CIBC Oil & Gas Weekly

Transcription

1 I N S T I T U T I O N A L E Q U I T Y R E S E A R C H Jon Morrison 1 (403) [email protected] John Gibson 1 (403) [email protected] Scott Reid, CFA 1 (403) [email protected] Arthur Grayfer, CFA 1 (403) [email protected] Shahzaib Merwat 1 (403) [email protected] Gordon Law, CA 1 (403) [email protected] Adam Gill, CFA 1 (403) [email protected] Serhiy Petrenko 1 (403) [email protected] Mark Zalucky 1 (403) [email protected] Dave Popowich 1 (403) [email protected] Dan Forget 1 (403) [email protected] Energy CIBC Oil & Gas Weekly I N D U S T R Y U P D A T E June 13, 2016 North American Energy Markets Continue To See Positive Fund Flow What's Changed This should be a fairly quiet week for Canadian company-specific energy news flow, with no major industry conferences taking place and we are a few weeks away from hearing any major Q2/16 operational updates. With that said, look for the WCS monthly oil contract to expire and roll on Thursday and for B.C. land sale data to be posted on Friday. Equity performance for Canadian energy stocks was modestly positive this past week while the U.S. energy ETF market realized an inflow to the tune of ~US$240 million. Overall, the Oilfield Services sector was the strongest relative performer with stocks up an average of ~380 bps W/W, followed by International E&Ps increasing ~340 bps, Junior E&Ps rising ~220 bps, Large Cap producers up ~140 bps, DivCo E&Ps increasing ~30 bps while Integrated producers finished the week down ~300 bps. All figures in Canadian dollars, unless otherwise stated CIBC World Markets Corp., the U.S. broker-dealer, and CIBC World Markets Inc., the Canadian broker-dealer (collectively, CIBC World Markets Corp./Inc.) do and seek to do business with companies covered in its research reports. As a result, investors should be aware that CIBC World Markets Corp./Inc. may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For required regulatory disclosures please refer to "Important Disclosures" beginning on page 26. Find CIBC research on Bloomberg, Reuters, firstcall.com CIBC World Markets Inc., P.O. Box 500, 161 Bay Street, Brookfield Place, Toronto, Canada M5J 2S8 (416) and ResearchCentral.cibcwm.com CIBC World Markets Corp., 425 Lexington Avenue, New York, NY (212)

2 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 2 Exhibit 1. North American Energy Equity Indices TSX vs. S&P 500 TSX vs. TSX Capped Energy S&P 500 vs. S&P 500 Energy TSX Composite S&P TSX Composite TSX Capped Energy S&P 500 S&P 500 Energy Energy Indices - Canada TSX E&P TR TSX Integrated TR TSX Oilfield Services & Equipment TR TSX Drillers TR Energy Indices - U.S S&P 500 E&P S&P 500 Integrated S&P 500 Equipment & Services S&P 500 Drillers Source: Bloomberg and CIBC World Markets Inc.

3 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 US$/Bbl Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 US$/Bbl US$/MMBtu Exhibit 2. Commodities And ETFs Funds Flow WTI vs Brent $130 $120 WTI Brent $110 $100 $90 $80 Henry Hub vs AECO $6.50 Henry Hub $5.50 $4.50 AECO $15+ $70 $3.50 $60 $50 $2.50 $40 $30 $1.50 $20 $0.50 Natural Gas Liquids Funds Flow by Sector for US Equity ETFs for the Week Ending June 10, 2016 $140 Alberta Condensate Texas Condensate Financial -$337 $120 Alberta Propane Texas Propane Energy $238 $100 $80 Materials Technology Thematic $47 $30 $211 $60 Communications Sector -$54 $40 Real Estate Consumer Discretionary -$182 $879 $20 Consumer Staples $99 $0 -$20 Utilities Industrials Health Care -$248 $112 $392 Source: Bloomberg and CIBC World Markets Inc ,100 US$ (Millions) 3

4 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 4 Exhibit 3. CIBC Energy Indices TSX E&P vs. Non-Dividend Junior E&Ps TR Index TSX E&P TR Non-Dividend Junior E&Ps TR Index TSX E&P vs. Dividend-Paying E&Ps TR Index 1.90 TSX E&P TR Dividend-Paying E&Ps TR Index TSX E&P vs. CIBC Large Cap. E&Ps TSX E&P TR CIBC Large Cap. E&Ps TR Index TSX E&P vs. CIBC Integrated E&Ps TSX E&P TR CIBC Integrated E&Ps TR Index Source: Bloomberg Source: Bloomberg and CIBC World Markets Inc.

5 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Exhibit 4. CIBC Energy Indices TSX E&P vs. CIBC Royalty Corps TSX E&P TR CIBC Royalty Corps TR Index TSX E&P vs. International E&Ps TSX E&P TR CIBC International E&Ps TR Index TSX O&G-Equipment & Services, -Drillers vs. CIBC Oilfield Services TSX Oilfield Services & Equipment TR TSX Drillers TR CIBC Oilfield Services Coverage STENRE Index vs. OSX Index vs. Oilfield Services Cos STENRE Index OSX Index CIBC Oilfield Services Coverage Source: Bloomberg and CIBC World Markets Inc. 5

6 6 Exhibit 5. Calendar North American Oil & Gas Economic Calendar June 2016 Sunday Monday Tuesday Wednesday Thursday Friday Saturday Legend SPE A rg ent ina E&P o f U nco nvent io nal Resources Symposium June 1-3 Buenos Aires, Argentine 16 9 t h ( Ord inary) OPEC M eet ing Vienna, Austria M emorial Day CO Ticker Ticker Ticker Earnings Release Before Market Open After Market Close TBD ( C ER I) Pet ro - chemical Conference June 5-7 Kananaskis, AB Shell C ap it al M arket s D ay London, UK SPE C anad a Heavy Oil Technical Conference June 7-9 Calgary, AB Land Sale: SK Land Sale: AB Futures Contract Expiries CL WTI 1-Month CO Brent 1-Month NG HH 1-Month WCS WCS 1-Month Land Sale: WCS BC Canadian Crown Land Sales AB, BC, MB, SK Holiday/Market Closed Canadian Holiday US Holiday Land Sale: CL AB ( IPA A ) 8 6 t h M id year M eet ing June Colorado Springs, CO NG CO Canada Day July Su M Tu W Th F Sa August Su M Tu W Th F Sa Independence Day Note: All times in Mountain Time (MT). Excludes equities not under CIBC s Oil & Gas coverage universe. Source: Bloomberg and CIBC World Markets Inc.

7 Rating Exhibit 6. Target Prices And Investment Recommendations Integrated, Large Cap, Dividend-paying And Junior E&Ps Company Ticker Price Analyst Price Target 1 Target/ Price Returns % 52-Week Short Short Div. Yield Total D/D W/W M/M 3-Mo YTD 1-Year 1-Year Chart High Low Mkt. Cap. ($MM) Net Debt ($MM) EV ($MM) Interest (MM) Interest Ratio % of Float M/M Y/Y Integrated Cenovus Energy CVE $18.79 Grayfer $23.00 SP 22.4% 1.1% 23.5% -2.4% -4.9% -1.5% 8.2% 7.8% -5.0% $22.35 $12.74 $15,658 $1,902 $17, % -13.2% -4.9% Husky Energy HSE $15.58 Grayfer R R R 0.0% R -3.4% -0.1% 4.7% -5.9% 8.9% -33.6% $24.72 $11.34 R R R % -10.0% -60.5% Imperial Oil IMO $39.89 Grayfer $52.00 SO 30.4% 1.5% 31.9% -1.6% -3.8% -0.3% -9.9% -10.9% -16.8% $49.89 $37.25 $33,811 $4,425 $38, % -13.7% -26.6% Suncor Energy SU $34.38 Grayfer R R R 3.4% R -2.3% -3.5% 1.7% 0.1% -2.1% 0.0% $40.35 $27.32 R R R % -5.2% -13.6% Average 26.4% 1.5% 27.7% -2.4% -3.0% 1.2% -1.9% 0.9% -13.9% % -10.5% -26.4% Large Cap Canadian Natural Resources CNQ $36.61 Grayfer $47.00 SO 28.4% 2.5% 30.9% -3.9% -4.0% 0.4% 3.4% 23.5% 3.5% $40.59 $21.27 $40,112 $16,217 $56, % -1.1% 4.6% Crescent Point Energy CPG $21.20 Grayfer $26.00 SP 22.6% 1.7% 24.3% -5.6% -2.7% 0.4% 16.3% 34.1% -16.7% $28.09 $11.31 $10,705 $3,802 $14, % -29.6% -41.7% Encana ECA (US) $8.05 Grayfer $5.75 SU -28.6% 0.7% -27.8% -7.3% -0.2% 19.8% 43.5% 58.6% -32.8% $12.53 $3.00 $8,727 $4,379 $13, % -1.4% 83.6% MEG Energy MEG $6.79 Grayfer $9.50 SP 39.9% 0.0% 39.9% -6.0% 16.3% 19.0% 6.8% -15.1% -64.7% $20.94 $3.46 $1,528 $4,903 $6, % -4.7% 28.6% Tourmaline Oil TOU $31.54 Grayfer $35.00 SO 11.0% 0.0% 11.0% -4.7% -2.1% 2.5% 9.2% 41.3% -19.5% $39.92 $20.83 $7,312 $1,334 $8, % -17.5% 25.7% Average 14.7% 1.0% 15.7% -5.5% 1.4% 8.4% 15.9% 28.5% -26.0% % -10.9% 20.2% Dividend-Paying Cardinal Energy CJ $9.49 Gill R R R 4.4% R -4.5% -4.8% 8.3% 8.7% 10.8% -31.2% $15.24 $5.59 R R R % 26% nm Freehold Royalties FRU $11.33 Grayfer $13.50 SP 19.2% 4.2% 23.4% -4.5% -2.3% 1.0% 2.8% 6.7% -30.3% $17.70 $8.29 $1,337 $71 $1, % -22% nm Granite Oil GXO $7.34 Gill R R R 5.7% R 0.4% 0.5% 1.2% 1.9% -6.8% 14.9% $9.39 $4.06 R R R % 89% -13.5% PrairieSky Royalty PSK $24.47 Grayfer $30.00 SO 23% 2.9% 26% -3.2% 0.2% 2.3% -0.3% 13.8% -19.9% $32.83 $17.15 $5,584 -$226 $5, % -26% 242.4% TORC Oil & Gas TOG $8.55 Gill $8.50 SO -1% 2.8% 2% -4.5% 8.1% 6.7% 17.3% 69.5% -1.4% $9.85 $3.71 $1,379 $286 $1, % -14% -59.3% Peer Group Average 14% 4.0% 17% -3.3% 0.3% 3.9% 6.1% 18.8% -13.6% % 11% 57% E&P Dividend-Paying Group Average -1% 4.3% 2% -2.9% 1.3% 5.4% 9.3% 24.5% -5.9% % 34% -36% Royalty Group Average 4 21% 3.6% 24% -3.9% -1.1% 1.6% 1.2% 10.3% -25.1% % -24% 242% Junior Advantage Oil & Gas AAV $7.40 Popowich $9.50 SO 28% -- 28% -1.9% -3.6% 0.3% 0.1% 5.4% -4.8% $8.36 $5.85 $1,365 $199 $1, % -20% 13.4% Bellatrix Exploration BXE $1.49 Gill $2.00 SP 34% -- 34% -3.2% 14.6% 15.5% -9.1% -10.2% -56.6% $3.50 $1.11 $286 $723 $1, % -12% -80.1% Birchcliff Energy BIR $6.29 Gill $7.00 SO 11% -- 11% -4.7% 7.1% 14.8% 9.6% 55.9% -18.6% $8.14 $2.85 $958 $632 $1, % -6% 41.9% Crew Energy CR $5.65 Popowich $6.00 SO 6% -- 6% -5.0% -5.7% 7.4% 34.8% 39.5% -4.2% $6.37 $2.65 $797 $256 $1, % -6% -22.8% Journey Energy JOY $1.60 Gill $2.00 SP 25% -- 25% -0.6% 0.6% -3.0% -23.8% 15.1% -61.0% $4.35 $0.91 $70 $108 $178 na na na na na Kelt Exploration KEL $4.95 Popowich $5.50 SP 11% -- 11% -5.9% -0.4% 11.8% 21.1% 16.5% -44.6% $9.21 $2.51 $835 $96 $ % 6% nm NuVista Energy NVA $6.40 Gill $7.00 SO 9% -- 9% -4.2% -2.6% -0.2% 30.3% 57.2% -16.9% $7.78 $2.72 $981 $204 $1, % -15% -45.6% Painted Pony Petroleum PPY $7.59 Popowich $6.00 SP -21% % -4.9% -4.0% 27.7% 69.3% 118.4% -4.2% $8.27 $2.72 $759 $65 $ % -42% 6.3% Paramount Resources POU $8.66 Gill $12.00 SP 39% -- 39% -6.0% 6.7% 13.5% -1.8% 41.1% -71.7% $31.31 $2.86 $920 $1,729 $2, % -10% -17.7% Pine Cliff Energy PNE $0.78 Popowich $1.00 SP 28% -- 28% -8.2% 20.0% 4.0% 0.0% -16.1% -46.9% $1.49 $0.61 $238 $142 $ % 265% -51.3% Raging River Exploration RRX $10.71 Gill $12.00 SO 12% -- 12% -3.5% -3.5% 3.1% 9.9% 28.2% 21.8% $11.66 $6.50 $2,297 $104 $2, % -26% 279.7% RMP Energy RMP $1.28 Gill $1.65 SP 29% -- 29% -4.5% -1.5% 6.7% -16.9% -16.3% -56.3% $3.10 $0.99 $158 $130 $ % -17% -23.2% Seven Generations Energy VII $25.32 Gill $25.00 SO -1% -- -1% -3.2% -1.6% 3.9% 35.6% 88.1% 51.9% $26.83 $11.25 $6,442 $995 $7, % -3% nm Spartan Energy SPE $3.17 Popowich $3.50 SO 10% -- 10% -4.2% -1.2% 5.3% 18.7% 34.3% 1.0% $3.56 $1.80 $840 $86 $ % -57% -69.7% Storm Resources SRX $4.10 Popowich $4.00 SP -2% -- -2% 2.3% 5.2% 6.0% 22.0% 12.8% -16.1% $4.94 $2.86 $490 $62 $ % 112% -66.0% Tamarack Valley TVE $3.92 Popowich $4.25 SP 8% -- 8% -3.2% 4.8% 1.3% 6.3% 30.8% -0.3% $4.28 $1.83 $451 $62 $ % -79% -96.8% Average 14% 14% -3.8% 2.2% 7.4% 12.9% 31.3% -20.5% % 6% -10% 1) Price targets are 12 to 18 months; 2) All Encana figures are in $USD unless stated otherwise; 3) nm = not meaningful, na = not available, R = restricted; 4) Only includes Freehold Royalties and PrairieSky Royalty. 7 Commodity Price Assumptions (Strip Pricing) 2014A 2015A 2016E 2017E 2018E BRENT (US$/bbl) $98.84 $52.33 $45.69 $53.72 $55.59 WTI (US$/bbl) $93.03 $48.71 $44.84 $52.65 $53.66 Ed. Par (C$/bbl) $94.62 $57.29 $54.17 $62.58 $60.36 WCS Heavy (C$/bbl) $82.32 $45.21 $40.70 $47.87 $49.10 NYMEX (US$/mcf) $4.35 $2.61 $2.38 $3.09 $3.05 Natural Gas (C$/mcf) $4.47 $2.70 $1.91 $2.82 $2.86 F/X (US$/C$) $0.91 $0.78 $0.77 $0.79 $0.79 Source: Company reports and CIBC World Markets Inc.

8 Rating 8 Exhibit 7. Target Prices And Investment Recommendations International E&Ps And Oilfield Services Companies Company Ticker Price Analyst Price Target 1 Target/ Price Returns % 52-Week 52-Week Short Short Div. Yield Total D/D W/W M/M 3-Mo YTD 1-Year 1-Year Chart High Low Mkt. Cap. ($MM) Net Debt ($MM) EV ($MM) Interest (MM) Interest Ratio % of Float M/M Y/Y International Bankers Petroleum BNK $2.00 Popowich $2.20 SP 10% -- 10% -0.5% -1.0% 4.2% 78.6% 96.1% -36.5% $3.19 $0.60 $523 -$49 $ % -14% -34.2% Canacol Energy CNE $4.37 Popowich $5.00 SO 14% -- 14% -4.8% 9.8% 13.8% 30.4% 57.8% 50.7% $4.64 $1.96 $697 $219 $ % -83% -82.6% Gran Tierra Energy GTE $4.10 Popowich $4.00 SP -2% -- -2% -7.7% 7.6% 16.2% 11.1% 35.9% 9.9% $4.44 $2.48 $1,215 -$81 $1, % 1% 170.7% Parex Resources PXT $13.21 Popowich $15.00 SO 14% -- 14% -7.0% -1.5% -0.1% 20.1% 30.0% 21.0% $14.52 $7.16 $2,001 -$80 $1, % 47% nm TransGlobe Energy TGL $2.25 Popowich $1.50 SU -33% 6% -27% -3.0% 1.8% -9.2% -0.4% -10.0% -53.2% $5.18 $1.45 $162 -$139 $ % -13% -73.4% Average 0% 6% 2% -4.6% 3.4% 5.0% 28.0% 42.0% -1.6% % -12% -5% Oilfield Services Black Diamond Group BDI $5.82 Morrison $4.50 SP -23% 5.2% -23% -1.5% 6.0% 14.6% 14.7% -16.6% -63.4% $18.26 $3.74 $237 $139 $ % -55% -9.3% Calfrac Well Services CFW $3.11 Morrison $3.50 SP 13% 0.0% 13% 8.5% 36.3% 62.1% 76.0% 34.5% -62.0% $8.60 $1.06 $359 $850 $1, % 7% -14.0% Canyon Services Group FRC $5.26 Morrison $7.00 SO 33% 0.0% 33% -8.4% -0.6% 15.4% 33.0% 29.9% -15.7% $6.57 $2.85 $447 $41 $ % -21% -11.8% Enerflex EFX $10.57 Morrison $15.00 SO 42% 3.2% 42% -2.8% -0.3% 7.7% 1.0% -19.0% -24.1% $14.78 $8.59 $837 $305 $1, % -29% -54.7% Ensign Energy Services ESI $7.26 Morrison $8.50 SP 17% 6.6% 17% -5.5% 1.7% 1.5% 17.1% 0.3% -36.2% $12.48 $4.72 $1,106 $572 $1, % -20% -71.7% Mullen Group MTL $14.66 Morrison $16.50 SP 13% 2.5% 13% -3.0% 3.6% 1.6% -4.0% 7.4% -25.8% $21.47 $13.02 $1,520 $401 $1, % -73% -49.0% Pason Systems PSI $17.92 Morrison $13.50 SU -25% 3.8% -25% -4.8% 3.1% 8.4% 8.9% -7.0% -16.9% $23.02 $14.46 $1,507 -$143 $1, % -5% nm Precision Drilling PD $6.56 Morrison $7.50 SO 14% 0.0% 14% -8.9% 5.1% 23.8% 5.5% 19.7% -22.0% $8.97 $3.42 $1,921 $1,642 $3, % -48% 5.8% Savanna Energy Services SVY $1.59 Morrison $2.25 SO 42% 0.0% 42% -10.2% -11.2% 1.3% 5.3% 29.3% -0.6% $1.98 $0.97 $144 $267 $ % -90% -97.6% Secure Energy Services SES $9.02 Morrison $11.00 SO 22% 2.7% 22% -4.1% -1.5% 9.1% 4.5% 9.1% -35.7% $14.69 $5.33 $1,425 $147 $1, % -17% 213.5% Total Energy Services TOT $14.17 Morrison $16.00 SP 13% 1.7% 13% -2.8% -3.8% 13.0% 9.5% 3.8% -7.3% $17.46 $11.07 $439 $22 $ % 8% -20.7% Trican Well Service TCW $2.03 Morrison $2.25 SP 11% 0.0% 11% -3.1% 18.4% 25.8% 22.0% 216.4% -50.8% $4.51 $0.34 $361 $165 $ % -87% -98.2% Trinidad Drilling TDG $2.57 Morrison $2.75 SO 7% 0.0% 7% -7.2% -0.4% 15.2% 35.8% 21.7% -37.4% $4.55 $1.41 $571 $571 $1, % -11% -44.9% Western Energy Services WRG $3.19 Morrison $5.50 SO 72% 0.0% 72% -1.8% -3.9% 23.2% -8.9% -17.8% -46.5% $6.50 $2.05 $235 $223 $ % 166% 272.6% Average 18% 1.8% 18% -4.0% 3.8% 15.9% 15.7% 22.3% -31.8% % -20% 2% 1) Price targets are 12 to 18 months. 2) nm = not meaningful, na = not available, R = restricted. Source: Company reports and CIBC World Markets Inc.

9 Exhibit 8. Comparables (Strip Pricing) Integrated, Large Cap, Dividend-paying And Junior E&Ps P/CF P/E D/CF EV/DACF EV/Boe/d EV/P+P NAV % Company Ticker Price E 2017E E 2017E E 2017E E 2017E E 2017E Reserves P/Core P/Risked P/Unrisked Integrated Cenovus Energy CVE $ x 9.1x 7.6x nm nm nm 1.4x 1.0x 0.7x 9.6x 9.9x 7.4x $63,458 $63,754 $57,237 $ % 88% 66% Husky Energy HSE $15.58 R R R R R R R R R R R R R R R R R R R Imperial Oil IMO $ x 9.9x 8.5x nm 19.6x 16.3x 2.9x 1.3x 0.8x 14.8x 11.1x 9.3x $114,991 $99,501 $85,231 $ % 103% 85% Suncor Energy SU $34.38 R R R R R R R R R R R R R R R R R R R Average 10.6x 9.5x 8.0x nm 19.6x 16.3x 2.2x 1.1x 0.8x 12.2x 10.5x 8.4x $89,224 $81,628 $71,234 $ % 96% 75% Large Cap Canadian Natural Resources CNQ $ x 9.5x 6.3x nm nm nm 3.0x 3.9x 2.1x 9.1x 12.0x 8.2x $66,672 $67,702 $63,184 $ % 198% 127% Crescent Point Energy CPG $ x 6.7x 6.6x nm nm nm 2.2x 2.5x 2.1x 7.8x 8.2x 7.9x $88,163 $87,127 $84,966 $15.50 na 140% 106% Encana ECA (US) $ x 13.3x 8.2x nm nm nm 3.6x 6.7x 4.1x 5.8x 11.9x 7.8x $33,348 $37,838 $40,507 $ % 139% 56% MEG Energy MEG $ x 55.6x 4.9x nm nm nm nm nm 15.6x 22.1x 18.7x 11.2x $77,943 $77,416 $77,992 $2.15 nm 143% 38% Tourmaline Oil TOU $ x 9.9x 7.2x nm nm nm 1.8x 1.8x 1.4x 9.6x 12.2x 8.4x $53,718 $43,475 $42,271 $ % 87% 58% Average 11.4x 19.0x 6.7x nm nm nm 2.7x 3.7x 5.1x 10.9x 12.6x 8.7x $63,969 $62,712 $61,784 $ % 142% 77% Dividend-Paying Cardinal Energy CJ $9.49 R R R R R R R R R R R R R R R R Freehold Royalties FRU $ x 13.4x 13.1x x 0.8x 0.3x 14.6x 14.3x 13.3x $107,136 $115,821 $132,701 na nm 179% 179% Granite Oil GXO $7.34 R R R R R R R R R R R R R R R R PrairieSky Royalty PSK $ x 29.7x 26.0x nm nm nm 31.2x 28.9x 25.1x $208,980 $240,794 $243,226 na nm 298% 298% TORC Oil & Gas TOG $ x 11.4x 8.2x x 2.3x 1.4x 12.3x 12.5x 8.7x $107,496 $91,665 $87,129 $ % 177% 115% E&P Dividend-Paying Group Average 9.2x 11.4x 8.2x 2.3x 2.3x 1.4x 12.3x 12.5x 8.7x $107,496 $91,665 $87,129 $ % 177% 115% Royalty Group Average x 21.5x 19.6x 1.4x 0.8x 0.3x 22.9x 21.6x 19.2x $158,058 $178,308 $187,964 nm 239% 239% Junior Advantage Oil & Gas AAV $ x 8.8x 6.9x x 1.1x 0.9x 12.6x 9.5x 7.5x $70,654 $47,088 $39,586 $ % 120% 71% Bellatrix Exploration BXE $ x 3.1x 2.0x x 7.1x 4.2x 6.7x 6.9x 4.8x $24,219 $24,735 $23,609 $ % 90% 45% Birchcliff Energy BIR $ x 8.8x 4.6x x 5.9x 3.3x 8.7x 11.8x 6.9x $41,120 $39,541 $36,374 $ % 79% 46% Crew Energy CR $ x 10.3x 8.2x x 3.0x 2.4x 10.5x 11.2x 9.3x $56,022 $42,963 $40,086 $ % 164% 87% Journey Energy JOY $ x 4.1x 2.5x x 5.7x 3.2x 3.3x 7.9x 5.0x $17,103 $18,913 $18,833 $ % 436% 316% Kelt Exploration KEL $ x 16.6x 9.0x x 4.4x 3.5x 16.6x 18.4x 11.4x $56,361 $49,501 $54,071 $ % 155% 57% NuVista Energy NVA $ x 8.5x 7.8x x 2.2x 2.5x 9.1x 9.9x 9.5x $53,628 $49,639 $47,404 $ % 167% 106% Painted Pony Petroleum PPY $ x 14.4x 6.1x x 3.9x 3.0x 24.7x 17.4x 8.9x $53,584 $42,252 $25,667 $ % 236% 122% Paramount Resources POU $ x 11.8x 5.4x x 12.3x 6.4x 13.5x 9.9x 7.1x $62,140 $39,503 $36,148 $ % 85% 43% Pine Cliff Energy PNE $ x 17.4x 4.8x x 10.2x 2.1x 13.7x 22.9x 6.8x $29,570 $16,791 $15,026 $ % 257% 198% Raging River Exploration RRX $ x 12.8x 9.2x x 0.5x 0.3x 14.2x 12.5x 8.7x $177,675 $133,533 $112,608 $ % 167% 111% RMP Energy RMP $ x 4.0x 2.8x x 2.1x 1.3x 2.9x 5.0x 3.4x $23,533 $27,618 $26,267 $ % 60% 41% Seven Generations Energy VII $ x 12.3x 9.3x x 2.1x 1.9x 15.0x 10.8x 8.8x $127,355 $69,872 $58,734 $ % 172% 148% Spartan Energy SPE $ x 14.4x 9.3x x 0.5x 0.3x 13.3x 11.9x 7.5x $104,526 $85,597 $69,790 $ % 180% 137% Storm Resources SRX $ x 14.8x 9.6x x 2.1x 2.7x 13.4x 15.5x 11.3x $55,398 $43,858 $43,677 $ % 305% 226% Tamarack Valley TVE $ x 8.2x 6.3x x 1.1x 1.2x 8.4x 9.0x 7.1x $64,927 $53,647 $47,895 $ % 206% 124% Average 9.6x 10.6x 6.5x 3.8x 4.0x 2.5x 11.7x 11.9x 7.8x $63,614 $49,066 $43,486 $ % 180% 118% 1) Price targets are 12 to 18 months. 2) All Encana figures are in $USD unless stated otherwise. 3) nm = not meaningful, na = not available, R = restricted. 4) Only includes Freehold Royalties and PrairieSky Royalty. Source: Company reports and CIBC World Markets Inc. 9

10 10 Exhibit 9. Comparables (Strip Pricing) International E&Ps And Oilfield Services Companies P/CF P/E D/CF EV/DACF EV/Boe/d EV/P+P NAV % Company Ticker Price E 2017E E 2017E E 2017E E 2017E E 2017E Reserves P/Core P/Risked P/Unrisked International Bankers Petroleum BNK $ x 12.8x 11.7x nm 0.0x 1.1x 2.1x 7.8x 7.5x $22,926 $32,159 $37,022 $ % 52% -- Canacol Energy CNE $ x 9.6x 5.5x x 4.8x 1.6x 7.3x 10.9x 4.6x $70,721 $79,138 $51,148 $ % 111% -- Gran Tierra Energy GTE $ x 10.2x 7.3x nm nm nm 7.4x 7.0x 5.5x $40,645 $40,684 $39,512 $ % 137% -- Parex Resources PXT $ x 17.0x 12.5x nm nm nm 10.7x 11.7x 9.0x $69,371 $67,038 $64,377 $ % 135% -- TransGlobe Energy TGL $2.25 nm 39.2x 14.1x x nm nm nm nm nm $3,267 $8,728 $13,562 $ % 78% -- Average 9.4x 17.8x 10.2x 6.8x 2.4x 1.4x 6.9x 9.3x 6.7x $41,386 $45,550 $41,124 $ % 103% Oilfield Services EV/EBITDA P/TBook Black Diamond Group BDI $ x 5.0x 7.3x 18.2x nm nm 1.9x 2.9x 3.0x 4.4x 7.3x 5.4x x Calfrac Well Services CFW $3.11 nm nm 12.9x nm nm nm nm nm 34.6x 26.6x nm 14.1x x Canyon Services Group FRC $ x nm 12.4x nm nm nm 2.5x nm 2.0x 13.7x nm 13.9x x Enerflex EFX $ x 7.7x 6.0x 10.1x nm 14.0x 2.7x 2.8x 2.1x 5.3x 7.0x 6.5x x Ensign Energy Services ESI $ x 5.8x 4.8x nm nm nm 2.6x 3.0x 2.3x 5.7x 9.6x 6.9x x Mullen Group MTL $ x 12.3x 11.5x 35.8x 34.7x 27.6x 3.2x 3.2x 2.7x 9.1x 11.2x 9.3x x Pason Systems PSI $ x nm 23.1x nm nm nm nm nm nm 13.2x 41.2x 21.4x x Precision Drilling PD $ x 13.0x 8.5x nm nm nm 4.9x 11.1x 6.8x 7.3x 15.8x 9.9x x Savanna Energy Services SVY $ x 3.7x 3.7x nm nm nm 3.3x 7.0x 7.5x 3.8x 6.5x 5.9x x Secure Energy Services SES $ x 15.7x 11.3x nm nm nm 1.9x 1.6x 0.9x 12.0x 17.2x 11.5x x Total Energy Services TOT $ x 24.5x 14.5x 42.6x nm 38.0x 2.7x 1.2x 1.2x 9.9x 31.4x 12.4x x Trican Well Service TCW $2.03 nm nm 7.3x nm nm nm nm nm 5.2x nm nm 11.6x x Trinidad Drilling TDG $ x 16.3x 14.2x nm nm nm 4.5x 16.3x 14.9x 6.6x 8.0x 9.9x x Western Energy Services WRG $ x nm 30.0x nm nm nm 4.0x nm 30.8x 7.3x 34.9x 14.9x x Average 9.1x 11.6x 12.0x 26.7x 34.7x 26.5x 3.1x 5.5x 8.8x 9.6x 17.3x 11.0x 1.4x 1) Price targets are 12 to 18 months. 2) nm = not meaningful, na = not available, R = restricted. 3) Oilfield Services, Junior E&Ps, Large Caps and Integrated E&Ps D/CF calculated using Net Debt; Dividend-Paying, and International's D/CF calculated using Current Assets minus Current Liabilities Source: Company reports and CIBC World Markets Inc.

11 11 Exhibit 10. CIBC Vs. Consensus Integrated, Large Cap, Dividend-Paying And Junior E&Ps Source: Company reports, Bloomberg and CIBC World Markets Inc. 2016E CFPS 2016E Production 2017E CFPS 2017E Production Company Ticker CIBC Base Consensus Difference CIBC Strip CIBC Base Consensus Difference CIBC Base Consensus Difference CIBC Strip CIBC Base Consensus Difference Integrated Cenovus Energy CVE $1.43 $ % $ , ,331 1% $2.20 $ % $ , ,480 5% Husky Energy HSE R R R R R R R R R R R R R R Imperial Oil IMO $2.56 $2.54 1% $ , ,879-9% $4.51 $4.15 9% $ , ,402 1% Suncor Energy SU R R R R R R R R R R R R R R Average 18% -4% 14% 3% Large Cap Canadian Natural Resources CNQ $3.71 $3.44 8% $ , ,236 1% $6.98 $ % $ , ,122 1% Crescent Point Energy CPG $3.06 $2.96 4% $ , ,228 0% $3.82 $ % $ , ,976-1% Encana ECA (US) $0.78 $ % $ , ,033-1% $1.67 $1.68-1% $ , ,882-1% MEG Energy MEG -$0.11 -$ % $ ,150 81,781-1% $2.79 $ % $ ,350 82,361-1% Tourmaline Oil TOU $3.42 $ % $ , ,237-1% $4.87 $4.48 9% $ , ,454 0% Average -16% 0% 37% -1% Dividend-Paying Cardinal Energy CJ R R R R R R R R R R R R R R Freehold Royalties FRU $0.82 $0.80 3% $ ,400 11,515-1% $0.98 $1.00-3% $ ,303 10,958-6% Granite Oil GXO R R R R R R R R R R R R R R PrairieSky Royalty PSK $0.82 $0.80 2% $ ,266 21,755 2% $1.01 $0.96 5% $ ,827 21,166 3% TORC Oil & Gas TOG $0.67 $0.64 4% $ ,175 18,175 0% $1.19 $ % $ ,650 18,509 1% E&P Dividend-Paying Group Average 3% 0% 7% -1% Junior Advantage Oil & Gas AAV $0.88 $0.83 6% $ ,497 32,699-1% $1.17 $1.09 8% $ ,962 38,740 1% Bellatrix Exploration BXE $0.47 $ % $ ,816 37,208 2% $0.86 $ % $ ,000 35,884 6% Birchcliff Energy BIR $0.81 $ % $ ,625 40,434 0% $1.57 $ % $ ,500 43,589 4% Crew Energy CR $0.56 $ % $ ,019 24,028 0% $0.83 $0.76 8% $ ,805 25,789 0% Journey Energy JOY $0.35 $ % $0.39 8,900 8,796 1% $0.70 $ % $0.64 8,500 7,949 7% Kelt Exploration KEL $0.31 $ % $ ,439 21,499 0% $0.65 $ % $ ,600 21,716-1% NuVista Energy NVA $0.74 $0.73 1% $ ,970 25,277-1% $0.92 $ % $ ,475 26,351 4% Painted Pony Petroleum PPY $0.55 $0.51 7% $ ,785 22,906-1% $1.39 $1.42-2% $ ,285 46,534-5% Paramount Resources POU $0.78 $ % $ ,400 47,572 0% $2.02 $1.92 5% $ ,500 51,830 7% Pine Cliff Energy PNE $0.08 $ % $ ,504 22,288 1% $0.21 $ % $ ,981 20,638 11% Raging River Exploration RRX $0.78 $0.76 3% $ ,870 17,799 0% $1.31 $ % $ ,070 21,323-1% RMP Energy RMP $0.32 $0.30 7% $0.32 9,200 9,168 0% $0.51 $ % $0.45 9,440 8,947 6% Seven Generations Energy VII $2.07 $2.00 3% $ , ,435 2% $3.01 $2.97 2% $ , ,006 1% Spartan Energy SPE $0.19 $0.19-3% $ ,188 9,957 2% $0.39 $ % $ ,639 11,623 9% Storm Resources SRX $0.30 $0.30 2% $ ,781 13,191-3% $0.61 $ % $ ,263 16,217 6% Tamarack Valley TVE $0.46 $0.43 7% $0.48 9,481 9,269 2% $0.74 $ % $ ,145 9,709 15% Average 11% 0% 17% 4% 1) All Encana figures are in $USD unless stated otherwise. Consensus numbers converted from $CAD to $USD using currency strip pricing; 0.70 USD/CAD for 2015 and 0.70 USD/CAD for ) nm = not meaningful, na = not available, R = restricted.

12 12 Exhibit 11. CIBC Vs. Consensus International E&Ps And Oilfield Services Companies 2016E CFPS 2016E Production 2017E CFPS 2017E Production Company Ticker CIBC Base Consensus Difference CIBC Strip CIBC Base Consensus Difference CIBC Base Consensus Difference CIBC Strip CIBC Base Consensus Difference International Bankers Petroleum BNK $0.15 $ % $ ,297 16,527 95% $0.31 $ % $ ,235 16, % Canacol Energy CNE $0.45 $ % $ ,622 16, % $0.80 $ % $ ,333 20, % Gran Tierra Energy GTE $0.39 $ % $ ,832 25,665 59% $0.53 $ % $ ,122 27,815 44% Parex Resources PXT $0.74 $ % $ ,249 29, % $1.41 $ % $ ,244 33,476 86% TransGlobe Energy TGL $0.01 $ % $0.06 8,999 11,512-22% $0.40 $ % $ ,838 12,458-5% Average -43% 130% -34% 75% Oilfield Services 2016E Revenue 2016E EBITDA 2017E Revenue 2017E EBITDA Company Ticker CIBC Base Consensus Difference CIBC Base Consensus Difference CIBC Base Consensus Difference CIBC Base Consensus Difference Black Diamond Group BDI $184 $187-2% $52 $54-4% $192 $204-6% $62 $61 1% Calfrac Well Services CFW $910 $813 12% $4 -$12-139% $1,278 $1,081 18% $94 $69 35% Canyon Services Group FRC $219 $250-13% -$5 -$3 48% $350 $378-7% $37 $38-2% Enerflex EFX $1,123 $1,037 8% $164 $157 4% $1,310 $1,184 11% $172 $192-10% Ensign Energy Services ESI $840 $882-5% $174 $178-2% $1,117 $1,032 8% $237 $210 13% Mullen Group MTL $989 $1,055-6% $172 $176-2% $1,093 $1,218-10% $202 $225-10% Pason Systems PSI $163 $158 3% $33 $30 11% $229 $227 1% $66 $76-13% Precision Drilling PD $900 $932-3% $225 $254-11% $1,196 $1,177 2% $346 $316 10% Savanna Energy Services SVY $294 $303-3% $63 $56 13% $384 $368 4% $73 $64 14% Secure Energy Services SES $1,029 $922 12% $91 $93-2% $1,299 $1,251 4% $135 $150-10% Total Energy Services TOT $165 $191-13% $15 $16-6% $299 $268 12% $38 $46-17% Trican Well Service TCW $377 $415-9% -$20 -$24-18% $583 $581 0% $53 $48 11% Trinidad Drilling TDG $272 $365-26% $144 $143 1% $351 $429-18% $119 $128-8% Western Energy Services WRG $115 $121-5% $13 $12 5% $208 $199 4% $32 $36-10% Average -4% -7% 2% 0% 1) nm = not meaningful, na = not available, R = restricted. Source: Company reports, Bloomberg and CIBC World Markets Inc.

13 Exhibit 12. Senior Oil & Gas Producers Operating Metrics CIBC Base Price Case Production Per Share Growth CFPS Growth EPS Growth E 2017E 2018E E 2017E 2018E E 2017E 2018E Cenovus Energy CVE 6% -2% -4% 11% 3% -4% -55% -31% 54% 37% -46% -159% 49% -102% 4230% Husky Energy HSE R R R R R R R R R R R R R R R Imperial Oil IMO 5% 18% 5% 13% 7% 24% -47% -23% 76% 23% 9% -67% -52% 288% 34% Suncor Energy SU R R R R R R R R R R R R R R R Integrated Average 6% 8% 1% 12% 5% 10% -51% -27% 65% 30% -18% -113% -1% 93% 2132% Canadian Natural Resources CNQ 18% 8% -2% 2% 1% 27% -39% -30% 88% 25% 55% -93% -635% -238% 81% Crescent Point Energy CPG 8% 2% -4% -1% -1% 8% -29% -24% 25% 17% 96% -45% -130% -240% 162% Encana ECA (US) -8% -24% -17% -6% 12% 13% -56% -55% 115% 48% 25% -105% 710% -126% 366% MEG Energy MEG 99% 20% 0% 0% 1% 215% -94% -148% -2746% 42% nm -251% 11% -94% -837% Tourmaline Oil TOU 40% 29% 20% 4% 3% 64% -14% -14% 42% 5% 178% -84% -64% 696% 10% Large Cap Average 31% 7% -1% 0% 3% 66% -46% -54% -495% 27% 88% -116% -22% -1% -44% Total Average 24% 7% 0% 3% 4% 50% -48% -46% -335% 28% 53% -115% -16% 26% 578% Production (Boe/d) Total Cash Flow/Boe FCF Yield E 2017E 2018E E 2017E 2018E E 2017E 2018E Cenovus Energy CVE 284, , , , ,616 $33.47 $16.52 $11.96 $16.71 $ % 17% -1% 2% 2% Husky Energy HSE R R R R R R R R R R R R R R R Imperial Oil IMO 309, , , , ,531 $46.99 $21.70 $15.51 $24.09 $ % -2% 10% 4% 5% Suncor Energy SU R R R R R R R R R R R R R R R Integrated Average $40.23 $19.11 $13.74 $20.40 $ % 8% 4% 3% 3% Canadian Natural Resources CNQ 790, , , , ,710 $33.24 $18.60 $13.36 $24.64 $ % 3% 1% 13% 18% Crescent Point Energy CPG 140, , , , ,651 $46.86 $32.45 $25.56 $32.12 $ % 1% 4% 9% 12% Encana ECA (US) 478, , , , ,423 $15.53 $9.65 $5.21 $11.97 $ % 15% 9% 6% 13% MEG Energy MEG 67,265 80,964 81,150 81,350 82,000 $31.49 $1.16 -$0.85 $21.12 $ % -11% -12% 18% 18% Tourmaline Oil TOU 112, , , , ,667 $22.54 $15.09 $10.88 $14.96 $ % -13% -1% 0% -4% Large Cap Average $29.93 $15.39 $10.83 $20.96 $ % -1% 0% 9% 11% Total Average $32.87 $16.45 $11.66 $20.80 $ % 2% 2% 8% 9% 1) Price targets are 12 to 18 months. 2) All Encana figures are in $USD unless stated otherwise. 3) nm = not meaningful, na = not available, R = restricted. Source: Company reports and CIBC World Markets Inc. 13

14 14 Exhibit 13. Senior Oil & Gas Producers Operating Metrics Forward Strip Case Production Per Share Growth CFPS Growth EPS Growth E 2017E 2018E E 2017E 2018E E 2017E 2018E Cenovus Energy CVE 6% -2% -4% 11% 3% -4% -55% 0% 20% 11% -46% -159% -80% -176% 270% Husky Energy HSE R R R R R R R R R R R R R R R Imperial Oil IMO 5% 18% 5% 13% 7% 24% -47% 21% 17% 4% 9% -67% 69% 20% 0% Suncor Energy SU R R R R R R R R R R R R R R R Integrated Average 6% 8% 1% 12% 5% 10% -51% 11% 19% 7% -18% -113% -5% -78% 135% Canadian Natural Resources CNQ 18% 8% -2% 2% 1% 27% -39% -27% 50% 11% 55% -93% -578% -164% 76% Crescent Point Energy CPG 8% 2% -4% -1% -1% 8% -29% -22% 1% -1% 96% -45% -120% 11% -6% Encana ECA (US) -8% -24% -17% -6% 12% 13% -56% -56% 63% 15% 25% -105% 717% -72% -55% MEG Energy MEG 99% 20% 0% 0% 1% 215% -94% -44% 1024% 39% % -251% 6% -48% -54% Tourmaline Oil TOU 40% 29% 20% 4% 3% 64% -14% -19% 36% 3% 178% -84% -107% -2943% 2% Large Cap Average 31% 7% -1% 0% 3% 66% -46% -34% 235% 14% -3736% -116% -16% -643% -7% Total Average 24% 7% 0% 3% 4% 50% -48% -21% 173% 12% -2674% -115% -13% -482% 33% Production (Boe/d) Total Cash Flow/Boe FCF Yield E 2017E 2018E E 2017E 2018E E 2017E 2018E Cenovus Energy CVE 284, , , , ,616 $33.47 $16.52 $17.34 $18.87 $ % 17% 2% 4% 1% Husky Energy HSE R R R R R R R R R R R R R R R Imperial Oil IMO 309, , , , ,531 $46.99 $21.70 $24.36 $25.15 $ % -2% 13% 5% 3% Suncor Energy SU R R R R R R R R R R R R R R R Integrated Average $40.23 $19.11 $20.85 $22.01 $ % 8% 8% 4% 2% Canadian Natural Resources CNQ 790, , , , ,710 $33.24 $18.60 $13.82 $20.40 $ % 3% 1% 9% 11% Crescent Point Energy CPG 140, , , , ,651 $46.86 $32.45 $26.38 $26.85 $ % 1% 5% 6% 6% Encana ECA (US) 478, , , , ,423 $15.53 $9.65 $5.16 $9.03 $ % 15% 9% 1% 0% MEG Energy MEG 67,265 80,964 81,150 81,350 82,000 $31.49 $1.16 $0.87 $10.34 $ % -11% -8% -3% -13% Tourmaline Oil TOU 112, , , , ,667 $22.54 $15.09 $10.16 $13.40 $ % -13% -2% -1% -6% Large Cap Average $29.93 $15.39 $11.28 $16.00 $ % -1% 1% 2% 0% Total Average $32.87 $16.45 $14.01 $17.72 $ % 2% 3% 3% 0% 1) Price targets are 12 to 18 months. 2) All Encana figures are in $USD unless stated otherwise. 3) nm = not meaningful, na = not available, R = restricted. Source: Company reports and CIBC World Markets Inc.

15 Exhibit 14. Senior Oil & Gas Producers Valuation CIBC Base Price Case Net Debt/Capitalization Net Debt/Cash Flow Total Payout Ratio E 2017E 2018E E 2017E 2018E E 2017E 2018E Cenovus Energy CVE 31% 16% 15% 17% 15% 1.3x 1.4x 1.9x 1.3x 0.9x 103% -38% 127% 88% 93% Husky Energy HSE R R R R R R R R R R R R R R R Imperial Oil IMO 23% 26% 19% 16% 12% 1.3x 2.9x 2.6x 1.2x 0.8x 97% 132% -29% 76% 77% Suncor Energy SU R R R R R R R R R R R R R R R Integrated Average 27% 21% 17% 16% 14% 1.3x 2.2x 2.2x 1.3x 0.8x 100% 47% 49% 82% 85% Canadian Natural Resources CNQ 33% 38% 39% 32% 17% 1.5x 3.0x 4.1x 1.6x 0.6x 136% 97% 114% 48% 37% Crescent Point Energy CPG 24% 30% 29% 24% 17% 1.3x 2.2x 2.6x 1.6x 0.9x 160% 123% 78% 58% 52% Encana ECA (US) 42% 45% 41% 38% 31% 2.4x 3.6x 6.6x 2.9x 1.6x 175% 38% 14% 74% 60% MEG Energy MEG 44% 57% 58% 55% 48% 4.7x 96.7x nm 7.1x 4.4x 166% 412% -643% 55% 70% Tourmaline Oil TOU 21% 23% 19% 18% 20% 1.2x 1.8x 1.6x 1.1x 1.3x 168% 181% 101% 97% 126% Large Cap Average 33% 38% 37% 33% 27% 2.2x 21.5x 3.7x 2.9x 1.8x 161% 170% -67% 66% 69% Total Average 31% 34% 31% 28% 23% 1.9x 16.0x 3.2x 2.4x 1.5x 144% 135% -34% 71% 74% Source: Company reports and CIBC World Markets Inc. EV/DACF P/EPS P/RNAV E 2017E 2018E E 2017E 2018E CIBC Base US$40/Bbl, US$2.50/Mcf US$50/Bbl, US$3.00/Mcf US$60/Bbl, US$3.50/Mcf Cenovus Energy CVE 7.1x 9.6x 13.3x 8.7x 6.6x 22.5x na na na 25.6x 83% nm 169% 103% 75% Husky Energy HSE R R R R R R R R R R R R R R R Imperial Oil IMO 7.6x 14.8x 18.0x 10.1x 8.0x 11.0x na na 17.7x 13.2x 95% nm 232% 118% 82% Suncor Energy SU R R R R R R R R R R R R R R R Integrated Average 7.4x 12.2x 15.7x 9.4x 7.3x 16.7x na na 17.7x 19.4x 89% nm 201% 111% 79% Canadian Natural Resources CNQ 6.0x 9.1x 12.4x 6.6x 4.8x 10.6x na na 20.6x 11.4x 122% nmf 262% 139% 95% Crescent Point Energy CPG 8.4x 7.8x 8.5x 6.6x 5.3x 10.6x na na 20.6x 11.4x 89% nm 212% 114% 80% Encana ECA (US) 3.8x 5.8x 11.8x 6.1x 4.1x 6.0x na na na 11.0x 50% nm 296% 106% 57% MEG Energy MEG 6.7x 22.1x 22.7x 6.8x 4.9x 10.6x 29.7x na 24.9x 17.0x 35% nm nm 45% 24% Tourmaline Oil TOU 11.7x 9.6x 11.4x 7.4x 7.3x 13.8x na na 29.2x 26.5x 81% nm 169% 90% 64% Large Cap Average 7.3x 10.9x 13.3x 6.7x 5.3x 10.3x 29.7x na 23.8x 15.5x 75% nm 235% 99% 64% Total Average 7.4x 11.2x 14.0x 7.5x 5.8x 12.1x 29.7x na 22.6x 16.6x 79% nm 223% 102% 68% 1) Price targets are 12 to 18 months. 2) All Encana figures are in $USD unless stated otherwise. 3) nm = not meaningful, na = not available, R = restricted. US$70/Bbl, US$4.00/Mcf 15

16 16 Exhibit 15. Senior Oil & Gas Producers Valuation Forward Strip Case Net Debt/Capitalization Net Debt/Cash Flow Total Payout Ratio E 2017E 2018E E 2017E 2018E E 2017E 2018E Cenovus Energy CVE 31% 16% 11% 11% 11% 1.3x 1.4x 1.0x 0.7x 0.7x 103% nm 88% 78% 102% Husky Energy HSE R R R R R R R R R R R R R R R Imperial Oil IMO 23% 26% 15% 11% 9% 1.3x 2.9x 1.3x 0.8x 0.7x 97% 132% -18% 73% 87% Suncor Energy SU R R R R R R R R R R R R R R R Integrated Average 27% 21% 13% 11% 10% 1.3x 2.2x 1.1x 0.8x 0.7x 100% 132% 35% 76% 94% Canadian Natural Resources CNQ 33% 38% 39% 35% 28% 1.5x 3.0x 3.9x 2.1x 1.4x 136% 97% 110% 57% 49% Crescent Point Energy CPG 24% 30% 28% 26% 24% 1.3x 2.2x 2.5x 2.1x 1.8x 160% 123% 76% 70% 73% Encana ECA (US) 42% 45% 41% 41% 41% 2.4x 3.6x 6.7x 4.1x 3.6x 175% 38% 14% 98% 101% MEG Energy MEG 44% 57% 57% 58% 59% 4.7x na nm 15.6x 11.6x 166% 412% 557% 112% 147% Tourmaline Oil TOU 21% 23% 20% 20% 24% 1.2x 1.8x 1.8x 1.4x 1.8x 168% 181% 108% 109% 145% Large Cap Average 33% 38% 37% 36% 35% 2.2x 2.7x 3.7x 5.1x 4.1x 161% 170% 173% 89% 103% Total Average 31% 34% 30% 29% 28% 1.9x 2.5x 2.9x 3.8x 3.1x 144% 164% 133% 85% 101% Source: Company reports and CIBC World Markets Inc. EV/DACF P/EPS P/RNAV E 2017E 2018E E 2017E 2018E Forward Strip US$40/Bbl, US$2.50/Mcf US$50/Bbl, US$3.00/Mcf US$60/Bbl, US$3.50/Mcf Cenovus Energy CVE 7.1x 9.6x 9.9x 7.4x 6.8x 22.5x na na na na 88% nm 169% 103% 75% Husky Energy HSE R R R R R R R R R R R R R R R Imperial Oil IMO 7.6x 14.8x 11.1x 9.3x 8.8x 11.0x na 19.6x 16.3x 16.2x 103% nm 232% 118% 82% Suncor Energy SU R R R R R R R R R R R R R R R Integrated Average 7.4x 12.2x 10.5x 8.4x 7.8x 16.7x na 19.6x 16.3x 16.2x 96% nm 201% 111% 79% Canadian Natural Resources CNQ 6.0x 9.1x 12.0x 8.2x 6.9x 10.6x na na na 28.2x 198% nmf 262% 139% 95% Crescent Point Energy CPG 8.4x 7.8x 8.2x 7.9x 7.7x 10.6x na na na 28.2x 140% nm 212% 114% 80% Encana ECA (US) 3.8x 5.8x 11.9x 7.8x 7.1x 7.6x na na na na 139% nm 296% 106% 57% MEG Energy MEG 6.7x 22.1x 18.7x 11.2x 9.9x 6.1x na na na na 143% nm nm 45% 24% Tourmaline Oil TOU 11.7x 9.6x 12.2x 8.4x 8.5x 13.8x na na na na 87% nm 169% 90% 64% Large Cap Average 7.3x 10.9x 12.6x 8.7x 8.0x 9.7x na na na 2821% 142% nm 235% 99% 64% Total Average 7.4x 11.2x 12.0x 8.6x 8.0x 11.7x na 19.6x 16.3x 24.2x 129% nm 223% 102% 68% 1) Price targets are 12 to 18 months. 2) All Encana figures are in $USD unless stated otherwise. 3) nm = not meaningful, na = not available, R = restricted. US$70/Bbl, US$4.00/Mcf

17 Exhibit 16. Senior Oil & Gas Producers Per Share Metrics CIBC Base Price Case Forward Strip Case Cash Flow Per Share ($) Earnings Per Share ($) Cash Flow Per Share ($) Earnings Per Share ($) E 2016E 2017E 2018E E 2016E 2017E 2018E E 2016E 2017E 2018E E 2016E 2017E 2018E Cenovus Energy CVE $4.59 $2.07 $1.43 $2.20 $3.01 $0.84 -$0.49 -$0.74 $0.02 $0.73 $4.59 $2.07 $2.07 $2.48 $2.75 $0.84 -$0.49 -$0.10 $0.07 $0.28 CAGR (%) -4% -34% -33% -18% -9% -46% na -178% -68% -14% -4% -34% -24% -15% -10% -5% na -183% -17% -10% Husky Energy HSE R R R R R R R R R R R R R R R R R R R R CAGR (%) R R R R R R R R R R R R R R R R R R R R Imperial Oil IMO $6.25 $3.32 $2.56 $4.51 $5.53 $3.63 $1.21 $0.58 $2.25 $3.03 $6.25 $3.32 $4.02 $4.71 $4.88 $3.63 $1.21 $2.04 $2.45 $2.46 CAGR (%) 24% -19% -20% -3% 2% 9% -40% -44% -9% -2% 24% -19% -7% -2% -1% 1% -7% -3% -2% -2% Suncor Energy SU R R R R R R R R R R R R R R R R R R R R CAGR (%) R R R R R R R R R R R R R R R R R R R R Integrated Average $5.42 $2.69 $1.99 $3.35 $4.27 $2.23 $0.36 -$0.08 $1.13 $1.88 $5.42 $2.69 $3.04 $3.59 $3.82 $2.23 $0.36 $0.97 $1.26 $1.37 CAGR (%) Average 10% -26% -26% -9% -3% -8% -62% -132% -17% -5% 10% -26% -15% -8% -5% -8% -62% -26% -15% -11% Canadian Natural Resources CNQ $8.74 $5.29 $3.71 $6.98 $8.69 $3.47 $0.24 -$1.29 $1.78 $3.21 $8.74 $5.29 $3.84 $5.78 $6.41 $3.47 $0.24 -$1.15 $0.74 $1.30 CAGR (%) 27% -12% -18% 0% 5% 55% -67% -183% -6% 8% 27% -12% -18% -4% -1% 3% -15% -196% -7% -3% Encana ECA $3.96 $1.74 $0.78 $1.67 $2.47 $1.35 -$0.07 -$0.60 $0.16 $0.73 $3.96 $1.74 $0.77 $1.26 $1.45 $1.35 -$0.07 -$0.61 -$0.17 -$0.08 CAGR (%) 13% -29% -39% -17% -7% 25% na -182% -38% -8% 13% -29% -40% -23% -16% 2% na -196% na -186% MEG Energy MEG $3.52 $0.22 -$0.11 $2.79 $3.98 $1.10 -$1.67 -$1.86 -$0.10 $0.76 $3.52 $0.22 -$0.11 $2.79 $3.98 $1.10 -$1.67 -$1.77 -$0.92 -$0.43 CAGR (%) 215% -56% -146% 26% 29% % 1593% 583% 105% -365% 215% -56% -146% 26% 29% -250% 50% 46% 37% 29% Tourmaline Oil TOU $4.58 $3.96 $3.42 $4.87 $5.12 $2.29 $0.37 $0.14 $1.08 $1.19 $4.58 $3.96 $3.20 $4.36 $4.47 $2.29 $0.37 -$0.03 $0.71 $0.73 CAGR (%) 64% 19% 7% 15% 13% 178% -33% -45% 7% 8% 64% 19% 5% 12% 10% 8% -5% -179% -1% -1% Large Cap Average $5.20 $2.80 $1.95 $4.08 $5.06 $2.05 -$0.28 -$0.90 $0.73 $1.47 $5.20 $2.80 $1.93 $3.55 $4.08 $2.05 -$0.28 -$0.89 $0.09 $0.38 CAGR (%) Average 46% -11% -18% 3% 7% 99% na -196% -8% 7% 46% -11% -19% 0% 3% 99% na -195% -46% -18% Total Average $5.27 $2.77 $1.97 $3.84 $4.80 $2.11 -$0.07 -$0.63 $0.86 $1.61 $5.27 $2.77 $2.30 $3.56 $3.99 $2.11 -$0.07 -$0.27 $0.48 $0.71 CAGR (%) Average 31% -17% -21% -1% 4% 41% na -175% -13% 1% 31% -17% -17% -3% 0% 41% na -156% -25% -14% 1) Price targets are 12 to 18 months. 2) All Encana figures are in $USD unless stated otherwise. 3) nm = not meaningful, na = not available, R = restricted. Source: Company reports and CIBC World Markets Inc. 17

18 18 Exhibit 17. Senior Oil & Gas Producers Capital Expenditures, Cash Flow And Free Cash Flow CIBC Base Price Case Net Capital Expenditures ($ millions) Cash Flow ($ millions) Free Cash Flow ($ million) - net of A&D E 2017E 2018E E 2017E 2018E E 2017E 2018E Cenovus Energy CVE $2,791 -$1,172 $1,333 $1,446 $2,165 $3,479 $1,691 $1,181 $1,828 $2,502 $687 -$71 -$152 $382 $336 Husky Energy HSE R R R R R R R R R R R R R R R Imperial Oil IMO $4,736 $3,380 -$1,121 $2,420 $3,104 $5,315 $2,901 $2,176 $3,833 $4,704 -$272 -$621 $464 $1,413 $1,601 Suncor Energy SU R R R R R R R R R R R R R R R Integrated Average $3,764 $1,104 $106 $1,933 $2,634 $4,397 $2,296 $1,678 $2,831 $3,603 $207 -$346 $156 $898 $969 Canadian Natural Resources CNQ $11,581 $4,309 $3,810 $2,627 $2,470 $9,202 $5,495 $4,014 $7,643 $9,523 $521 $2,012 $303 $5,016 $7,053 Crescent Point Energy CPG $3,014 $1,628 $959 $950 $1,000 $2,408 $1,938 $1,555 $1,937 $2,259 -$1,452 $287 $588 $987 $1,259 Encana ECA $4,987 $394 $44 $999 $1,199 $2,966 $1,438 $660 $1,416 $2,095 $440 -$794 -$289 $417 $896 MEG Energy MEG $1,315 $204 $153 $347 $627 $791 $49 -$24 $629 $896 -$523 -$264 -$177 $282 $268 Tourmaline Oil TOU $1,564 $1,536 $790 $1,100 $1,500 $929 $850 $784 $1,129 $1,187 -$167 -$771 -$170 $29 -$313 Large Cap Average $4,492 $1,614 $1,151 $1,204 $1,359 $3,259 $1,954 $1,398 $2,551 $3,192 -$236 $94 $51 $1,346 $1,833 Total Average $4,284 $1,468 $852 $1,413 $1,724 $3,584 $2,052 $1,478 $2,631 $3,309 -$109 -$32 $81 $1,218 $1,586 Forward Strip Case Net Capital Expenditures ($ millions) Cash Flow ($ millions) Free Cash Flow ($ million) - net of A&D E 2017E 2018E E 2017E 2018E E 2017E 2018E Cenovus Energy CVE $2,791 -$1,172 $1,333 $1,446 $2,165 $3,479 $1,691 $1,712 $2,064 $2,289 $687 -$71 $379 $618 $124 Husky Energy HSE R R R R R R R R R R R R R R R Imperial Oil IMO $4,736 $3,380 -$1,121 $2,420 $3,104 $5,315 $2,901 $3,417 $4,002 $4,151 -$272 -$621 $1,706 $1,582 $1,048 Suncor Energy SU R R R R R R R R R R R R R R R Integrated Average $3,764 $1,104 $106 $1,933 $2,634 $4,397 $2,296 $2,565 $3,033 $3,220 $207 -$346 $1,042 $1,100 $586 Canadian Natural Resources CNQ $11,581 $4,309 $3,810 $2,627 $2,470 $9,202 $5,495 $4,153 $6,327 $7,027 $521 $2,012 $442 $3,701 $4,557 Crescent Point Energy CPG $3,014 $1,628 $959 $950 $1,000 $2,408 $1,938 $1,605 $1,619 $1,610 -$1,452 $287 $638 $669 $610 Encana ECA $4,987 $394 $44 $999 $1,199 $2,966 $1,438 $654 $1,069 $1,233 $440 -$794 -$295 $70 $34 MEG Energy MEG $1,315 $204 $153 $347 $632 $791 $49 $28 $309 $430 -$523 -$264 -$126 -$38 -$202 Tourmaline Oil TOU $1,564 $1,536 $790 $1,100 $1,500 $929 $850 $733 $1,010 $1,037 -$167 -$771 -$222 -$90 -$463 Large Cap Average $4,492 $1,614 $1,151 $1,205 $1,360 $3,259 $1,954 $1,435 $2,067 $2,268 -$236 $94 $88 $862 $907 Total Average $4,284 $1,468 $852 $1,413 $1,724 $3,584 $2,052 $1,757 $2,343 $2,540 -$109 -$32 $360 $930 $815 1) Price targets are 12 to 18 months. 2) All Encana figures are in $USD unless stated otherwise. 3) nm = not meaningful, na = not available, R = restricted. Source: Company reports and CIBC World Markets Inc.

19 Exhibit 18. Dividend-paying E&Ps Comparables CIBC Base Price Case Share O/S 1 Mkt. Cap. Net Bank Debt 1 Other Debt 1 Enterprise Value CFPS 2 P/CF EV/DACF 3. Development Capex ($MM) Total Payout (%) D/CF Company Ticker Price (MM) ($MM) ($MM) ($MM) ($MM) 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E Debt/EV Bank Line Price Return Rating 5. Analyst Cardinal Energy CJ $9.49 R R R R R R R R R R R R R R R R R R R R R R R R R R R R Gill Freehold Royalties FRU $ $1,113 $147 $0 $1,260 $1.15 $0.82 $ x 13.9x 11.6x 14.6x 14.8x 11.8x -$22 -$7 -$10 108% 76% 58% 1.4x 0.8x 0.2x 9% 0% $ % SP Grayfer Granite Oil GXO $7.34 R R R R R R R R R R R R R R R R R R R R R R R R R R R R Gill PrairieSky Royalty PSK $ $5,584 -$210 $0 $5,374 $1.14 $0.82 $ x 29.9x 24.1x 31.2x 29.0x 23.2x $25 $0 $0 531% 96% 71% -1.2x -1.2x -1.3x -9% nm $ % SO Grayfer TORC Oil & Gas TOG $ $1,402 $286 $0 $1,688 $0.93 $0.67 $ x 12.8x 7.2x 12.4x 14.1x 7.8x $106 $90 $ % 120% 74% 2.3x 2.7x 1.2x 17% 59% $8.50 3% SO Gill Group Total/Average $2,700 $216 $0 $2, x 18.9x 14.3x 19.4x 19.3x 14.2x $65 $45 $55 260% 97% 68% 1.9x 1.8x 0.7x 13% 30% $ % Current Unutilized 12 Month Target Div. Core NAV Upside NAV Reserves Metrics 6 Hedging (Avg. 12 Mth Out) Production Volumes (Boe/d) Production EV/Boe/d 9 % Gas Yield (%) PPSG Yield (%) Operating Netbacks ($/Boe) Cash Netbacks ($/Boe) Company Ticker P+P P/CNAV 7 Risked P/RNAV 7 Unrisked P/URNAV 7 EV/Boe 8 RLI 2P Oil (Boe/d) Gas (Mcf/d) Gain / (Loss) 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E Current 16E/15E 17E/16E 2015E 2016E 2017E 2015E 2016E 2017E Cardinal Energy CJ R R R R R R R R R R R R R R R R R R R R R R R R R R R R R Freehold Royalties FRU $ % na 150% na 150% $ na na na 10,945 11,400 10, , , ,767 38% 40% 43% 4.2% -14% -16% $28.83 $24.86 $33.36 $25.99 $21.61 $30.66 Granite Oil GXO R R R R R R R R R R R R R R R R R R R R R R R R R R R R R PrairieSky Royalty PSK $ % na 278% na 278% $ na na na 17,225 22,266 21, , , ,496 59% 53% 51% 2.9% -12% -2% $23.97 $22.75 $32.06 $28.28 $23.04 $29.07 TORC Oil & Gas TOG $ % $ % $ % $ ,588 18,175 18, ,996 93,687 87,776 12% 12% 12% 2.8% 0% 5% $26.82 $19.58 $32.75 $22.52 $16.66 $29.59 Average 133% 184% 168% $ , , ,013 36% 35% 35% 3.3% 0% 5% $26.54 $22.39 $32.72 $25.60 $20.44 $ Basic shares outstanding are based on most recent quarterly balance, adjusted for recent 4. Includes regular and special dividends. 8. Enterprise value over reserves. acquisitions and financings; net bank debt is net of working capital, as of Q SO: Sector Outperformer; SP: Sector Performer; SU: Sector Underperformer; -S: Speculative. 9. Enterprise value per flowing barrel of oil equivalent production (based on 6 Mcf equalling 1 Bbl of oil). 2. Cash flow per diluted share. 6. Based on 2P adjusted for acquisitions and dispositions. RLI based on Q4/14E production for CJ, GXO and TOG; and 2014E production for FRU and PSK. 3. Enterprise value over debt adjusted cash flow. 7. CNAV = Core net asset value per share; RNAV = Risked net asset value per share; UNNAV = Unrisked net asset value per share. Source: Company reports and CIBC World Markets Inc. 19

20 20 Exhibit 19. Dividend-paying E&Ps Comparables (continued) CIBC Strip Price Case Share O/S 1 Mkt. Cap. Net Bank Debt 1 Other Debt 1 Enterprise Value CFPS 2 P/CF EV/DACF 3. Development Capex ($MM) Total Payout (%) D/CF Company Ticker Price (MM) ($MM) ($MM) ($MM) ($MM) 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E Debt/EV Bank Line Price Return 4. Rating 5. Analyst Cardinal Energy CJ $9.49 R R R R R R R R R R R R R R R R R R R R R R R R R R R R Gill Freehold Royalties FRU $ $1,337 $71 $0 $1,408 $1.15 $0.85 $ x 13.4x 13.1x 14.6x 14.3x 13.3x -$22 -$7 -$10 108% 73% 65% 1.4x 0.8x 0.3x 8% 0% $ % SP Grayfer Granite Oil GXO $7.34 R R R R R R R R R R R R R R R R R R R R R R R R R R R R Gill PrairieSky Royalty PSK $ $5,584 -$226 $0 $5,358 $1.14 $0.82 $ x 29.7x 26.0x 31.2x 28.9x 25.1x $25 $0 $0 531% 95% 77% -1.2x -1.2x -1.3x -9% nm $ % SO Grayfer TORC Oil & Gas TOG $ $1,379 $286 $0 $1,664 $0.93 $0.75 $ x 11.4x 8.2x 12.3x 12.5x 8.7x $106 $90 $ % 107% 85% 2.3x 2.3x 1.4x 17% 59% $8.50 3% SO Gill Group Total/Average $2,766 $179 $0 $2, x 18.2x 15.8x 19.4x 18.5x 15.7x $65 $45 $55 260% 92% 75% 1.9x 1.5x 0.8x 13% 30% $ % Current Unutilized 12 Month Target Div. Core NAV Upside NAV Reserves Metrics 6 Hedging (Avg. 12 Mth Out) Production Volumes (Boe/d) Production EV/Boe/d 9 % Gas Yield (%) PPSG Yield (%) Operating Netbacks ($/Boe) Cash Netbacks ($/Boe) Company Ticker P+P P/CNAV 7 Risked P/RNAV 7 Unrisked P/URNAV 7 EV/Boe 8 RLI 2P Oil (Boe/d) Gas (Mcf/d) Gain / (Loss) 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E Current 16E/15E 17E/16E 2015E 2016E 2017E 2015E 2016E 2017E Cardinal Energy CJ R R R R R R R R R R R R R R R R R R R R R R R R R R R R R Freehold Royalties FRU na 133% na 179% na 179% $ na na na 10,945 11,400 10, , , ,701 38% 40% 43% 4.2% -14% -16% $28.83 $25.62 $30.01 $25.99 $22.40 $27.22 Granite Oil GXO R R R R R R R R R R R R R R R R R R R R R R R R R R R R R PrairieSky Royalty PSK na 130% na 298% na 298% $ na na na 17,225 22,266 21, , , ,226 59% 53% 51% 2.9% -12% -2% $23.97 $22.92 $29.16 $28.28 $23.17 $26.94 TORC Oil & Gas TOG $ % $ % $ % $ ,588 18,175 18, ,496 91,665 87,129 12% 12% 12% 2.8% 0% 5% $26.82 $21.56 $29.14 $22.52 $18.68 $25.96 Average 158% 218% 197% $ , , ,352 36% 35% 35% 3.3% 0% 5% $26.54 $23.36 $29.44 $25.60 $21.42 $ Basic shares outstanding are based on most recent quarterly balance, adjusted for recent 4. Includes regular and special dividends. 8. Enterprise value over reserves. acquisitions and financings; net bank debt is net of working capital, as of Q SO: Sector Outperformer; SP: Sector Performer; SU: Sector Underperformer; -S: Speculative. 9. Enterprise value per flowing barrel of oil equivalent production (based on 6 Mcf equalling 1 Bbl of oil). 2. Cash flow per diluted share. 6. Based on 2P adjusted for acquisitions and dispositions. RLI based on Q4/14E production for CJ, GXO and TOG; and 2014E production for FRU and PSK. 3. Enterprise value over debt adjusted cash flow. 7. CNAV = Core net asset value per share; RNAV = Risked net asset value per share; UNNAV = Unrisked net asset value per share. Source: Company reports and CIBC World Markets Inc.

21 Exhibit 20. Junior E&Ps - Comparables CIBC Base Price Case Share O/S 1 Mkt. Cap. Net Bank Debt 1 Other Debt 1 Enterprise Value CFPS 2 P/CF EV/DACF 3. Development Capex ($MM) Total Payout (%) D/CF Company Ticker Price (MM) ($MM) ($MM) ($MM) ($MM) 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E Debt/EV Bank Line Price Return Rating Advantage Oil & Gas AAV $ $1,365 $199 $0 $1,564 $0.71 $0.88 $ x 8.4x 6.3x 12.6x 9.1x 6.8x $165 $118 $ % 74% 97% 2.4x 1.0x 0.7x 13% 38% $ % SO Bellatrix Exploration BXE $ $286 $403 $321 $1,009 $0.57 $0.47 $ x 3.2x 1.7x 6.7x 7.1x 4.3x $159 $85 $ % 95% 66% 6.6x 7.4x 3.7x 72% 43% $ % SP Birchcliff Energy BIR $ $958 $632 $0 $1,590 $1.04 $0.81 $ x 7.8x 4.0x 8.7x 10.6x 6.0x $258 $123 $ % 99% 103% 4.0x 5.1x 2.7x 40% 25% $ % SO Crew Energy CR $ $797 $106 $150 $1,053 $0.60 $0.56 $ x 10.1x 6.8x 10.5x 11.0x 7.7x $246 $70 $ % 88% 85% 2.9x 2.9x 1.8x 24% 73% $6.00 6% SO Journey Energy JOY $ $70 $108 $0 $178 $1.10 $0.35 $ x 4.5x 2.3x 3.3x 8.7x 4.6x $42 $9 $20 103% 58% 65% 2.2x 6.5x 2.9x 61% 55% $ % SP Kelt Exploration KEL $ $862 $96 $0 $958 $0.36 $0.31 $ x 15.9x 7.6x 17.0x 18.0x 9.8x $167 $70 $ % 129% 99% 3.8x 4.1x 2.7x 10% 51% $ % SP NuVista Energy NVA $ $981 $204 $0 $1,185 $0.84 $0.74 $ x 8.7x 6.9x 9.1x 10.2x 8.4x $273 $125 $ % 110% 130% 1.8x 2.3x 2.2x 17% 42% $7.00 9% SO Painted Pony Petroleum PPY $ $759 $65 $0 $824 $0.31 $0.55 $ x 13.8x 5.5x 24.7x 16.8x 7.9x $107 $178 $ % 325% 215% 2.5x 3.7x 2.6x 8% 86% $ % SP Paramount Resources POU $ $920 $615 $1,115 $2,649 $0.88 $0.78 $ x 11.2x 4.3x 13.5x 9.6x 6.1x $500 $275 $ % 334% 140% 19.6x 11.5x 4.8x 65% 32% $ % SP Pine Cliff Energy PNE $ $238 $142 $0 $380 $0.11 $0.08 $ x 10.2x 3.8x 13.7x 14.2x 5.0x $2 $10 $15 6% 43% 24% 5.5x 5.6x 1.3x 37% 32% $ % SP Raging River Exploration RRX $ $2,462 $104 $0 $2,566 $0.84 $0.78 $ x 13.7x 8.2x 15.2x 14.4x 8.2x $171 $175 $ % 99% 84% 0.8x 0.6x 0.2x 4% 81% $ % SO RMP Energy RMP $ $193 $130 $0 $323 $0.75 $0.32 $ x 4.1x 2.5x 3.3x 5.8x 3.4x $97 $50 $63 105% 109% 81% 1.3x 2.1x 1.1x 40% 25% $ % SP Seven Generations VII $ $7,034 -$491 $1,487 $8,029 $1.66 $2.07 $ x 12.3x 8.4x 16.1x 11.6x 8.6x $1,307 $900 $1, % 150% 113% 3.0x 2.1x 1.6x 12% 100% $ % SO Spartan Energy SPE $ $1,003 $86 $0 $1,089 $0.23 $0.19 $ x 16.8x 8.1x 15.7x 16.6x 7.8x $67 $69 $ % 112% 102% 1.3x 0.7x 0.4x 8% 68% $ % SO Storm Resources SRX $ $491 $62 $0 $553 $0.34 $0.30 $ x 13.6x 6.8x 13.4x 14.3x 7.9x $95 $43 $ % 119% 166% 1.6x 1.9x 1.6x 11% 70% $4.00-2% SP Tamarack Valley TVE $ $451 $62 $0 $513 $0.66 $0.46 $ x 8.5x 5.3x 8.4x 9.4x 5.9x $62 $55 $97 104% 107% 114% 1.6x 1.2x 0.8x 12% 41% $4.25 8% SP Group Total/Average $1,179 $158 $192 $1, x 10.2x 5.5x 12.0x 11.7x 6.8x $232 $147 $ % 128% 105% 3.8x 3.7x 2.0x 27% 54% $ % Current Unutilized 12 Month Target Cash Core NAV Upside NAV Reserves Metrics 6 Hedging (Avg. 12 Mth Out) Production Volumes (Boe/d) Production EV/Boe/d 9 % Gas Yield (%) PPSG Yield (%) Operating Netbacks ($/Boe) Cash Netbacks ($/Boe) Company Ticker P+P P/CNAV 7 Risked P/RNAV 7 Unrisked P/URNAV 7 EV/Boe 8 RLI Oil (Boe/d) Gas (Mcf/d) Gain / (Loss) 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 16E/15E 17E/16E 2015E 2016E 2017E 2015E 2016E 2017E Advantage Oil & Gas AAV $ % $ % $ % $ ,475 32,497 38,962 70,654 46,874 38,957 99% 97% 96% 0% 30% 18% $16.44 $14.80 $16.25 $14.14 $13.45 $15.23 Bellatrix Exploration BXE $ % $ % $ % $ ,441 37,816 38,000 24,219 25,017 23,610 71% 73% 73% 0% -9% 0% $11.31 $10.93 $16.32 $7.24 $6.49 $11.96 Birchcliff Energy BIR $ % $ % $ % $ ,950 40,625 45,500 41,120 39,181 35,382 86% 87% 87% 0% 4% 12% $14.53 $11.43 $17.43 $11.32 $8.35 $14.54 Crew Energy CR $ % $ % $ % $ ,542 24,019 25,805 56,022 42,901 39,255 63% 73% 74% 0% 27% 7% $16.57 $12.20 $15.65 $12.25 $9.01 $12.47 Journey Energy JOY $ % $ % $ % $ , ,309 8,900 8,500 17,103 19,110 18,755 46% 44% 44% 13% 0% 9% $17.34 $9.64 $14.89 $13.17 $4.75 $9.89 Kelt Exploration KEL $ % $ % $ % $ ,577 21,439 21,600 57,813 50,639 54,390 64% 63% 64% 0% 3% 0% $10.07 $8.47 $15.97 $8.34 $6.87 $14.43 NuVista Energy NVA $ % $ % $ % $ , ,410 24,970 27,475 53,639 49,757 46,927 70% 67% 68% 0% 8% 10% $18.57 $15.33 $17.22 $15.29 $12.39 $14.17 Painted Pony Petroleum PPY $ % $ % $ % $ ,604 22,785 44,285 53,584 42,160 25,298 95% 92% 91% 0% 46% 95% $7.44 $8.82 $11.86 $5.42 $6.59 $8.56 Paramount Resources POU $ % $ % $ % $ , ,135 47,400 55,500 62,140 39,404 35,264 61% 54% 55% 0% 7% 17% $13.86 $12.81 $17.28 $5.78 $4.75 $10.59 Pine Cliff Energy PNE $ % $ % $ % $ ,855 22,504 22,981 29,570 16,367 14,041 95% 92% 93% 0% 38% 2% $7.16 $4.43 $9.12 $5.50 $2.82 $7.49 Raging River Exploration RRX $ % $ % $ % $ ,715 17,870 21, , , ,452 3% 7% 7% 0% 14% 16% $35.51 $28.17 $40.94 $33.45 $26.94 $39.38 RMP Energy RMP $ % $ % $ % $ ,026 9,200 9,440 26,430 31,469 29,124 54% 58% 58% 0% -35% -1% $23.65 $16.52 $25.32 $21.06 $13.62 $22.37 Seven Generations VII $ % $ % $ % $ , , , ,158 75,369 62,402 41% 45% 47% 0% 66% 22% $24.09 $18.31 $21.19 $18.81 $14.89 $17.81 Spartan Energy SPE $ % $ % $ % $ ,866 10,188 12, , ,781 83,050 5% 7% 10% 0% 0% 19% $23.19 $19.00 $31.03 $20.48 $16.50 $28.81 Storm Resources SRX $ % $ % $ % $ ,956 12,781 17,263 55,511 43,726 35,171 81% 82% 83% 0% 24% 35% $12.88 $9.52 $13.17 $10.74 $7.71 $11.54 Tamarack Valley TVE $ % $ % $ % $ , ,448 9,481 11,145 64,927 53,864 46,880 40% 45% 41% 0% -9% 14% $23.85 $17.69 $23.43 $19.46 $14.83 $20.98 Average 128% 105% 68% $ ,407 51,384 44,247 61% 62% 62% 1% 13% 17% $17.28 $13.63 $19.19 $13.90 $10.62 $ Basic shares outstanding are based on most recent quarterly balance, adjusted for recent 4. Includes regular and special dividends. 8. Enterprise value over reserves. acquisitions and financings; net bank debt is net of working capital, as of Q SO: Sector Outperformer; SP: Sector Performer; SU: Sector Underperformer; -S: Speculative. 9. Enterprise value per flowing barrel of oil equivalent production (based on 6 Mcf equalling 1 Bbl of oil). 2. Cash flow per diluted share. 6. Based on 2P adjusted for acquisitions and dispositions. RLI based on Q4/14E production. 3. Enterprise value over debt adjusted cash flow. 7. CNAV = Core net asset value per share; RNAV = Risked net asset value per share; UNNAV = Unrisked net asset value per share. Source: Company reports and CIBC World Markets Inc. 21

22 22 Exhibit 21. Junior E&Ps Comparables (continued) Forward Strip Case Share O/S 1 Mkt. Cap. Net Bank Debt 1 Other Debt 1 Enterprise Value CFPS 2 P/CF EV/DACF 3. Development Capex ($MM) Total Payout (%) D/CF Company Ticker Price (MM) ($MM) ($MM) ($MM) ($MM) 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E Debt/EV Bank Line Price Return Rating Advantage Oil & Gas AAV $ $1,365 $199 $0 $1,564 $0.71 $0.84 $ x 8.8x 6.9x 12.6x 9.5x 7.5x $165 $118 $ % 77% 105% 2.4x 1.1x 0.9x 13% 38% $ % SO Bellatrix Exploration BXE $ $286 $403 $321 $1,009 $0.57 $0.48 $ x 3.1x 2.0x 6.7x 6.9x 4.8x $159 $85 $ % 93% 76% 6.6x 7.1x 4.2x 72% 43% $ % SP Birchcliff Energy BIR $ $958 $632 $0 $1,590 $1.04 $0.71 $ x 8.8x 4.6x 8.7x 11.8x 6.9x $258 $123 $ % 112% 118% 4.0x 5.9x 3.3x 40% 25% $ % SO Crew Energy CR $ $797 $106 $150 $1,053 $0.60 $0.55 $ x 10.3x 8.2x 10.5x 11.2x 9.3x $246 $70 $ % 89% 103% 2.9x 3.0x 2.4x 24% 73% $6.00 6% SO Journey Energy JOY $ $70 $108 $0 $178 $1.10 $0.39 $ x 4.1x 2.5x 3.3x 7.9x 5.0x $42 $9 $20 103% 52% 71% 2.2x 5.7x 3.2x 61% 55% $ % SP Kelt Exploration KEL $ $835 $96 $0 $931 $0.36 $0.30 $ x 16.6x 9.0x 16.6x 18.4x 11.4x $167 $70 $ % 135% 117% 3.8x 4.4x 3.5x 10% 51% $ % SP NuVista Energy NVA $ $981 $204 $0 $1,185 $0.84 $0.75 $ x 8.5x 7.8x 9.1x 9.9x 9.5x $273 $125 $ % 108% 147% 1.8x 2.2x 2.5x 17% 42% $7.00 9% SO Painted Pony Petroleum PPY $ $759 $65 $0 $824 $0.31 $0.53 $ x 14.4x 6.1x 24.7x 17.4x 8.9x $107 $178 $ % 338% 240% 2.5x 3.9x 3.0x 8% 86% $ % SP Paramount Resources POU $ $920 $615 $1,115 $2,649 $0.88 $0.73 $ x 11.8x 5.4x 13.5x 9.9x 7.1x $500 $275 $300 nm 354% 176% nm nm 6.4x 65% 32% $ % SP Pine Cliff Energy PNE $ $238 $142 $0 $380 $0.11 $0.04 $ x 17.4x 4.8x 13.7x 22.9x 6.8x $2 $10 $15 6% 74% 30% 5.5x nm 2.1x 37% 32% $ % SP Raging River Exploration RRX $ $2,297 $104 $0 $2,400 $0.84 $0.84 $ x 12.8x 9.2x 14.2x 12.5x 8.7x $171 $175 $ % 93% 95% 0.8x 0.5x 0.3x 4% 81% $ % SO RMP Energy RMP $ $158 $130 $0 $288 $0.75 $0.32 $ x 4.0x 2.8x 2.9x 5.0x 3.4x $97 $50 $63 105% 108% 91% 1.3x 2.1x 1.3x 45% 25% $ % SP Seven Generations VII $ $6,442 -$491 $1,487 $7,437 $1.66 $2.06 $ x 12.3x 9.3x 15.0x 10.8x 8.8x $1,307 $900 $1, % 150% 126% 3.0x 2.1x 1.9x 13% 100% $ % SO Spartan Energy SPE $ $840 $86 $0 $927 $0.23 $0.22 $ x 14.4x 9.3x 13.3x 11.9x 7.5x $67 $69 $ % 96% 103% 1.3x 0.5x 0.3x 9% 68% $ % SO Storm Resources SRX $ $490 $62 $0 $552 $0.34 $0.28 $ x 14.8x 9.6x 13.4x 15.5x 11.3x $95 $43 $ % 129% 235% 1.6x 2.1x 2.7x 11% 70% $4.00-2% SP Tamarack Valley TVE $ $451 $62 $0 $513 $0.66 $0.48 $ x 8.2x 6.3x 8.4x 9.0x 7.1x $62 $55 $97 104% 103% 135% 1.6x 1.1x 1.2x 12% 41% $4.25 8% SP Group Total/Average $1,118 $158 $192 $1, x 10.6x 6.5x 11.7x 11.9x 7.8x $232 $147 $ % 132% 123% 2.8x 3.0x 2.5x 28% 54% $ % Current Unutilized 12 Month Target Cash Core NAV Upside NAV Reserves Metrics 6 Hedging (Avg. 12 Mth Out) Production Volumes (Boe/d) Production EV/Boe/d 9 % Gas Yield (%) PPSG Yield (%) Operating Netbacks ($/Boe) Cash Netbacks ($/Boe) Company Ticker P+P P/CNAV 7 Risked P/RNAV 7 Unrisked P/URNAV 7 EV/Boe 8 RLI Oil (Boe/d) Gas (Mcf/d) Gain / (Loss) 2015E 2016E 2017E 2015E 2016E 2017E 2015E 2016E 2017E 2015E 16E/15E 17E/16E 2015E 2016E 2017E 2015E 2016E 2017E Advantage Oil & Gas AAV $ % $ % $ % $ ,475 32,497 38,962 70,654 47,088 39,586 99% 97% 96% 0% 30% 18% $16.44 $14.23 $15.06 $14.14 $12.86 $14.00 Bellatrix Exploration BXE $ % $ % $ % $ ,441 37,816 38,000 24,219 24,735 23,609 71% 73% 73% 0% -9% 0% $11.31 $11.06 $14.90 $7.24 $6.63 $10.50 Birchcliff Energy BIR $ % $ % $ % $ ,950 40,625 45,500 41,120 39,541 36,374 86% 87% 87% 0% 4% 12% $14.53 $10.46 $15.67 $11.32 $7.37 $12.71 Crew Energy CR $ % $ % $ % $ ,542 24,019 25,805 56,022 42,963 40,086 63% 73% 74% 0% 27% 7% $16.57 $12.04 $13.55 $12.25 $8.84 $10.35 Journey Energy JOY $ % $ % $ % $ , ,309 8,900 8,500 17,103 18,913 18,833 46% 44% 44% 13% 0% 9% $17.34 $10.17 $14.12 $13.17 $5.29 $9.11 Kelt Exploration KEL $ % $ % $ % $ ,577 21,439 21,600 56,361 49,501 54,071 64% 63% 64% 0% 3% 0% $10.07 $8.14 $13.77 $8.34 $6.55 $12.21 NuVista Energy NVA $ % $ % $ % $ , ,410 24,970 27,475 53,628 49,639 47,404 70% 67% 68% 0% 8% 10% $18.57 $15.62 $15.64 $15.29 $12.69 $12.57 Painted Pony Petroleum PPY $ % $ % $ % $ ,604 22,785 44,285 53,584 42,252 25,667 95% 92% 91% 0% 46% 95% $7.44 $8.56 $10.99 $5.42 $6.34 $7.68 Paramount Resources POU $ % $ % $ % $ , ,135 47,400 55,500 62,140 39,503 36,148 61% 54% 55% 0% 7% 17% $13.86 $12.48 $15.20 $5.78 $4.48 $8.40 Pine Cliff Energy PNE $ % $ % $ % $ ,855 22,504 22,981 29,570 16,791 15,026 95% 92% 93% 0% 38% 2% $7.16 $3.27 $7.58 $5.50 $1.67 $5.93 Raging River Exploration RRX $ % $ % $ % $ ,715 17,870 21, , , ,608 3% 7% 7% 0% 14% 16% $35.51 $30.12 $36.53 $33.45 $28.92 $34.92 RMP Energy RMP $ % $ % $ % $ ,026 9,200 9,440 23,533 27,618 26,267 54% 58% 58% 0% -35% -1% $23.65 $16.70 $22.92 $21.06 $13.80 $19.92 Seven Generations VII $ % $ % $ % $ , , , ,355 69,872 58,734 41% 45% 47% 0% 66% 22% $24.09 $18.45 $19.37 $18.81 $14.86 $16.04 Spartan Energy SPE $ % $ % $ % $ ,866 10,210 12, ,526 85,597 69,790 5% 7% 10% 0% 1% 18% $23.19 $21.46 $27.43 $20.48 $19.26 $25.25 Storm Resources SRX $ % $ % $ % $ ,956 12,781 14,427 55,398 43,858 43,677 81% 82% 83% 0% 24% 13% $12.88 $8.93 $11.63 $10.74 $7.11 $9.77 Tamarack Valley TVE $ % $ % $ % $ , ,448 9,481 11,145 64,927 53,647 47,895 40% 45% 41% 0% -9% 14% $23.85 $18.27 $20.22 $19.46 $15.43 $17.70 Average 250% 180% 118% $ ,614 49,066 43,486 61% 62% 62% 1% 13% 16% $17.28 $13.75 $17.16 $13.90 $10.76 $ Basic shares outstanding are based on most recent quarterly balance, adjusted for recent 4. Includes regular and special dividends. 8. Enterprise value over reserves. acquisitions and financings; net bank debt is net of working capital, as of Q SO: Sector Outperformer; SP: Sector Performer; SU: Sector Underperformer; -S: Speculative. 9. Enterprise value per flowing barrel of oil equivalent production (based on 6 Mcf equalling 1 Bbl of oil). 2. Cash flow per diluted share. 6. Based on 2P adjusted for acquisitions and dispositions. RLI based on Q4/14E production. 3. Enterprise value over debt adjusted cash flow. 7. CNAV = Core net asset value per share; RNAV = Risked net asset value per share; UNNAV = Unrisked net asset value per share. Source: Company reports and CIBC World Markets Inc.

23 Exhibit 22. International E&Ps Comparables CIBC Base Price Case Share O/S 1. Cash Mkt. Cap. Net Bank Debt 1 Other Debt 1 Enterprise Value CFPS 2 EV/DACF 3. Development Capex ($MM) Funds Flow ($MM) Debt/Cash Flow 12 Month Target Company Symbol Price (MM) Yield (%) ($MM) ($MM) ($MM) ($MM) E 2016E 2017E E 2016E 2017E E 2016E 2017E E 2016E 2017E E 2016E 2017E Price Return 4. Rating 5. Bankers Petroleum Ltd. BNK $ % $523 -$49 $0 $461 $1.07 $0.58 $0.15 $ x 2.1x 7.9x 4.3x $291 $144 $63 $95 $284 $152 $39 $81-0.4x -0.4x 0.0x 0.2x $ % SP Canacol Energy CNE $ % $697 $219 $0 $977 $0.84 $0.54 $0.45 $ x 7.3x 10.9x 4.5x $133 $189 $75 $120 $76 $60 $42 $ x 3.4x 4.9x 1.5x $ % SO Gran Tierra Energy GTE $ % $1,215 -$81 $0 $1,112 $1.08 $0.36 $0.39 $ x 7.4x 7.2x 5.8x $420 $158 $105 $255 $311 $102 $114 $ x -1.6x -0.9x 0.0x $4.00-2% SP Parex Resources PXT $ % $2,001 -$80 $0 $1,899 $2.39 $0.90 $0.74 $ x 10.7x 12.1x 6.5x $297 $125 $100 $220 $293 $130 $112 $ x -0.6x -0.7x -0.4x $ % SO TransGlobe Energy TGL $ % $162 -$139 $64 $66 $1.46 -$0.12 $0.01 $0.40 n.a. n.a. n.a. 2.8x $108 $45 $36 $50 $120 -$9 $1 $29-1.3x 10.1x -51.7x -0.9x $ % SU Group Total/Average $4,598 -$129 $64 $4, x 6.9x 9.5x 4.8x $1,249 $662 $379 $740 $1,084 $435 $308 $ x 2.2x -9.7x 0.1x 0% Risked Reserves 6. Reserves 6. Production Production PPSG + Operating Cash Flow Core NAV Exploration NAV EV/Boe 8. Reserve Life Index Volumes (Boe/d) % Gas EV/Boe/d 9. Yield (%) Netbacks ($/Boe) Netbacks ($/Boe) Company Symbol P+P P/NAV RENAV P/RENAV Proven P+P Proven P+P E 2016E 2017E 2015E 2016E E 2016E 2017E 14E/13A 15E/14E 16E/15E 17E/16E E 2016E 2017E E 2016E 2017E Bankers Petroleum Ltd. BNK $ % $ % $3.67 $ ,690 19,385 16,271 15,907 0% 0% 19,574 22,931 32,297 34,235 12% -7% -16% -2% $45.07 $25.41 $13.27 $21.75 $41.32 $19.92 $6.62 $13.85 Canacol Energy CNE $ % $ % $18.98 $ ,577 11,504 12,139 18,638 30% 57% 52,776 70,693 79,622 51,333 30% -3% -17% 54% $34.84 $26.77 $25.82 $30.63 $10.57 $5.96 $3.57 $18.57 Gran Tierra Energy GTE $ % $ % $22.99 $ ,182 23,401 26,349 30,067 1% 1% 36,077 40,655 40,832 40,122-14% -7% 9% 14% $49.66 $18.76 $16.56 $18.11 $32.86 $12.14 $12.04 $14.28 Parex Resources PXT $ % $ % $47.97 $ ,535 27,434 28,142 30,489 0% 17% 80,512 69,375 67,249 62,244 26% 9% 6% 8% $50.19 $23.25 $17.03 $29.23 $33.73 $13.90 $11.61 $19.42 TransGlobe Energy TGL $ % $ % $3.00 $ ,103 14,511 11,133 10,900 0% 0% (502) 3,277 8,999 11,838-13% -8% -22% -2% $35.33 $6.60 $5.91 $11.84 $ $2.90 -$0.08 $7.16 Group Total/Average 110% 80% $19.32 $ % 15% 37,687 41,386 45,800 39,954 8% -3% -8% 14% $43.02 $20.16 $15.72 $22.31 $27.52 $9.80 $6.75 $ Basic shares outstanding are based on most recent quarterly balance, adjusted for recent 4. Includes regular and special dividends. 8. Enterprise value over reserves. acquisitions and financings; net bank debt is net of working capital. 5. SO: Sector Outperformer; SP: Sector Performer; SU: Sector Underperformer; -S: Speculative. 9. Enterprise value per flowing barrel of oil equivalent production (based on 6 Mcf equalling 1 Bbl of oil). 2. Cash flow per diluted share. 6. PDP: Proved developed producing reserves; Proved: Proved reserves; P+P: Proved plus Probable reserves. 10. Enterprise value in $CAD per flowing barrel of oil equivalent production (based on 6 Mcf equalling 1 Bbl of oil). 3. Enterprise value over debt adjusted cash flow. 7. CNAV = Core net asset value per share; RNAV = Risked net asset value per share; UNNAV = Unrisked net asset value per share. Source: Company reports and CIBC World Markets Inc. 23

24 24 Exhibit 23. International E&Ps Comparables (continued) Forward Strip Case Share O/S 1. Cash Mkt. Cap. Net Bank Debt 1 Other Debt 1 Enterprise Value CFPS 2 EV/DACF 3. Development Capex ($MM) Funds Flow ($MM) Debt/Cash Flow 12 Month Target Company Symbol Price (MM) Yield (%) ($MM) ($MM) ($MM) ($MM) E 2016E 2017E E 2016E 2017E E 2016E 2017E E 2016E 2017E E 2016E 2017E Price Return 4. Rating 5. Bankers Petroleum Ltd. BNK $ % $523 -$49 $0 $460 $1.07 $0.58 $0.16 $ x 2.1x 7.8x 7.5x $291 $144 $63 $95 $284 $152 $41 $45-0.4x -0.4x 0.0x 1.1x $ % SP Canacol Energy CNE $ % $697 $219 $0 $977 $0.84 $0.54 $0.46 $ x 7.3x 10.9x 4.6x $133 $189 $75 $120 $76 $60 $42 $ x 3.4x 4.8x 1.6x $ % SO Gran Tierra Energy GTE $ % $1,215 -$81 $0 $1,111 $1.08 $0.36 $0.40 $ x 7.4x 7.0x 5.5x $420 $158 $105 $255 $311 $102 $119 $ x -1.6x -0.9x -0.1x $4.00-2% SP Parex Resources PXT $ % $2,001 -$80 $0 $1,899 $2.39 $0.90 $0.78 $ x 10.7x 11.7x 9.0x $297 $125 $100 $220 $293 $130 $119 $ x -0.6x -0.7x -0.2x $ % SO TransGlobe Energy TGL $ % $162 -$139 $64 $66 $1.46 -$0.12 $0.06 $0.16 n.a. n.a. n.a. n.a. $108 $45 $36 $50 $120 -$9 $4 $12-1.3x 10.1x -12.1x -1.0x $ % SU Group Total/Average $4,598 -$129 $64 $4, x 6.9x 9.3x 6.7x $1,249 $662 $379 $740 $1,084 $435 $325 $ x 2.2x -1.8x 0.3x 0% Risked Reserves 6. Reserves 6. Production Production PPSG + Operating Cash Flow Core NAV Exploration NAV EV/Boe 8. Reserve Life Index Volumes (Boe/d) % Gas EV/Boe/d 9. Yield (%) Netbacks ($/Boe) Netbacks ($/Boe) Company Symbol P+P P/NAV RENAV P/RENAV Proven P+P Proven P+P E 2016E 2017E 2015E 2016E E 2016E 2017E 14E/13A 15E/14E 16E/15E 17E/16E E 2016E 2017E E 2016E 2017E Bankers Petroleum Ltd. BNK $ % $ % $3.67 $ ,690 19,385 16,271 15,907 0% 0% 19,574 22,926 32,159 37,022 12% -7% -16% -2% $45.07 $25.41 $13.55 $15.76 $41.32 $19.92 $6.90 $7.66 Canacol Energy CNE $ % $ % $18.98 $ ,577 11,504 12,139 18,638 30% 57% 52,776 70,721 79,138 51,148 30% -3% -17% 54% $34.84 $26.77 $25.97 $30.28 $10.57 $5.96 $3.68 $18.32 Gran Tierra Energy GTE $ % $ % $22.99 $ ,182 23,401 26,349 30,067 1% 1% 36,077 40,645 40,684 39,512-14% -7% 9% 14% $49.66 $18.76 $17.07 $18.92 $32.86 $12.14 $12.56 $15.12 Parex Resources PXT $ % $ % $47.97 $ ,535 27,434 28,142 30,489 0% 17% 80,512 69,371 67,038 64,377 26% 9% 6% 8% $50.19 $23.25 $17.78 $21.71 $33.73 $13.90 $11.89 $14.51 TransGlobe Energy TGL $ % $ % $3.00 $ ,103 14,511 11,133 10,900 0% 0% (502) 3,267 8,728 13,562-13% -8% -22% -2% $35.33 $6.60 $6.55 $8.39 $ $2.90 $0.71 $2.88 Group Total/Average 136% 103% $19.32 $ % 15% 37,687 41,386 45,550 41,124 8% -3% -8% 14% $43.02 $20.16 $16.18 $19.01 $27.52 $9.80 $7.15 $ Basic shares outstanding are based on most recent quarterly balance, adjusted for recent 4. Includes regular and special dividends. 8. Enterprise value over reserves. acquisitions and financings; net bank debt is net of working capital. 5. SO: Sector Outperformer; SP: Sector Performer; SU: Sector Underperformer; -S: Speculative. 9. Enterprise value per flowing barrel of oil equivalent production (based on 6 Mcf equalling 1 Bbl of oil). 2. Cash flow per diluted share. 6. PDP: Proved developed producing reserves; Proved: Proved reserves; P+P: Proved plus Probable reserves. 10. Enterprise value in $CAD per flowing barrel of oil equivalent production (based on 6 Mcf equalling 1 Bbl of oil). 3. Enterprise value over debt adjusted cash flow. 7. CNAV = Core net asset value per share; RNAV = Risked net asset value per share; UNNAV = Unrisked net asset value per share. Source: Company reports and CIBC World Markets Inc.

25 25

26 IMPORTANT DISCLOSURES: Analyst Certification: Each CIBC World Markets Corp./Inc. research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst's personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report. Analysts employed outside the U.S. are not registered as research analysts with FINRA. These analysts may not be associated persons of CIBC World Markets Corp. and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Potential Conflicts of Interest: Equity research analysts employed by CIBC World Markets Corp./Inc. are compensated from revenues generated by various CIBC World Markets Corp./Inc. businesses, including the CIBC World Markets Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. CIBC World Markets Corp./Inc. generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets Corp./Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers. In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets Corp./Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon. Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest. Important Disclosure Footnotes for Companies Mentioned in this Report that Are Covered by CIBC World Markets Corp./Inc.: Stock Prices as of 06/13/2016: Advantage Oil & Gas Ltd. (2a, 2c, 2e, 2g) (AAV-TSX, C$7.40) Bankers Petroleum Ltd. (2g) (BNK-TSX, C$2.00) Bellatrix Exploration Ltd. (2g) (BXE-TSX, C$1.49) Birchcliff Energy Ltd. (2g, 7) (BIR-TSX, C$6.29) Black Diamond Group Limited (2g) (BDI-TSX, C$5.82) Calfrac Well Services Ltd. (2a, 2e, 2g) (CFW-TSX, C$3.11) Canacol Energy Ltd. (2g) (CNE-TSX, C$4.37) Canadian Natural Resources Ltd. (2a, 2c, 2e, 2g, 7, 9) (CNQ-TSX, C$36.61) Canyon Services Group Inc. (2a, 2c, 2e, 2g) (FRC-TSX, C$5.26) Cardinal Energy Ltd. (2a, 2c, 2e, 2g) (CJ-TSX, C$9.49) Cenovus Energy Inc. (2g, 7, 9) (CVE-TSX, C$18.79) Crescent Point Energy Corp. (2a, 2c, 2e, 2g, 7) (CPG-TSX, C$21.20) Crew Energy Inc. (2g) (CR-TSX, C$5.65) Encana Corporation (2g, 7, 9) (ECA-NYSE, US$8.05) Enerflex Ltd. (2g) (EFX-TSX, C$10.57) Ensign Energy Services Inc. (2g, 3a) (ESI-TSX, C$7.26) Freehold Royalties Ltd. (2a, 2c, 2e, 2g) (FRU-TSX, C$11.33) Gran Tierra Energy Inc. (2a, 2e, 2g) (GTE-TSX, C$4.10) Granite Oil Corp. (2a, 2c, 2g, 7) (GXO-TSX, C$7.34) Husky Energy Inc. (2a, 2c, 2e, 2g) (HSE-TSX, C$15.58) Imperial Oil Limited (2g) (IMO-TSX, C$39.89) Journey Energy Inc. (2g) (JOY-TSX, C$1.60) 26

27 Important Disclosure Footnotes for Companies Mentioned in this Report that Are Covered by CIBC World Markets Corp./Inc.: (Continued) Stock Prices as of 06/13/2016: Kelt Exploration Ltd. (2a, 2c, 2e, 2g, 7) (KEL-TSX, C$4.95) MEG Energy Corp. (2g) (MEG-TSX, C$6.79) Mullen Group Ltd. (2a, 2c, 2e, 2g) (MTL-TSX, C$14.66) NuVista Energy Ltd. (2g, 7) (NVA-TSX, C$6.40) Painted Pony Petroleum Ltd. (2g) (PPY-TSX, C$7.59) Paramount Resources Ltd. (2a, 2e, 2g) (POU-TSX, C$8.66) Parex Resources Inc. (2g) (PXT-TSX, C$13.21) Pason Systems Inc. (2g) (PSI-TSX, C$17.92) Pine Cliff Energy Ltd. (2g) (PNE-TSX, C$0.78) PrairieSky Royalty Ltd. (2a, 2c, 2e, 2g) (PSK-TSX, C$24.47) Precision Drilling Corporation (2g) (PD-TSX, C$6.56) Raging River Exploration Inc. (2a, 2c, 2e, 2g) (RRX-TSX, C$10.71) RMP Energy Inc. (2g) (RMP-TSX, C$1.28) Savanna Energy Services Corp. (2g) (SVY-TSX, C$1.59) SECURE Energy Services Inc. (2a, 2c, 2e, 2g, 7) (SES-TSX, C$9.02) Seven Generations Energy Ltd. (2a, 2c, 2e, 2g) (VII-TSX, C$25.32) Spartan Energy Corp. (2g, 7) (SPE-TSX, C$3.17) Storm Resources Ltd. (2g) (SRX-V, C$4.10) Suncor Energy Inc. (2a, 2e, 2g, 7) (SU-TSX, C$34.38) Tamarack Valley Energy Ltd. (2a, 2c, 2e, 2g, 7) (TVE-TSX, C$3.92) TORC Oil & Gas Ltd. (2g, 7) (TOG-TSX, C$8.55) Total Energy Services Inc. (2g, 3a, 3c) (TOT-TSX, C$14.17) Tourmaline Oil Corp. (2a, 2c, 2e, 2g) (TOU-TSX, C$31.54) TransGlobe Energy Corp. (2g) (TGL-TSX, C$2.25) Trican Well Service Ltd. (2g) (TCW-TSX, C$2.03) Trinidad Drilling Ltd. (2g) (TDG-TSX, C$2.57) Western Energy Services Corp. (2g) (WRG-TSX, C$3.19) Important disclosure footnotes that correspond to the footnotes in this table may be found in the "Key to Important Disclosure Footnotes" section of this report. 27

28 Key to Important Disclosure Footnotes: 1a 1b 1c 2a 2b 2c 2d 2e 2f 2g 3a 3b 3c 4a 4b 4c 5a 5b 6a 6b CIBC WM Corp. makes a market in the securities of this company. CIBC WM Inc. makes a market in the securities of this company. CIBC WM Plc. makes a market in the securities of this company. This company is a client for which a CIBC World Markets company has performed investment banking services in the past 12 months. CIBC World Markets Corp. has managed or co-managed a public offering of securities for this company in the past 12 months. CIBC World Markets Inc. has managed or co-managed a public offering of securities for this company in the past 12 months. CIBC World Markets Corp. has received compensation for investment banking services from this company in the past 12 months. CIBC World Markets Inc. has received compensation for investment banking services from this company in the past 12 months. CIBC World Markets Corp. expects to receive or intends to seek compensation for investment banking services from this company in the next 3 months. CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from this company in the next 3 months. This company is a client for which a CIBC World Markets company has performed non-investment banking, securities-related services in the past 12 months. CIBC World Markets Corp. has received compensation for non-investment banking, securities-related services from this company in the past 12 months. CIBC World Markets Inc. has received compensation for non-investment banking, securities-related services from this company in the past 12 months. This company is a client for which a CIBC World Markets company has performed non-investment banking, non-securities-related services in the past 12 months. CIBC World Markets Corp. has received compensation for non-investment banking, non-securities-related services from this company in the past 12 months. CIBC World Markets Inc. has received compensation for non-investment banking, non-securities-related services from this company in the past 12 months. The CIBC World Markets Corp. analyst(s) who covers this company also has a long position in its common equity securities. A member of the household of a CIBC World Markets Corp. research analyst who covers this company has a long position in the common equity securities of this company. The CIBC World Markets Inc. fundamental analyst(s) who covers this company also has a long position in its common equity securities. A member of the household of a CIBC World Markets Inc. fundamental research analyst who covers this company has a long position in the common equity securities of this company. 7 CIBC World Markets Corp., CIBC World Markets Inc., and their affiliates, in the aggregate, beneficially own 1% or more of a class of equity securities issued by this company. 8 An executive of CIBC World Markets Inc. or any analyst involved in the preparation of this research report has provided services to this company for remuneration in the past 12 months. 9 An executive committee member or director of Canadian Imperial Bank of Commerce ( CIBC ), the parent company to CIBC World Markets Inc. and CIBC World Markets Corp., or a member of his/her household is an officer, director or advisory board member of this company or one of its subsidiaries. 10 Canadian Imperial Bank of Commerce ("CIBC"), the parent company to CIBC World Markets Inc. and CIBC World Markets Corp., has a significant credit relationship with this company. 11 The equity securities of this company are restricted voting shares. 12 The equity securities of this company are subordinate voting shares. 13 The equity securities of this company are non-voting shares. 14 The equity securities of this company are limited voting shares. 28

29 CIBC World Markets Corp./Inc. Stock Rating System Abbreviation Rating Description Stock Ratings SO Sector Outperformer Stock is expected to outperform the sector during the next months. SP Sector Performer Stock is expected to perform in line with the sector during the next months. SU Sector Underperformer Stock is expected to underperform the sector during the next months. NR Not Rated CIBC World Markets does not maintain an investment recommendation on the stock. R Restricted CIBC World Markets is restricted (due to potential conflict of interest) from rating the stock. Sector Weightings (note: Broader market averages refer to S&P 500 in the U.S. and S&P/TSX Composite in Canada.) O Overweight Sector is expected to outperform the broader market averages. M Market Weight Sector is expected to equal the performance of the broader market averages. U Underweight Sector is expected to underperform the broader market averages. NA None Sector rating is not applicable. "Speculative" indicates that an investment in this security involves a high amount of risk due to volatility and/or liquidity issues. Ratings Distribution*: CIBC World Markets Corp./Inc. Coverage Universe (as of 13 Jun 2016) Count Percent Inv. Banking Relationships Count Percent Sector Outperformer (Buy) % Sector Outperformer (Buy) % Sector Performer (Hold/Neutral) % Sector Performer (Hold/Neutral) % Sector Underperformer (Sell) % Sector Underperformer (Sell) % Restricted % Restricted % *Although the investment recommendations within the three-tiered, relative stock rating system utilized by CIBC World Markets Corp./Inc.do not correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, CIBC World Markets Corp./Inc. has assigned buy ratings to securities rated Sector Outperformer, hold ratings to securities rated Sector Performer, and sell ratings to securities rated Sector Underperformer without taking into consideration the analyst's sector weighting. The distributions above reflect the combined historical ratings of CIBC World Markets Corp. and CIBC World Markets Inc. Important disclosures required by applicable rules can be obtained by visiting CIBC World Markets on the web at Important disclosures for each issuer can be found using the "Coverage" tab on the top left of the Research Central home page. Access to the system for rating investment opportunities and our dissemination policy can be found at the bottom of each page on the Research Central website. These important disclosures can also be obtained by writing to CIBC World Markets Corp., 425 Lexington Avenue, New York, NY ( ) or CIBC World Markets Inc.,161 Bay Street, 4th Floor, Toronto, ON M5H 2S8, Attention: Research Disclosures Request. 29

30 CIBC World Markets Corp./Inc. Price Chart For price and performance charts required under NYSE and NASD rules, please visit CIBC on the web at or write to CIBC World Markets Corp., 425 Lexington Avenue, New York, NY ( ) or CIBC world Markets Inc., 161 Bay Street, 4th Floor, Toronto, ON M5H 2S8, Attn: Research Disclosure Chart Request. 30

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The analyst writing the report is not a person or company with actual, implied or apparent authority to act on behalf of any issuer mentioned in the report. Before making an investment decision with respect to any security recommended in this report, the recipient should consider whether such recommendation is appropriate given the recipient's particular investment needs, objectives and financial circumstances. CIBC World Markets suggests that, prior to acting on any of the recommendations herein, Canadian retail clients of CIBC World Markets contact one of our client advisers in your jurisdiction to discuss your particular circumstances. Non-client recipients of this report who are not institutional investor clients of CIBC World Markets should consult with an independent financial advisor prior to making any investment decision based on this report or for any necessary explanation of its contents. CIBC World Markets will not treat non-client recipients as its clients solely by virtue of their receiving this report. Past performance is not a guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance of any security mentioned in this report. The price of the securities mentioned in this report and the income they produce may fluctuate and/or be adversely affected by exchange rates, and investors may realize losses on investments in such securities, including the loss of investment principal. CIBC World Markets accepts no liability for any loss arising from the use of information contained in this report, except to the extent that liability may arise under specific statutes or regulations applicable to CIBC World Markets. 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32 Legal Disclaimer (Continued) and are subject to change without notice. Nothing in this report constitutes legal, accounting or tax advice. Since the levels and bases of taxation can change, any reference in this report to the impact of taxation should not be construed as offering tax advice on the tax consequences of investments. As with any investment having potential tax implications, clients should consult with their own independent tax adviser. This report may provide addresses of, or contain hyperlinks to, Internet web sites. CIBC World Markets has not reviewed the linked Internet web site of any third party and takes no responsibility for the contents thereof. Each such address or hyperlink is provided solely for the recipient's convenience and information, and the content of linked third party web sites is not in any way incorporated into this document. Recipients who choose to access such third-party web sites or follow such hyperlinks do so at their own risk. Although each company issuing this report is a wholly owned subsidiary of Canadian Imperial Bank of Commerce ( CIBC ), each is solely responsible for its contractual obligations and commitments, and any securities products offered or recommended to or purchased or sold in any client accounts (i) will not be insured by the Federal Deposit Insurance Corporation ( FDIC ), the Canada Deposit Insurance Corporation or other similar deposit insurance, (ii) will not be deposits or other obligations of CIBC, (iii) will not be endorsed or guaranteed by CIBC, and (iv) will be subject to investment risks, including possible loss of the principal invested. The CIBC trademark is used under license CIBC World Markets Inc. and CIBC World Markets Corp. All rights reserved. Unauthorized use, distribution, duplication or disclosure without the prior written permission of CIBC World Markets is prohibited by law and may result in prosecution. 32