Property Divestiture 135 bbl/d Heavy Oil Lloydminster, Saskatchewan & Alberta

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1 DEADLINE: 12:00 pm January 23, bbl/d Heavy Oil Lloydminster, Saskatchewan & Alberta As part of its August 2013 Notice of Intention to File a Proposal under Part III of the Bankruptcy and Insolvency Act (Canada) ( BIA ), the Board of Directors of Western Plains Petroleum Ltd. ( Western Plains or the Company ) has engaged Sayer Energy Advisors to assist it with the sale of all of its oil and natural gas assets to make a proposal to its creditors. Detailed information relating to this process is available on the Internet at or by contacting the Sayer office at The Company s main working interest partner, Petrocapita Oil and Gas L.P. ( Petrocapita ) has agreed to co-market its working interests along with Western Plains. This cooperation means that a 100% working interest in effectively all of the Company s assets is available for purchase. All reference to production volumes from this point on will reflect the combined production of Western Plains and Petrocapita (the Companies ) in the properties which are being sold. The Companies currently produce approximately 135 barrels of oil per day from operated high working interests in the Lloydminster area of Alberta and Saskatchewan, at Maidstone and Landrose in Saskatchewan and at Lloydminster in Alberta. The Companies also have minor production and/or operational upside in the nearby Standard Hill, Dee Valley, Neilburg, Aberfeldy, North Hillmond and Celtic areas of Saskatchewan. PROCESS & TIMELINE Sayer Energy Advisors is accepting separate proposals to enter into transactions with Western Plains and Petrocapita until 12:00 pm on Thursday, January 23, Timeline Week of December 2, 2013 Preliminary Information Distributed December 9, 2013 Data Room Opens January 23, :00 Deadline February 1, 2014 Effective Date March 31, 2014 Closing Date Sayer Energy Advisors does not conduct a second-round bidding process; the intention is to attempt to enter into a transaction with the party submitting the most acceptable proposal at the conclusion of the process. Sayer Energy Advisors is accepting separate proposals from interested parties until noon on Thursday, January 23, Sayer Energy Advisors , 540, 5 th Avenue SW, Calgary, Alberta, Canada T2P 0M2

2 PRODUCTION, RESERVES & VALUE Net Production Summary by Company & Property PROPERTY PRINCIPAL OPERATOR WESTERN PLAINS W.I. % PETROCAPITA W.I.% RECENT NET OIL PRODUCTION (bbl/d) Western Plains Petrocapita Maidstone, SK Western Plains 50%-64% 0%-50% Landrose, SK Petrocapita 25%-50% 50%-100% 7 47 Lloydminster, AB Petrocapita 50%-100% 33%-100% TOTAL NET PRODUCTION 55 bbl/d 80 bbl/d 135 bbl/d Non-Producing Properties Dee Valley, SK Petrocapita 50% 50% Standard Hill, SK Western Plains 100% 0% Neilburg, SK Western Plains 50% 50% Aberfeldy, SK Petrocapita 50% 50% Hillmond S, SK Petrocapita 50% 50% Celtic, SK Petrocapita 50% 50% RESERVES Deloitte LLP ( Deloitte ) prepared a report on Western Plains properties as part of the Company s year-end reporting (the Deloitte Report ), effective December 31, 2012 using Deloitte s December 31, 2012 forecast pricing. Deloitte estimates that, as of the effective date of the report, the oil and natural gas properties of the Company contained remaining proved plus probable reserves of 495,000 barrels of oil, with an estimated net present value of $7.8 million using forecast pricing at a 10% discount. Petrocapita does not have an independent reserves evaluation of its properties. Deloitte LLP as of December 31, 2012 COMPANY GROSS RESERVES PV BEFORE TAX Oil Natural Gas Ngl Total 5% 10% 15% Mbbl MMcf Mbbl MBOE (000's) Proved Developed Producing $2,136 $1,971 $1,833 Proved Non-Producing/Undeveloped $1,993 $1,699 $1,470 Total Proved $4,129 $3,670 $3,302 Probable $5,313 $4,140 $3,335 Total Proved Plus Probable $9,442 $7,810 $6,638 The reserve estimates and forecasts of production and revenues were prepared within the context of Western Plains year-end evaluation, which was an evaluation of all of the Company s properties in aggregate. Extraction and use of any individual property evaluation outside of this context may not be appropriate without supplementary due diligence. Values in the Total row may not correspond to the total of the values presented due to rounding.

3 PROPERTY OVERVIEW Lloydminster Area Properties Township 44-52, Range 22 W3 to 3 W4 The Companies only property, accounting for all of the combined entities production and reserve value, is an oil property in the Lloydminster area of Saskatchewan and Alberta. The Companies are currently producing approximately 135 barrels of oil per day from several Mannville oil wells in the Lloydminster area. The Companies production at Lloydminster comes mainly from its high operated working interests at Maidstone and Landrose in Saskatchewan and at Lloydminster in Alberta. It holds other minor producing and non-producing assets in the general Lloydminster area of Saskatchewan. Map of Major and Minor Property Locations

4 Maidstone, SK Property Township 48, Range W3 The Companies hold working interests of between 64% and 100% in and operate a number of McLaren oil wells in the heart of the Maidstone oil pool. Recent total production from the Companies wells at Maidstone has averaged approximately 28 barrels of oil per day (25 bbl/d net to the Companies), with a steady 50%-60% watercut. Northeast of Maidstone, the Companies hold a 100% interest in a non-producing property at Dee Valley. 100% Maidstone, Saskatchewan: Group Plot of the Companies McLaren Oil Wells Water Cut 10% 100 bbl/d Oil Production 10 bbl/d

5 Landrose, SK Property Township 50, Range W3 At Landrose, the Companies hold a 100% working interest in and operate a number of Waseca and McLaren oil wells and a 50% working interest in one other well. Recent total production from the Companies wells at Landrose has averaged approximately 65 barrels of oil per day (54 bbl/d net to the Companies). West of Landrose, the Companies hold a 100% working interest in a non-producing property at Aberfeldy, where the drilling of one additional well has been proposed. Landrose, Saskatchewan: Group Plot of the Companies Waseca & McLaren Oil Wells 100% Water Cut Oil Production 10% 100 bbl/d

6 Lloydminster, AB Property Township 49-50, Range 1-3 W4 The Companies operate a number of Mannville oil wells in the heart of the Lloydminster oil pools of Alberta, holding a working interest of 100% in the producing wells. Recent total production from the Companies wells at Lloydminster has averaged approximately 56 barrels of oil per day net to the Companies. Lloydminster, Alberta: Group Plot of Western Plains Mannville Oil Wells 100% Water Cut 10% 100 bbl/d Oil Production bbl/d

7 MINOR PRODUCING & NON-PRODUCING PROPERTIES, ALBERTA & SASK Standard Hill, SK Township 49, Range 22 W3 Western Plains holds a 100% working interest in and operates a suspended Waseca oil well at Standard Hill. The well is capable of producing approximately 4-6 barrels of oil per day. Neilburg, SK Township 45, Range 25 W3 At Neilburg, the Companies holds a 100% working interest in LSD 2 of Section 18. Hillmond South, SK Township 51, Range 25 W3 The Companies hold a 100% working interest in a Sparky oil well at Hillmond South. The well is capable of producing uneconomic daily volumes of oil. Celtic, SK Township 52, Range 23 W3 At Celtic, the Companies hold a 100% working interest in a suspended Sparky oil well, which can be turned into a disposal well.

8 Western Plains Petroleum Ltd. Petrocapita Oil and Gas L.P. Fall 2013 CONTACT Parties wishing to receive a detailed Confidential Information Binder with additional information relating to this opportunity should execute the Confidentiality Agreement which is available on the Internet at and return one copy to Sayer by courier, ([email protected]) or fax ( ). Included in the Confidential Information Package is the following: detailed land information, the Deloitte Report, most recent net operations summary and other relevant technical information. To receive further information on the Properties or to schedule a time to visit the Data Room, which is situated at Sayer s office, please contact Tom Pavic, Ryan Ferguson Young, Ben Rye, Robert Panek, Jill Switzer or Alan Tambosso at