FUELING COLOMBIA’S CLEAN ENERGY TRANSITION

TSX.V:GASX | OTC:PENYF | FRA:56PQ

November 2020

NG | DisclaimerThis presentation of NGX Energy International Corp. (the “Company” or “NGX”) is for information only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe forany securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The information contained herein is subject to change without notice and is based on publicly available information, internally developed data,third party information and other sources. The third party information has not been independently verified. While the Company may not have verified the third party information, nevertheless, it believes that it obtained the informationfrom reliable sources and has no reason to believe it is not accurate in all material respects. Where any opinion or belief is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is anexpression of present opinion or belief only. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company disclaims and excludes all liability (tothe extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this presentation, its accuracy, completeness or by reasonof reliance by any person on any of it. The information contained in this presentation does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate an investment in securities of theCompany and is not to be considered as a recommendation by the Company that any person make an investment in the Company. The information in this presentation is not intended to be relied upon as advice to investors orpotential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. This presentation should not be construed as legal, financial or tax advice to any individual, as eachindividual’s circumstances are different. Readers should consult with their own professional advisors regarding their particular circumstances.

The distribution of this presentation may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe anysuch restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Recipients are required to inform themselves of, and comply with, all such restrictions or prohibitionsand the Company does not accept liability to any person in relation thereto.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities of the Company in any jurisdiction in which an offer, solicitation or sale would be unlawful prior toregistration or qualification under the securities laws of such jurisdiction. The securities of the Company described herein have not been and will not be registered under the United States federal or state securities laws and may not beoffered or sold in the United States, or to, or for the account or benefit of, “U.S. Persons” as such term is defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), unless anexemption from registration is available. Securities sold in the United States will be “restricted securities” within the meaning of Rule 144 under the U.S. Securities Act. The securities may be resold, pledged or otherwise transferredonly pursuant to an effective registration statement under the U.S. Securities Act or pursuant to an applicable exemption from the registration requirements of the U.S. Securities Act.

IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE COMPANY AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THESECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE OR CANADIAN SECURITIES COMMISSION OR REGULATORY AUTHORITY, NORHAVE ANY OF THE FOREGOING PASSED ON THE ACCURACY OR ADEQUACY OF THIS PRESENTATION. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Forward-looking statements

This presentation, together with any supplements and any other information that may be furnished to prospective investors by the Company, contains "forward-looking information", which may include, but is not limited to, statementswith respect to strategies, expectations, planned operations, future actions or the future financial or operating performance of the Company and its projects, and, specifically, statements concerning anticipated growth in annualproduction, future cash costs and netbacks, future resources, internal rates of return, ability to enter into offtake agreements, future cash flow and net present value, exploration cost and well parameters, the timing and success of anydevelopment plan, and the success of any individual well or the overall exploration program. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance orachievements that the Company anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking statements can be identified by theuse of words such as "plans", "expects", "is expected", "budget", "scheduled”, “estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certainactions, events or results “may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward- looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,performance or achievements of NGX to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors are based on information currently availableto the Company, including information obtained from third-party industry analysts and other third party sources, and are based on management’s current expectations regarding future growth, results of operations, future capital(including the amount, nature and sources of funding thereof) and expenditures. Forward-looking statements contained herein are made as of the date of this presentation and NGX disclaims, other than as required by law, anyobligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance thatforward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained in this presentation is expressly qualified by this cautionary statement.

Cautionary note regarding future-oriented financial information

To the extent any forward-looking statement in this presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws, such information is being provided todemonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financialinformation and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out aboveunder the heading “Forward-looking Statements”. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s revenue andexpenses.

Confidentiality

This document is confidential and is being provided to you solely for your information and may not be reproduced, in whole or in part, in any form or forwarded or further distributed to any other person. Any forwarding, distribution orreproduction of this document in whole or in part is unauthorized. By accepting and reviewing this document, you acknowledge and agree (i) to maintain the confidentiality of this document and the information contained herein, (ii) toprotect such information in the same manner you protect your own confidential information, which shall be at least a reasonable standard of care and (iii) to not utilize any of the information contained herein except to assist with yourevaluation of the Company.

TSX.V:GASX // 2

Strong Pricing with Long-term Take or Pay Contracts• High natural gas prices due to decreasing supply and increasing demand in Colombia• State owned utilities provide high quality, credit worthy counterparties for offtake agreements• Advanced negotiations to lock in fixed pricing of ~US$5.00/Mcf for 10+ years

De-Risked High-quality Asset Base• Tested 14 to 20 MMcf/d in July at Maria Conchita• 25.9 Bcf 2P net undeveloped reserves at Maria Conchita(1)

− Best case estimate of 81 Bcf(2)

• Best case estimate of 1 Tcf at SINU-9 provides significant upside(2)

Proximity of Infrastructure• Construction to start imminently on 14 km pipeline from Maria Conchita to TGI Main

Pipeline providing access to the Colombian natural gas market• SINU-9 adjacent to Canacol production, and is only 25 km from infrastructure

Highly Experienced Management Team• Extensive prior experience operating in South America• Current executives at Gran Colombia Gold, GoldX and former executives of Pacific Rubiales

and PDVSA

NG | Investment Highlights

TSX.V:GASX // 3Note: All values in CAD unless otherwise noted1. Reserves report of Petrotech Engineering Ltd., an independent qualified reserves evaluator with an effective date of August 31, 2020 (the "Reserves Report")2. Management estimates

NG | Management & Boardü Colombian based management team with significant in-country experienceü Strong technical experience within Colombian basinsü Strong capital markets expertise having led large public resource companies in the past

TSX.V:GASX // 4

ManagementRonald PantinExecutive Chairman

• Co-founder, CEO, and Executive Director of Pacific Rubiales (Pacific E&P) from 2007 until 2016• Spent over 23 years in the Venezuelan oil industry at PDVSA, holding successively senior roles

Serafino IaconoChief Executive Officer & Executive Director

• Over 30 years of experience in capital markets, having raised more than $4 billion for natural resource projects• Serves as Executive Chairman at Gran Colombia Gold, and Executive Director of Puerto Bahía

Federico Restrepo-SolanoPresident & Director

• Over 25 years of experience in industries such as mining, oil and gas, and infrastructure• Partner and Director at Qvartz Capital Partners, a private equity fund, and member of the Board at GoldX

Marianella Bernal ParadaChief Financial Officer

• Over 13 years of experience in the public and private sectors• Former Private Advisor to the Minister of Information & Communication Technologies in Colombia

Vincenzo PaglioneVP, Planning

• Over 46 years of experience in the global hydrocarbon industry, occupying technical, managerial, and executive positions worldwide

• Has sat on numerous boards of global energy companies and positions in several industry organizations

Additional Board MembersGordon KeepDirector

• CEO of Fiore Management & Advisory, a private financial advisory firm• Extensive experience in investment banking and creating public natural resource companies

Frank GiustraDirector

• CEO of Fiore Group, a private firm managing a broad portfolio of private equity investments and companies• Former Chairman and CEO of Yorkton Securities

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NG | Market DataShare Price Performance

Stock InformationTicker TSX.V:GASX

Formerly CruzSur (TSX.V: CZR)

30-Day Average Volume 211,000

Management and Directors(3) 38.2%

6 Months 3 Months 1 Month

448% 342% 60%

Note: All values in CAD unless otherwise noted1. FD shares do not include dilutive securities that are out of the money2. Calculated as: total debt less cash and working capital adjustment; adjusted for proceeds from dilutive securities and financings subsequent to quarter end3. Based on basic share count prior to the equity raise

Capitalization

TSX.V:GASX // 5

Jul 24:Natural gas discovery on Aruchara-1 re-entry

Aug 19:Update on re-entry and US$2.5MM loan

Aug 31:Aruchara-1 est. production test of 14 to 20 MMcf/d

Sept 30:Name change to NGX Energy

Oct 2:Updated reserve report with increased reserves

Oct 6:Warrants exercised

Share Price (Oct. 13, 2020) $1.15

Basic Shares 84.5

FD Shares(1) 103.0

FD Market Cap. $118.4

Net Debt(2) (6.1)

Enterprise Value $112.3

Increasing Demand On-Trend with ESG

Colombia | Decreasing Supply, Increasing Demand

• Declining legacy fields; production and reserves declining at 7% per year; national reserve life index only 12 years

• Colombia LNG import facilities are lacking

TSX.V:GASX // 6

0

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2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Nat

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Gas

(MM

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Domestic Demand High Case Domestic Demand Low Case Domestic Supply

Natural Gas Supply & Demand(1)

Decreasing Natural Gas Supply(1)

• Natural gas produces 50% less CO2 than coal and 30% less than oil

• A 200% increase in domestic natural gas demand is expected over the next 30 years driven by a move to cleaner fuels and economic growth(2)

• Colombia plans to use natural gas to meet its Paris Agreement CO2 emission target of a 20% reduction by 2050

• Continuing hydro difficulties:‒ 20-year low in reservoirs has limited hydro to 32% of full

capacity‒ The largest hydro project has seen construction setbacks and

the start date has been continuously pushed back

• Natural gas pricing in Colombia is high with low volatility

LNG Import Shipments(3)

Colombia vs. North America Prices(4)

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2017 2018 2019 2020

Gas

Pric

e (U

S$/M

cf)

AECO NYMEX Canacol Pricing

Note: All values in CAD unless otherwise noted1. Source: Wood Mackenzie2. Source: UPME Plan Energetico Nacional, February 2020. Scenario “Nuevas Apuestas”,

refers to national energy plan in which CO2 emissions are reduced by 30%

3. Source: oilprice.com4. Source: Canacol, Bloomberg

6

9

2019 2020 @ May

Leadership• Ivan Duque won the presidential election in

June 2018• Mr. Duque is seen as pro-business, vowing to

support the oil and gas industry, which he sees as a major pillar of growth

• Business professionals rather than politicians have been appointed to Mr. Duque’s administration and key government posts

Peace Agreement with FARC• A peace deal with the FARC was approved by

congress on November 30, 2016• In June 2017, FARC ceased to be an armed

group, handing its weapons to the United Nations, and reforming itself as a legal political party

Leading the region in Economic Growth• According to the International Monetary Fund,

Colombia is expected to have a long-term GDP growth rate of 3.6% as compared to Argentina at 3.2%, Mexico at 2.7% and Brazil at 2.0%

Colombia | Country Update

TSX.V:GASX // 7

2019 Corruption Perceptions Index(1)

87

7769

4537 35

29

9

New Zealand(Rank: 1)

Canada(Rank: 12)

US(Rank: 23)

Argentina(Rank: 66)

Colombia(Rank: 96)

Brazil(Rank: 106)

Mexico(Rank: 130)

Somalia(Rank: 180)

1. Source: Transparency International2. Source: World Bank

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Colombian Economy Growing(2)

NG | Asset Overviewü Strong de-risked asset base in well known producing areas adjacent to Canacol assetsü Located in a very stable area of the countryü Close to significant national infrastructure

TSX.V:GASX // 8

Maria Conchita (80% WI)25.9 Bcf of 2P Net Reserves(1)

81 Bcf Best Case Estimate(2)

20 to 30 MMcf/d Best Case Peak Production(2)

US$130 MM AT NPV10, AT IRR >100%(2)

― Q1-21: Construct pipeline connecting field to national infrastructure and commence production from Aruchara-1

― Q2-21: Re-entry of Istanbul-1 well

SINU-9 (72% WI)1 Tcf Best Case Estimate(2)

180 MMcf/d Best Case Peak Production(2)

US$600+ MM AT NPV10, AT IRR: >100%(2)

― Q2-21: Drilling and testing of Magico and Mago wells

― Q3-21: Production begins at Magico and Mago

Tiburon (10-40% WI)2 Tcf Best Case Estimate(2)

400 MMcf/d Best Case Peak Production(2)

AT NPV10: US$4+ Billion, AT IRR: 50%(2)

Blue sky exploratory asset with excellent natural gas potential; NGX intends to

shoot seismic and farm-out

Note: All values in CAD unless otherwise notedNote: See "Forward-looking statements" on slide 21. Reserves Report2. Management estimates

Maria Conchita | Asset Overview• Maria Conchita field is in the Guajira

Basin on Colombia’s Caribbean coast, 14 km from the TGI Main pipeline

• Maria Conchita neighbors the Chuchupa field (shaded purple below), one of Colombia's largest fields with more than 900 MMboe in reserves and accounting for 40% of Colombia's daily natural gas output

TSX.V:GASX // 9

Aruchara-1• Successful re-entry

in July 2020• 19 MMcf/d absolute

open flow‒ 15 MMcf/d average‒ 20 MMcf/d peak

• Field estimated future production rates of14 to 20 MMcf/d

Istanbul-1• Well re-entry• Scheduled for Q2-21• Originally drilled by

PentaNova in 2018‒ Gas potential is

currently under evaluation

Tinka-1• Well re-entry• Timing TBD• Originally drilled by

Ecopetrol in 1988‒ Tested at 3-4

MMcf/d offering great potential for re-entry

Aruchara-3• New drill• Timing TBD

Aruchara-4• New drill• Timing TBD

Tinka-2• New drill• Timing TBD

Maria Conchita Drilling & Re-Entry Plan

1 2 3

4 5 6

Note: See "Forward-looking statements" on slide 2

SINU-9 | Flagship Upside Property

• Potential for 1 Tcf of gas(1)

• Canacol’s block to the west has booked natural gas reserves of 559 Bcf and production of 200 MMcf/d

• Hocol drilled the Arrecife well on its property to the south-east of NGX. Test results showed gas production of 3-10 MMcf/d with no production of water

• Area has excellent infrastructure with open access to national oil and gas pipelines, and coverage of a reliable electricity grid

• NGX has identified four near-term drilling locations:‒ Magico, Mago, Hechicero, Hechizo

• 32 additional wells planned

, SN 8, VIM 8

SN 8

VIM 8

VIM 5

SN 9

TSX.V:GASX // 10Note: See "Forward-looking statements" on slide 21. Management estimates

Prospect(1)P10(Bcf)

P50 (Mean)(Bcf)

P90(Bcf)

Hechizo 324 219 143

Embrujo 230 171 123

Magico / Mago / Hechicero 202 177 117

Conjuro 138 105 93

Milagroso 125 106 84

Sortilegio 115 92 44

Ensalmo 103 85 54

Cabala 101 79 65

Total 1,338 1,034 723

SINU-9 | Exploration Approach

• Wells are drilled to 4,500 to 6,000 feet over 25 to 30 days for a total costs of US$4 to $6 million

Phase 1 Exploration Development Area

2. Mago

3. Hechicero

1. Magico

4. Hechizo-1

TSX.V:GASX // 11Note: All values in CAD unless otherwise notedNote: See "Forward-looking statements" on slide 21. Management estimates

3D Seismic for Exploration and Development 2021

Possible slim hole exploration 2021

Near term targets

Magico• New drill• Scheduled for

Q2 2021

Mago• New drill• Scheduled for

Q2 2021

Hechicero• New drill• Timing TBD

Hechizo-1• New drill• Timing TBD

1 2 3 4

NG | Development Timeline

TSX.V:GASX // 12

2021 Q1: • Complete Maria Conchita pipeline• Maria Conchita production begins from Aruchara-1 well

2021 Q2: • Re-entry into Istanbul-1 well at Maria Conchita• Drilling and testing of Magico and Mago wells at SINU-9

2021 Q3: • SINU-9 production begins from Magico and Mago wells

Note: See "Forward-looking statements" on slide 2

2020 2021Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

WELL RE-ENTRY:Aruchara-1

Environmental licenseand extended test approval

Approval for new well and re-entry program

WELL RE-ENTRY: Istanbul-1; civil works

Production facility design and construction

Delivery of environmental impact study Approval of environmental impact study

Civil worksfor first two wells

NEW WELLS DRILLED: Magico & Mago

Production facility designand construction for testing

Maria Conchita

SINU-9Production

Start

ProductionStart

NG | High Quality Offtake Counterparties• NG has obtained letters of intent for take or pay contracts with Colombian gas utilities

TSX.V:GASX // 13

Volume: ~10 MMcf/d Volume: ~14 MMcf/d

Natural Gas Traders

Largest Utility Companies in Colombia

Note: See "Forward-looking statements" on slide 2

Gracias!

Appendix

LNG | Global Natural Gas Prices

• As opposed to crude oil, LNG does not feature a harmonized global price. In contracts, the price of LNG is segmented into regional markets, the main ones being:― Asian market (Japan, Korea, and China) with the Japan Customs-cleared Crude price index― European market with the National Balancing Point price index― North American market with the Henry Hub price index

• LNG pricing has historically been tied to crude oil, as the replacement fuel to natural gas. Pricing into Japan and much of Asia was based on a percentage of the price of Japan Customs-cleared Crude (JCC), which is the average price of custom-cleared crude oil imports into Japan as reported in customs statistics

• LNG pricing in parts of Europe and in the Americas have recently been tied to readily available natural gas indices. This is generally referred to as "gas-on-gas" pricing as it is a measure of the relative supply and demand in natural gas markets, independent of whether the oil market is in balance or not

• Colombian LNG prices are highly influenced by regional gas prices as only one LNG import facility is operating in Colombia― Despite attractive LNG pricing, relatively low volumes and the cost of building more regasification facilities is limiting import competition

Japan

AECO

South Korea

Henry Hub

Spot $2.23

LNG $2.54

LNG $6.73

LNG $6.73Spot $2.26

UK

SpainLNG $4.39

BelgiumLNG $3.02

$ / Mcf

Global LNG Pricing

~12 days

~26 days

~11 days

~9 days

~22 days~22 days ~5 daysLNG $5.37(2)

Note: All values in USD unless otherwise noted1. Average monthly prices for January 20182. Colombia LNG imports from the US; pricing as at February 2020

Source: EIATSX.V:GASX // 16

COLOMBIA | Long-term Supply ShortageThe supply-demand balance indicates a deficit since January 2024

Source: MME, Concentra, UPME

Caribbean Market

Interior Market

TSX.V:GASX // 17

Maria Conchita | Seismic InterpretationPoisson Ratio AVO Attribute: H2B Anomaly

Tinka-1

Aruchara-1

TSX.V:GASX // 18

Maria Conchita | Project Layout

1. Water separator2. Glycol Unit3. Three-phase separator4. Coalescing filter Skid

Natural Gas Treatment Facilities

Note: Compressors may not be required depending on the well pressure.

TSX.V:GASX // 19

SINU-9 Seismic Attributes Show Clear Direct Hydrocarbon Indicators (DHI)

SINU-9 | Seismic Interpretation

TSX.V:GASX // 20

NG | Permits & Licenses

Transportadora de Gas Internacional, ready-to-build approved connection point to gas pipeline.

The public entity of the Colombian government with full autonomy, in charge of the public administration of environmental resources and their protection in its jurisdiction within the department of La Guajira, granted environmental permits to build the connection to the main pipeline

Transportadora de Gas Internacional (TGI)

Corporación Autónoma Regional de la Guajira

TSX.V:GASX // 21

Colombia | Supply-Demand Dynamic Causing Premium Pricing

Colombia Has Very High Prices Colombia Has Very Low Price Volatility

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Note: All values in USD unless otherwise notedSource: Canacol, Bloomberg TSX.V:GASX // 22

• Domestic market supply deficit has led to locally producing companies selling at a significant premium to North American prices

• Realized gas prices in Colombia are stable and have maintained around $5.00 / Mcf since 2015

• Canacol, Colombia's largest independent natural gas producer is on long-term fixed price take or pay contracts for 80% of sales guidance