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Legend Wells Wells drilled to BVHL and deeper Project Wells Bernum Land Incl Beaverhill Lk Rights Below Beaverhill Lk Rights Map Items 0 10 1 10 2 10 3 10 4 10 2009 2010 2011 2012 2013 2014 -1 10 0 10 1 10 2 10 3 10 Inst. Calendar Day Oil Rate (bbl/d) Water Cut (%) Date Inst. CDOR Raw Inst. CDGR Water Cut Raw GOR Well Count APRIL 2012 BERNUM PETROLEUM LTD. CORPORATE DISPOSITION ALTACORP CAPITAL SITUATION MAP APRIL 2012 WWW.ALTACORPCAPITAL.COM ROXANA DISCLAIMER: The Situation Map provides an overview description of certain assets (the “Assets”) of Bernum Petroleum Ltd. The information (“Information”) contained in this Situation Map and in any Data Room managed by AltaCorp in connection with this offering is provided without any representation or warranty as to the accuracy or completeness thereof and is for informational purposes only. The Interested Party is to rely on its own independent analysis to form the basis of any investment decision. The Company or AltaCorp may modify the offering procedure or withdraw from the process at any time without notice to, or any liability whatsoever to, any Interested Party. For more information on disclosures please go to www.altacorpcapital.com AB KEY HIGHLIGHTS • 740 boe/d private corporate disposition 99% light oil with current netbacks >$70/BOE • Reserves are 86% oil, a total of 88% liquids and 46% booked to proved production! • Private company with highly concentrated ownership and a small Board of Directors • No reserves have been assigned at Lochend; directly on-trend with industry activity horizontals • Developing project at Roxana with only three future locations booked in GLJ reserves • Lands in multi-season access areas with all production operated by Bernum • Roxana vertical oil wells are $1.5mm gross D,C, + Equip; most recent wells flowing IP at >300BOPD • Corporate cash flow of $1.5mm per month COMPANY OVERVIEW The vendor may not be contacted regarding this offering without prior consent from AltaCorp Capital. i l Roxana AltaCorp Capital Inc. has been engaged by Bernum Petroleum Ltd. as exclusive advisor in a corporate sale. ROXANA - PUSKWASKAU BEAVERHILL LAKE TREND MAP BEAVERHILL LAKE SAND - STRUCTURAL CROSS SECTION Lochend LOCHEND LOCHEND CARDIUM TREND MAP Legend Wells Wells drilled to BVHL and deeper Project Wells Bernum Land Incl Beaverhill Lk Rights Below Beaverhill Lk Rights Map Items Line of Section BVHL Pool Boundary ROXANA GIROUXVILLE EAST PUSKWASKAU ROXANA POOL DETAIL MAP 16-19 IP 250BOPD 8-19 SUCESSFUL WORKOVER • The company has been developing the Beaverhill Lake Sand updip and on trend with prolific fields at Puskwaskau and Normandville • The reservoir produces light oil at prolific rates, the wells are currently flowing, at low GOR by flank water drive • Recovery factor is expected to be 45 - 50% of oil-in-place • The producing zone is a high porosity and permeability, feldspar-rich sandstone • Bernum lands are favourably positioned structurally on an oil column estimated over 30m based on the 13-7-78-20W5 well which produced 34,000 BBL of oil • Bernum has developed a correlatable and predictive 3-D seismic model for the Beaverhill Lake Sand • Additional potential may exist in the Slave Point and Montney zones • Completion results in the Granite Wash at 102/16-19-78-20W5 indicate additional oil potential, well tested significant oil rate before recompletion to primary zone uphole CUMULATIVE OIL 34.2 MSTB GAS 7.7 MMCF WATER 44.2 MSTB CUMULATIVE OIL 55.5 MSTB GAS 7.0 MMCF WATER 0.2 MSTB CUMULATIVE OIL 219.9 MSTB GAS 63.7 MMCF WATER 0.6 MSTB NORMANDVILLE BVHL Cumulative Production Max 3.3 mmBBL • Bernum’s lands at Lochend are on the trend with recent Cardium ‘A’ horizontal production • Bernum has 10,054 acres gross (5,820 net acres) of land at Lochend prospective for the Cardium, adjacent lands have recently sold >$1mm/section • Two locations are being licensed with another two planned for fall 2012 • The advent of frac improvements, slickwater and shortened spacing, have doubled production rates • The 2-mile horizontal well licensed at 4-11-26-4 W5 may lead a new technological improvement 2010 2011 2012 2013 2014 2015 FY FY Mar - Dec FY FY FY Actual Actual Forecast Forecast Forecast Forecast Production Oil (bbls/d) 29 239 867 999 464 224 Gas (mcf/d) 0 0 26 122 215 251 NGL's (bbls/d) 0 0 2 5 10 10 Total (boe/d) 29 239 873 1,024 510 276 Income (in thousands unless otherwise noted) Revenue Oil 834 8,100 24,765 35,366 16,437 7,927 Gas 0 0 28 199 388 511 NGL's 0 0 30 138 259 260 Total Revenue 834 8,100 24,823 35,703 17,084 8,698 less Royalties -(78) -(984) -(8,284) -(11,548) -(6,344) -(2,882) less Operating Costs -(164) -(1,158) -(3,215) -(4,561) -(2,727) -(1,888) Net Operating Income 593 5,958 13,324 19,594 8,013 3,928 Capex 1,267 3,343 0 0 Per Unit Prices Oil Price ($/bbl) 77.49 92.97 93.35 96.99 97.05 96.95 Gas Price ($/mcf) NA NA 3.52 4.47 4.94 5.58 NGL Price ($/bbl) NA NA 49.02 75.62 70.96 71.23 Average Price ($/boe) 77.49 92.97 92.89 95.49 91.81 86.39 Royalty Rate 9.3% 12.2% 33.4% 32.3% 37.1% 33.1% Operating Costs ($/boe) 15.21 13.29 12.03 12.20 14.65 18.75 Netback ($/boe) 55.06 68.38 49.86 52.41 43.06 39.02 Actuals are from lease operating statements Forecasts are the P+P case from the GLJ Petroleum Consultants Ltd. report effective March 1, 2012 Basic Shares Outstanding (MM) 15.4 Debt at Feb 29, 2012 ($MM) $0.0 Est. Working Capital at Feb 29, 2012 ($MM) $2.0 Capitalization Summary PDP 46% PDNP 1% PUD 5% Prob 48% Gross Liquids Reserves (mbbls) PDP 5% PDNP 39% PUD 9% Prob 46% Gross Gas Reserves (mmcf) PDP 48% PDNP 2% PUD 5% Prob 46% Net Present Value NPV 10% Oil 86% NGLs 3% Gas 12% Oil Weighting 6:1 P+P Oil NGLs Gas Total Oil NGLs Gas Total NPV 8% NPV 10% NPV 12% (mbbls) (mbbls) (mmcf) (mboe) (mbbls) (mbbls) (mmcf) (mboe) ($M) ($M) ($M) Proved Developed Producing 462 3 44 472 303 2 40 312 18,966 18,572 18,199 Proved Developed Non-Producing 0 9 317 62 0 6 236 45 671 606 550 Proved Undeveloped 50 4 76 67 42 3 69 57 1,991 1,901 1,819 Total Proved 512 16 437 601 345 11 345 414 21,628 21,079 20,567 Total Probable 475 12 367 548 320 8 263 372 18,422 17,634 16,918 Proved Plus Probable 987 29 804 1,150 665 19 608 785 40,050 38,713 37,486 (1) Company working interest reserves including receivable gross overriding royalty volumes (2) Company net volumes after royalties Reserves are from the GLJ Petroleum Consultants Ltd. report effective March 1, 2012 Gross Reserves (1) Net Reserves (2) BT Net Present Value Legend Wells Cardium 'A' Focused Drilling Project Wells Map Items Bernum Land • Beaverhill Lake oil production at Roxana has grown steadily with flat GOR and low water cut suggesting effective flank water drive • With 30m relief, recovery factor should be excellent, current reserves forecast is 30-35%, with expectation of >45% with future development and production ROXANA BEAVERHILL LAKE GROUP PLOT 0 200 400 600 800 1,000 1,200 2010 2011 Mar - Dec 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 bbls/d Daily Oil and NGL Production bbls/d PDP PDNP PUD Prob Forecast FLAT GOR CONTINUED GROWTH LOW WATER CUT 190 cf/BBL 1,521 BOPD CUMULATIVE OIL 590 MBBL GAS 151 MMCF WATER 3 MBBL 0.2% Gross Net WI Developed 5,279 2,863 54% Undeveloped 27,230 15,093 55% Total 32,508 17,956 55% Land Summary PROCESS DESCRIPTION Review of Documents Commencing April 10, 2012 Bid Deadline Early May 2012 Questions may be directed to [email protected] Situation Map, Confidentiality Agreement and Electronic Land Layer are available on our website at: www.altacorpcapital.com Please contact Kelly Wylie at 403.539.8589 for access to the Virtual Data Room Liquids Gas Total Liquids Gas Total Liquids Gas Total Proved P+P Proved P+P Bid Group (bbls/d) (mcf/d) (boe/d) (mbbls) (mmcf) (mboe) (mbbls) (mmcf) (mboe) ($M) ($M) (yrs) (yrs) Roxana 702 0 702 475 0 475 911 0 911 19,153 35,259 1.9 3.6 Others 29 62 40 53 436 126 105 804 239 1,926 3,454 8.6 16.5 Total 732 62 742 528 436 601 1,016 804 1,150 21,079 38,713 2.2 4.2 (1) Current production is from March 19-25, 2012 field estimates (2) Company working interest volumes (3) Reserves are from the GLJ Petroleum Consultants Ltd. report effective March 1, 2012 Reserve Life Index Current Production (1) Net Present Value (3) Total Proved P+P Reserve Volumes (2) (3) BT PV10% Leslie Kende Managing Director Acquisitions & Divestitures 403.539.8622 [email protected] For further information contact: Gurdeep Gill Managing Director Investment Banking 403.539.8618 [email protected] Lee Girardo Managing Director Investment Banking 403.539.8619 [email protected]

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Page 1: Bernum Situation Map - AltaCorp · PDF fileThe in formation (“Information”) contained in this Situation Map and in any Data Room managed by AltaCorp in connection with this offering

Legend

Wells

Wells drilled to BVHL and deeperProject Wells

Bernum Land

Incl Beaverhill Lk RightsBelow Beaverhill Lk Rights

Map Items 010

110

210

310

410

2009 2010 2011 2012 2013 2014-110

010

110

210

310

Inst

. Cal

enda

r Day

Oil

Rate

(bbl

/d)

Wat

er C

ut (%

)

Date

Inst. CDOR Raw Inst. CDGR Water Cut Raw GOR Well Count

APRIL 2012

BERNUM PETROLEUM LTD. CORPORATE DISPOSITION ALTACORP CAPITAL SITUATION MAP APRIL 2012

WWW.ALTACORPCAPITAL.COM

ROXANA

DISCLAIMER: The Situation Map provides an overview description of certain assets (the “Assets”) of Bernum Petroleum Ltd. The information (“Information”) contained in this Situation Map and in any Data Room managed by AltaCorp in connection with this offering is provided without any representation or warranty as to the accuracy or completeness thereof and is for informational purposes only. The Interested Party is to rely on its own independent analysis to form the basis of any investment decision. The Company or AltaCorp may modify the offering procedure or withdraw from the process at any time without notice to, or any liability whatsoever to, any Interested Party. For more information on disclosures please go to www.altacorpcapital.com

AB

KEY HIGHLIGHTS

• 740 boe/d private corporate disposition 99% light oil with current netbacks >$70/BOE• Reserves are 86% oil, a total of 88% liquids and 46% booked to proved production!• Private company with highly concentrated ownership and a small Board of Directors• No reserves have been assigned at Lochend; directly on-trend with industry activity horizontals• Developing project at Roxana with only three future locations booked in GLJ reserves• Lands in multi-season access areas with all production operated by Bernum• Roxana vertical oil wells are $1.5mm gross D,C, + Equip; most recent wells fl owing IP at >300BOPD• Corporate cash fl ow of $1.5mm per month

COMPANY OVERVIEW

The vendor may not be contacted regarding this offering without prior consent from AltaCorp Capital.

i l

RoxanaAltaCorp Capital Inc. has been engaged by Bernum Petroleum Ltd. as exclusive advisor in a corporate sale.

ROXANA - PUSKWASKAU BEAVERHILL LAKE TREND MAP

BEAVERHILL LAKE SAND - STRUCTURAL CROSS SECTION

Lochend

LOCHEND

LOCHEND CARDIUM TREND MAP

Legend

WellsWells drilled to BVHL and deeperProject Wells

Bernum LandIncl Beaverhill Lk RightsBelow Beaverhill Lk Rights

Map ItemsLine of SectionBVHL Pool Boundary

ROXANA

GIROUXVILLE EAST

PUSKWASKAU

ROXANA POOL DETAIL MAP

16-19 IP 250BOPD

8-19 SUCESSFULWORKOVER

• The company has been developing the Beaverhill Lake Sand updip and on trend with prolifi c fi elds at Puskwaskau and Normandville

• The reservoir produces light oil at prolifi c rates, the wells are currently fl owing, at low GOR by fl ank water drive• Recovery factor is expected to be 45 - 50% of oil-in-place

• The producing zone is a high porosity and permeability, feldspar-rich sandstone• Bernum lands are favourably positioned structurally on an oil column estimated over 30m based on the 13-7-78-20W5 well which produced 34,000 BBL of oil• Bernum has developed a correlatable and predictive 3-D seismic model for the Beaverhill Lake Sand• Additional potential may exist in the Slave Point and Montney zones• Completion results in the Granite Wash at 102/16-19-78-20W5 indicate additional oil potential, well tested signifi cant oil rate before recompletion to primary zone uphole

CUMULATIVEOIL 34.2 MSTB GAS 7.7 MMCFWATER 44.2 MSTB

CUMULATIVE OIL 55.5 MSTB GAS 7.0 MMCF WATER 0.2 MSTB

CUMULATIVEOIL 219.9 MSTB GAS 63.7 MMCF WATER 0.6 MSTB

NORMANDVILLE

BVHL Cumulative Production Max 3.3 mmBBL

• Bernum’s lands at Lochend are on the trend with recent Cardium ‘A’ horizontal production• Bernum has 10,054 acres gross (5,820 net acres) of land at Lochend prospective for the Cardium,

adjacent lands have recently sold >$1mm/section• Two locations are being licensed with another two planned for fall 2012• The advent of frac improvements, slickwater and shortened spacing, have doubled production rates• The 2-mile horizontal well licensed at 4-11-26-4 W5 may lead a new technological improvement

2010 2011 2012 2013 2014 2015FY FY Mar - Dec FY FY FY

Actual Actual Forecast Forecast Forecast Forecast

ProductionOil (bbls/d) 29 239 867 999 464 224Gas (mcf/d) 0 0 26 122 215 251NGL's (bbls/d) 0 0 2 5 10 10

Total (boe/d) 29 239 873 1,024 510 276

Income (in thousands unless otherwise noted)

RevenueOil 834 8,100 24,765 35,366 16,437 7,927Gas 0 0 28 199 388 511NGL's 0 0 30 138 259 260

Total Revenue 834 8,100 24,823 35,703 17,084 8,698

less Royalties -(78) -(984) -(8,284) -(11,548) -(6,344) -(2,882)less Operating Costs -(164) -(1,158) -(3,215) -(4,561) -(2,727) -(1,888)

Net Operating Income 593 5,958 13,324 19,594 8,013 3,928

Capex 1,267 3,343 0 0

Per Unit Prices Oil Price ($/bbl) 77.49 92.97 93.35 96.99 97.05 96.95 Gas Price ($/mcf) NA NA 3.52 4.47 4.94 5.58 NGL Price ($/bbl) NA NA 49.02 75.62 70.96 71.23

Average Price ($/boe) 77.49 92.97 92.89 95.49 91.81 86.39

Royalty Rate 9.3% 12.2% 33.4% 32.3% 37.1% 33.1%Operating Costs ($/boe) 15.21 13.29 12.03 12.20 14.65 18.75

Netback ($/boe) 55.06 68.38 49.86 52.41 43.06 39.02

Actuals are from lease operating statementsForecasts are the P+P case from the GLJ Petroleum Consultants Ltd. report effective March 1, 2012

Basic Shares Outstanding (MM) 15.4

Debt at Feb 29, 2012 ($MM) $0.0Est. Working Capital at Feb 29, 2012 ($MM) $2.0

Capitalization Summary

PDP46%

PDNP1%

PUD5%

Prob48%

Gross Liquids Reserves(mbbls)

PDP5%

PDNP39%

PUD9%

Prob46%

Gross Gas Reserves(mmcf)

PDP48%

PDNP2%PUD

5%

Prob46%

Net Present ValueNPV 10%

Oil86%

NGLs3% Gas

12%

Oil Weighting6:1 P+P

Oil NGLs Gas Total Oil NGLs Gas Total NPV 8% NPV 10% NPV 12%(mbbls) (mbbls) (mmcf) (mboe) (mbbls) (mbbls) (mmcf) (mboe) ($M) ($M) ($M)

Proved Developed Producing 462 3 44 472 303 2 40 312 18,966 18,572 18,199Proved Developed Non-Producing 0 9 317 62 0 6 236 45 671 606 550Proved Undeveloped 50 4 76 67 42 3 69 57 1,991 1,901 1,819

Total Proved 512 16 437 601 345 11 345 414 21,628 21,079 20,567Total Probable 475 12 367 548 320 8 263 372 18,422 17,634 16,918

Proved Plus Probable 987 29 804 1,150 665 19 608 785 40,050 38,713 37,486

(1) Company working interest reserves including receivable gross overriding royalty volumes(2) Company net volumes after royaltiesReserves are from the GLJ Petroleum Consultants Ltd. report effective March 1, 2012

Gross Reserves (1) Net Reserves (2) BT Net Present Value

Legend

WellsCardium 'A' Focused DrillingProject Wells

Map ItemsBernum Land

• Beaverhill Lake oil production at Roxana has grown steadily with fl at GOR and low water cut suggesting effective fl ank water drive

• With 30m relief, recovery factor should be excellent, current reserves forecast is 30-35%, with expectation of >45% with future development and production

ROXANA BEAVERHILL LAKE GROUP PLOT

0

200

400

600

800

1,000

1,200

2010

2011

Mar

- D

ec 2

012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

bbls

/d

Daily Oil and NGL Productionbbls/d

PDP PDNP PUD Prob

Forecast

FLAT GOR

CONTINUED GROWTH

LOW WATER CUT

190 cf/BBL

1,521 BOPD

CUMULATIVE OIL 590 MBBL GAS 151 MMCF WATER 3 MBBL

0.2%

Gross Net WIDeveloped 5,279 2,863 54%Undeveloped 27,230 15,093 55%

Total 32,508 17,956 55%

Land Summary

PROCESS DESCRIPTIONReview of Documents Commencing April 10, 2012

Bid Deadline Early May 2012

Questions may be directed to [email protected]

Situation Map, Confi dentiality Agreement and Electronic Land Layer are available on our website at: www.altacorpcapital.com

Please contact Kelly Wylie at 403.539.8589 for access to the Virtual Data Room

Liquids Gas Total Liquids Gas Total Liquids Gas Total Proved P+P Proved P+PBid Group (bbls/d) (mcf/d) (boe/d) (mbbls) (mmcf) (mboe) (mbbls) (mmcf) (mboe) ($M) ($M) (yrs) (yrs)

Roxana 702 0 702 475 0 475 911 0 911 19,153 35,259 1.9 3.6Others 29 62 40 53 436 126 105 804 239 1,926 3,454 8.6 16.5

Total 732 62 742 528 436 601 1,016 804 1,150 21,079 38,713 2.2 4.2(1) Current production is from March 19-25, 2012 field estimates(2) Company working interest volumes(3) Reserves are from the GLJ Petroleum Consultants Ltd. report effective March 1, 2012

Reserve Life IndexCurrent Production (1)

Net Present Value (3)

Total Proved P+PReserve Volumes (2) (3)

BT PV10%

Leslie Kende Managing DirectorAcquisitions & [email protected]

For further information contact:Gurdeep GillManaging DirectorInvestment [email protected]

Lee GirardoManaging DirectorInvestment [email protected]

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