Cuda Oil and Gas Inc.A High Netback, Light Oil, North American Producer Focused on Delivering Organic GrowthNovember 2018

TSX.V – CUDAwww.cudaoilandgas.com

COMPANY SNAPSHOT

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➢ Market Capitalization1 (TSX.V – CUDA) $44.0 MM

➢ Acquisition Facility (10.5%) $35.0 MM

➢ Convertible Debenture $1.5 MM

➢ Enterprise Value2 $80.5 MM

➢ Basic Shares Outstanding 21.93 MM

➢ Diluted Shares Outstanding 26.68 MM

➢ Production - November 20183 1050 boe/d (40% liquids)

➢ Total Proved (“TP”) Reserves4 3.0 MM BOE

➢ Proved and Probable (“P+P”) Reserves4 3.6 MM BOE

➢ Proved and Probable (“P+P”) Net Present Value (BT10%)4 $66.5 MM

➢ Recoverable Prospective Gas Resource – Quebec Lowlands - Utica5 3.5 TCF

➢ Recoverable Contingent Oil Resource- Quebec Galt6 4.2 MM BOE

➢ Lands7 1.82 MM net acres

1. Based on Cuda share price of $2.002. Excluding Restricted Cash Position of $8.2MM and cash on hand.3. Based on field estimates for November with AB gas on line.4. Reserves Effective Date is December 31, 2017 for Cdn Assets and February 28, 2018 for Wyoming Assets5. NSAI April 16, 2010 Unrisked P50-Best Estimate6. NSAI May 31, 2015: Unrisked P50-Best Estimate 7. Alberta = 6,653 acres , Wyoming = 12,500 acres, Quebec = 1,803,924 acres

STRATEGIC POSITIONING TO HIGH NETBACK GROWTH

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South Alberta- Net 700+ boe/d - Low Cost, High Impact

Oil Prospects- Drill Ready

Wyoming – Powder River- Net 350 bbls/d - Up to 70 Infill Locations - Gas Flood (up to 50% RF) - Stacked Conv/Unconv HZ

Opportunities

Quebec – Galt- Light Sweet Oil (Contingent Oil

Resource: 4.2MMBOE)1

- 150 bbls/d Behind Pipe- Infill HZ Drilling on 3D

Quebec - Utica- 3.5 TCF Prospective

Resource2

- High Impact HZ Gas/Liquids Play

Portfolio of Scalable Opportunities focused on Oil Exploration and Production

➢ North American diversified asset base provides capital allocation opportunities to optimize return on investment

➢ Alberta – Low Cost Opportunities Provide Torque

➢ Quebec – Potential to Unlock Significant Value with Social / Political Progress

➢ Wyoming – High Impact “One-off” Acquisition Delivering Low Risk Organic Growth with Visible Upside

1. NSAI May 31, 2015: Unrisked P50-Best Estimate 2. NSAI April 16, 2010 Unrisked P50-Best Estimate

TRACK RECORD OF SUCCESS

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Team of proven company builders with a track record of:

a) Establishing focused, high quality growth assets and

b) Maximizing investor returns through opportune exit strategies.

Corporate Accomplishments

➢ LILIS Energy: a NYSE listed, Pure Permian operator grown 0 to 6,000+ boe/d with a 1,000 well inventory and an EV of over US$ 500 MM (>300% ROI in 21 months)

➢ Forge: Grew from 70 boe/d to ~2,000 boe/d and sold to Whitecap Resources for $161 million in 2014 (265% ROI to initial investors in 2.5 years on $45 million raised)

➢ NuLoch: Grew from 0 boe/d to 1,500 boe/d and sold to Magnum Hunter for $327 million in 2011 (249% ROI to initial investors)

➢ TriLoch: Grew from 0 boe/d to 1,500 boe/d and sold to Enerplus Corporation for $87 million in 2005 (199% ROI to initial investors)

➢ PanAtlas: Grew from 1,000 boe/d to 3,000 boe/d and sold to Velvet – El Paso Corporation for $77.9 million in 2001

➢ Summit: Grew from 200 boe/d to 14,000 boe/d, sold to Paramount Resources for $332 million in 2002

POWDER RIVER BASIN: PERMIAN OF THE ROCKIES

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Converse County Activity Trending Higher

Early Stages of Multiple Zone Opportunities

➢ Large Independents including EOG, Devon, Anadarko, Chesapeake, Samson Energy, and now Vermillion have large positions in the play with over

10,000 licensed wells to test multiple horizons.

➢ Recent M&A transactions valued at US$ 2500 – US$ 3700 per acre.

Chesapeake• 5 active rigs• 250,000+ net acres• 32,000 boe/d• 580 licenses

Samson• 2 active rigs• 150,000+ net acres• 2,700 boe/d• 1,000+ licenses

Anadarko• 415,000 net acres• 17,000 boe/d• 2,200+ licenses

EOG• 2 active rigs• 169,000+ net acres• 1,500 licenses

Devon• 1 active rig(4 by 2019)• 395,000 net acres• 17,000 boe/d• 900 licenses

Wold• 1 active rig• 146,000 net acres• 2,000+ licenses

Wold #3675-16-9-2Frontier 1 HZ

Peak Rate: 1,446 bbls/d oilIP90:1089 boe/d (85% oil)

Anschutz: Theo Fed 3571-17-5IP24: 3,193 bbls/d oil

Anschutz: Remi State 3571-16-21-9

IP24: 3,123 bbls/d oil

Converse County = 10,000 licenses

Cuda Barron Flats

Unit

Wold 3874-326-23-14-3FHFrontier 1 HZ

IP30: 4,535 boe/d(60% Oil)

Cole CreekAcquisition

Wells: IP30 > 500 bbls/d

➢ Latest area production results indicate over 600 wells have IP30 > 500 bbls/d of oil1 with multiple IP24 reported test rates ranging from 1,000 to over 3,000 bbls/d of oil.2

1. Source: Wyoming Oil and Gas Commission2. Operators Public Disclosure

WYOMING PROVIDES MARKET ACCESS & LOW DIFFERENTIAL

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WYO Base + Infill

➢ PRB oil pipelines have significant capacity to move additional crude to many markets

➢ Cuda anticipates continued low differential due to proximity to Cushing

➢ 2018 differential at BFU averaged ~ -2.50/bbl to WTI.

Powder River Basin Crude Takeaway Network 1

1. Source: Imperial Capital – Equity and Industry Research – October 3, 2018

Barron Flats Unit

Guernsey Benchmark Closely Tracks WTI Cushing 1

Cole Creek & Barron Flats Area Map

WYOMING – STACKED LIGHT OIL PLAYS

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➢ 1,200 bbls/d (350 net) light oil producing asset1

➢ 12,500 net acres

➢ 27.75 % to 33.33% working interest

➢ Low risk high netback conventional play

➢ Secondary recovery: gas flood planned in 20192

➢ Multiple horizontal formations identified

➢ 10,000+ HZ wells licensed in Greater Converse3

Stacked Pay

1. Based on field estimates for November, 20182. Based on successful efforts to acquire a gas injection permit from the State of Wyoming for the Barron Flats Shannon Oil Pool3. Source: Wyoming Oil and Gas Commission

Barron Flats Unit

Cole CreekAcquisition

Assumptions• DCE&T: $1.6 MM Cdn• GLJ July Strip $65WTI

in 2019• Diff: -$2.5/bbl• OpEx: $4/bbl (Yr1)• Royalty = 21.5% • Prod Tax = 6.0%• Ad Val Tax: 6.0%

BARRON FLATS UNIT – CONVENTIONAL SHANNON FORMATION

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Ryder Scott Type Curve < 1 Year Payout & ROR > 125% 1

Full Field Development up to 90 wells on Cuda Lands

➢ Pool has recovered ~500 mbbls to date with up to 75 infill and step out vertical locations identified on 160 acre spacing.

➢ Ryder Scott Type Curve with IP30 at 150 bbls/d and 150 mbbls of reserves per well offer <1 year payouts and ROR of 125%.1

➢ Gas flood internal estimate of up to 50% (gas injection planned H1/2019).2

➢ Generation 3(110 T) stimulation technology may further enhance the economics of this play.

➢ Drilled and completed 10 gross wells (2.8 net).

16 Producers15: 2018 Drill Program59: Locations

1. Based on Ryder Scott type well from Reserves Report dated February 28, 2018 and using GLJ July 2018 Strip Price Forecast

2. Gas Flood recovery factor based on internal management estimates of 0-50%

Type Curve Ryder Scott RS RS

Zone Shannon -25% 25%

Cas

e P

aram

eter

s Capital ($mCdn) $1,600 $1,600 $1,600

Prod (IP30) (bopd) 150 113 188

Prod (IP30) (boepd) 150 113 188

Prod (IP365) (boepd) 98 74 122

Reserves (mboe) 150 113 188

% Oil (%) 100% 100% 100%

Eco

no

mic

In

dic

ato

rs

NPV10% ($mmCdn) $2,250 $1,299 $3,371

ROR (%) 125% 65% 220%

PIR (x) 1.4 0.8 2.1

Payout (yrs) 1.0 1.5 0.7

Netback Yr1 ($Cdn/boe) $52 $52 $53

F&D ($Cdn/boe) $10.67 $14.22 $8.53

Recycle Ratio (x) 4.9x 3.7x 6.1x

FRONTIER/DAKOTA HORIZONTAL UPSIDE

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WYO Base + Infill

➢ Cole Creek Acquisition➢ Land: 11,000 acres

(3,667 Net)➢ Dakota and Frontier 2

HZ potential

➢ Historical legacy Frontier and Dakota production and well control indicates large OOIP with low recoverable oil to date.1

➢ Barron Flats Unit(BFU) on trend with industry horizontal activity.

➢ Deep BFU well control defines bypassed unconventional opportunities in Frontier 1.

➢ Niobrara, Mowry, and Muddy Formations provide additional opportunities.

➢ 2 Horizontal Locations are planned for the 1st half of 2019.

Horizontal Potential Across Cuda Land Base

Horizontal Prospects for H1’ 2019

- Frontier 2:- Dakota:

1. Source: Wyoming Oil and Gas Commission

Barron Flats Unit27.75 %

Cole CreekAcquisition

33.33%

Frontier 1 HZ Potential

Frontier 2 & Dakota HZ Potential

1,040 bbls/d oil

Cuda Type Well F2_Dakota_HZIP30 700 bopd_ 500 mboe.

1

2

4

5

3

F1_HZIP30 1,000 bopd_ 750 mboe.

HORIZONTAL POTENTIAL ON CUDA LANDS

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➢ Technology continues to take the Horizontal well results to new record highs and drives ROR to greater than 50%.1

➢ The latest generation of fracture stimulation produces greater than 1,000 bbls/d of oil. 2

Type Curve F2_Dakota F1

Cas

e P

aram

eter

s Capital ($mCdn) $7,812 $9,114

Prod (IP30) (bopd) 700 1,000

Prod (IP30) (boepd) 800 1,322

Prod (IP365) (boepd) 390 634

Reserves (mboe) 500 750

% Oil (%) 88% 76%

Eco

no

mic

In

dic

ato

rs

NPV10% ($mCdn) $5,760 $8,277

ROR (%) 54% 75%

PIR (x) 0.8 0.9

Payout (yrs) 1.6 1.2

Netback (Yr1) ($Cdn/boe) $47 $40

F&D ($Cdn/boe) $16 $12

Recycle Ratio (x) 3.0x 3.3x

Graph Legend

1. Cole Creek Frontier HZ(On Prod -2007) only 1000’ of HZ and 1 frac: Cum = 61 mbbls 2

2. Cole Creek Dakota HZ (On Prod – 2007) only 1600’ of HZ and 1 frac: Cum = 145 mbbls 2

3. Frontier HZ Wells spud after Jan1, 2013 2

4. Frontier HZ Wells spud after Jan1, 2017 2

5. Wold – State 3675-16-9-2FH on production Jan 2018. Peak Rate = 147 bbls/d per 1000’ with a horz section of 9800’. Stimulated with 31 stages, 330,000 lbs/stage, and 118,000 bbls of fluid 3

Technology drives horizontal production rates to > 1,000 bbls/d 2

Horz Wells with ROR > 50% 1

1. Based on internally generated type curves and using GLJ July 2018 Strip Price Forecast2. Source: Wyoming Oil and Gas Commission3. Operators Public Disclosure

CONVERSE TRANSPORT – A MIDSTREAM COMPANY

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WYO Base + Infill

➢ The Company(Cuda 33.33%) is currently negotiating a pipeline connection to an existing Sinclair pipeline at Glenrock Junction just outside of Casper, WY.

➢ The pipeline will deliver Barron Flats Unit crude oil directly into Sinclair's Little America located in Casper. (Capacity 22,000 bbls/d)

2 Lines: An Oil Sales Line and A Gas Source Line 1

Barron Flats Unit

Gas Source Line (10”) via the Tallgrass System

Oil Sales Line(6”)

➢ High Demand for Diesel Rich Shannon Oil will increase price differential to a projected +2 Differential to WTI (+4/bbl gain to current price at BFU).

➢ The Gas source line will connect to the Tallgrass system and provide make up gas for the miscible gas flood project scheduled to commence 2019 upon approval of the application by the Wyoming Oil & Gas Commission.

Source Map: CAPP -CANADIAN AND U.S. CRUDE OIL PIPELINES AND REFINERIES –Capacities at June 1, 2018 (mbbls/d)

1. Johnson & Rice Oct2/18

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Appendix

NSAI Prospective Resource = 3.5 TCF 1

UTICA PLAY – MASSIVE SHALE GAS RESOURCE

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➢ Quebec Utica play is well established with 30+ delineation wells and several vertical tests ranging from 100-900mcf/d.

➢ In addition, St. Edouard #1 horizontal well produced at an IP30 of 5.7mmcf/d and was only completed with an 8 stage stimulation.

Type Log

Upper Utica

Utica Vertical Test Wells = 100-900 mcf/d

St-Edouard Hz well:> 5 MMcfd, 8 stages

1. NSAI April 16, 2010 Unrisked P50-Best Estimate

➢ Netherland, Sewell & Associates conducted an assessment of the recoverable unriskedprospective gas resources as of December 31, 2009 for the Utica Shale.

➢ NSAI evaluated resources and reserves in the Galt field project.

➢ Total Company Recoverable Contingent Oil Resource- P50 Best Guess = 4.2 MM BOE

➢ Potential development plan could include up to 30 wells in the Forillonformation.

➢ Cuda intends to drill 2 wells at Galt in 2019 targeting the Forillon. 1

GALT PLAY – LIGHT OIL DISCOVERY

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Galt X-Section of Well Profiles (6wells)

NSAI Evaluation

Contingent Oil Resource- P50 Best

Guess = 4.2 MM BOE Halo around existing wells

Galt 4: IP’d at 200 bbls/d

3D Seismic Coverage

➢ The existing Galt 4 well is capable of 150 bbls/d and waiting on a production license.

1. If the necessary permits are attained from Resources Quebec

South Alberta Fairway Map

SOUTH ALBERTA EXPLORATION: NEAR TERM TORQUE

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Type Curves for Nisku and Glauc Prospects*

➢ Drilling starts with 3 wells planned in late 2019 with total exposed risked capital of $1.6MM.

➢ Targeting oil prospects with material development drilling upside and waterflood potential.

➢ Proposed Drill Order:1. Carbon Nisku2. Rockyford Glauc Oil3. Long Coulee Glauc

2019 Drill Order

#1

#2

#3

* NPV10 is generated using internal type curves and GLJ July/2018 Strip Price Forecast.

Area South AB South AB

Zone Nisku Glauc

Cas

e P

aram

eter

s

Capital ($m) $1,350 $1,200

Prod (IP30) (bopd) 175 120

Prod (IP30) (boepd) 200 120

Prod (IP365) (boepd) 165 90

Reserves (mboe) 265 100

% Oil (%) 88% 100%

Eco

no

mic

Ind

icat

ors

NPV10% ($m) $5,129 $2,036

IRR (%) 200+% 170%

PIR (x) 4.1 1.7

Payout (yrs) 0.5 0.8

Netback (Yr1) ($/boe) $42 $49

F&D ($/boe) $5.09 $12.00

Recycle Ratio (x) 8.2x 4.1x

16

POWDER RIVER LAND VALUES > $3700/ACRE

Source: provided by VIII Capital.

MANAGEMENT TEAM

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R. Glenn Dawson – President and CEO• Geologist, BSc, MSc with over 35 years of oil and gas exploration and management experience across North America• Most recently President of Williston Hunter Canada and Bakken Hunter North Dakota, subsidiaries of Magnum Hunter Resources• President of NuLoch Resources until sale to Magnum Hunter Resources in 2011• VP Exploration and President of TriLoch Resources until sale to Enerplus in 2005• Prior to TriLoch, VP Exploration at PanAtlas / Summit Resources, Sundance Oil and Gas, and Golden Eagle Oil and Gas (Ultramar)

Ron Purvis – CFO• Chartered Accountant with over 25 years of experience including public and private entities.• Experience includes IFRS conversion, financial reporting, financial management and operations for assets in Canada and U.S. • Held increasingly senior roles at Northern Blizzard Resources, TransCanada, Maxim Power Corp, Williams Energy Canada, and Ernst & Young

Terry Schneider – COO• P.Eng with over 35 years of experience ranging from startups to large corporations and spanning Alberta, Saskatchewan and North Dakota• VP Engineering at TriLoch, NuLoch and Magnum Hunter and drilled / participated in over 300 wells in those roles over the last 15 years• Prior to TriLoch, held increasingly senior engineering roles at ElPaso / Velvet, Crestar, and Ranchmans

Tim Bushell – VP, Exploration• Geologist, BSc with over 35+ years of oil and gas exploration experience spanning Alberta, Saskatchewan and North Dakota• Senior Geologist at NuLoch and Magnum Hunter growing production by over 5,000 bbl/d through the successful drilling of over 200 wells in the Williston

Basin• Prior to NuLoch, held increasingly senior geologist roles at Landcruiser Resources, Tailwind Resources, Summit Resources, and Chevron

Chad Gutor – VP, Engineering• P. Eng, MBA with 20+ years of progressive experience in operations, exploitation and evaluations with private and public companies • VP Engineering at Forge Petroleum• Prior to Forge, held increasingly senior roles at Petrobakken, Highpine, True Energy, Ultima Energy Trust, Enerplus, Crestar Energy, Numac Energy

Mathieu Lavoie – VP, Quebec Operations• P. Eng, with over 15 years of experience in operations and evaluations throughout North America.

• VP Operations at Junex until 2008, with key role in assembling Quebec Land Position and building operational capability

• Director of Foragaz, an Oil and Gas drilling division working in Eastern Canada (Qc, NB, NS and NF) until 2005

BOARD OF DIRECTORS

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Edward (Ted) Hirst - Managing Director, Head of Global Investment Banking, Canaccord Genuity Corp.Mr. Hirst was Head of North American Mining at CIBC World Markets prior to founding Genuity Capital Markets in late 2004. Genuity Capital Markets merged with Canaccord Financial in 2010 becoming Canaccord Genuity Corp. He joined CIBC World Markets in 1996 and built the team into the #1 ranked global mining M&A team. Mr. Hirst has been involved in a wide variety of mining financings as well as over 50 completed mergers and acquisition advisory assignments since 1996, including in 2014 the joint acquisition of Osisko Gold Inc. for Yamana Gold, the acquisition by B2Gold of Papillon Resources, and the acquisition by Agnico Eagle of Cayden Resources. Prior to CIBC, he was Co-Head of Corporate Finance for Bankers Trust Canada. Mr. Hirst graduated from the Schulich Business School in 1985 with a B.B.A.

Rich Frommer, P.Geol. - President and CEO, Great Western Oil and Gas.Rich has an extensive history in the Oil & Gas Industry and has worked within organizations such as Samson Resources Company and HS Resources. Rich held the position of Senior Vice President in the Rocky Mountain division at Samson Resources Company. This is where he built and developed a team and organization from a four man start up with an initial $200 million acquisition into a $4 billion asset that was part of the largest private equity oil and gas buyout by KKR. He was responsible for the planning and implementation of annual capital budgets of up to $450 million structured to provide maximum rate of return. Rich did this while managing an office staff of 125 people and four field offices of approximately 65 personnel. Rich is currently working to cultivate and expand Great Western Oil & Gas Company. Great Western is a rapidly growing domestic exploration and production company in the Rocky Mountain Region that holds roughly $3 billion in assets. Rich earned his Bachelor Degree in Geology from New York State University; in addition he has completed executive programs through the SMU Cox School of Business.

Scott Dawson, P.Eng – Independent BusinessmanMr. Dawson is a Professional Engineer with nearly 30 years of extensive experience in Western Canadian oil and natural gas engineering. As co-founder, President and CEO of Tempest Energy Corp. from June 2000 to November 2005, Mr. Dawson led the company to a plan of arrangement with Daylight Energy Trust and the formation of Open Range Energy Corp. Previously Mr. Dawson was co-founder, President and CEO of Tier One Energy Corp., a public oil and gas company, which commenced operations in 1996 and was sold in 1999. Prior to that Mr. Dawson was Engineering Manager from 1989 to March 1996 at HCO Energy Ltd., a public oil and gas company. From 1983 to 1988, Mr. Dawson was a production engineer for Westmin Resources Ltd. and its predecessor Sundance Oil Canada Ltd. Mr. Dawson is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta (APEGGA). Graduate of Haileybury School of Mines and Michigan Tech. B.Sc. Geological Engineering.

Jean-Yves Lavoie, President and CEO, JunexMr. Lavoie is a co-founder of the Company, Chairman of the Board since June 2013 and President and Chief Executive Officer from March 2017 to August 2018. He was previously the President of Junex from April 2006 to October 2011 and Chief Executive Officer from April 2006 to June 2013. He had also previously served as President and Chief of Operations since the creation of the Company in 1999 and its listing on the exchange in 2001. He was employed by SOQUIP as a petroleum engineer from 1974 to 1980, after which he remained active as a technical consultant and drilling engineer on several oil and gas projects in Québec and overseas. The different experiences acquired through various positions and projects, both prior to and following the production process, have permitted him to refine his entrepreneurship qualities. As president of Jaltin Inc. he has, among other things, initiated the realization of the natural gas underground storage of Pointe-du-Lac. This was a first in Québec and worldwide as regards nonconsolidated sediments. Mr. Lavoie is a member of the Ordre des ingénieurs du Québec, the American Association of Petroleum Geologists (AAPG), as well as the Association of Engineers, Geologists and Geophysicists of Alberta.

BOARD OF DIRECTORS – CONT.

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Guylaine Saucier – Former Chair of the Board of Directors of the CBC.Guylaine Saucier is a director of companies. She is a former Chair of the Board of Directors of the Canadian Broadcasting Corporation, a former director of the Bank of Canada, a former Chair of the Canadian Institute of Chartered Accountants (CICA), a former director of the International Federation of Accountants, and was Chair of the Joint Committee on Corporate Governance established by the CICA, the Toronto Stock Exchange, and the Canadian Venture Exchange and is a director of Wendel. Mrs. Saucier was the first woman to serve as President of the Québec Chamber of Commerce. She serves as a director of the Fondation du Musée des Beaux Arts. Mrs. Saucier obtained a B.A. from Collège Marguerite-Bourgeoys and a B.Comm. from the École des Hautes Études Commerciales, Université de Montréal. She is a Fellow of the Institute of Chartered Accountants and a Member of the Order of Canada. In 2004, she received the Fellowship Award from the Institute of Corporate Directors, in 2007, she obtained the Institute Certified Designation from the Institute of Corporate Directors, and in 2010, she received the designation Administrateur de société émérite from the Collège des administrateurs de sociétés.

Bruce Lawrence – BLG LLP Partner – Corporate Secretary, Cuda Oil and Gas Inc.Bruce Lawrence is a Partner at Borden Ladner Gervais LLP in the Securities and Capital Markets Group, and is the Regional Chair of their Oil and Gas Focus Group. Based in Calgary, Bruce has practiced in the corporate/commercial area since 1982, with an emphasis on clients involved in the natural resources sector. The bulk of his practice involves corporate and securities transactions with exposure to numerous public and private financings, mergers, acquisitions, take-over bids and plans of arrangement. Bruce is also involved in oil sands and off-shore oil and gas development. Bruce graduated from the University of Calgary with a B.Comm. in 1979 and obtained a LL.B. from the University of Alberta in 1982.

R. Glenn Dawson – President and CEO, Cuda Oil and Gas Inc.Mr. Dawson is an Exploration Geologist with 35 years of Oil and Gas exploration experience across multiple hydrocarbon basins in North America. A company builder with the visibility to recognize corporate growth opportunities and define strategies to fund and execute organic exploration and development programs. Founder of several TSX listed oil and gas companies, successfully built and vended to larger entities at significant multiples to invested capital. Technical background, manager of multi-discipline Geoscience oriented exploration teams with E&P budgets up to $200MM per year. Glenn earned a Bachelor Degree in Geology from Weber State University – Utah, and attended the Masters Degree program from the University of Calgary.

FORWARD LOOKING STATEMENTS

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This presentation contains forward-looking statements. All statements other than statements of historical fact included in this presentation, are forward-looking statements that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. In particular, forward-looking information included in this presentation includes (i) Cuda’s exploration and development plans(including injection and waterflood plans), proposed drilling and exploration programs, production estimates, production growth rates and recovery factors, which assume accuracy of technical and geological information and analysis and the ability to achieve similar results to analogous case studies and industry involvement in prospective areas and may be impacted by unscheduled maintenance, labour and contractor availability; (ii) capital expenditures and other cash costs, which assume foreign exchange rates and accuracy of production estimates, and may be impacted by unexpected maintenance, the need to hire external resources and accelerated capital plans; (iii) profits, operating netbacks, payouts and rates of return, which assume production and expenditure estimates and may be impacted by energy prices, production estimates, and the timing of payments; (iv) reserves and resources which are forward-looking statements by their nature involving the implied assessment that the reserves and resources can be profitably produced, and may be impacted by energy prices, future drilling results and operating costs; (v) potential acquisitions and other corporate development activities and the anticipated benefits therefrom; and (vi) expectations regarding the results of provincial elections in Quebec. Risk factors that could prevent forward looking statements relating to Cuda and its operating activities from being realized include ongoing permitting requirements, the actual results of current exploration and development activities, operational risks, risks associated with drilling and completions, uncertainty of geological and technical data, market conditions, the availability and nature of alternative sources of energy, conclusions of economic evaluations, changes in polling results in connection with Quebec’s provincial election and changes in project parameters as plans continue to be refined as well as future prices of energy. Although Cuda has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

OIL AND GAS ADVISORIES

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ResourcesThe term original-oil-in-place ("OOIP") is equivalent to total petroleum initially-in-place ("TPIIP"). TPIIP, as defined in the Canadian Oil and Gas Evaluation Handbook, is that quantity of petroleum that is estimated to exist in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered. A portion of the TPIIP is considered undiscovered and there is no certainty that any portion of such undiscovered resources will be discovered.With respect to the portion of the TPIIP that is considered discovered resources, there is no certainty that it will be commercially viable to produce any portion of such discovered resources. A significant portion of the estimated volumes of TPIIP will never be recovered.Discovered Petroleum Initially In Place is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum initially in place includes production, reserves, and contingent resources; the remainder is unrecoverable. There is uncertainty that it will be commercially viable to produce any portion of the resources.Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Not all exploration projects will result in discoveries. The chance that an exploration project will result in the discovery of petroleum is referred to as the chance of discovery. Thus, for an undiscovered accumulation the chance of commerciality is the product of two risk components-the chance of discovery and the chance of development. There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the Prospective Resources.Cuda’s Utica shale gas net best estimate unrisked prospective resource is located in the St. Lawrence Lowlands, where several wells have been drilled by industry establishing the existence of a large gas resource. While the Utica has been successfully developed in the United States and encouraging exploration wells have tested at encouraging rates in Québec, to date there has been no commercial projects developed in Québec. To reach the commercialization phase, Cuda will work with Québec stakeholders to propose a project that will favour social acceptance notably by minimizing disturbance of surface lands, avoiding development proximal to urban centers and perform fracture stimulation in the shale in a manner that is respectful of the environment and the local population. Key risks to the development of Cuda’s lowlands assets include the receipt of regulatory approval and social acceptance, implementation of rules that allow for fracking in Québec, construction of infrastructure to transport natural gas to markets, access to capital in order to capitalize a capital intensive development plan, access to services required for development, and further de-risking of the technical risks associated with developing unconventional reservoirs. The total costs and timelines associated with establishing the commerciality of this project are unknown at this time given the early stage of the project’s development.With respect to the Galt project, no estimates have been made as to the total cost required to achieve commercial production, there is no estimate as to the specific timeline of the entire project nor as to the estimated date of first commercial production, the anticipated recovery technology would be from primary oil production, and drilling operations are currently underway as part of a pre-development study.Production test rates from the Galt-4 horizontal well are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which wells will continue to produce and decline thereafter and are not indicative of the long-term performance or the ultimate recovery of such wells. While encouraging, undue reliance should not be placed on such rates in calculating the aggregate production. Such rates are based on field estimates and are based on limited data available.

OIL AND GAS ADVISORIES CONT.

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Analogous InformationThis presentation provides certain information on the production rate of wells on properties in close proximity to the Wyoming properties which is “analogous information” as defined by applicable securities laws. This analogous information is derived from publicly available information sources which Cuda believes are predominantly independent in nature. Some of this data may not have been prepared by qualified reserves evaluators or auditors and the preparation of any estimates may not be in strict accordance with the Canadian Oil & Gas Evaluation Handbook. Regardless, estimates by engineering and geotechnical practitioners may vary and the differences may be significant. Cuda believes that the provision of this analogous information is relevant to its activities and forecasting, given its interest in properties in the area; however, readers are cautioned that there is no certainty that the forecasts provided herein based on analogous information will be accurate.

Future Drilling Locations Unless otherwise specified, the information in this presentation pertaining to future drilling locations or drilling inventories is based solely on internal estimates made by management and such locations have not been reflected in any independent reserve or resource evaluations prepared pursuant to NI 51-101. Similarly, unless otherwise specified, the information in this presentation pertaining to targeted reserve volumes from future drilling is intended to indicate that in making its internal drilling decisions, Cuda seeks to target drilling locations that, based on previous drilling results and its own internal assessments, it believes will on average ultimately generate the indicated volumes. This presentation discloses drilling locations which are unbooked locations and are internal estimates based on Cuda's prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources and have been identified by management as an estimation of multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that Cuda will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which Cuda actually drills wells will ultimately depend upon the availability of capital, regulatory approvals, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the unbooked drilling locations have been de-risked by drilling existing wells in relative close proximity to such unbooked drilling locations, other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.

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Type Well Production and EconomicsThis presentation contains references to type well production and economics, which are derived, at least in part, from available information respecting the well economics of other companies and, as such, there is no guarantee that Cuda will achieve the stated or similar results, capital costs and return costs per well.Any reference in this presentation to initial, early and/or test or production/performance rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. Additionally, such rates may also include recovered “load oil” fluids used in well completion stimulation.While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Cuda. The initial production or test rates may be estimated based on other third party estimates or limited data available at this time. In all cases in this presentation initial production or test rates are not necessarily indicative of long-term performance of the relevant well or fields or of ultimate recovery of hydrocarbons. Well-flow test result data should be considered to be preliminary until a pressure transient analysis and/or well-test interpretation has been carried out.

Oil and Gas MetricsThis presentation contains metrics commonly used in the oil and natural gas industry, as set forth below. These terms do not have a standardized meaning and the calculation of such metric set forth herein may not be comparable to the calculation method used or presented by other companies for the same or similar metrics, and therefore should not be used to make such comparisons.“bbls/d” means barrels of oil per day. “Mcf/d” means one thousand (1000) standard cubic feet of gas per day. “BOE” means barrels of oil equivalent. Natural gas volumes have been converted to a barrels of oil equivalent or boe using six thousand cubic feet equal to one barrel unless otherwise stated. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Boe may be misleading, particularly if used in isolation.F&D means finding and development costs which are calculated by dividing the identified capital expenditures by the applicable reserves additions. F&D costs can include or exclude changes to future development capital costs.IRR means internal rate of return and is the discount rate required for the net present value to equal zero.Operating netback(or Netback) equals total petroleum and natural gas sales less royalties and operating costs calculated on a boe basis. Net Present Value (NPV10) means the anticipated net present value of the future net cash flow (before tax), after capital expenditures discounted at a rate of 10%. Payout means the anticipated years of production from a well or facility required to fully pay for the development well capital or other capital of such well or facility. PIR means profit to investment ratio and is equal to the present value of future adjusted funds flow divided by the investment capital (a value lower than 0 would indicate that the projects present value is less than the initial investment).Recycle ratio is a measure for evaluating the effectiveness of a company’s re-investment program. The ratio measures the efficiency of capital investment by comparing the operating netback per BOE to F&D cost per BOE.

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Securities legislation in certain of the Canadian provinces provides certain purchasers of securities pursuant to an offering memorandum (such as this Presentation) with a remedyfor damages or rescission, or both, in addition to any other rights they may have at law, where the offering memorandum and any amendment thereto contains a“misrepresentation”, as defined in the applicable securities legislation. Purchasers should refer to the applicable securities legislation for the complete text of these rights orconsult with a legal adviser. A “misrepresentation” is generally defined under applicable provincial securities laws to mean an untrue statement of a material fact or an omission tostate a material fact that is required to be stated or that is necessary to make any statement not misleading in light of the circumstances in which it was made. These remedies, ornotice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed by applicable securities legislationand are subject to limitations and defences under applicable securities legislation.The following is a summary of the relevant rights of action for damages or rescission, or both, available to certain purchasers resident in certain of the provinces of Canada.

British Columbia, Alberta and QuébecNotwithstanding that the Securities Act (British Columbia), the Securities Act (Alberta) and the Securities Act (Québec), and the rules, regulations and instruments thereunder, donot provide, or require Cuda to provide, to purchasers resident in these jurisdictions any rights of action in circumstances where this Presentation or an amendment theretocontains a misrepresentation, Cuda hereby grants to such purchasers contractual rights of action that are equivalent to the statutory rights of action set forth above with respect topurchasers resident in Ontario.

Manitoba, Northwest Territories, Yukon and NunavutThe Securities Act (Manitoba), the Securities Act (Northwest Territories), the Securities Act (Yukon) and the Securities Act (Nunavut) each provide a statutory right of action fordamages or rescission to purchasers resident in Manitoba, the Northwest Territories, Yukon and Nunavut, respectively, in circumstances where an offering memorandum (such asthis Presentation), or an amendment thereto, contains a misrepresentation.

New BrunswickThe right of action for damages or rescission described herein is conferred by section 150 of the Securities Act (New Brunswick) (the “New Brunswick Act”). Section 2.1 of NewBrunswick Securities Commission Rule 45-802 Prospectus and Registration Exemptions provides that the statutory rights of action for damages or rescission referred to in Section150 of the New Brunswick Act apply to information relating to an offering memorandum (such as this Presentation) that is provided to a purchaser of securities in connection witha distribution made in reliance on the “accredited investor” prospectus exemption in Section 2.3 of NI 45-106. The New Brunswick Act provides, in relevant part, that where anoffering memorandum (such as this Presentation) contains a misrepresentation, as defined in the New Brunswick Act, a purchaser who purchases securities offered by the offeringmemorandum shall be deemed to have relied on the misrepresentation if it was a misrepresentation at the time of purchase and: (a) the purchaser has a right of action fordamages against the issuer and any selling security holder(s) on whose behalf the distribution is made; or (b) where the purchaser purchased the securities from a person referredto in paragraph (a), the purchaser may elect to exercise a right of rescission against the person, in which case the purchaser shall have no right of action for damages against theperson. This statutory right of action is available to New Brunswick purchasers whether or not such purchasers relied on the misrepresentation. However, there are variousdefences available to the issuer and the selling security holder(s). These rights are in addition to, and without derogation from, any other rights or remedies available at law to aNew Brunswick purchaser. The foregoing is a summary of the rights available to a New Brunswick purchaser. New Brunswick purchasers should refer to the complete text of therelevant statutory provisions.

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OntarioThe Securities Act (Ontario) provides that every purchaser of securities offered pursuant to an offering memorandum (such as this Presentation) shall have a statutory right ofaction for damages or rescission against Cuda in the event that this Presentation contains a misrepresentation. A purchaser who purchases securities has, without regard towhether the purchaser relied upon the misrepresentation, a right of action for damages or, alternatively, while still the owner of the securities, for rescission against Cuda,provided that if the purchaser exercises its right of rescission, it shall cease to have a right of action for damages as against Cuda; Cuda will not be liable for all or any portion ofdamages that it proves do not represent the depreciation in value of the securities as a result of the misrepresentation relied upon; and in no case shall the amount recoverableexceed the price at which the securities were offered. The Securities Act (Ontario) also provides that no action can be commenced to enforce these rights more than 180 days afterthe date of the transaction that gave rise to the cause of action in the case of rescission; or in a damages claim, the earlier of 180 days after the date that the purchaser first hadknowledge of the facts giving rise to the cause of action or three years after the date of the transaction that gave rise to the cause of action. These rights are in addition to, andwithout derogation from, any other rights or remedies available at law to an Ontario purchaser. The foregoing is a summary of the rights available to an Ontario purchaser. Ontariopurchasers should refer to the complete text of the relevant statutory provisions.

SaskatchewanIn the event that an offering memorandum (such as this Presentation), together with any amendments thereto, contains a misrepresentation, a purchaser resident in or otherwisesubject to the laws of Saskatchewan to whom an offering memorandum has been sent or delivered and who purchases securities of the issuer covered by such offeringmemorandum shall be deemed to have relied on the misrepresentation if it was a misrepresentation at the time of purchase, and such purchaser has, in addition to any other rightthat they may have at law, a right of action for damages against the issuer and a selling security holder on whose behalf the distribution is made; every promoter and director ofthe issuer, or the selling security holder, as the case may be, at the time the offering memorandum or any amendment thereto is sent or delivered to a purchaser, and everyperson who, or company that, sells securities on behalf of the issuer or the selling security holder under such offering memorandum or any amendment thereto. The purchasermay elect to exercise a right of rescission against the issuer, in which case the purchaser will have no right of action for damages against the issuer, but may retain the right to claimdamages against the other parties described above. However, there are various defenses available to the persons or companies that the purchaser has a right to sue. In particular,in an action for damages, they have a defense if the purchaser knew of the misrepresentation when the purchaser purchased the securities of the issuer. Saskatchewan securitieslegislation provides a purchaser with the right to void the purchase agreement and to recover all money and other consideration paid by the purchaser for the securities if thesecurities are purchased from a vendor who is trading in Saskatchewan in contravention of Saskatchewan securities legislation. Saskatchewan securities legislation also provides aright of action for rescission or damages to a purchaser of securities to whom an offering memorandum or any amendment to it was not sent or delivered prior to or at the sametime as the purchaser enters into an agreement to purchase the securities. If the purchaser intends to rely on the rights described above, the purchaser must do so within stricttime limitations. The purchaser must commence an action to cancel the agreement within 180 days from the date of the transaction that gave rise to the cause of action. Thepurchaser must commence an action for damages within the earlier of one year after the purchaser first had knowledge of the facts giving rise to the cause of action and six yearsafter the date of the transaction that gave rise to the cause of action. Saskatchewan securities legislation also provides a purchaser who has received an amended offeringmemorandum delivered in accordance with subsection 80.1(3) of The Securities Act, 1988 (Saskatchewan) with a right to withdraw from the agreement to purchase the securitiesby delivering a notice to the person who or company that is selling the securities, indicating the purchaser's intention not to be bound by the purchase agreement, provided suchnotice is delivered by the purchaser within two business days of receiving the amended offering memorandum. These rights are in addition to, and without derogation from, anyother rights or remedies available at law to a Saskatchewan purchaser. The Securities Act, 1988 (Saskatchewan) provides a number of limitations and defenses in respect of suchrights. The foregoing is a summary of the rights available to a Saskatchewan purchaser. Saskatchewan purchasers should refer to the complete text of the relevant statutoryprovisions.