Repositioned for North American Growth

IPAA Oil & Gas Investor Symposium

April 20, 2004George K. Hickox, Jr. , Chairman and CEO

NYSE: WZR

2

Company Profile

NYSE: WZR

$8.00 per Share

15.5MM common shares, mgmt. controls 41%

Share price: 52-week H/L $9.39 / $3.12

$280MM enterprise value, $1.46/Mcfe

191 Bcfe proved reserves (12/31/03)

49% oil 51% gas 70% U.S.

30% Canada 85% developed

2004E production 25.5-26.5 Bcfe

Estimated production for 2004 up 9% over 2003

Current daily net production approximately 70 MMcfe 61% Gas 39% Oil

375 Bcfe current prospect inventory

$48MM 2004E CAPEX 53% Canada 47% U.S.

1Q04E LTD $160MM

BUICK CREEK WOLVERINE

EVI-LOON

WILD RIVER

CHINCHAGA

ANSELL

HINTON-OBED

HAYTERLEAHURST

SAN JUAN BASIN

PERMIAN BASIN

GULF COAST ONSHORE

GULF OF MEXICO

ILLINOIS BASIN

3

Repositioning at Wiser

Infuse WZR with $25MM of new capital in May 2000 Shift Wiser business model from development to gas

exploration focus Remove impairments to growth by changing

management, writing down assets, rationalizing low performing properties

Generate Canadian prospect and project inventory Leverage new management experience to add U.S.

exploration content Educate the public markets on new Wiser

4

Achievements Since The Beginning of 2000

Production for 2003 up 21%

Natural gas production 55% in 2003, versus 46% in 2000

Natural gas reserves 51% in 2003, versus 34% in 2000

Added 65 Bcfe through the drill bit, 53 Bcfe through acquisitions

Replaced 136% of production

Maintained historical cash flow properties

Built large prospect and project inventory in new core areas such as Gulf of Mexico and Wild River

5

Wiser Is Repositioned

2003 2002 2001 2000

Gas Production 55% 52% 49% 46%

Gas Reserves 51% 52% 46% 34%

Developed Reserves 85% 82% 81% 96%

Prospect InventoryNet (Unrisked) Reserves, BCF

375* 320 235 0

AcreageTotal (Net) X1,000

388* 421 434 170

* Includes Sabine acquisition which closed in January 2004

6

Current Status

2003 vs. 2002 Daily production: 64.0 MMcfe vs. 65.2 MMcfe Production revenues $107MM vs. $77MM EBITDAX $56.1MM vs. $30.7MM

2004E guidance First quarter average daily production 62.6 MMcfe Average daily production 69.7 to 72.4 MMcfe CAPEX $48MM ($25MM CAN, $23MM U.S.) EBITDAX $79.8MM (4/13/04 NYMEX pricing; 25.4 Bcfe

production)

7

0

100

200

300

400

500

600

700

2000 2001 2002 2003*

Reserves and Annual Production

GasOil

Reserves, Bcfe

Production, MMcfe

0

5,000

10,000

15,000

20,000

25,000

30,000

2000 2001 2002 2003 2004E

ProvedProbablesProspects

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

2000 2001 2002 2003 2004E

EBITDAX, $000

2004E based on 4/13/04 NYMEX pricing; 25.4 Bcfe

production * Prospects include Sabine acquisition

8

Our Operating Areas

U.S. 70%

Canada30%

2003 Reserves - 191 Bcfe

Oil49%

Gas51%

2003 Reserves - 191 Bcfe

U.S. 47%

Canada53%

2004E CAPEX - $48MM

U.S. 55%

Canada45%

2004E Production 25.5-26.5 Bcfe

U.S.67%

Canada33%

2003 Pretax PV-10 - $350MM

U.S.47%

Canada53%

Current Prospects - 375 Bcfe

9

U.S. Overview

U.S. growth strategy Grow production and

reserves through exploration, exploitation & tactical acquisitions

Redeploy cash flow from Permian and San Juan legacy assets to fund exploration program

Explore in the GOM and onshore Gulf Coast areas using the latest geophysical tools

Operate the majority of production and drilling programs to reduce costs and control the pace of activity

175 Total Net Reserves (Unrisked) in Wiser U.S. Prospect Inventory

11039693,00049Onshore

6537021,00010Offshore - Gulf of Mexico

Net Reserves

(Bcfe)

Gross Reserves

(Bcfe)Net.

AcreageNo. of

Prospects

PERMIAN BASIN

SAN JUAN BASIN

GULF OF MEXICO

SLASH RANCH

LIBERTY

MALJAMAR

WELLMAN

SOUTH TEXAS

CHARCO

SABINE

United States2004E CAPEX $23MMNet Undeveloped Acreage 114,0003-D Seismic 2,500 sq milesNet Producing Wells 433Booked PUDs 18.1 BcfeBooked Probable 18.7 Bcfe

10

Permian and San Juan Basins

San Juan Basin Long-lived legacy asset Drill >100 gross wells

annually replacing reserves

Solid cash flow generator

Permian Basin Long-lived legacy assets Monetizing CO2 at

Wellman; credit sales to operating costs

10 infill development wells planned in 2004

Solid cash flow generator

PERMIAN BASIN

SAN JUAN BASIN

GULF OF MEXICO

SLASH RANCH

LIBERTY

MALJAMAR

WELLMAN

SOUTH TEXAS

CHARCO

SABINE

11

2004 U.S. Exploration Program

9 gross U.S. wells (3 GOM and 6 onshore Gulf Coast)

Expect drilling to begin in the second quarter, will

operate all 6 onshore wells

Rapidly building prospect inventory on newly acquired

157,000 gross acre Sabine project

Continuing to build 3-D seismic database and develop

new exploratory project ideas in core areas

U.S. exploration budget - approximately $12 MM.

12

GOM Exploration and Discoveries

East Cameron

West Cameron

SouthPelto

Vermilion

10 Prospective Blocks In Inventory

13 Blocks HBP

South MarshIsland

Eugene Island

Ship Shoal

SouthTimbalier

WC 357 P&A

WC 347 #12.2 MMcfe/d gross

WC 4288.7 MMcfe/d gross

WC 417 #1 & WC 416 #13.4 MMcfe/d gross SMI 93 #1

1.5 MMcfe/d gross

EI 302 #1, #2 & #315.0 MMcfe/d gross

SS 164 P&A

EC 179 #A-1 & 185 #A-2 on productionEC 185 #-2 ST Discovery3.4 MMcfe/d grossWC 399 P&A

VR 61 #112.1 MMcfe/d gross

EC 735 MMcfe/d test

SS 32217.8 MMcfde/d gross

WC 4886.4 MMcfe/d gross

Offshore Results:Successfully completed 15 of 19wells participated in, yielding a

79% success rate.

13

Upper Gulf Coast Trend

Developing trend ingeo-pressured

Yegua, Cook Mountain and Wilcox aged sands.

Wiser operated Liberty Project 3-D seismic shot in 2003.

Wiser operated Sabine Project acquired in early 2004.

Drilling to commence on both projects in the second quarter of 2004.

Sabine Project

Liberty Project

14

Liberty Project

Wiser-operated 51 sq. mile 3-D program, interpretation ongoing.

Approximately 28,000 gross acres under lease or option.

Located in prolific Yegua-Cook Mountain trend.

Multiple prospects generated to date.

LIBERTY

HARDIN

JEFFERSON

Canadian Hunter Field95 BCFE

Sour LakeEast Field52 BCFE

Pine Island Field102 BCFE

Raywood Field156 BCFE

Liberty 3-D Survey51 Sq. Miles

CHAMBERS

HARRIS

MONTGOMERY

SAN JACINTO

15

Sabine Project

• Approximately 157,000 acres leased or optioned in prolific Yegua and Wilcox trends.

• 260 sq. mi. of 3D data and approx. 2,000 mi. 2D data already acquired

• Numerous (>35) documented leads and prospects in Yegua and Wilcox.

• Wiser to operate with 45% working interest.

3D Seismic Surveys

LegendAvailable 3D Seismic

- 224 Sq Miles - El PasoWiser

Lease Acreage

Optioned Acreage

HPB Acreage

16

CHINCHAGA

BUICK CREEK

EVI - LOON

WOLVERINE

WILD RIVER

ANSELL

HINTON - OBED

HAYTER

LEAHURST

Canadian Core BaseCanada

2004E CAPEX (U.S.$) $25MMNet Undeveloped Acreage 172,000Net Wells 266Average WI% 70%3-D Seismic 250 sq milesPUDs 16 BcfeProbable 27.3 Bcfe

Acquire and operate numerous lands and wells with “upside” opportunities

Use advanced technologies to add reserves and increase production

Increase netback margins through intensive engineering

Apply. downspacing technologies to increase reserves at Wild River

6,000 BOED NET (6:1)

9.4 MM BOE Proved reserves

Shallow Gas

Light Oil

Heavy Oil

Deep Gas

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Shallow Gas Projects

CHINCHAGA

WOLVERINE

Net production 8.5 MMcf/d Net reserves 28 Bcfe P+P 140,000 net undeveloped

acres 140 WI wells 25+MMcf/d gas plant

capacity WI% range from 33%

to 100% 10 wells drilled Q1/ 2004

CHINCHAGA

WOLVERINE6 miles

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Wolverine - Shallow Gas

5.5 MMcf/d - Wolverine

1.5 MMcf/d - Bison

Combined plant capacity: 25 MMcf/d

7 wells drilled Q1/ 2004

Added shallow production at Wolverine and deeper Gilwood production at Bison

12 MILES

BISON GAS PLANT

WOLVERINE GAS PLANT

WOLVERINE

Wiser Land

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Deep Gas Projects - Wild River/Hinton-Obed

Net production 10 MMcf/d

Net reserves 21.5 Bcfe P+P

18,000 net undeveloped acres

WI% range from 3% to 50%

Depth: 9,000 - 12,000 ft

3 wells completed Q1/ 2004

1 well drilling, 3 wells production

testing

2 wells waiting on rig

WILD RIVER

HINTON-OBEDANSELL

6 miles

WILD RIVER

HINTON-OBED

ANSELL

BUICK CREEK

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Wild River - Deep Gas

WILD RIVER

Operator; 50% WI Multi-zone gas potential down to

9,800 ft on 21,900 gross acres Production up 1000% since 2000 15-30 Discovery: On stream Jan.

6; current rate: 20 mmcf/d (50% WI)

Offsets planned for 2004 TLM, APC and DVN active in

area

15-30

Wiser drilling/operated wells

Talisman operated

Recent TLM, APC & DVN drilling

Nexen acquisition - 24% WI

New 3-D seismic program Q1 03

Existing 3-D seismic

WISER’S NEW POOL WABAMUN DISCOVERY

1 mile

BERLAND RIVER WABAMUN

80 BCF TO DATE

NEW GASWELL

DRILLING

21

Hinton-Obed - Deep Gas

HINTON-OBED

Operator; 3.3% to 50% WI

12,500 net undeveloped acres with 5-10 drillable locations

Potential 2-5MMcfe/d risked

13-8 Well Tested 4.2 MMCFD from two zones

9-16 PROD. TESTING (WISER 6.6%)

14-23 PROD. TESTING (WISER 25%)

1-29 PROD. TESTING (WISER 50%)

VIKING CHANNEL SS TREND

1 mile

5-7

4-21-53-22W5 DISCOVERY WELL

IP: 14 MMCF/D WISER 3.3%

Section 29 acquired July Landsale

4-21-53-22W5 Viking Pool

Locations (50%)

Fault

3-D seismic control

13-8 GASWELL16.6% WI

1-29 TESTING50% WI

9-16 TESTING6.6% WI

14-23 TESTING25% WI

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Buick Creek - Deep Gas

Ladyfern largest discovery to date at

750 Bcf recoverable

Depth ranges from 8,000 feet to

12,000 feet

Wiser has large land holding covered

with 3D seismic

Identified large reef for winter drilling

100 - 200 BCF Potential

CNRL offset well: 30 mmcf/d

Well penetrated low perm. Fore-Reef

facies / possible side track planned

summer 2004

Drill stem test recovered gas

WISER’S BUICK CREEK

Ladyfern EnCana Discovery

Canadian Natural Resource DiscoveryCalpine Discovery

Samson Discovery

BC

AB

BUICK CREEK

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Evi-Loon & Red Earth - Light Oil

Production 1,340 BOPD Evi-Loon & Red Earth - Light Oil

Net reserves 2.5 MMBOE 7,500 net undeveloped acres;

14 locations identified on seismic

40° API gravity; receive 95% of WTI cash price

Current Netbacks $29 bbl Cdn. 7 Wells planned for Q3/04

N. EVI

W. EVI

LOON

EVI

RED EARTH

Proposed locations

Wiser Land

EVI-LOON

1 mile

24

Hayter - Heavy Oil

HAYTER

100% WI,

2,048 BOED

OOIP - 143 MMBbl, WZR has

booked ~ Proved 1.5 MMBOE

Reactivated 58 producing wells

Drilled 39 wells

50 additional locations to drill

Add compression Jan. 2004,

increased production from 1,500 to

over 2,000 BOED by March

2003 Summer locations (10)

New 3-D Acquired May 2003

Wiser Land

OIL BATTERY

25

Production GrowthM

Mcf

e pe

r Q

uart

er

MM

cfe

per

Day

26

Plans for Debt

1Q 2004E debt $160MM $125MM, 9.50% coupon, principal due May 2007 $29MM bank debt, $45MM borrowing base, additional $20MM

acquisition facility

Debt coverage YE 03 Debt/03 EBITDAX 2.8X 03 Interest Coverage 3.9X

Expect to reduce credit facility by $10MM in 2004 Considering a refinancing of the $125MM

subordinated notes Will continue to hedge production to maintain debt

service

27

Hedging Strategy

We look forward 3 to 4 quarters, locking in ~50% of production

Protects downside, captures upside

Covers 100% of interest payments, protecting equity from default risk

1Q 2004 2Q 2004 3Q 2004 4Q 2004

Oil * 72% 46% 47% 23%

Gas 82% 56% 60% 22%

* Excludes calls sold during period

28

Current Wiser Valuation

Current Price per Share $8.00 Market Equity Value $124MM3/04E Long Term Debt $160MM 3/04E Cash $4MM

4/13 NYMEX Pricing Flat Pricing $29 Oil/$5 GasAvg. $35.56 Oil/$5.97 Gas Avg. $30.54 Oil/$5.20 Gas

2004E EBITDAX $79.8MM $68.2MMEnterprise Value $280MM $280MM

04E EV/EBITDAX Multiple 3.5x 4.1x

Peer Group 04E EV/EBITDAX Comp 5.5x

29

Reasons for Buying Wiser Oil

The turnaround risk is largely removed

Clear business plan with exploration focus

Present management is aligned with shareholders

Exposure to Canadian assets and prospects

Diverse portfolio of legacy and prospect assets

Demonstrated growth track record with growth upside

Shares still trade below peer group metrics

Repositioned for North American Growth

NYSE: WZR

Except for historical information contained herein, the statements in this Presentation are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, and the business prospects of The Wiser Oil Company, are subject to a number of risks and uncertainties that may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, product supply and demand, competition, government regulation or action, litigation, the costs and results of drilling and operations, the Company's ability to replace reserves or implement its business plans, access to and cost of capital, uncertainties about estimates of reserves, quality of technical data, and environmental risks. These and other risks are described in the Company's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.