-36 Planned Completion 2022

    

15-25 Pad (6 wells): IP180: 4.6 MMcf/d + 353 bbl/d; CGR = 77 bbl / MMcf

        

2-25 Pad: Expected on-stream in H1 2022

     

8-15 Pad (3 wells): IP270: 3.5 MMcf/d + 414 bbl/d; CGR = 120 bbl / MMcf

2-31 Pad: On-Stream Q1 2022

11-09 Pad Completed in 2018, awaiting tie-in. Last 24H test rate = 855 bbl/d + 2.6 MMcf/d gas; CGR = 329 bbl/MMcf

    

To Keyera Wapiti (90 MMcf/d + liquids)

 

Note: Low Working Interest Non- Operated Lands

8

GHG Performance Highlights
Pipestone is among the lowest emissions intensity operators in Western Canada; net zero

emissions per boe target set for 2035(1)

Peer Emission Intensity Comparison(2)

Emissions Reduction Initiatives (Road to Net Zero)

0.10

0.09

0.08

0.07

0.06

0.05

0.0072 0.04 tCO2e/boe

0.03 0.02 0.01 0.00

 EO100TM certification achieved in Q1 2022
 Inaugural ESG report published in June 2021

   

PIPE 2020

Lowest emissions intensity among peer group

ARX

BTE

BIR B 2020

NVA C 2020

POU D 2020

TOU E 2019

PEY F 2020

KEL G 2019

SRX H 2019

PNE I 2020

TVE J 2019

WCP K 2020

CPG L 2020

ERF M 2019

CJ N 2020

AAV O 2017

A

2019

Scope 1 / Direct

Peer Benchmarking
Scope 2 / Indirect Scope (1+2) / (Direct & Indirect)

P

2020

  

1. Based on Scope 1 + Scope 2 emissions (direct & indirect). See Pipestone’s 2020 ESG Report for further details.

2. Peer data sourced to Company ESG and / or Annual Reports. Peers include: AAV (2017), ARX (2019), BIR (2020), BTE (2020), CJ (2020), CPG (2020), ERF (2019), KEL (2019), NVA (2019), PEY (2020), PNE (2020), POU (2020), SRX (2019),

9

TVE (2019), TOU (2019), WCP (2020).

tCO2e/boe

Why Own Pipestone Energy?

1

Transitioning from net consumer of capital to net distributor of capital in Q4 2021; forecast to generate >$130 million of free cash flow in 2022E while growing production by 30%

2

Committed to shareholder returns: Inaugural NCIB commenced on November 25, 2021 with approx. 1.9 million shares purchased to date (~1.0% of basic shares outstanding)

3

High-quality development inventory across the acreage position supports a production plateau of 55 Mboe/d by exit 2025 for approximately 10 years

4

Development economics underpinned by growing production volumes of premium-priced condensate in an undersupplied domestic market

5

ESG Leader: Top decile emissions per boe and pursuing net zero (scope 1 + 2) by 2035

10

APPENDIX

11

Efficient Reserve Growth
Pipestone’s organic development program continues to deliver year-over-year reserve volume

additions across all categories with low F&D costs and high recycle ratios

Low-Cost Organic Development
	2021	2020 2019 3-Year Avg.(3)
Proved Developed Producing (PDP)
F&D Costs(2) ($/boe)	$10.37	$5.40 $8.39 $8.00
F&D Recycle Ratio(2) (x)	2.7x	2.0x 1.8x
Total Proved (1P)
F&D Costs(2) ($/boe)	$7.17	($1.75) $3.34 $3.29
F&D Recycle Ratio(2) (x)	3.9x	n.a. 4.5x
Total Proved + Probable (2P)
F&D Costs(2) ($/boe)	$4.20	($1.52) ($5.24) $0.38
F&D Recycle Ratio(2) (x)	6.6x	n.a. n.a.

Reserve Volumes(1)

Reserves Volume (MMboe)

300

250

200

150

100

275

228 184

 

+50%

 

160

134 113

+42%

 

+116%

50 32 41 19

0

PDP

1. Sourced to McDaniel & Associates Consultants Ltd. (“McDaniel”) December 31, 2021; December 31, 2020; and December 31, 2019 reserve reports.

2. See “Advisories Regarding non-GAAP Measures”. 2021 Operating Netback of $27.72/boe used to calculate Recycle Ratio is exclusive of realized hedging impacts and is calculated as revenue less royalties, operating, and transportation costs. 2020 Operating Netback of

   $10.95/boe is inclusive of realized hedging impacts.

3. 3-Year Average F&D Costs per boe is calculated as total 3-Year F&D costs (including FDC) divided by total 3-Year Reserve Additions (boe) for PDP, 1P, and 2P respectively. 12

 

YE19

1P 2P YE20 YE21

  

Significant Reserve Value (1)
At current commodity prices, Pipestone is trading at a discount to its 1P and 2P reserve values

 

Total Volume

(MMboe)

Proved Developed Reserves

18

45

68

160

Proved + Probable Reserves

162

11

7

Total Proved Reserves

554

44

24

958

74

42

116

275

NPV10% ($MM)

3C Average Price Deck

$477

$1,427

$2,218

NPV10% ($MM)

US$80 WTI | $3.50 AECO Flat

$635

$1,925

$2,884

Net Asset Value Per Share

 

Natural Gas

(Bcf)

Condensate

(MMbbls)

NGLs

(MMbbls)

Total Liquids

(MMbbls)

C$/Share

$12.00

$10.00

$8.00

$6.00

$4.00

$2.00

$0.00
Current Trading

Price (Mar 8)

 

$5.68

NAVPS @ December 31, 2021(2)

3C Average

US$80 WTI | $3.50 AECO

$9.43

$4.28

$7.07

$6.04

Total Total Proved Proved + Probable

Total Total Proved Proved + Probable

 

1. Note: Sourced to McDaniel & Associates Consultants Ltd. (“McDaniel”) December 31, 2021 and reserve report; pricing sensitivity run at the 3C Average Price Deck and a US$80WTI, C$3.50 AECO Price Deck. Figures on table may not add due to rounding.

2. Net Asset Value per Share calculated as the NPV10% less $15 MM ARO, $6 MM MTM of hedges, and an estimated YE 2021 net debt of $204 million divided by fully diluted shares outstanding, inclusive of the convertible preferred shares, of ~282 million.

13

Value Proposition vs. Public Montney Peers
Track record of efficient capital program execution drives top decile forecast return on capital

employed

 Pipestone forecast to generate the peer leading “total return” of cash flow per share growth and free cash flow yield in 2022 at recent strip pricing

2022E Forecast Total Return(1)

2022E ROACE(2)

F 43% I 37%

H 34% C 33% G 26%
D 25%

E 23%

A 23%

B 10%

2022E Cash Flow Netback(2)

      

PIPE

257% 23%

 

A D B E C F G H

I

186%

207% 6% 192%

A D C F G

I B E H

$37.95 $36.99 $36.92

$30.66 $29.59

$28.58 $27.92

$26.80 $25.60

185% 22%

179% 135% 18%153%

146% 132%

147% 32%

131% 15%

107% 25%

62%

29%

43% 21%

91% 71%

64%

Growth in CFPS (2022/2021) FCF Yield

280%

PIPE

57%

PIPE

$44.96

 

52% 1

9%

1. Peters & Co. Ltd research data as at March 8th, 2022. Peers include AAV, ARX, BIR, CR, KEL, NVA, POU, SDE, TOU. Free cash flow yield calculated as 2022E Cash Flow – 2022E Capital Expenditures / Market Capitalization. 2022E WTI = US$103.61/bbl; 2022E AECO = C$5.01/Mcf.

2. Peters & Co. Ltd research data as at March 8th, 2022. Peers include AAV, ARX, BIR, CR, KEL, NVA, POU, SDE, TOU. “ROACE is calculated as unhedged cash flow less our estimate of required capital spending to maintain flat production volumes YoY, expressed as a percentage of capital employed”.

Significant exposure to premium value condensate enhances Pipestone’s cash flow netback

14

Implied Valuation from Recent M&A Activity
Transaction metrics from recent Montney-focused acquisitions implies a significant premium to

Pipestone’s current share price

Seller

Reported Transaction Value

FY1 Cash Flow Multiple

Purchaser

Undisclosed

Wembley Montney Assets

(50% JV Interest)

$238 MM $960 MM

$743 MM $1,150 MM

$340 MM (4) $205 MM

6.5x (1) (Est.)

3.6x (2) 3.4x

4.8x (3) 2.3x

3.4x

  

Implied Share Price @ 4.0x 2023E EBITDA(5)
US$80 WTI | $3.50 AECO	US$100 WTI | $3.50 AECO
$6.64/sh +17% from current share price ($5.68)	$8.06/sh +42% from current share price ($5.67)

       

Average: 4.0x

1. Cash flow multiple estimated based on disclosed production of ~3,200 boe/d, utilizing a forecast C$30/boe field netback at a US$70 WTI | $3.50 AECO price deck for 2022. A total of 126 net sections with Montney rights were purchased.

2. Based on Peters & Co. research estimates for 2022E EBITDA, November 10, 2021.

3. Calculated as the mid-point of disclosed 2022E free cash flow + maintenance capital requirements for the asset.

4. Includes the anticipated $40 million of negative free cash flow required to achieve the disclosed 2022E run-rate cash flow of $152 million.

5. See Page 4 for further details on Pipestone’s Three-Year Corporate Plan, including the 2023E production and cash flow forecast.

15

Condensate: Canada’s Premium Priced Product
Pipestone expects its run-rate production to be ~1/3rd condensate, which drives ~2/3rd of revenue

at US$80 WTI | C$3.50 AECO

2021 Pricing Comparison (C$/bbl)(1):

Canada is a net importer of condensate

$100.00 $90.00 $80.00 $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00

$0.00

900 800 700 600 500 400 300 200 100

Actuals

Forecast

$85.11

$85.88

$80.31

Condensate Supply / Demand (Mbbl/d)(2):

  

$68.73

 

1. 2.

Sourced to Sproule Historical Pricing (Jan 2021 – Dec 2021). Sourced to Peters & Co. Ltd., September 2021.

WTI Condensate

Light Oil (MSW)

Heavy Oil (WCS)

0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

CAD Condensate Production US Imports Required

Through 2021, condensate priced approximately on par with WTI, at a C$5.40/bbl premium to light oil and a C$16.35/bbl premium to heavy oil

Even with domestic condensate production forecast to grow modestly over the next 5 years, >200 Mbbls/d of imports from the US are required through 2025 to meet demand

  

Type Curve Volumes + Economics
Robust half-cycle economics, which support Pipestone free cash flow + growth model

Boe/d

1,200

1,000

800

600

400

200

0

9

8 7 6 5 4 3 2 1 0

8

3,000m Lateral Length

Payback (Months) from On-Production:

  

Raw Gas EUR (Bcf)

Wellhead Condensate EUR (Mbbls)

Sales EUR (Mboe)

% Condensate

VRGC 1

6.3

288

1,340

21%

VRGC 2

7.0

380

1,550

25%

VRGC 3

4.5

380

1,135

35%

 

55

Typical cycle time from drilling to on- production for a 6 well pad is 3 – 4 months

Paybacks calculated using an ~$6.0 MM DCE&T for a 3,000m lateral

6

444
33

-

200 400 600 800 1,000 1,200

Cumulative Production (Mboe)

VRGC 1 VRGC 2 VRGC3

Note: “VRGC” = Very Rich Gas Condensate

1,400

$70 | $3.50

VRGC 1

$80 | $3.50

VRGC 2

$100 | $3.50

VRGC 3

     

1. Type curve represents the YE 2021 McDaniel VRGC1, VRGC2, and VRGC3 Montney B 3,000 metre lateral length 2P type curve.

17

Leader on Capital Costs
Pipestone employs a continuous improvement philosophy to its capital program; substantial

decreases in drilling and completion cycle times have driven capital cost reductions

 Drilling cost per lateral metre down 28% since 2019; incorporating longer lateral lengths where possible to increase capital efficiencies  Consistently running two frac spreads simultaneously on 6 well pads to reduce time on site and improve capital costs

Drilling Costs

Drilling Cost per Lateral Metre ($/Metre)

Completion Costs

$1,200

$1,000 $800 $600 $400 $200 $0

$1,005

 $700 $600 $500 $400 $300 $200 $100 

$0

$606 (31%) $502

Completion Cost per Tonne ($/Tonne)

   

(28%)

$779

$728

  

2019 Average

2020 Average

2021 Average Pacesetter Well (3,166m Lateral)

2019 2020 2021 Average Average Average

Pacesetter Pad (6-13 Pad)

18

Q2 2021: 6-24 Pad (SE), ~$1.7 MM→spud to rig release in 10.8 days

$538

$419

Piloted a 3.5 T/M higher scope completion 6-13 wells (2,633m Hz length)

 

$358

  

Environment, Social, & Governance HighlightsCommitted to being a best-in-class operator and community partner

Infrastructure Built to Minimize Emissions In-field fuel gas displacing diesel on drilling rigs and frac fleets Air powered instrumentation reduces methane emissions Pad-sites designed for zero flaring during nor al operations; first “net zero” pad at 2-31 Multi-well pad design reduces surface footprint Excellent iability Manage ent atio (“ M ”) of 40 8 • Peer leading – Industry average LMR = 4.9 • EO100TM certification on entire production portfolio achieved in Q1 2022

Putting People First Striving to be the most diligent and responsible operator in the community in which we operate Strong focus on public safety, worker safety, and doing what is right to protect both Pipestone operates an inclusive and diverse work environment, attracting the best talent possible

The Fundamentals Highly Experienced Management Team Independent and diverse Board of Directors Focused on protecting long term interest of all stakeholders Whistleblower line in place ESG and HSE metrics linked to executive compensation

19

Governance Social Environment

Management Team Board of Directors

Experienced Management and Board Pipestone Energy is led by a management team with significant

Montney experience

Paul Wanklyn

President and CEO

Dustin Hoffman

Chief Operating Officer

Craig Nieboer

Chief Financial Officer

Dan van Kessel

Vice President Corporate Development

Brent Harrison

Director, Health Safety and Environment

Chris Soby

Director, Land and Stakeholder Relations

Curtis Bowerman

Controller

Gordon Ritchie, Chairman

Previously Vice Chairman for RBC Capital Markets

Kim Anderson

CFO at Heartland Generation, former CFO at Athabasca Oil

Garth Braun

Former President, CEO, and Chairman at Blackbird

Bill Lancaster

President at GMT Exploration Company LLC

John Rossall

Previously Executive Director for Repsol Oil & Gas Canada

Jesal Shah

Principal at Riverstone Holdings

Robert Tichio

Partner at Riverstone Holdings

Paul Wanklyn

President and CEO at Pipestone Energy