Pure-Play Pipestone

TSX-V:BBI

Condensate, Growth, Achievement

April 2017

2

1. The Asset

o 116 gross (100.9 net) sectionsof contiguous Montney land at Pipestone

o Two zones delineated with six Montney wells and two additional prospective zones (1)

o Upper Montney >300 bbls/mmcf total liquids (1)

o Middle Montney >125 bbls/mmcf total liquids (1)

o 2P reserves: 59,169 mboe (46% NGLs, $455mm NPV10%)

o 3C resources: 64,675 mboe (46% NGLs, $547mm NPV10%)

TSX-V: BBI

The Opportunity

2. The Team 3. The Vision 4. The Plan

Resource Capture

Resource Delineation

BBI

Resource Exploitation

o Highly experienced with over 200 years of collective experience

o Highly invested in Blackbird with insider ownership of ~18% (2)

o Highly innovative in all aspects of business

o Highly motivated to drive for perfection and deliver excellence

o Achieved 2017 TSX Venture 50 Top Oil & Gas Company Award

o Alberta’s Montney Growth Story

o Goal to achieve 32,000 boe/d by 2021 (3)

o Become one of the lowest cost condensate and natural gas producers in the Montney

o Develop technologies and methods to drive sustainable competitive advantage

o Execute material binding gas handling and take-away agreements

o Drill 8 development wells in 2017/ 2018 to build production base

o Drill ~5 delineation wells in 2017 / 2018 to prove multiple Montney intervals on Blackbird’s eastern acreage and north of the Wapiti River

o Construct enhanced infrastructure solution

Notes: (1) based on Blackbird test results and regional Montney data; (2) Includes shares owned in third party portfolio that is managed by board member ; (3) Production described is a goal based on the non-binding nomination volumes, and is not a production forecast

3 TSX-V: BBI

o One of the largest pure-play Pipestone Montney land packages

o 6 wells drilled and completed

o Upper Montney: >300 bbls/mmcf (1)

o Middle Montney: >125 bbls/mmcf (1)

o Four prospective intervals

o Production tied-in and cash flowing

o Close to Infrastructure and egress

o Expandable 10 mmcf/d facility and western pipeline gathering system

o Year-round access and close to services

Blackbird’s Pipestone Asset

Notes: (1) Total liquids based on Blackbird test results and regional Montney data

Blackbird

CNOR

NuVista

Encana

Apache

Shell

Sinopec

CNRL

Private company

TSX-V: BBI4

BBI

Encana

NuVista

Apache

Shell

CIOC

Sinopec

CNRL 4-28

CNRL

Encana 2-15, Upper,Cum. TD: 1.98 Bcf,

28 mths Prod.*

Encana 14-1 Pad, I.P. 2,000 Boe/d, (56% Condensate)

** Oct 5, 2016

Encana 12-25, Upper,Cum 2.62 Bcf in 27 mths*

CNOR 13-22 Upper,72 hr Test3.6 MMcf/d & 1000 Bbls

condensate/day*

BBI 5-26 Upper, 0.9 Mmcf/d, 341 Bbls/MMcf liquids (48 hr Prod.

Test)

BBI 6-26 Middle, 900 – 1,050 Boe/d Calculated Test Rate (133

Bbls/MMcf liquids) **Mar 4, 2015

Apache 02/1-16, MiddleCGR: 178 (60 hr Prod Test*)

Chinook 14-12, Middle860 Boe/d** Jan 19, 2015

Kelt Lands, Jan 18, 2017

Shell 26 Montney Hz Drilled, 23 Additional Licences

Range of CGR’s: 95 (12 hr Test) to 482 (62 hr Test)Max Cal Day Gas Rate 4.2 MMcf/d

(26 mths Production*)

Apache 9-23 Test, (CGR 187*) 10.6 mmcf/d, 2,000 bbls/d,**Nov 3,

2016NuVista Key Wells

4 Middle Montney Hz with Max 1,635 Boe/d

2 Upper Montney, Max 146 Bbls/MMcf of C5+

1 Lower Montney Strat Test with CGR of 133

** Jan 2017

CNOR 5-26 Rig Released Jan 24

CNRL 13-7, 15-11 & 14-4 Montney Hz Licences

3 New Encana Licences1-19, 1-3 & 8-3, Upper

Sinopec 4-32

BBI 2-20-70-6W6,Drilled & CompletedShell

Kelt

CNOR 8-7,spudded Jan 26

CNOR 3 Licences

BBI

NVA

Encana, Upper, 02/5-26, cum 1 Bcf in 5 mths*

BBI 2-20 Middle: 1,768 Boe/d (6.8 MMcf/d, 641 Bbls/d liquids), Last

24 hrs of Prod. Test

RMP

Velvet

The Pipestone Corridor

Notes: *Public data within Montney Resource Play as of Mar 22, 2017, ** Corporate Presentations; Represents analogous information. See “Analogous Information” on Slide 21

TSX-V: BBI5

BBI Mapping of Upper Montney Condensate Corridor (2)

Type Well Metrics – Encana Net (1)

Btax IRR (%) 139

Btax Payout (Months) 10

Operating Margin ($/Boe)

25

2 year Free Cash Flow ($MM)

8.6

~60 Gross (54.8 net) sections in

Encana’s Super Condensate Corridor (2)

The Pipestone Liquids-Rich CorridorEncana’s Mapping of Liquids-Rich Corridor (1)

Encana’s Pipestone Type-Curve (1)

BBI Mapping of Middle Montney Condensate Corridor (2)

Source: (1) Encana May 17, 2016 Montney Investor Event Presentation (slide 49); (2) Internal mapping by Blackbird; Represents analogous information. See “Analogous Information” on Slide 21

6 TSX-V: BBI

Blackbird’s Pipestone Resource

Doig

Middle Montney

Lower Montney

Belloy

Upper Montney

1.6KM(1 Mile)

2,250 M(7,382Feet)

70 M(230 Feet)

50 M(165 Feet)

79 M(260 Feet)

Gamma Ray (Green) Bulk Density (Red)

TSX-V: BBI7

The Pipestone Liquids-Rich Corridor

Note: Sourced from Accumap

A A’Four distinct intervals

Doig/Upper Montney

Upper Montney

Middle Montney

Lower Montney

10-4-7-8W6 13-22-70-8W6 6-21-70-6W68-25-70-7W602/10-8-70-7W6

Potential Turbidites in Lower Montney

Gamma Ray (Green), Bulk Density (Gray)

200 m

656

Ft

ECA 4-9 CNOR 13-22 BBI 02/2-20 BBI 5-26

BBI 2-20 BBI 6-26BBI 2-20 East

A’A

TSX-V: BBI8

Blackbird’s Pipestone Resource

Blackbird’s Lands with Proved + Probable Reserves Booked

Blackbird’s Lands with Proved Reserves Booked

Blackbird’s Lands with Contingent Resources

8 sections booked

(7.9% of land booked)

1P Reserves: 30,525 mboe

1P NPV10: $204 million

12 sections booked

(11.9% of land booked)

2P Reserves: 59,169 mboe

2P NPV10: $455 million

~21.5 sections booked

21.2% of land booked

2C Resources: 53,818 mboe

2C NPV10: $437 million

3C Resources: 64,675 mboe

3C NPV10: $547 million

Reserves and Resources Booked in Only Two of Four Highly Prospective Intervals

TSX-V: BBI9

Blackbird Expected Type Curves

0

500

1,000

1,500

2,000

2,500

3,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Ga

s R

ate

(M

cf/d

)

Production Month

Raw Gas Type Curve

0

50

100

150

200

250

300

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Co

nd

ensa

te R

ate

(B

bls

/d)

Production Month

Wellhead Condensate Curve

0

200

400

600

800

1,000

1 14 27 40 53 66 79 92 105

118

131

144

157

170

183

196

209

222

235

248

261

274

EU

R (

Mb

oe)

Production Month

Raw Expected Ultimate Recovery

Raw Gas Type Curve Wellhead Condensate Type Curve

Raw Expected Ultimate Recovery

Note: (1)Based on Blackbird’s March 1, 2017 reserve report, see advisories

Potential Graduation of EUR

Expected IRR: ~60 to ~80%

Blackbird EUR: 884 mboe (raw)

TSX-V: BBI10

Benefits to BBI Through Investment

• System at cost plus an admin fee

• Preferential Access

• Participant in disruptive, and leading edge technology

Stage’s Bowhead II Technology is designed to achieve the following benefits:

Pinpoint fracturingLonger Laterals and

Increased Stages

Asset in the Wellbore

Reduced Cost

Pinpoint FracturingLonger Laterals and

Increased Stages

Higher Rates and Tonnages

Asset in the Wellbore

Reduced RiskReduced Cost (Drilling and

Completions)

Driving Innovation with Stage Completions

Blackbird has acquired a 10% indirect interest in Stage Completions Inc. (“Stage”)

Stage Completions Inc. is a downhole technology company focused on providing

innovative completion solutions

SC Bowhead II: Collet-activated fracturing sleeve system designed for cased hole and open

hole applications – Fully dissolvable collet available in Spring 2017

TSX-V: BBI10

TSX-V: BBI11

Completion Program #1

(5-26 and 6-26)Plug & perf cluster

Slickwater~2,700 tonnes of proppant

1.4 tonnes / meter of proppant40 meter cluster spacing

Completion Program #2

(2-20)Sliding Sleeve

CO2 (largest in N.A.)~2,223 tonnes of proppant

1.1 tonnes/ meter proppant28.5 meter spacing

(BBI 3-28)

56 Stage Slickwater

~1.87 tonnes / meter

2,756 tonnes

20 Days 20 Days

4 Days

Stage Completions Sliding Sleeve

The Result: Completion Optimization

2.55 Days

(BBI 2-20/11-9)

81 Stage Slickwater

~1.83 tonnes / meter

4,017 tonnes

Higher Tonnage + Reduced Pump Time = Increased EUR and NPV

TSX-V: BBI12

The Result: D&C Costs

D&C Cost

(2014-2015)

5-26, 6-26 and 2-20

~$10 million

D&C Cost

(Late 2016)

02/2-20

~$5.5 million

D&C Cost

(Late 2016)

3-28

~ $5.2 million

~2,100 Boe/d

~12,100 Boe/d~15,400 Boe/d

~18,800 Boe/d

~25,400 Boe/d

~32,100 Boe/d

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

0

20

40

60

80

100

120

Present to April 1,2019

April 1, 2019 toDecember 31,

2019

January 1, 2020 toJune 30, 2020

July 1, 2020 toDecember 31,

2020

January 1, 2021 toJune 30, 2021

July 1, 2021 toApril 30, 2029

Bo

e/d

Mm

cf/d

Exisiting Processing mmcf/d New Processing mmcf/d Total Implied boe/d

TSX-V: BBI13

o Blackbird has entered into a non-binding nomination agreement with a premier midstream company to increase its processing throughput as follows (non-binding nomination volumes in blue):

Notes: (1) Aggregate Boe based on estimated 50% liquids, 50% gas composition; chart above assumes that Blackbird can secure processing with its current provider to 2029 (red in chart) in addition to new non-binding nomination. Implied BOE/D is not a production forecast.

Vision 2021: Alberta’s Montney Growth Storyo Blackbird’s goal is to become a large-scale, low cost producer by 2021 through

access to low-cost capital, innovation and continued operational achievement

Finite Total Processing Volume Available in CorridorBlackbird Advancing to Binding GHA in Near Term Allows for Growth

Northern Multi-Interval

Delineation Block

(Tie-In 2019)

TSX-V: BBI14

Vision 2021 Plan: Develop & Delineate

Western Development

Block

(Tied-In)

Eastern Multi-Interval Delineation

Block

(Tie-In Q4 2017)

Goal: prove multiple intervals across entire land block while

growing production

Fully Funded $77 Million Capital Program

~13 Net Wells

TSX-V: BBI15

Value Delineation Curve /Acceleration

Time

Resource Capture

D&C Delineation

NAV

EgressDCF

Number of Analysts Covering Company

Accelerated Production

and Reserves Growth

Large Scale Take-Away

High Risk Lower Risk

Value

2 years <1 year

D&C

$10mm $5.5mm

Innovation: Stage

↑NPV

↑EUR

TSX-V: BBI16

Value Delineation Curve /Acceleration

Value

High Risk Time

Initial Production Ramp Up

BBI

BBI: 0 – 100.9 net sections

20 – 260 wells in corridor

CGR’s > 300 Bbls/MMcf

The Next Steps

High torque, ~13 well development

and delineation program

Binding Egress (GHA)

~2,000 Boe/d growing to 32,000

Boe/d by 2021

Continued land aggregation

Pilot Plant10 mmcf/d

Non-Binding

GHA

$84.8 mm Raised

Reserve Build

Lower Risk

3 years Near - Term

$2 mm

$400 mm

Number of Analysts Covering Company

Notes: (1) Production described is a goal based on the non-binding nomination volumes, and is not a production forecast

TSX-V: BBI17

• Corporate Social Responsibility is critical to gain social license to operate in any community

• Tree Planting Program: focused on reclaiming boreal forest and replacing trees we take down;

• Planted 51,579 trees to date!

• Another 50,000 committed in April, 2017 (101,579 trees total!)

• Thank you Cormark, Pareto, TD, BMO, Scotia, Laurentian, & Jett Capital

• Goal: 200,000 trees

• Movement to reduce flare volumes;

• Reduction in water usage through technology;

• Boring vs. cutlines;

• Mitigation of traffic impact;

• Extensive community consultation; and

• Noise mitigation.

• Our plan gives us a significant competitive advantage as we develop our resource – this is also the right way to do business

Corporate Social Responsibility

TSX-V: BBI18

Common Share Trading Symbol TSX-V: BBI

Warrant Trading Symbol TSX-V: BBI.WT

Shares Basic

Fully Diluted

Insider Holdings (1)

Market Capitalization

52 Week Range

Share Price (4/07/2017) $0.55

~742 mm

~961 mm

~18%

~$408 mm

$0.115 - $0.72

Note 1: Includes shares owned in third party portfolio that is managed by board member

Gross Acreage 116 sections

(74,240 acres)

Net Acreage 100.9 sections(64,576 acres)

Cash ~$82.5 mm

Corporate Snapshot

TSX-V: BBI19

Forward‐Looking Statements or Information and Additional Advisories

Certain statements included in this presentation constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for thepurpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as makinginvestment decisions. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggestingfuture outcomes or statements regarding an outlook. Forward-looking statements or information concerning Blackbird Energy Inc. (“Blackbird” or the “Company”) in this presentation may include, but are not limited to,statements or information with respect to: guidance, forecasts and related assumptions; forecast supply and demand for Canadian condensate to 2030; capital spending and availability of cash; the number of prospective orpotential Montney zones on Blackbird’s lands and the economics thereof; Blackbird’s ability to innovate; the ability of Blackbird to become a large-scale, low-cost producer by 2021; the ability of Blackbird to grow its productionbase; the construction of an enhanced infrastructure solution; the ability to create shareholder value; the ability for Blackbird to access equity and debt at terms that are acceptable to Blackbird; the ability to extend Blackbird’scurrent gas handling agreement to 2029; business strategy and objectives; drilling, development and exploration activities and plans and the timing, associated costs and results thereof, including Blackbird’s plans to drill 8development wells and 4 delineation wells in 2017 and 2018 and the expected results thereof; the attributes and potential of the Montney; commodity pricing; costs associated with operating in the oil and natural gas business;future production levels of Blackbird's wells, including the composition thereof; the cost reduction, and drilling and completion optimization derived from use of the Stage Completions Inc. technology and the other benefits of theStage Completions Inc. investment including priority access to the technology and growth potential of the minority interest investment; the expected increased processing capacity as a result of the execution of the bindingnomination agreement with a premier mid-stream company; the execution of binding gas handling and take-away agreements for material volumes; and the ability of Blackbird's corporate social responsibility initiatives toprovide a significant competitive advantage. In addition, references to reserves and resources are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions,that the reserves and resources described exist in the quantities predicted or estimated. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop suchstatements and information but which may prove to be incorrect. Blackbird believes that the expectations reflected in such forward-looking statements or information are reasonable; however, undue reliance should not beplaced on forward-looking statements because Blackbird can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this presentation,assumptions have been made regarding, among other things: the impact of increasing competition; the timely receipt of any required regulatory approvals; the ability of Blackbird to retain and obtain qualified staff, equipmentand services in a timely and cost efficient manner; the ability of Blackbird to operate in a safe, efficient and effective manner; the ability of Blackbird to obtain financing on acceptable terms; the timing and costs of operatingBlackbird's business; the ability of Blackbird to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes andenvironmental matters; and the ability of Blackbird to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.

Forward‐looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from thoseanticipated by Blackbird and described in the forward‐looking statements or information. These risks and uncertainties may cause actual results to differ materially from the forward‐looking statements or information. Thematerial risk factors affecting Blackbird and its business are contained in Blackbird's Annual Information Form which is available at SEDAR at www.sedar.com. The forward‐looking statements or information contained in thispresentation are made as of the date hereof and Blackbird undertakes no obligation to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwiseunless required by applicable securities laws. The forward‐looking statements or information contained in this presentation are expressly qualified by this cautionary statement.

Additional Advisories

This presentation contains statistical data, market research and industry forecasts that were obtained from government or other industry publications and reports or based on estimates derived from such publications and reportsand management’s knowledge of, and experience in, the markets in which Blackbird operates. Government and industry publications and reports generally indicate that they have obtained their information from sourcesbelieved to be reliable, but do not guarantee the accuracy and completeness of their information. Often, such information is provided subject to specific terms and conditions limiting the liability of the provider, disclaiming anyresponsibility for such information, and/or limiting a third party’s ability to rely on such information. None of the authors of such publications and reports has provided any form of consultation, advice or counsel regarding anyaspect of, or is in any way whatsoever associated with, Blackbird. Further, certain of these organizations are advisors to participants in the Canadian oil and gas industry, and they may present information in a manner that is morefavourable to that industry than would be presented by an independent source. Actual outcomes may vary materially from those forecast in such reports or publications, and the prospect for material variation can be expected toincrease as the length of the forecast period increases. While management believes this data to be reliable, market and industry data is subject to variations and cannot be verified due to limits on the availability and reliability ofdata inputs, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any market or other survey. None of Blackbird nor its affiliates has independently verified any of the data fromthird party sources referred to in this presentation or ascertained the underlying assumptions relied upon by such sources.

The outlook and guidance in this presentation has been provided to assist investors in analyzing Blackbird's anticipated development strategies and prospects and it may not be appropriate for other purposes and actual resultscould differ from the guidance provided herein.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information contained in this presentation.

Advisories

TSX-V: BBI20

Independent Reserves Evaluation

Estimates of the Company's reserves and contingent resources and the net present value of future net revenue attributable to the Company's reserves and contingent resources as at March 1, 2017, are based upon the reports thatwere prepared by McDaniel & Associates Consultants Ltd. (“McDaniel”), dated March 24, 2017. The estimates of reserves and contingent resources provided in this document are estimates only and there is no guarantee that theestimated reserves or contingent resources will be recovered. Actual reserves and contingent resources may be greater than or less than the estimates provided in this in this document, and the differences may be material. Theestimates of reserves or contingent resources and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects ofaggregation. Estimates of net present value of future net revenue attributable to the Company's reserves and contingent resources do not represent the fair market value of the Company's reserves and contingent resources andthere is uncertainty that the net present value of future net revenue will be realized. There is no assurance that the forecast price and cost assumptions applied by McDaniel in evaluating Blackbird's reserves, contingent resourcesand prospective resources will be attained and variances could be material. There is uncertainty that it will be commercially viable to produce any portion of the contingent resources that are described herein.

Note Regarding Oil and Gas Metrics

Blackbird has adopted the standard of 6 Mcf:1 bbl when converting natural gas to boes. Condensate and other natural gas liquids (“NGLs”) are converted to boes at a ratio of 1 bbl:1 bbl. Boes may be misleading, particularly if usedin isolation. A boe conversion ratio of 6 Mcf:1 bbl is based roughly on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the Company's sales point.Given the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1 bbl, utilizing a conversion ratio at 6 Mcf: 1 bbl may be misleading as an indication ofvalue.

Oil and Gas Definitions

Terms that are used in this news release that are not otherwise defined herein are provided below:

Low estimate contingent resources, referred to herein as 1C, is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook, which is considered to be the best estimate of the quantity thatwill actually be recovered. It is equally likely that the actual quantities recovered will be greater or less than the best estimate. Resources in the best estimate case have a 90% probability that the actual quantities recovered willequal or exceed the estimate.

Best estimate contingent resources, referred to herein as 2C, is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook, which is considered to be the best estimate of the quantity thatwill actually be recovered. It is equally likely that the actual quantities recovered will be greater or less than the best estimate. Resources in the best estimate case have a 50% probability that the actual quantities recovered willequal or exceed the estimate.

High estimate contingent resources, referred to herein as 3C, is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook, which is considered to be the best estimate of the quantity thatwill actually be recovered. It is equally likely that the actual quantities recovered will be greater or less than the best estimate. Resources in the best estimate case have a 10% probability that the actual quantities recovered willequal or exceed the estimate.Contingent resources are the 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 notcurrently considered to be commercially recoverable due to one or more contingencies. Contingencies are conditions that must be satisfied for a portion of contingent resources to be classified as reserves that are: (a) specific tothe project being evaluated; and (b) expected to be resolved within a reasonable timeframe. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. It isalso appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. There is no certainty that it will be commercially viable to produce anyportion of the contingent resources or that Blackbird will produce any portion of the volumes currently classified as contingent resources. The estimates of contingent resources involve implied assessment, based on certainestimates and assumptions, that the resources described exists in the quantities predicted or estimated, as at a given date, and that the resources can be profitably produced in the future. The risked net present value of the futurenet revenue from the contingent resources does not represent the fair market value of the contingent resources. Actual contingent resources (and any volumes that may be reclassified as reserves) and future production therefrommay be greater than or less than the estimates provided herein.

Developed producing reserves are those gross reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they must havepreviously been on production, and the date of resumption of production must be known with reasonable certainty.

Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown.

Advisories

TSX-V: BBI21

Developed reserves are those gross reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (for example, when compared to the cost of drilling a well) to putthe reserves on production. The developed category may be subdivided into producing and non-producing.

Gross means (i) in relation to the Company's interest in production or reserves, its "company gross reserves", which are the Company's working interest (operating or non-operating) share before deduction of royalties and without including any royalty interests ofthe Company; and (ii) in relation to wells, the total number of wells in which the Company has an interest.

Net means, in relation to the Company's interest in wells or lands, the number of wells obtained by aggregating the Company's working interest in each of its gross wells.

Probable reserves are those additional gross reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

Proved reserves are those gross reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. In this presentation, proved plus probable reservesare also referred to as 2P reserves.

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on: (i) analysis of drilling, geological, geophysical and engineering data; (ii) the use ofestablished technology; and (iii) specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates.

Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet therequirements of the reserves classification (proved, probable) to which they are assigned.

Analogous InformationCertain information in this document may constitute "analogous information" as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), including, but not limited to, information relating to areas, wells and/oroperations that are in geographical proximity to or on-trend with prospective lands held by Blackbird and production information related to wells that are believed to be on trend with Blackbird's properties. Such information has been obtained from governmentsources, regulatory agencies or other industry participants, each of which is independent of Blackbird. Management of Blackbird believes the information may be relevant to help define the reservoir characteristics in which Blackbird may hold an interest and suchinformation has been presented to help demonstrate the basis for Blackbird's business plans and strategies.

However, to Blackbird’s knowledge, such analogous information has not been prepared in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and Blackbird is unable to confirm that the analogous information was prepared by a qualifiedreserves evaluator or auditor. Blackbird has no way of verifying the accuracy of such information. There is no certainty that the results of the analogous information or inferred thereby will be achieved by Blackbird and such information should not be construed as anestimate of future production levels. Such information is also not an estimate of the reserves or resources attributable to lands held or to be held by Blackbird and there is no certainty that the reservoir data and economics information for the lands held or to be heldby Blackbird will be similar to the information presented herein. The reader is cautioned that the data relied upon by Blackbird may be in error and/or may not be analogous to such lands to be held by Blackbird.

Initial Production RatesAny references in this document to test rates, flow rates, initial and/or final raw test or production rates, early production, test volumes and/or "flush" production rates are useful in confirming the presence of hydrocarbons, however, such rates are not necessarilyindicative of long-term performance or of ultimate recovery. Such rates may also include recovered "load" fluids used in well completion stimulation. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for Blackbird. Inaddition, the Montney is an unconventional resource play which may be subject to high initial decline rates. Such rates may be estimated based on other third party estimates or limited data available at this time and are not determinative of the rates at which suchwells will continue production and decline thereafter.

Information Regarding Disclosure on ReservesThe reserve estimates contained herein are estimates only and there is no guarantee that the estimated reserves or resources will be recovered. Volumes of reserves have been presented based on a company interest basis which includes Blackbird's royalty interestswithout deducting royalties payable by the Company. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.

Where discussed herein "NPV 10%" represents the net present value (net of capex) of net income discounted at 10%, with net income reflecting the indicated oil, liquids and natural gas prices and IP rate, less internal estimates of operating costs and royalties. Itshould not be assumed that the future net revenues estimated by Blackbird's independent reserve evaluators represent the fair market value of the reserves, nor should it be assumed that Blackbird's internally estimated value of its undeveloped land holdings orany estimates referred to herein from third parties represent the fair market value of the lands.

Advisories

Finance Operations Geology

Land

Garth BraunChairman, CEO & President

Jeff Swainson, CACFO

Joshua MannVP Business Development

Travis Belak, CASenior Financial Accountant

Jeanette VanderveenOperational Accountant

Don Noakes, P.EngVP Operations

Craig Wiebe, P.GeoVP Exploration

Josh WylieVP Land

Paul GoodmanManager, Completions & Production

Brad PetersonMarketing

Laura ShandroProduction Accountant

Lee JamesSenior Land Analyst

Ralph Allen, P.GeoVP Geosciences

Robert SzumilasSupervisor, Drilling & Completions

David Mills, P.EngManager, Facilities Engineering

Appendix: The TeamLeadership

TSX-V: BBI22

TSX-V: BBI23

Name & Title Experience

Garth BraunChairman, CEO and President

Garth Braun is a seasoned oil and gas executive with over 13 years of oil and gas experience combined with 30 years of diversified business experience in finance and real estate. Over the past several years, Braun has led Blackbird Energy, Inc. through the successful acquisitions of two E&P companies, the divestiture of non-core Montney assets, the accumulation of its Montney land at Elmworth and the drilling of Blackbird's Elmworth Montney wells. Mr. Braun was instrumental in raising approximately $165 million of capital for Blackbird Energy Inc. Mr. Braun was previously the Chairman and Chief Executive Officer of an international oil and gas company, an investment banker and a principal of a private real estate development company that completed over $1 billion in real estate development. Mr. Braun is also a founder and director of Stage Completions Inc., an innovative downhole completions company.

Don Noakes, P.Eng.Vice President Operations

Don has over 30 years of experience in drilling, completions and exploitation focused on unconventional resource plays. Don was previously responsible for multi-rig drilling and completion programs targeting unconventional reservoirs in the Alberta Montney. Don has been part of teams at Murphy Oil, Mosaic Energy, APL Oil and Gas, Bow Valley Energy and Culane Energy.

Craig Wiebe, P.Geol.Vice President Exploration

Craig has over 20 years of experience in both exploration and development, the majority targeting unconventional resources plays. Craig was previously involved with establishing a dominant position in a multi-TCF gas play for a major oil and gas E&P company. Craig has been part of teams at Encana, Amber, Grad and Walker, Standard Energy, Capio Exploration and Saguaro Resources.

Jeff SwainsonChief Financial Officer &

Corporate Secretary

Jeff is a Chartered Accountant with broad finance and accounting experience in oil and gas exploration and production. Prior to Blackbird Jeff held positions of increasing responsibility with BDO Canada, Chevron Canada Resources, and Sonde Resources Corp.

Joshua MannVice President Business

Development

Joshua is a capital markets and corporate finance professional with experience in the oil and gas, services, technology and agricultural industries. Joshua was previously an investment banker at Stifel Nicolaus Weisel where he was part of a team that assisted corporate issuers in raising over $3 billion in capital and assisted numerous issuers on M&A engagements.

Ralph Allen, P.Geo.Vice President Geoscience

Ralph is a Professional Geologist with over 35 years of experience in the Western Canadian Sedimentary Basin. Ralph was previously an educator on shale for companies such as Chevron, Shell, Marathon and Statoil globally and has worked for numerous E&P companies in Calgary.

Paul GoodmanManager, Completions

Paul has over 28 years of experience in stimulation and completions focused on unconventional resource plays. Paul was previously responsible for multi-pad completions programs and the business line aspect of fracturing operations targeting unconventional reservoirs in the Alberta Montney. Paul has been part of teams at Encana, Sanjel and Halliburton.

David Mills

Manager, Facilities

Engineering

David is a Professional Engineer with over thirty years of varied oil and gas experience. Prior to joining Blackbird, David was responsible for the design, construction

and start-up of Mosaic Energy’s Kakwa / Jayar 50 mmscfd sour and liquid stabilization gas plant, gathering system, and wellhead facilities. Prior to Mosaic Energy,

David was responsible for the design, construction, start-up and expansion of Crew Energy’s Septimus 60 mmscfd sweet gas plant, gas gathering system and wellhead

facilities. Prior to these companies, David held senior positions with Canetic Resources, ConocoPhillips, Imperial Oil and Qatar Liquefied Gas Company.

Joshua WylieVice President, Land

Josh is a Petroleum Landman with over seven years of experience working with junior exploration and production companies. Josh has been instrumental in assembling Blackbird’s core Elmworth land position and was a key team member in the acquisition of a processing agreement for Blackbird’s Elmworth Montney gas and a firm gas take away agreement in the Alliance pipeline to Chicago. Mr. Wylie is a member of the Canadian Association of Petroleum Landmen.

Appendix: Management

TSX-V: BBI24

Appendix: Reserves

(1) Includes field condensate. (2) The Reserve Report contemplates 46 undeveloped 1P drilling locations. (3) The Reserve Report contemplates 70 undeveloped 2P drilling locations. (4) Drilling and completions cost per location contemplated in the Evaluations is $6 million. (5) Total undiscounted 2P capital expenditures contemplated in the reserve report amount to $515 million. (6) The Evaluations contemplate an expected ultimate recovery of 801,000 boe per undeveloped location (46% NGLs). (7) Blackbird has a 100% working interest in the lands associated with the reserves and contingent resources. (8) Blackbird expects to recover natural gas and NGLs. (9) “See Forward-Looking Statements or Information and Additional Advisories” on Slide 2” for a discussion regarding the risks and the level and uncertainty associated with contingent resources. (10) All of the contingent resources discussed above are located at the Company’s Pipestone / Elmworth Montney project where ongoing development drilling is already occurring. (11) Project maturity subclass development pending is defined as contingent resources where resolution of the final conditions for development is being actively pursued (high chance of development). (12) Contingent resources for Pipestone have been estimated based on the continued drilling in Blackbird’s active core asset and the associated pre-development study using established recovery technologies. The estimated cost to bring these contingent resources on commercial production is $562MM and the expected timeline is between 1 and 6 years. The specific contingencies for these resources are corporate commitment, development timing and uncertainty on additional required gas processing and takeaway capacity.

Natural Gas

Natural Gas Liquids (1)

Total Oil Equivalent NPV 10% NPV 10%

Reserves Category Mmcf Mbbls MBOE $000s $/BOE

Proved Developed Producing 5,215 848 1,717 33,002 19.22

Proved Non Producing 2,012 278 613 10,718 17.48

Proved Undeveloped (2) (3) 92,539 12,773 28,196 160,375 5.69

Total Proved 99,766 13,898 30,526 204,095 6.69

Probable Developed Producing 1,785 294 592 10,598 17.93

Probable Non Producing 594 89 188 2,973 15.82

Probable Undeveloped (3) 89,834 12,892 27,864 237,353 8.52

Total Probable 92,213 13,274 28,643 250,924 8.76

Total Proved Plus Probable (4) (5) (6) (7) 191,979 27,172 59,169 455,018 7.69

Contingent Resources Development Pending (Risked) (4) (6) (7) (8) (9) (10) (11) (12)

1C 135,188 18,659 41,190 277,344 6.73

2C 175,079 24,638 53,818 436,509 8.11

3C 212,160 29,315 64,675 547,410 8.46

TSX-V: BBI25

Appendix: Building Shareholder Value

Brendan Wood International:

Ranked #2 in peer group for Price Appreciation Potential

Ranked #3 in peer group for Confidence in Short Term Growth

Blackbird Energy Inc. awarded 2017 TSX Venture 50 Top Oil & Gas Company

$100 $103

$129 $76 $76

$79

$100 $48

$205

$129 $233

$495

$-

$100

$200

$300

$400

$500

$600

July 31, 2012 July 31, 2013 July 31, 2014 July 31, 2015 July 31, 2016 March 14, 2017

Blackbird Energy Inc. vs. S&P/TSX Capped Energy Index

S&P/TSX Capped Energy Index Blackbird Energy Inc.

TSX-V: BBI26

Top – Tier Montney

38% – >130%

8 – 23

1,100 mboe – >2,000 mboe

32% – >50%

CAD$4.6 mm – CAD$13.5 mm (US$3.6 mm – US$10.3 mm)

Top – Tier Permian

32% – 42%

20 – 36

760 mboe – 1,052 mboe

59% – 71%

US$2.7mm –US$4.8 mm

IRR (ATAX)

Payout (Months)

EUR

Liquids %

NPV10% (ATAX)

Acreage Valuation

CAD$2,500 / Acre – CAD$18,750 / Acre (US$1,900 / Acre – US$14,250/ Acre)

US$27,500 / Acre – >US$50,000 / Acre

~CAD$4,500 / Acre(~US$3,350 / Acre)

BBI Current Acreage Valuation

Up to Six Stacked Intervals Up to Eight Stacked Intervals

Note: Permian Economic data (mid-case scenario) from Scotiabank 2016 Playbook, Montney Economic data from Scotiabank 2016 playbook Kawka, Bilbo regions combined with ECA Pipestone data. Acreage valuations includes data from Paramount / VII transaction, data from Scotiabank, recent transactions from SM Energy. BBI Current Valuation: EV/Acreage 1.32 FX conversion

Appendix: Montney / Permian Disconnect

TSX-V: BBI27

Blackbird Energy Inc.

Garth Braun – Chairman, CEO & PresidentTel: 403.699.9929 ext. 101

Cell: 403.500.5550Email: gbraun@blackbirdenergyinc.com

Joshua Mann – VP Business DevelopmentTel: 403.699.9929 ext. 103

Cell: 403.390.2144Email: josh@blackbirdenergyinc.com

Jeff Swainson – CFOTel: 403.699.9929 ext. 111

Cell: 403.796.3640Email: jswainson@blackbirdenergyinc.com

Blackbird Energy Inc.400, 444 5th Avenue SW

Calgary, Alberta T2P 2T8