CORPORATE PRESENTATION

JANUARY 2017

2

Current asset suite

Viking light oil – 21,000 boe/d

Bakken low decline waterfloods – 7,000 boe/d

Largest Viking light oil producer in Canada

Current production – 28,000 boe/d (90% oil)

2015 YE 114 mmboe 2P reserves (90% oil)

Large captured resource > 6 billion bbl OOIP – ~4% recovery factor to date

~1 million gross acres of land (93% WI)

Large, derisked inventory >5,000 low cost, high return light oil locations – 15 years of growth inventory

Owned and operated infrastructure with oil handling capacity of ~50,000 bbls/d

Corporate Decline ~35%, maintenance (stay flat) capital ~$190 MM

2017 capital program ~$260 MM

CPPIB financial sponsor (~88% ownership)

Teine EnergyGrowth oriented private company focused on acquiring and developing large, low cost, high quality oil assets

3

Saskatchewan BasedConcentrated world class asset suite with years of self funding growth

SHAUNAVON

VIEWFIELD

BAKKEN

MISSISSIPPIAN

MONTNEY

CARDIUM

ALBERTA

BAKKEN

Viking Light Oil

21,000 boe/d

Bakken Heavy Oil

7,000 boe/d

Alberta Saskatchewan

100% of production located in southwestern Saskatchewan

Teine Land

VIKING

Heavy

BAKKEN

18 miles

4

Growth Driven – Shareholder FocusedMeasure growth on a debt adjusted per share basis and use a conservative approach to booking future development capital

1. Debt-adjusted production per share and reserves per share.2. Information contained in the reserve reports prepared by Sproule with effective dates of December 31, 2011, December 31, 2012, December 31, 2013, December 31, 2014 and December 31, 2015. 2015

pro forma reserves include the PWT acquisition completed in 2016.

Avg. Production (boe/d) 2P Reserves (mmboe)(2)

1,9572,978

7,791

12,28313,201

26,500

-

5,000

10,000

15,000

20,000

25,000

30,000

2011 2012 2013 2014 2015 H2 2016E

17

61

87

93

61

114

-

25

50

75

100

125

2011 2012 2013 2014 2015 2015 ProForma

>30%

compound

growth(1) since

20112015 PUD

rebalancing

to reduce

FDC costs

>10%

compound

growth(1)

since 2011

5

Infrastructure Advantage Positioned for low cost growth

Teine seeks to own, control and operate strategic infrastructure to reduce down time, increasing field manpower efficiency, and improve long-term netbacks, while meeting or exceeding environmental regulations.

~250,000 bbls total oil storage

Current capacity of 50,000 bbls/d of oil with ability to expand

Field-wide SCADA system – real time well status and production monitoring, reducing manpower and downtime, driving lower fixed costs per barrel

Plato

PipelineFORGAN

PLATO

DODSLANDCOLEVILLE

HOOSIER

Pipeline Connected

to Teine 13-12

Battery

Enbridge Main Line

6,500

19,500

26,000

19,000

31,000

50,000

Heavy Oil Light Oil Total Oil

bbl/

d

Utilization

Capacity

Current Facility Utilization vs. Capacity

6

Corporate Capital EfficiencyDeclining DCET costs, completion of infrastructure build, and enhanced well performance = consistent improvement in

capital efficiency

0

3,000

6,000

9,000

12,000

15,000

Pro

duct

ion b

y C

apital Pro

gra

m Y

ear

(boe/d

)

Corporate Capital Efficiency(1) (C$ / exit boe/d)

1. Excludes acquisition and land capital expenditures. Capital efficiency based on exit production by capital program year, excluding production impact of acquisitions.

~$31,000 /

boe/d

~$25,000 /

boe/d

~$22,000 /

boe/d

~$17,500 /

boe/d

2013A 2014A 2015A 2016E

Capex: ~$205 MM Capex: ~$290 MM Capex: ~$125 MM Capex: ~$150 MM

7

Key Cost DriversContinuous improvement on controllable costs – strive to generate more profit per barrel

Operational Metrics(1)

$7.00

$1.90

$1.10

$7.31

$2.17

$2.61

$9.24

$2.24

$3.32

$10.67

$3.93

$3.96

$0 $3 $6 $9 $12 $15

Opex

Transport

G&A

C$/boe

2013A 2014A 2015A 2016E

72%

52%

34%

Heavy Oil Impact

1. Percentage decreases show change from final year to beginning year, uncompounded.

8

FD&A PerformancePDP FD&A is more representative of replacement cost (depletion) vs. 2P FD&A. Future 2P growth will be consistently achieved

through our 15 year inventory of high quality de-risked locations

PDP FD&A (C$/boe)(1)

$27$25

$0

$10

$20

$30

$40

$50

PDP FD&A

2014A 2015A

2.1x

1.3x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

PDP Recycle Ratio

2014A 2015A

PDP FD&A Recycle Ratio(1)

1. Operating netback (excluding hedging) divided by PDP FD&A.2. Peer group includes CPG, WCP, RRX, TOG, SPE.

Peer Avg.(2)

0.8x

1.6x

$32

$36

Peer Avg.(2)

9

Financial DisciplineConsistent approach to protect the balance sheet and maintain flexibility/liquidity

Optimize capital structure in the framework of private company to manage cost of capital while maintaining line of sight to attractive public company leverage levels if transition to public company is made

Capital allocation rigor all development projects meet strict IRR (>40%) and payout

thresholds (<24 mo)

Facility projects must drive down long term cost structure

< 20 day Viking DCET cycle times mean flexibility to reduce/increase activity

12-24 month hedging program. Lock-in base cash flow to cover maintenance capex, G&A, and interests costs

Fully hedged (FX of principal & interest) term debt

2017E growth program fully funded by cash flow at US$50/bbl WTI

Current bank line of $475 MM ~40% drawn

10

Oil Market PricingAmple egress and benefiting from the Canadian dollar

$0

$20

$40

$60

$80

$100

$120C$ WTI Cdn Light Sweet (40 API) WCS Heavy (20.5 API)

C$ Pricing per barrel

Avg. Diff

~8%

Avg. Diff

~25%Teine Viking light oil realized price

approximately equal to Cdn Light Sweet

Teine heavy oil realized price

approximately equal to WCS Heavy

11

2017 Capital ProgramFocus remains on Viking light oil development, while testing attractive heavy oil and EOR opportunities

Viking

Light Oil

~300 Viking horizontal development wells with flexibility to increase or decrease program based on market conditions

Additional step-out and infill locations to further de-risk concept

Additional ERH wells in both high and low quality rock –determine optimal development in Tier 5+ lands and potential of high grading Tier 3/4 lands

Bakken

Heavy Oil

Target ~10-20 step out heavy oil locations – new play development

Optimization capital for workovers and water handling

EOR

Initiatives

Expansion of Bakken heavy oil polymer flood at Coleville

Viking water flood targeting response in previously flooded areas within Dodsland & Avon Hills

2017 Capital Allocation

Viking Light Oil12

13

Viking Light Oil Leading North American low cost oil play – shallow depth, low water production, low gas ratio

US$ WTI Half-Cycle Oil Breakeven(1)

1. Peters & Co. Limited Research. 10% discount rate, C$3.25/mcf AECO, US$3.45/mcf NYMEX.

$36.1

1

$36.2

5

$38.7

8

$39.3

4

$39.7

5

$40.7

3

$40.7

4

$41.2

0

$41.4

1

$41.9

4

$41.9

8

$42.8

5

$43.8

4

$44.0

1

$44.6

2

$46.5

6

$46.8

0

$48.0

0

$48.0

9

$48.1

0

$50.1

4

$52.0

8

$57.0

7

$59.6

5

$60.5

9

$63.4

8 Teine’s Viking

Light Oil

Permian Basin

14

FORGAN

PLATO

DODSLAND

PLENTYKERROBERT

Dominant land position – 0.9 million gross / 0.8 million net acres

Largest Viking light oil producer at 21,000 boe/d

Play expertise – Teine has drilled >1,000 Hz wells to date

Control some of the highest OOIP lands within the play >15 mmboe/section

Water flood potential within ~50 sections

Successful 20-acre infill pilot program significantly increases well inventory

Extended reach horizontal (ERH) wells represent potential step change in capital efficiency

>5,000 Hz Viking locations translate to > 15 year inventory

Viking Light Oil Dominant land and infrastructure position

15

0

20

40

60

80

100

120

0 4 8 12 16 20 24

Oil

Rate

(b

bl/

d)

MonthsTeine 2014 (~290 wells) Teine 2015 (~130 wells)

Teine 2016 (~200 wells) Sproule Tier 5

Sproule Tier 6 Sproule Tier 7

Viking Light Oil Historical Well PerformanceConsistent execution – 2016 drill program was broadly distributed across entire land base showcasing Teine’s depth of high quality

differentiated Viking inventory

2016 performance tracking

Tier 6 to Tier 7 (red line)

Standard Length Wells (0.5 mi)

Teine 3-Year Average IP365 ~35 bbl/d

Implied Sproule Tier Tier 6

DCET Cost $650k

Price Deck $50 Flat

IRR 79%

F&D $11.97

PIR 2.0x

Payout 1.3 yrs.

BT NPV10 $0.7 MM

47%62%

79%96%

114%

133%

$40 $45 $50 $55 $60 $65

US$ WTI vs. Single Well Tier 6 IRR(1)

1. Assumptions consistent with single well economics details located in appendix.

16

0

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Oil

Ra

te (b

bl/

d)

Months

Sproule 2016 T9 28-030-21W3M (4 Wells) 15-031-20 2016 (4 Wells) 17-031-19 2016 (4 Wells)

102/14-26-030-21W3 (14-23) 08-031-20 2016 (2 Wells) 101/01-33-026-19W3 (08-32)

Viking Extended Reach Horizontal Increasing efficiency throughout the entire play with the potential to increase well inventory within sub Tier 5 acreage

2016 Program

17 wells showing promising early results despite production data negatively impacted by forced well shut ins due to no road access and full tanks in Aug/Oct

Green line (4 wells) flat ~100 bbl/d for 11 months – exceeds Tier 9 cumulative production by ~40%

17

Viking Horizontal Well Cost TrendsDoing more for less – despite overall sand tonnage and stage counts increasing to improve IP’s, overall costs are down due to

cheaper sand, service cost reductions and design improvements

280 265 250 210 230

270

420

350 330

280

385

525

160

125

100

95

105

105

85

75

75

65

70

70

$945

$815

$755

$650

$790

$970

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$0

$200

$400

$600

$800

$1,000

2014A 2015A 2015A H2 2016E

Cap

ital Eff

icie

ncy

($

/bb

l/d

)

DC

ET C

ost

s (C

$0

00

s)

Drill Complete Equip Tie-in Capital Efficiency

1. Capital efficiency assumes Tier 6 12 month IP of 35 bbl/d for standard length well, Tier 9 12 month IP of 65 bbl/d for full section length well, and 12 month IP of 50 bbl/d for ¾ section well.

(1)

Standard Length Wells (0.5 mile or 1/2 Section)

Full Section

Length Well

¾ Section

Length Well

ERH Potential

18

Saskatchewan Viking OOIPShallow deposit with significant oil in place per section

@ 50 – 55 mbbl of recoverable oil per well,

development requires ~ 30 wells per section to attain

full primary recovery. Infill wells will benefit from

existing infrastructure

19

0

20

40

60

80

100

120

140

160

180

200

1 26 51 76 101 126 151 176 201 226 251 276 301 326 351 376

bb

l/d

Days

Teine Viking 20-acre Pilot ProgramResults to date have been successful and significantly de-risks the concept throughout much of the play

Minimal evidence of communication with

adjacent wells at 20 acre spacing

~20 wells on production

2015/2016 Dodsland Pilot Program

Average Tier 5 well results

LEGEND

Red Line – Sproule Tier 5

Green Line – avg. production

3rd party Reserve Auditor has

recognized 20 acre infill drilling,

significantly increasing Teine’s

bookable inventory

20

Viking Light Oil Inventory 15 year high quality inventory

Teine Inventory Map

>5,000 repeatable, low-risk Hz Viking oil locations

> 80% of land base has been de-risked

1. Information contained in the reserve report prepared by Sproule as at December 31, 2015.

0

1,000

2,000

3,000

4,000

5,000

Unbooked 20 Acre Spacing (Risked at 50%)

Unbooked Risked 40 Acre Spacing

Booked 40 Acre Spacing

Teine Inventory – Tier 5 or greater

Ave Tier: 5.7

~15%

Ave Tier: 5.6

~40%

Ave Tier: 5.1

~45%

(1)

Bakken Heavy Oil21

22

Bakken Heavy Oil Low viscosity oil is ideal candidate for water and polymer flooding, driving low declines and free cashflow

Coleville Main Polymer Pilot

Over 1 billion BBL OOIP with less than 12% recovery

98% under water flood – amenable to waterflooding due to lower viscosity than conventional heavy oil

Historically under capitalized assets – to date, >125 high IRR opportunities have been identified within existing pools (based on US$50 WTI)

Potential to expand polymer flood throughout heavy oil acreage

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2013 2014 2015 2016

Oil

Pro

duct

ion (b

bl/

d)

~10% Annual Base Decline

23

2011 pilot demonstrated consistent increased production

Plan to initiate Phase 1/2/3 in H1 2017 with expected production response Q4 2017

Total cost of $2.5-$3.0 MM to drive incremental IP365 of ~500 bbl/d and incremental EUR of ~1.65 mmbbl

Bakken Polymer FloodColeville polymer flood exhibits excellent prod’n efficiencies and low F&D costs while mitigating corporate decline

0

50

100

150

200

250

300

350

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

Coleville Polymer Pilot Oil Production (bbl/d)

- Polymer injection began in 2011

- 2.5x production increase – 4

month response time

Polymer flood

Each additional phase is expected to add

production @ ~$6,000/bbl/d and reserve

F&D’s below $2.00/bbl generating IRR’s

equivalent to Viking HZ wells

24

Heavy Oil SustainabilityTorque to oil price recovery, optionality to further fund Viking light oil development or grow heavy oil

$20

$29

$37

$44

$54

$64

$0

$10

$20

$30

$40

$50

$60

$70

$80

$45 $50 $55 $60 $65 $70

Forw

ard

Yea

r C

ash

Flo

w (

C$

MM

)

US$ WTI

Stay-Flat Cash Flow at Various WTI Illustrative analysis of forward year cash flow generation in a stay-flat production scenario at various WTI

Assumes type curve development drilling, excluding impact of water flood optimization, recompletions and polymer flood expansion

Stay-flat production assumes ~$10 MM annual capex

Summary25

26

1. Excludes Viking Waterflood Upside

2. Based on 28,000 boe/d.

Based on Management’s best estimates (See Disclaimer):

ResourceWorld class, low cost oil resource driving long term, low risk growth

675 mmbbl 5,325 mmbbl

Remaining

Recoverable (1)

Remaining Recoverable

Oil = 675 mmbbl

15%

85%

>6 Billion bbls Estimated Oil in Place within Teine Lands Remaining Recoverable Oil

2015E YE 2P

Reserves

85% of remaining recoverable oil

(> 500 mmbbl) is undeveloped & un-booked

66 year

RLI(2)

27

Teine Competitive Advantage

Low Cost

Repeatable Light

Oil Play / Low

Decline Heavy Oil

• World class oil deposit with significant OOIP and scalability

• Predictable and significant growth with low-risk capital programs

• Built to withstand ongoing oil market volatility

• > 15 years of drilling inventory

• Low maintenance capital heavy oil asset with torque to oil price

recovery provides free cash flow

• ~10% heavy oil decline reduces overall corporate decline

Strategic Financial

Partner / Aligned

Management

• Management and founders ownership of ~12% fully diluted

• Long-term, successful partnership with CPPIB

Saskatchewan

Stable &

Attractive Fiscal

Regime

• Royalty incentives to encourage investment

• Committed to Canadian energy competitiveness

Own and Operate

Strategic

Infrastructure

• Ample egress to markets

• Long-term low cost structure

• Pre-emptive compliance with potential regulatory changes

Self-funding

Growth

• Top decile netbacks

• Low cost operator

• Self-funding

• ~$275 MM liquidity at Dec 31, 2016(1)

1. Facility increased to $475 MM effective Sept 30, 2016.

Solid track record

Strong netbacks

Top tier capital efficiency

Self-funding growth

Opportunistic acquirer

28

Corporate Information

Board of Directors Bankers

Avik Dey – Chair Dennis Chorney – Vice-Chair National Bank of Canada, Syndicate head

Jim Howe Nicholas Zelenczuk Wilmington Trust, Bond Administrator

David Chambers Jason Denney

Executive Officers Head Office

Jason Denney – President & CEO Suite 2300, 520 – 3rd Avenue SW

Ken Hillier – SVP & CFO Calgary, Alberta, Canada, T2P 0R3

Registrar and Transfer Agent Website

TSX Trust www.teine-energy.com

Auditors Solicitors

Deloitte LLP Bennett Jones LLP

Sproule Associates Limited

29

Management Team

Jason Denney, P.Eng – President & CEO20+ years, previously COO of Teine (management roles with Encana, operational roles with Murphy Oil)

Ken Hillier, CA – SVP & CFO30+ years (CFO – Angle Energy, CFO – C&C Energia, CFO – Verenex Energy, various roles with Nexen)

Melanie Pedersen, M.Sc., P.Geol – VP Exploration20+ years (various roles with Encana, PanCanadian)

Dwayne Romansky, B.Sc., P.Eng – VP Engineering30+ years (VP Operations – Argo Energy, Calpine Energy, Anglo Albanian Petroleum, roles with PanCanadian and Westmin)

Jim Thomson – VP Land25+ years (VP Land – Sequoia Oil & Gas, various roles with Argo Energy, Devon Energy, Murphy Oil, CU Resources, D.R. Hurl Land)

Kim Verrier, CA – VP Finance & Treasurer20+ years (Corporate Controller – DC Energy Services/Total Oilfield Rentals, Director Reporting & Control – BA Energy/Value Creation)

Tyler Homan, P.Eng – VP Production20+ years (Senior Production Engineer – EOG, Gulf)

Russell Cumberland, P.Eng – VP Exploitation20+ years (various roles with Berens Energy, Burlington Resources, Nexen)

30

Disclaimer

General

This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities in any jurisdiction, and neither this presentation nor anything contained herein

shall form the basis of any contract or commitment.

Forward-Looking Statements

This presentation contains certain statements and information that constitute forward-looking statements and forward-looking information as defined under applicable securities legislation (collectively, "forward-looking

statements"). These forward-looking statements relate to future events or future performance of Teine Energy Ltd. ("Teine"). All statements other than statements of historical fact are forward-looking statements. The use

of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue",

"potential" and "capable" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or

events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this

presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. This presentation contains forward-looking statements attributed to third party industry sources.

In particular and without limitation, in this presentation there are forward-looking statements pertaining to: financial and operational outlook for 2016 and 2017; the reserve potential of Teine's assets; the estimated

production rates from Teine's assets, including average production rates; Teine's plans to manage its financial structure prudently; Teine's plans to deploy capital; Teine's potential plans for incremental recovery through

new techniques and secondary recovery techniques; Teine's future growth program and funding thereof; future commodity cost prices and costs; expectations with respect to future capital investment, working capital

deficiency, corporate capital expenditures, net debt, debt-adjusted cash flow, capital efficiencies and cost reductions, free cash flow, preservation of liquidity, netbacks, expected total debt/EBITDA ratio under credit

facility covenants, EBITDA per boe and other financial results; Teine's capital expenditure programs and future capital requirements; Teine’s finding & development costs; Teine’s annual production growth rate and

growth inventory; Teine's forward year cash flow; the estimated quantity and value of Teine's proved and probable reserves; expectations that Teine's competitive advantages will yield successful execution of its

business strategy; the cash available for the funding of capital expenditures; outstanding indebtedness; the level of production anticipated by Teine; Teine's hedging activities; Teine's plans for exploration and

development activities and the expected results for such activities; and Teine's access to capital and overall strategy, development and drilling plans for all of Teine's assets.

With respect to forward-looking statements contained in this presentation, assumptions have been made regarding, among other things: future crude oil, NGL and natural gas prices; future exchange rates, Teine's

ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which Teine conducts its

business and any other jurisdictions in which Teine may conduct its business in the future; Teine's ability to market production of oil and natural gas successfully to customers; Teine's future production levels; the

applicability of technologies for recovery and production of Teine's reserves; the recoverability of Teine's reserves; future capital expenditures to be made by Teine; future cash flows from production meeting the

expectations stated in this presentation; future sources of funding for Teine's capital program; CPPIB's continued financial sponsorship; Teine's future debt levels; geological and engineering estimates in respect of

Teine's reserves; the geography of the areas in which Teine is conducting exploration and development activities; the impact of competition on Teine; and Teine's ability to obtain future financing on acceptable terms or

at all.

Actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors including, but not limited to: business operations and capital costs; USD/CAD exchange

rates; Teine's status and stage of development and the management of growth; general economic, market and business conditions; volatility in market prices and demand for crude oil and natural gas and hedging

activities related thereto; seasonality of the Canadian oil and natural gas industry; risks related to the exploration, development and production of oil and natural gas reserves; current global financial conditions,

including fluctuations in interest rates, foreign exchange rates and stock market volatility; risks related to the timing of completion of the Teine's projects; competition for, among other things, capital, the acquisition of

reserves and skilled personnel; operational hazards; actions by governmental authorities, including changes in government regulation and taxation; environmental risks and hazards; risks inherent in the exploration,

development and production of oil and natural gas which may create liability to Teine in excess of Teine's insurance coverage; cost of new technologies; failure to accurately estimate abandonment and reclamation

costs; failure of third parties' reviews, reports and projections to be accurate; the availability of capital on acceptable terms; political risks; climate change; changes to royalty or tax regimes; the failure of Teine or the

holders of certain licenses or leases to meet specific requirements of such licenses or leases; claims made in respect of Teine's properties or assets; aboriginal claims; unforeseen title defects; risks arising from future

acquisition activities;

31

potential conflicts of interest; the potential for management estimates and assumptions to be inaccurate; risks associated with establishing and maintaining systems of internal controls; risks related to the reliance on

historical financial information; liquidity and additional funding requirements; additional indebtedness; failure to engage or retain key personnel; potential losses which would stem from any disruptions in production,

including work stoppages or other labour difficulties, or disruptions in the transportation network on which Teine is reliant; uncertainties inherent in estimating quantities of oil and natural gas reserves; failure to

acquire or develop replacement reserves; geological, technical, drilling and processing problems, including the availability of equipment and access to properties; and disclosure of confidential information of Teine.

In addition, information and statements in this presentation relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions,

that the reserves described exist in the quantities predicted or estimated, and that the reserves described can be profitably produced in the future.

Financial outlook and future-oriented financial information contained in this presentation about prospective financial performance, financial position or cash flows is based on assumptions about future events, including

economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available and is subject to the same risk factors, limitations and qualifications as set forth

above. The financial information included in this presentation, including prospective financial information and financial information for 2015 based on audited financial statements and financial information for 2016

based on unaudited financial statements, has been prepared by, and is the responsibility of, management. Teine and its management believe that such financial information has been prepared on a reasonable basis,

reflecting the best estimates and judgments, and that prospective financial information represents, to the best of management's knowledge and opinion, Teine's expected course of action. However, because this

prospective information is highly subjective, it should not be relied on as necessarily indicative of past or future results.

The forward-looking statements included in this presentation are expressly qualified by this cautionary statement and are made as of the date of this presentation. Teine does not undertake any obligation to publicly

update or revise any forward-looking statements except as required by applicable securities laws.

Presentation of Financial Information

Unless otherwise indicated, references to "CDN$" or "$" are to Canadian dollars and references to "US$" are to U.S. dollars. Unless otherwise indicated, all financial information relating to Teine in this presentation

has been prepared in Canadian dollars using International Financial Reporting Standards ("IFRS").

Non-IFRS Measures

This presentation contains financial measures that are not in accordance with IFRS, including EBITDA, free cash flow, netbacks and net debt.

Presentation of Oil and Gas Information

The discounted and undiscounted net present value of future net revenues attributable to reserves do not represent the fair market value of such reserves. There are numerous uncertainties inherent in estimating

quantities of oil and natural gas and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth in this presentation are estimates only. In general, estimates of

economically recoverable oil and natural gas and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates,

ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of

which may vary materially. For these reasons, estimates of the economically recoverable oil and natural gas reserves attributable to any particular group of properties, classification of such reserves based on risk of

recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. Teine's actual production, revenues, taxes and

development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Readers are cautioned that the foregoing list of risk factors should not be

construed as exhaustive.

Throughout this presentation, the calculation of barrels of oil equivalent ("boe") is based on the widely recognized conversion rate of 6,000 cubic feet ("mcf") of natural gas for 1 barrel ("bbl") of oil. Boe conversions

may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value

equivalence at the wellhead. As the value ratio between crude oil and natural gas based on the current price of crude oil and natural gas is significantly different from the energy equivalency of 6:1, utilizing a

conversion on a 6:1 basis may be misleading as an indication of value.

Disclaimer Cont.

Appendix 32

33

0

20

40

60

80

100

120

0 4 8 12 16 20 24

Oil

Rate

(b

bl/

d)

Months

Teine 2014 (~290 wells) Teine 2015 (~130 wells) Teine 2016 (~200 wells)

Sproule Tier 5 Sproule Tier 6 Sproule Tier 7

Teine Viking Well Economics

Assumptions

Fixed Operating Cost ($/month) $2,000

Variable Operating Cost ($/boe) $2.95

Abandonment Cost ($000s) $30

GOR (scf/bbl) 500

Liquids Yield (bbl/MMcf) 15

1. Teine average royalty based on inventory crown and freehold split of ~13%.

2. Tier 5, Tier 6, Tier 7 based on 2016 Sproule type curve definitions. Full section length economics based on Sproule Tier 9.

(1)(2)

(1)(2)

Type Curve IRR Sensitivities - Standard Length Wells(1)(2)

WTI (US$/bbl) $59.70 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 Dec 13 Strip

DCET Cost (C$000s) $630 $640 $650 $660 $670 $680 $650

F/X $0.74 $0.75 $0.76 $0.77 $0.78 $0.79 $0.77

Cdn Sweet Diff (US$/bbl) $3.20 $3.60 $4.00 $4.40 $4.80 $5.20 $4.00

Tier 5 24% 33% 42% 52% 62% 72% 56%

Tier 6 47% 62% 79% 96% 114% 133% 104%

Tier 7 87% 114% 144% 178% 214% 254% 192%

Teine Type 41% 56% 72% 90% 108% 128% 98%

Type Curve Payout (Months) Sensitivities - Standard Length Wells

WTI (US$/bbl) $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 Dec 13 Strip

Tier 5 47 34 27 22 19 17 21

Tier 6 24 19 16 13 11 10 12

Tier 7 14 11 9 8 7 8 8

Full Section Length Wells - Sproule Tier 9

WTI (US$/bbl) $64.50 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 Dec 13 Strip

DCET Cost (C$000s) $945 $960 $975 $990 $1,005 $1,020 $970

IRR 75% 97% 121% 146% 173% 202% 160%

Payout (Months) 16 13 11 9 8 7 9

Type Curve Capital Efficiency

Full Section T9 Tier 5 Tier 6 Tier 7

DCET $970 $650 $650 $650

1 year Capital Efficiency $16,269 $24,095 $19,081 $15,225

F&D $9.56 $14.82 $11.97 $9.61

34

Debt & Hedging Summary

HY NoteFacility CovenantsSenior Bank Facility

US$350 MM unsecured note

Principal and interest payments hedged at 1.102

Matures September 2022

6.875% coupon with interest payments Mar 30/Sept 30

Covenant light

C$475 MM secured banking facility

Increased from $250 MM effective Sept 30, 2016

~$200 MM drawn at Dec 31, 2016

Covenant 1: < 3.0x senior debt / 4 quarter trailing EBITDA

Q3 2016 status: 0.3x

Hedging Summary

Cal 2017 – WTI Swaps in C$ 9,500 bbl/d at ~C$66.30/bbl

Cal 2018 – WTI Collars in C$ 3,500 bbl/d at C$65.00/C$78.45

35

Cash ReturnsTeine’s high quality production and low cost structure delivers one of the most profitable bbls in Canada

1. Q3 2016. Data sourced from Canoils.

EBITDA per boe(1)

$2

8

$2

5

$2

4

$2

4

$2

2

$2

2

$2

1

$2

0

$1

8

$1

6

$1

6

$1

6

$1

6

$1

4

$1

4

$1

4

$1

4

$1

3

$1

3

$1

2

$1

2

$1

1

$1

0

$1

0

$1

0

$1

0

$9

$9

$9

$9

$7

$4

$3

$3

Teine

36

Penn West Asset Acquisition Overview

Asset Map

Teine Pre Acquisition Land Base

PWT Asset Acquisition

Viking Light Oil

Heavy Oil

Transaction Overview & Rationale Acquisition of Penn West southwest Saskatchewan oil

acreage, primarily focused on the core Viking light oil acreage

Transformative transaction more than doubling Teine’s production

Creation of dominant Viking light oil footprint

~1,000 Viking light oil locations

Corporate decline reduction with addition of low

decline Bakken heavy oil

Acquired >$150 MM of strategic infrastructure

based on replacement cost

Purchase price of $975 MM cash, closed June 24, 2016

Acquisition Metrics Metric Multiple

H1 2016 Production 15,500 boe/d $62,900/boe/d

Proved + Probable Reserves(2) 53.2 mmboe $18.33/boe

1. 2017E: Based on the following assumptions. WTI US$50.00, US$/C$0.75, Light Oil Diff US$4.00, Heavy Oil Diff US$14.21.

2. Information contained in the reserve reports prepared by Sproule with effective date of December 31, 2015.

37

Viking Light Oil Waterflood PotentialEconomic success will be area specific and is dependent on adequate porosity and permeability. However, Teine

lands within the identified area exhibit some of the highest porosity and permeability within the play

Teine Potential Flood

Area Boundary

(~50 contiguous net

Sections)

2017 Waterflood

Expansion Projects

38

2015 Pro Forma Reserve Composition

Commodity Composition

Btax Value Composition

Summary

Reserves Classification

62%

26%

2%

11%

Light Oil Heavy Oil

NGLs Gas

60%

28%

2%10%

Light Oil Heavy Oil

NGLs Gas

114 mmboe 2P 85 mmboe Proved

75%

25%

Proved Probable

66%

34%

Proved Developed

Proved Undeveloped

114 mmboe 2P 85 mmboe Proved

69%

31%

Proved Probable

74%

26%

Proved Developed

Proved Undeveloped

C$1.8B 2P C$1.2B Proved

Source: Information contained in the Reserve Report prepared by Sproule as at December 31, 2015.

Reserves Btax

Light Oil Heavy Oil NGLs Gas Total FDC NPV10%

mmbbls mmbbls mmbbls bcf mmboe C$MM C$MM

PDP 26 24 1 34 56 $8 $918

PUD 25 0 1 19 29 $591 $319

Total Proved 51 24 1 54 85 $599 $1,236

Probable 19 5 1 21 29 $134 $558

Total 2P 70 29 2 74 114 $733 $1,795

% PDP/2P 37% 81% 42% 46% 49% 51%

% Proved/2P 73% 82% 71% 72% 75% 69%

39

E&P High Yield Outperformance

Source: J.P. Morgan.

Current trading levels

6.92%

7.73%

6.58%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

21.0%

23.0%

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17

JPM HY Index JPM HY E&P Index Teine Energy 6.875% due 2022

Amount Issue At Issue Current as of 1/06/2017 Next call Next call

Issuer Issue Issue date Coupon (USD$mm) Maturity Ratings Price YTW STW Price YTW STW YTW date date price

Teine Energy Sr Nts Sep-14 6.875% 350 Sep-22 B3 / B 99.23 7.00% 469 103.75 5.74% 426 Sep-20 Sep-17 105.156

40

Sproule 2016 Viking Type CurvesStandard Length (1/2 section)

(Months)

0

20

40

60

80

100

120

140

160

180

1 6 11 16 21 26 31 36 41 46 51 56

Oil P

rod

uct

ion (

bbl/

d)

Tier 3 Tier 4 Tier 5 Tier 6 Tier 7 Tier 8 Tier 9

Months

41

Corporate History

1. Canada Pension Plan Investment Board.

2. Based on audited Financial Statements as at September 30, 2016.

June 2010

Company Founded

by amalgamation

of Marble Point

Energy

November 2011

C$204 MM

equity

investment by

CPPIB(1)

May 2013

US$300 MM

Second Lien Term

Loan Acquired

~124k net Viking

acres and gas

plant and built

major oil battery

in 2013

November 2011

Acquisition of

~50k net acres in

Saskatchewan

prospective for

Viking light oil

January 2013

C$43 MM

acquisition of

~22k net

Viking acres

December 2012

C$155 MM equity

investment by CPPIB(1)

to fund C$180 MM

acquisition of ~102k

net Viking acres and

~1,900 boe/d

September 2014

Closed US$350

MM High-Yield

Bond issue.

Repaid US$300

MM Second Lien

Term Loan

June 2016

Closed $975 MM

transformative

acquisition of

Penn West’s

Saskatchewan

assets