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Founded in 2010 by AOG
► AOG previously established, developed and sold Addax Petroleum
► March 2016 strategic investment by Zeg Oil and Gas, a Kurdistan Region of Iraq based company
► Current Ownership: AOG 63%, Zeg Oil 23%, Other 14%
Appraisal and development of three oil fields in the Hawler license area (Kurdistan Region of Iraq)
► 122 MMbbl 2P Oil Reserves(1) with Future Net Revenue(2) of $704 million
► Q4 2017 average gross (100%) oil production of 3,800 bbl/d with planned drilling in 2018 (7 wells - subject to funding) expected to increase production
Exploration offshore Senegal / Guinea-Bissau
► 3D seismic data processing and interpretation in advanced stages
► 11 prospects identified with unrisked gross (100%) prospective oil resources of 4.3 billion barrels (risked: 490 MMbbl)
► Exploration drilling expected to commence in 2019
TSX listed (ticker: OXC)
2
BUILDING A FULL CYCLE E&P COMPANY
Key License Areas
1) Gross (working interest) proved plus probable oil reserves as at December 31, 2017. Gross refers to volumes before applicable PSC deductions.
2) After-tax net present value of related future net revenue using forecast prices and costs assumed by NSAI and a 10% discount rate as at December 31, 2017. Gross proved plus probable oil
reserves estimates used to calculate future net revenue are estimated based on economically recoverable volumes within the development/exploitation period specified in the production
sharing contract, or fiscal regime applicable to each license area. The estimated values disclosed do not represent fair market value.
3
HAWLER LICENSE (KURDISTAN REGION OF IRAQ)
Four discoveries with production from the Demir Dagh and Zey Gawra fields (3,800 bbl/d in Q4 2017)
Working Interests
► 65% Oryx Petroleum (Operator)
► 20% KEPCO (Kurdistan Regional Government)
► 15% KNOC (Korean National Oil Corporation)
► Unrisked 2C Gross (100%) contingent Oil Resources -
Development Pending of 83 MMbbl (Risked: 64 MMbbl)
► Appraisal / Exploration potential
• Unrisked Gross 2C (100%) contingent Oil Resources - Development
Unclarified of 145 MMbbl (Risked: 100 MMbbl)
• Unrisked Best Estimate Gross (100%) Prospective Oil Resources of
161 MMbbl (Risked: 6 MMbbl)
(1) The oil reserves, contingent resources and prospective resources data is based upon an evaluation by NSAI with effective date as at December 31, 2017. See material change report dated February 15, 2018 filed on SEDAR.
(2) Gross refers to volumes before applicable PSC deductions.(3) After-tax net present value of related future net revenue using forecast prices and costs assumed by NSAI and a 10% discount rate as at
December 31, 2017. The estimated values disclosed do not represent fair market value. See material change report dated February 15, 2018 filed on SEDAR.
Wells
Completed
Appraisal
Discovery
Planned Appraisal
Discovery: Oct 2013
Discovery: Dec 2013Currently producing
Discovery: Feb 2013Currently producing
Discovery: Mar 2014
Gross(2) Proved Plus Probable
Oil Reserves
Future Net
Revenue(3)
100% Working Interest
Field (MMbbl) (MMbbl) (US$MM)
Demir Dagh Cretaceous 86 56
Demir Dagh Jurassic 4 3
Zey Gawra Cretaceous 33 22
Banan East Cretaceous 36 23
Banan West Cretaceous 29 19
Total† 188 122 704
4
HAWLER LICENSE: FIELD DEVELOPMENT PLAN
Tertiary & Cretaceous
Reservoirs
Jurassic Reservoirs
Possible Triassic Reservoirs
Ain Al-Safra
220 km2
Zey Gawra
160 km2
Demir Dagh
197 km2
Relinquished Area
850 km2
AAS-1
BAN-2
BAN-1
ZAB-1
ZEG-1
DD-3&9
DD-10&11DD-2DD-5
DD-7
DD-8DD-4
AAS-2
Banan
211 km2
Demir Dagh (Cretaceous)► Three wells currently producing
► Medium grade crude (22º API average) with very
small quantities of gas and H2S
► Matrix and fracture porosity
► Further efforts to bring re-completed Demir
Dagh-8 well online in early 2018
► One short radius sidetrack planned in 2018
Gross (100%) 2P Oil Reserves:
86 MMbbl(1)
Demir Dagh (Jurassic)► One producing well for most of 2016 but shut-in
in December 2016
► Light crude with gas and H2S treatment required
► Fracture porosity only
Gross (100%) 2P Oil Reserves:
4 MMbbl(1)
Zey Gawra (Cretaceous)► Two wells drilled to date and producing with full
suite of test, logging, MDT data
► Light sweet crude (35º API)
► Matrix and fracture porosity
► ZEG-2 well drilled in Q1 2018 and expected to
be completed and in production in Q2 2018
► Additional well planned in 2H 2018
Gross (100%) 2P Oil Reserves:
33 MMbbl(1)
Demir Dagh and Zey Gawra producing from Cretaceous, with Banan (Cretaceous and Tertiary) expected to be evaluated in 2018
Banan (Cretaceous)► Two wells drilled to date with one DST
► Medium grade crude similar to Demir Dagh
Cretaceous (~20º API)
► Matrix and fracture porosity
► Further drilling planned in mid 2018
Gross (100%) 2P Oil Reserves:
64 MMbbl(1)
(1) As at December 31, 2017 per evaluation conducted by Netherland Sewell &
Associates, Inc. (‘NSAI’). See Material Change Report dated February 15, 2018
filed on SEDAR.
Banan (Tertiary)► No reserves booked
► Data collected during drilling of BAN-2
(suspended) suggested presence of sizable oil
column
► 3 wells planned in 2018
► ZEG-1 discovery in the Cretaceous in 2013
• 33 MMbbl Gross (100%) Proved Plus
Probable Oil Reserves(1)
• Light sweet crude (35º API)
• Matrix porosity similar to Demir Dagh
• Higher recovery rates than Demir Dagh
• Full suite of logging, MDT and test data for
ZEG-1, 2D seismic
► ZEG-1 ST and ZAB-1 ST successfully
completed as producers in Cretaceous
reservoir in late 2016 and mid-2017
respectively
► ZAB-1 re-entry in Tertiary reservoir
concluded in late 2016 but unable to be
completed as a producer
5
ZEY GAWRA DISCOVERY AND EARLY APPRAISAL
(1) As at December 31, 2017.
ZEG-1
Pila Spi – Avanah - Khurmala
Bakhtiari - Fars
Kolosh
Shiranish
Qamchuqa – Sarmord - Garagu
Najmah - Sargelu
AlanMus Adaiyah
Butmah
Triassic
ZAB-1 ZEG-1ZEG-2
ZAB-1-ST
ZEG-1-ST
NW SE
Reserves
Contingent Resources
6
ZEY GAWRA APPRAISAL AND EARLY PRODUCTION
Top Shiranish
ZAB-1 ZAB-1-ST ZEG-2 ZEG-1
ZEG-1-STSHIRANISH
KOMETAN
QAMCHUQA
SARMORD
ZAB-1
ZAB-1-ST
ZEG-2
ZEG-1
► Two wells planned in 2018• Increase production
• Better understand different free water level measurements at ZAB-1ST and ZEG-1ST
► ZEG-2 drilled in Q1 2018 and expected to be completed as a producer and online in Q2 2018
► Additional well to be drilled 2H 2018
Cretaceous map
DD-2
DD-7
DD-8
DD-3
DD-9DD-4
DD-6
DD-5
DD-10
DD-11
BAN-1
7
DEMIR DAGH FIELD APPRAISAL AND DEVELOPMENT
► Ten wells drilled to date• Two deep wells to evaluate all reservoirs (DD-2 & 3)
• Eight shallow wells appraising Cretaceous (DD-4, 5, 6, 7, 8, 9, 10 & 11)
• Vertical / deviated well designs
► Six wells completed for production with three wells currently producing• DD-2, 4, 6, 7 & 10 completed in Cretaceous
• DD-3 completed in Jurassic
• DD-2 and DD-3 shut-in due to high water production
• DD-7 shut-in due to marginal production levels
Potential Horizontal Well
► Efforts to bring re-completed DD-8 well in
Cretaceous online as a producer planned
in Q1 2018
► Short radius sidetrack of DD-5 planned in
1H 2018
• Successful completion high in the Cretaceous
reservoir could provide important validation of
a horizontal well development
DD-H
Cretaceous map
► Two wells drilled in 2014
• BAN-1 (DST)
• BAN-2 (suspended, no DST)
► Both wells confirmed oil in Cretaceous reservoir (Reserves)
• Medium grade crude similar to Demir DaghCretaceous (~20° API)
• Matrix and fracture porosity
► Data collected during drilling of BAN-2 indicated presence of sizeable oil column in Tertiary reservoir (Contingent Resources)
► Interpretation of data is that Banan is actually two fields separated by a fault (Banan West and Banan East)
► 2018 drilling activity planned in Banan West
• Re-entry of BAN-2 targeting Cretaceous
• Drilling of three wells targeting Tertiary
8
BANAN DISCOVERY AND EARLY APPRAISAL
BAN-2
BAN-1
Bakhtiari - Fars
Pila Spi – Gercus - Sinjar
Kolosh
Shiranish – Kometan – Qamchuqa
Sarmord - Garagu
Najmah
Mus - Adayiah - Butmah
Triassic
BAN-2S N
Reserves
Contingent Resources
Pilaspi map
9
HAWLER PRODUCTION FACILITIES
► Facilities with capacity of 40,000 bbl/d at Demir Dagh
• Two trains to accommodate both crude oil with and without H2S treatment requirements
► ~1km tie-in pipeline from production facilities to KRI-Turkey export pipeline
► 25,000 bbl of storage capacity and 12,000 bbl/d unloading capacity Truck Loading Station (TLS) at
Demir Dagh
► Initial leased processing facilities installed at Zey Gawra (~6,000 bbl/d) in Q4 2016 with trucking to
Demir Dagh for export pipeline entry
• A more permanent solution contemplates pipeline transport back to facilities at Demir Dagh for processing and
export
ITP
40” & 46” pipelines, 600 & 900 Mbbl/d capacity(1)
KRI - Turkey
24/36” oil pipeline, 700 Mbbl/d capacity
10
KURDISTAN REGION: SUPPLY DYNAMICS
Export Sales:
► Via Turkey by KRI - Turkey pipeline
► Recent KRI exports of oil ~300,000
bbl/d
► Payments from the KRG to oil
exporters largely current since
September 2015 and now based on
Production Sharing Contracts
► Realisation referenced to
international prices
Domestic Sales:
► Pre-payment for sales
► Realisations at discount to
international prices
► Limited demand
To Ceyhan
Oryx Petroleum is currently exporting all production by pipeline
(1) Iraq portion of ITP currently non-operational
Illustrative Netback ($/bbl)
Contractor Netback
Realised Price $50.00 $60.00 $70.00
Royalties 10% (5.00) (6.00) (7.00)
Net revenue 45.00 54.00 63.00
Cost oil 40% 18.00 21.60 25.20
Profit oil 27.00 32.40 37.80
Contractor share 28% 7.56 9.07 10.58
Government share 72% 19.44 23.33 27.22
Total Contractor (Cost + Profit oil) 25.56 30.67 34.27
Less: Opex(1) (7.50) (7.50) (7.50)
Contractor Netback 18.06 23.17 26.77
Oryx Petroleum Netback
Revenue 65% 32.50 39.00 45.50
Less: Royalties & Government share
of Profit oil65% (15.89) (19.07) (22.24)
Less: Capacity Payment(2) (0.74) (0.88) (1.03)
Less: Opex 85% (6.38) (6.38) (6.38)
Plus: Carry Recovery(3) 3.60 4.32 5.04
Oryx Petroleum After-tax Netback 13.09 16.99 20.89
► Realised Prices (Export via pipeline):
• Brent less $12/bbl with adjustment for API gravity
and sulphur content
► Contractor Profit oil and Oryx Petroleum capacity
building payment assumes R factor <1
► Normalised Opex to be achieved as production
increases
• $10.00/ bbl+ expected in near term
• ~$7.50/bbl assuming gross (100%) production of 7,000 –
8,000 bbl/d
► Opex and Capex carries
• Oryx Petroleum carries 20% KRG share
• Oryx Petroleum carries KRG capex up to $300
million
• Recoverable from KRG share of cost oil
11
HAWLER NEAR TERM NETBACKS
(1) Assumes gross (100%) production of 7,000 - 8,000 bbl/d
(2) 15% of Oryx Petroleum Share of Profit oil
(3) Government share of cost oil
12
AGC CENTRAL (SENEGAL / GUINEA BISSAU)
► 3,150 km2 licence area in water depths of
100 - 1,500m
► Carbonate edge play type similar to
SNE-1 discovery identified from seismic
data
► 750 km2 of seismic obligation in initial 3-
year exploration phase
• 1,921 km2 3D Seismic survey and fast track
processing completed in early 2017
• Full processing / interpretation / mapping of
prospects expected to be completed in Q2
2018
• 11 prospects identified with gross unrisked
(100%) best estimate prospective resources
of 4.3 billion barrels (risked 490 MMbbl)(1)
► First renewal of initial exploration phase
expected in October 2018
• Two well work commitment with first
exploration drilling expected in 2019
Significant light oil potential in an area with a working petroleum system and recent discoveries in adjoining areas
► 80% Oryx Petroleum (Operator)
► 20% AGC
(1) As at December 31, 2017 per evaluation conducted by Netherland Sewel & Associates, Inc. (‘NSAI’). See Material Change Report dated February 15, 2018
► A “missing piece” along the Albian / Aptian shelf
margin acquired in 2016 / 2017
► Significant light oil potential in an area with a
working petroleum system
► 1,921 km2 3D Volume
• Data owner / licensor - GeoPartners Ltd.
• Data acquisition by BGP Inc. / CNPC
• Data processed by DownUnder GeoSolutions
• Detailed Reconnaissance Study by Lyme Bay Consulting
• Quantitative Interpretation by RSI Geophysical
13
AGC CENTRAL:
SEISMIC ACQUISITION, PROCESSING & INTERPRETATION
SNE
NEW 3D
TOP ALBIAN
SUBCROP
SINAPA
DOME FLORE
PLAY TYPES
1) Maastrichtian – clastic play
2) Santonian - clastic play
3) Albian / L. Cenomanian – clastic play (SNE analogue)
4) Albian / Aptian – carbonate / clastic play
14
AGC CENTRAL: PLAY TYPES
2
1
3
4
AGC Central 3D (2017)
15
AGC CENTRAL: INITIAL INTERPRETATION OF SEISMIC DATA
AGC Central Risk Assessment
Play Type Reservoir Trap Source Seal
Maastrichtian Clastics Low High Low (Albian) Medium
Santonian Clastics Medium Medium Low (Turonian) Medium
Albian / L. Cenomanian Clastics Medium Low Low (Turonian & Albian) Low
Albian / Aptian Carbonates Medium Low Low (Albian) Low
W E
LOWER SENONIAN
UNCONFORMITY
Zey Gawra Drilling
► Two new wells targeting Cretaceous
Banan Drilling
► Re-entry of BAN-2 well targeting Cretaceous
► Three new wells targeting Tertiary reservoir
Facilities
► Primarily related to Banan
► Flowlines and field infrastructure required to support new wells
Demir Dagh Drilling
► Short radius sidetrack of Demir Dagh-5 well
► Seismic acquisition and interpretation costs, drilling preparations, PSC costs
16
2018 CAPITAL EXPENDITURE FORECAST
Note:
1) The above table excludes license acquisition costs. Totals in rows and columns may not add-up due to rounding
2) Other is comprised primarily of facilities and license maintenance costs and technical support
Hawler
AGC Central
Location License / Field / Activity2018
Forecast
$ millions
Kurdistan Region Hawler
Zey Gawra-Drilling 9
Demir Dagh-Drilling 4
Demir Dagh-Facilities 2
Banan-Drilling 11
Banan-Facilities 6
Other(2) 3
Total Hawler 35
West Africa AGC Central--Drilling Prep 6
AGC Central--Other(2) 7
Capex Total(1) 48
AOG Credit Facility
► $77 million balance of principal plus accrued interest
► Interest payable in shares of OXC
► Currently scheduled to mature in July 2019
Contingent Consideration
► Payable to vendor of Hawler license area upon a second commercial discovery
► $71 million balance of principal plus accrued interest
• Remainder payable (contingent) in annual instalments on September 30 of 2018 - 2021 if second commercial discovery declared before September 30, 2018
Liquidity Outlook
► Cash on hand at December 31, 2017 ($38.6 million), expected net revenues from sales, and proceeds from sale of HMB interest expected to fund planned expenditures through the end of 2018
17
KEY BALANCE SHEET ITEMS (DECEMBER 31, 2017)
AND LIQUIDITY OUTLOOK
► Expected Production Ramp-up in the
Kurdistan Region of Iraq
• Q4 2017 Gross (100%) average oil production of
3,800 bbl/d
• Regular revenue payments for oil exports paid
through November 2017
• Seven wells planned in 2018
► Significant Potential Resource Upside in
AGC Central license area offshore Senegal
/ Guinea-Bissau
• Based on initial interpretation of 3D seismic 11 oil
prospects identified with gross unrisked (100%)
best estimate prospective resources of 4.3 billion
barrels (risked 490 MMbbl)(1)
• Exploration drilling expected to commence in 2019
► Available liquidity to fund current plans
through end of 2018
18
POSITIONED FOR GROWTH IN 2018 AND BEYOND
(1) As at December 31, 2017 per evaluation conducted by Netherland Sewel & Associates, Inc. (‘NSAI’). See Material Change
Report dated February 15, 2018
This document has been prepared by Oryx Petroleum Corporation Limited (“Oryx Petroleum” or the “Corporation”) for information purposes only. This document should be read in conjunction with the annual information form of Oryx Petroleum dated March 23, 2017 (the
“AIF”). Additional information about Oryx Petroleum is available on its website at www.oryxpetroleum.com and Oryx Petroleum’s profile at www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Statements that are not reported financial results or other historical information are forward-looking information within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of applicable United States securities laws
(collectively, “forward-looking statements”). This presentation includes forward-looking statements regarding Oryx Petroleum and the industry in which it operates, including statements about, among other things, exploration and drilling activities, expectations, beliefs, plans,
future oil prices, business and acquisition strategies, opportunities, objectives, prospects, assumptions, including those related to trends, prospects, future events and performance. Sentences and phrases containing or modified by words such as “anticipate”, “plan”,
“continue”, “estimate”, “intend”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targets”, “projects”, “is designed to”, “strategy”, “should”, “believe” and similar expressions, and the negative of such expressions, are not historical facts and 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. Forward-looking statements should not be read as
guarantees of future events, future performance or results, and will not necessarily be accurate indicators of the times at, or by which, such events, performance or results will be achieved, if achieved at all. Forward-looking statements are based on information available at
the time and/or management’s expectations with respect to future events that involve a number of risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The factors described
under the heading “Risk Factors” in the AIF provide examples of the risks, uncertainties and events that may cause Oryx Petroleum’s actual results to differ materially from the expectations it describes in its forward-looking statements. Readers should be aware that the
occurrence of the events described in such risk factors could have an adverse effect on, among other things, Oryx Petroleum’s business, prospects, operations, results of operations and financial condition.
Specific forward-looking statements contained in this presentation include, among others, statements, management’s beliefs, expectations or intentions regarding the following: the ability of each of the Corporation and its partners to fund ongoing exploration and meet their
respective financing and carry obligations with respect to the license areas of Oryx Petroleum; the performance characteristics and discovery potential of Oryx Petroleum’s properties; the Corporation’s expectations of current and future production levels; exploration work
plans, conceptual development and marketing plans; the reserve and resource potential of Oryx Petroleum’s license areas; the political, economic, regulatory and business stability of the jurisdictions in which Oryx Petroleum operates; export pipeline options and export
capacity; the Corporation’s re-forecasted capital expenditure program and the Corporation’s expectations regarding the use of existing capital, its ability to raise capital, develop reserves and resources and to add reserves and resources through exploration, acquisitions and
development; the amount, nature, timing and effects of the Corporation’s capital expenditures; the Corporation’s plans for drilling wells and chance of success; the Corporation’s plans for completion or acquisition of seismic data; market prices and supply and demand
fundamentals for oil and other commodities; timing and amount of the Corporation’s potential future production, forecasts of capital expenditures, net revenues, future development plans and the sources of financing thereof; the Corporation’s operating and other costs and
expenses; business strategies and plans of management; anticipated benefits and enhanced shareholder value resulting from prospect development and acquisitions; and oil reserves and resources quantities and the discounted present value of future net cash flows from
these reserves and resources.
Readers are cautioned that the foregoing list of forward-looking statements should not be construed as being exhaustive.
In making the forward-looking statements in this presentation, the Corporation has made assumptions regarding: timing and results of exploration activities; the enforceability of the Corporation’s production sharing contracts and risk exploration contracts; treatment under the
fiscal terms of production sharing contracts, risk exploration contracts, governmental regulatory regimes and royalty laws; the timing and terms of government approvals and the timing and terms of any renewal or extension of any of the Corporation’s license areas; the cost
of expenditures to be made by Oryx Petroleum; future crude oil prices and prices realised by Oryx Petroleum on oil production sold; the amount of oil production sold domestically in the Kurdistan Region and the amount of oil production sold as export; oil from the Kurdistan
Region refining capacity in the local jurisdiction and access to local and international markets for crude oil production; the Corporation’s ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; the political situation and stability in
jurisdictions in which Oryx Petroleum has licenses, including, without limitation, that the recent escalation in violence in Iraq relating to the incursion by the Islamic State in Iraq and Syria (ISIS) will not adversely disrupt the Corporation’s production and development activities
in the Kurdistan Region; the regulatory, legal and political framework governing the production sharing contracts, risk exploration contracts, royalties, taxes and environmental matters in the jurisdictions in which the Corporation conducts and will conduct its business and the
interpretations of applicable laws; the ability to renew its licenses on attractive terms; the Corporation’s current and future production levels and the timing and payment mechanism for export oil from the Kurdistan Region; the market for domestic oil sales in the Kurdistan
Region and the timing and payment mechanism for such domestic sales in the Kurdistan Region; the applicability of technologies for the recovery and production of the Corporation’s oil reserves and resources; ability to gain access to existing facilities or to build necessary
facilities to sell oil production; operating costs; availability of equipment and qualified contractors and personnel; future capital expenditures to be made by the Corporation; future sources of funding for the Corporation’s capital programs; the Corporation’s future debt levels;
geological and engineering estimates in respect of the Corporation’s reserves and resources; the geography of the areas in which the Corporation is conducting exploration and development activities; the impact of increasing competition on the Corporation; the ability of the
Corporation to obtain financing and, if obtained, to obtain acceptable terms; and government/state participation in the Corporation’s development activities through the exercise of back-in rights.
Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indicators of whether or not such events, performance or results will be achieved. Forward-
looking statements are based on information available at the time and/or management’s expectations with respect to future events that involve a number of risks and uncertainties. Any forward-looking statements concerning prospective results of operations, financial
position, production, expectations of cash flows and future cash flows that are based upon assumptions about future results, economic conditions and courses of action and are presented for the purpose of providing prospective purchasers with a more complete perspective
on Oryx Petroleum’s present and planned future operations and such information may not be appropriate for other purposes and actual results may differ materially from those anticipated in such forward-looking statements.
Actual results could differ materially from those anticipated in or implied by any forward-looking statements, including without limitation, as a result of the risk factors, which are described in detail under “Risk Factors” in the AIF. Readers should reference the factors
discussed under the heading “Risk Factors” in the AIF. The forward-looking statements included in this presentation are expressly qualified by this cautionary statement and readers are cautioned that any forward-looking statement speaks only as of the date of this
presentation. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. If the Corporation does update
one or more forward-looking statements, it is not obligated to, and no inference should be drawn that it will, make additional updates with respect thereto or with respect to other forward-looking statements.
19
DISCLAIMER
RESERVES AND RESOURCES ADVISORY
The reserves and resources and associated future net revenue information presented herein are estimates only. In general, estimates of oil reserves and resources and the future net revenue therefrom are based upon forward-looking statements and a number of variable
factors and assumptions, such as production rates, ultimate reserve recovery, timing and amount of capital expenditures, ability to transport production, marketability of oil, royalty rates, the assumed effects of regulation by governmental and other regulatory agencies and
future operating costs, all of which may vary materially from actual results, and for resources, additional variable factors and assumptions such as discovery and commerciality. For those reasons, estimates of the oil reserves and resources attributable to any particular group
of properties, as well as the classification of such reserves and resources (based on risk of recovery) and estimates of future net revenues associated with such reserves and resources prepared by different engineers (or by the same engineers at different times) may vary.
The actual reserves and resources of Oryx Petroleum may be greater or less than those estimated and such variation may be material.
In addition, Oryx Petroleum’s actual production, revenues, development, capital and operating expenditures, as applicable, with respect to its reserves and resources will vary from estimates thereof and such variations could be material. Any activities undertaken by Oryx
Petroleum to develop or permit the reclassification of its reserves and resources will be subject to the terms of the applicable contractual arrangement.
Statements relating to “net present value”, “future net revenues”, “reserves” and “resources” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions (including, without limitation, pricing
assumptions), that the reserves and resources described exist in the quantities predicted or estimated, and can be profitably produced in the future. Readers should refer to the AIF for information regarding the assumptions related to the reserves and resources reported
herein. There is no assurance that forecast price and cost assumptions will be attained and variances could be material.
Proved oil reserves are those reserves which are most certain to be recovered. There is at least a 90% probability that the quantities actually recovered will equal or exceed the estimated proved oil reserves. Probable oil reserves are those additional reserves that are less
certain to be recovered than proved oil reserves. There is at least a 50% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable oil reserves. Possible oil reserves are those additional reserves that are less certain
to be recovered than probable oil reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable plus possible oil reserves.
Contingent oil resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially
recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. Contingent oil resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development and may be sub classified based on project maturity. Contingent oil resources entail additional commercial risk than reserves. There is no certainty that it will be commercially viable to
produce any portion of the contingent oil resources. Moreover, the volumes of contingent oil resources reported herein are sensitive to economic assumptions, including capital and operating costs and commodity pricing.
Prospective oil 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 oil resources have both an associated chance of discovery
and a chance of development. Prospective oil resources entail more commercial and exploration risks than those relating to oil reserves and contingent oil resources. The risked prospective oil resources reported in this presentation are risked resources that have been
risked for chance of discovery, for chance of development. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing or cost of such development.
The reserves estimates and evaluation and resource estimates and evaluation contained herein are derived from the NSAI Report which was prepared with reference to NI 51-101 relying on the COGE Handbook definitions. Reserves and resources provided herein are as at
December 31, 2017 and are only valid as of such date.
The estimates of reserves and resources and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and resources and future net revenue for all properties, due to the effects of aggregation. The estimated future net
revenues contained herein are valid only as at December 31, 2017 and do not necessarily represent the fair market value of Oryx Petroleum’s reserves and resources.
As used herein, unless otherwise indicated, “gross” means, in respect of reserves, resources, production, area, capital expenditures or operating expenses, the total reserves, resources, production, area, capital expenditures or operating expenses, as applicable, attributable
to either (i) 100% of the license area, field, prospect or lead; or, (ii) the Corporation’s working interest in the license area, field, prospect or lead, as indicated, prior to the deductions specified in the applicable production sharing contract, risk exploration contract or fiscal
regime for each license area.
In addition to the general advisory language above, the below notes qualify certain reserves and resources volumes and other oil and gas information disclosed in this document:
“†”: This volume is an arithmetic sum of multiple estimates of reserves or resources, as applicable, which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of
reserves or resources, as applicable, and appreciate the differing probabilities of recovery associated with each class as explained above.
“‡”: All field fluid measurements will require laboratory analysis to confirm results and should be considered preliminary until such analysis has been done. The test results are not necessarily indicative of long-term performance or of ultimate recovery.
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