Tangle Creek Corporate Update – 2018 AGM

June 12 2018

FORWARD-LOOKING STATEMENTS

2

This presentation contains forward-looking statements. More particularly, this presentation contains statements concerning anticipated:

business strategies, plans and objectives; potential development opportunities and drilling locations, expectations and assumptions concerning

the success of future drilling and development activities, the performance of existing wells, the performance of new wells, decline rates,

recovery factors, the successful application of technology and the geological characteristics of our properties; cash flow; timing and amount of

future dividend payments; oil & natural gas production growth and mix; reserves; debt and bank facilities; amounts and timing of capital

expenditures; hedging results; primary and secondary recovery potentials and implementation thereof; and drilling, completion and operating

costs.

Statements relating to "reserves" are deemed to be forward looking statements, as they involve the implied assessment, based on certain

estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably

produced in the future. Actual reserve values may be greater than or less than the estimates provided in this presentation.

The forward-looking statements are based on certain key expectations and assumptions made by Tangle Creek, including expectations and

assumptions concerning the performance of existing wells and success obtained in drilling new wells, anticipated expenses, cash flow and

capital expenditures and the application of regulatory and royalty regimes. Although Tangle Creek believes that the expectations and

assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking

statements because Tangle Creek can give no assurance that they will prove to be correct. Since forward-looking statements address future

events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those

currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in

general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or

development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to

production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and

uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

Readers are cautioned that the foregoing list of risk factors is not exhaustive. Furthermore, new risk factors emerge from time to time, and it is

not possible for Tangle Creek to predict all of such factors and to assess in advance the impact of each such factor on our business or the

extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking

statements. The above summary of assumptions and risks related to forward-looking statements in this presentation has been provided in

order to provide potential investors with a more complete perspective of our current and future operations and as such information may be not

appropriate for other purposes. The forward-looking statements contained in this presentation are made as of the date hereof and Tangle

Creek undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new

information, future events or otherwise, unless so required by applicable securities laws.

Board of Directors

Company Summary

3

➢ Private energy company focused on quality, innovation, margins & operating efficiency:

✓ One operating area, two primary light-tight oil development projects - Montney and Dunvegan

✓ Top quartile netbacks and operating costs

✓ Concentrated, contiguous land position & infrastructure control

✓ Product egress secured

➢ Strong, motivated management team; track record of capturing large resource opportunities and

innovating – driven to quality & margins (well economics 40% to 100% IRR & 12 to 24 month payouts)

➢ Actively consolidating offsetting operators at discounted metrics - control of infrastructure

Experienced Leadership Team

Tangle Creek Overview

Ben Makar

Vice President

Engineering

Senior

Manager - Land

Jim JunkerNordegg, Burmis, Wascana,

Shell

Jeff Prentice

ARC Financial Corp

Ian

Fergusson

4

Five material follow-on light oil acquisition

opportunities identified within our operating area:

➢ Scale & organic growth potential

➢ Consolidation within operating fairway

➢ C$35 - $100+ million targets

➢ Acquisitions enables rapid growth to 20,000 boe/d

& beyond

Opportunities Available

Target – 18 to 36 months

Today

Production History

➢ Organic growth - delivers PE returns

➢ Increasing oil weighting with production growth

➢ Path to 20,000+ boed, 100 MMboe

➢ $120 MM+ / annum cash flow

➢ Debt : CF < 1x

➢ 500+ locations inventory

➢ 20% - 30% annual production growth

➢ Monetization options include IPO, sale, merger

or combination with other firm to affect IPO

➢ Private Company with 44 shareholders

➢ 8,000+ boed, 53 MMboe, 54% light crude

➢ Active development program – organic growth

of oil production

➢ $55-$60 MM / annum cash flow

➢ Debt : CF < 1.5x

➢ Substantial drilling inventory – 350+ locations

➢ Sustainable growth at 20%+ per year

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015 2016 2017

Growth

2011 - 2014(US$80 –$100/bbl WTI)

Consolidation

2015 – 2016(US$80 - $27/bbl WTI)

Growth

2017 -18+(US$45 - $65/bbl WTI)Production CAGR of 40% since 2012

– to over 8,000 boed H1 2018

Tangle Creek Business Plan – Value Creation Focused on Light Tight Oil

4

The Value Proposition – Total Return – Existing Assets

➢ Return 2x – 4x investment over 2 to 4 years – Flat Pricing ($US55/bbl)

5

Since Q1 2017…

✓ RESERVES UP 23% PER SHARE

✓ LOCATIONS UP 290% PER SHARE

…DRIVING GROWTH

➢ ARC-backed private company started late 2010

➢ Management team – technical, experienced & driven to quality

➢ Two high margin light-tight oil plays – Montney & Dunvegan

➢ Foundation - Industry leader Dunvegan light oil • 1st to drill multistage horizontal - 1st ball drop system - 1st cemented liner system

• 1st approval for Dunvegan water flood

• 1st approval to increase well density (up to eight wells per section)

• 1st Dunvegan slick-water completion

• Motivated management team (30+ deals to “own our plays”)

• 35% compound annual production growth from 2012-2017+

➢ Transition - become scalable, high value, light, tight oil producer via strategic acquisition & innovation

• Waskahigan Montney oil acquisition - October 2017✓ Financed with 88% new equity ½ of which came from existing shareholders.

✓ New equity investor support from Wells Fargo

➢ Position - consolidator of the Waskahigan Montney oil play

• Development inventory through mid-2020s

• Focused operations on high margin light sweet oil

• Infrastructure in place to double production without facilities capital

• Follow-on acquisitions identified and negotiated

Dec 2010 – Formation,

Q1 2011 initial capital

raised at $1/sh

2013 – Acquisition of

Talisman Dunvegan

assets, equity raise at

$1.25/share; enables

2014 organic growth

to 5,000 boe/d

Q4 2011 – Initial

Kaybob test well

leading to 2012

concept development

2015 – Acquisition to

Trilogy Dunvegan

assets, equity raise at

$1.25/sh; Windfall well

2016 – Beringer

acquisition to capture

Rock Creek oil &

Mannville liq. rich gas,

Dunvegan waterflood

implementation

6

TCE Corporate Events Business Strategy

Assemble experienced

technical team, seek

shallow oil exploration-

oriented asset base

Demonstrate Dunvegan

economics

Seek acquisitions to

consolidate economic

inventory during

commodity price

downturn; focus on oil-

weighted assets that

remain economic at or

below current strip

prices

Consolidate leading

Dunvegan land

position; de-risk

inventory; advance well

design and completion

practices

Slow capital investment

to maintain balance

sheet strength during

commodity price

downturn

2017 –

Transformational

acquisition of

Montney oil assets

2011

2012

2013

2014

2015

2016

2017

2018

Tangle Creek History, Background & Drive to Quality

2018 – Organic growth

& Consolidation

Production Growth – Annual growth since Inception > 40%

35%

15%

25%

10%

Prio

r 12 m

onth

declin

e

2014

Drilling

2013

Drilling

2012

Drilling

2011 Drilling

2015

Drilling

3rd Party

Solution Gas

Processing

Restriction

Beringer

Acquisition

2017

Drilling

2016

Drilling

6%2011 Drilling

RMP

Acquisition

Commodity Price Decline

Restricted Drilling

7

8

Tangle Creek Today - Operating Metrics

Today May 2017%

Change

Current Production H1 2018 (boe/d) 8,000 boe/d 6,000 33%

% Oil 55% 60% -8%

2018 Forecast Cash Flow ($MM) $56 $40 40%

Cash Flow per Share $0.17 $0.16 (actual) 6%

June 30, 2018 est Net Debt ($MM) $80 MM $69 16%

Net Debt/CF 1.4x 1.7x -10%

Bank Line ($MM) $130 MM $100 30%

2P Reserves (mmboe) 53 29 83%

Total Land 345 net sections 265 30%

Total Montney Land 98 net sections 0 Game Changer!

Net Drilling Locations 400+ 90 290%

Q1 Operating Netback $24/boe(US$59/bbl & Fx=$0.80 & US$9 Diff)

$19 26%

Est 2018 Capital $60 MM $19

Shares Outstanding (million Mar 31, 2018) 336 226 49%

Equity Value (US$55/bbl flat pricing NPV10 Developed

NPV20 undeveloped)$300MM $146 100%

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Background – North American Resource Plays

Unconventional Tight Oil

& Gas Plays

Basins

Dunvegan - Deep Basin

➢ The Montney is among the most

prolific & largest unconventional

resources plays, comparable to the

Permian, Marcellus, Eagle Ford &

Bakken in the US➢ Estimated at ~50,000 sq. miles in total

size

➢ Reservoir thickness exceeding 300

meters in certain areas, requiring > 12

wells / section to properly exploit the

resources

➢ Tangle Creek’s Dunvegan light oil

property at Kaybob is a water free

resource play within the Deep Basin

➢ Tangle Creek’s experience with

unconventional reservoirs uniquely

positions us to capture & create

significant shareholder value

Tangle Creek West Central Alberta Operating Fairway

Waskahigan,

Kaybob,

Windfall,

Carrot/Pembiina

Hwy 43

Hwy 32

Hwy 16

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Waskahigan

Kaybob

Windfall

Carrot CreekTotal Land Montney

Gross Net Net

Sections Sections Sections

Waskahigan 86 85 73

Kaybob 125 82 25

Windfall 69 66

Carrot 130 102

Other 17 10

Total 345 98

Tangle

Field Office

March 1, 2018

Pembina

Stacked Oil Reservoirs – Dunvegan, Rock Creek and Montney

Montney

Montney

Gething

Rock Creek

/ Falher

11

Kaybob

Carrot/Pembina

Waskahigan

1,600 m

2,200 m

Innovation - Applying What We’ve Learned – Type Curves for Two Main Plays

Tier 1 – IP 365 = 222 boe/d

(35 wells)Tier 2 – IP 365 =117 boe/d

(23 wells)

Tier 3 – IP 365 = 65 boe/d

(16 wells)

All Wells

12

Kaybob

Dunvegan –

Type Curves➢Higher intensity

slickwater fracs are

shifting Tier 3 & Tier

2 locations into Tier

2 & Tier 1

Waskahigan

Montney – Type Curves➢higher intensity slick water fracs is unlocking

much higher productivity and recovery

➢Tangle Creek’s 10-15 & 15-15 Q1-2018

wells are tracking the three best wells drilled

in Waskahigan despite significant back

pressure and are currently flowing (artificial

lift not yet employed)Outdated completions IP365= 66bbl/d (53 wells)

1 mile oil based low intensity fracs earlier in Wask development

Low Case – IP365 = 137bbl/d (9 wells)

Predominantly 1 mile water based low

intensity fracs earlier in Wask development

Expected Case - IP365 = 262bbl/d (3 wells)

Higher intensity slick water fracs at 1.5 mi, forming the

basis for Tangle Creek‘s future development

0 50,000 100.000 150,000 200,000 250,000

Completion Technologies – Unlocking Light Tight Oil

Tangle Creek Montney Multistage Fracturing System ➢ One to two mile lateral length➢ 3,500m to 5,500m total measured well length➢ 50 to 75 frac ports

Lateral Schematic: http://www.loganinternationalinc.com/lcs/PDF/LCS_MS-Brochure_R1_web - Chart: RSEG Nov 2017

✓ 30m to 60m port spacing

✓ 30 tonnes to 100 tonnes proppant

✓ 1 T/m to 2 T/m proppant intensity

✓ (700 lbs/ft to 1400 lbs/ft)

13

Evolution of Completion Designs in North America

14

Industry Montney Oil Evolution – Modern Completion Techniques

~1.5mile wells

~2.0mile wells~No different than

Previous Operator,

majority of pre-2015

wells are likely under-

stimulated

TCE Target: 50T/stage

TCE Target: 50 stages

TCE Target: 1 - 2 T/m proppant placed

TCE Target: 40-50 interfrac spacing

TCE Target: 5-7 m3/m fluid pumped

Previous Operator

Average

Previous Operator Average

Previous Operator Average

Previous Operator Average Previous Operator Average

Previous Operator Average

Completed Well Length Average Proppant per Stage Number of Stages per Well

Fluid Pumped per meter Completed Proppant Placed per meter Completed Average Inter-frac spacing

14

2018 – Proof of Concept (Zero Free Cash Flow)➢ Prove completions hypothesis - increased proppant / tighter spacing = higher

reserves / IP’s

➢ Prove drilling hypothesis - Drill longer laterals lowers FDC

➢ Reduce CAPEX / well – balance with improved performance

➢ Address water handling issues / lower OPEX – both access & disposal

2019 – Expand (Growing Cash Flow)➢ Consolidate other operators➢ Increase # of wells drilled / annum to optimize existing infrastructure, maximize

returns & minimize cycle times – improve investment velocity

➢ Accelerate drilling to grow production /&cash flow (>25% / annum target)

2020+ – Crystalize (Growing FCF)➢ 8-10 years drilling inventory provides continuing production and FCF growth

➢ Increasing focus on technological optimizations to lower declines and improve

cash generation

Development Strategy – 3-year Development Plan for Waskahigan

15

16

2018 – Q1 2019 - Montney Activity

➢ Three Montney drills & one Belloy disposal well drilled

in H1 2018 - commenced installation of 12-7 refrig plant

➢ 4-23 completion plus 2 more Montney drills planned for

H2, 2018 (first spud – Jul/18)

➢ 12-7 refrig plant start-up planned for Q3

➢ Subsequent six well program in planning phase

➢ Optimizations & improvements over past practices

include:✓ Utilization of 100% produced water for fracturing

✓ Infrastructure to be in place prior to well completions to

facilitate fracturing with produced water and immediate

flowback to battery

✓ Utilization of alternate cemented liner systems to reduce

capital costs

✓ First monobore drill being designed

✓ Various improvements to surfactant and friction reducers

and elimination of N2 for fracturing

✓ Resin coat tail-ins to mitigate proppant flow-back

✓ Tighter inter-well spacing and changes to stage count &

tonnage/stage to increase per section recovery, increase

well count, optimally set up future flooding, reduce

overall program F&D

➢ Forecast CAPEX / well of $5.6MM (1.5 mile laterals)

with target of attaining sub-$5MM wells with on-going

refinements ✓ $2.10MM Drill

✓ $3.25MM Complete

✓ $0.25MM Equip / tie-in

Q3 – 2018 drills

12-7 Battery, new

refrig plant & Belloy

disposal well

Q1 – 2019 drills

04-23 Completion

Q1 – 2018 drills

Well #8: Tangle Creek Montney Well at Waskahigan

Tangle Creek brought on a new Montney well at Waskahigan (10-15 well, ranked #8) at an oil rate of ~540B/d

which is almost double the average initial oil rates achieved at Waskahigan by the previous operator on ten

wells brought on-stream throughout 2015-2017. This is notably the first well Tangle Creek has drilled and

brought on production since acquiring the asset …Source: - Peters and Co June 2018 Well Update Report

Best in Class Wells

➢ Tangle Creek drills top performing oil wells in Alberta

17

First two wells – Production Performance - boe and Oil

18

Equivalent – boe/d Oil - bopd

➢ 10-15-64-23 – commenced production Feb 25 – after tie-in & build-up has produced 42,000 bbls (63,000

boe) in 87 days

➢ 15-15-64-23 – commenced production May 15 – has produced 18,600 bbls (26,000 boe) in 26 days

➢ Both wells are tied in and free flowing - line pressure is 380 psi to 430 psi. No artificial lift installed to date

➢ Expected type curve shown for boe and oil – green dashed line

Innovation – Steady Improvement in Dunvegan Well Performance

19

Kaybob Dunvegan – Annual Drilling Programs➢Continuous improvement of drilling and completions – improved well performance

➢Improving IP365 – improving EUR’s

Cu

mu

lati

ve

Pro

du

cti

on

-b

oe

Days on Production

Kaybob DunveganWell Performance Improvements

Wells IP365

Year Drilled boe/d2011-2012 27 115

2013 13 131

2014 18 173

2015 1 1332016 4 2042017 9 259Total 72

Incre

asin

g IP

36

5

Best in Class Wells – Kaybob Dunvegan

20

➢ Tangle Creek drills top performing oil wells in Alberta – 12 months

RBC – April 2018 Top Wells Report

Value Creation - Dunvegan Enhanced Oil Recovery

➢ 1/2 section pilot, recently expanded to 1.5

sections late 2017 (now 3 producers, 3 injectors).

➢ Initial response seen 8 months into pilot –

improving response 2 years into flood✓ GOR Decreasing

✓ Oil Rate Increasing

✓ No Water Breakthrough

➢ Team evaluating configuration & timing of

further flood expansion

21

Water Injection

Oil Prod. Increasing

GOR Decreasing

➢ 18 sections - 175 mmbbls OOIP

➢ Enhanced Oil Recovery adds 10-15 mmbbls

➢ Oil Reserves increase – 50% to 100%

➢ Reserve Additions at $2.50/bbl

Kaybob Dunvegan Operational Excellence – Template for Ongoing Operations

22

Operating Cost Reduction focus:

• consistently driving down operating costs

• big wins in reducing trucking and road & lease

maintenance charges

• recent acquisition provides $/BOE reductions (i.e.

utilizing one field office for all assets, very few additional

staff requirements)

$8/boe

2018 Drilling Economics Matrix – IRR

23

Waskahigan 1-Mile Type Curve - Low Case Waskahigan 1-Mile Type Curve - Expected CasePrice of Oil (US$ / bbl) Price of Oil (US$ / bbl)

$40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00

CA

PEX

/ W

ell

$2,500,000 54.2% 74.2% 97.8% 125.3% 157.3% 194.2%

CA

PEX

/ W

ell

$2,500,000 68.0% 91.9% 120.3% 153.8% 193.0% 238.5%$3,000,000 33.3% 46.6% 61.9% 79.4% 99.5% 122.2% $3,000,000 43.2% 58.8% 77.0% 98.0% 122.2% 149.9%$3,600,000 19.1% 28.3% 38.5% 50.0% 62.9% 77.2% $3,600,000 26.9% 37.3% 49.1% 62.6% 77.8% 95.1%$4,000,000 13.0% 20.5% 28.7% 37.9% 47.9% 59.0% $4,000,000 19.9% 28.3% 37.7% 48.1% 59.9% 73.1%$4,250,000 9.9% 16.7% 24.0% 32.1% 40.8% 50.4% $4,250,000 16.5% 23.9% 32.2% 41.3% 51.4% 62.8%

Waskahigan Type Curve - 1.5 Mile Wells - Low Case Waskahigan Type Curve - 1.5 Mile Wells - Expected CasePrice of Oil (US$ / bbl) Price of Oil (US$ / bbl)

$40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00

CA

PEX

/ W

ell

$4,500,000 21.2% 29.7% 39.0% 49.2% 60.7% 73.3%

CA

PEX

/ W

ell

$4,500,000 38.4% 51.3% 65.9% 82.3% 100.6% 121.5%$5,000,000 15.1% 22.1% 29.6% 37.7% 46.6% 56.3% $5,000,000 29.2% 39.5% 50.9% 63.6% 77.6% 93.5%$5,500,000 10.6% 16.5% 22.6% 29.2% 36.4% 44.1% $5,500,000 22.4% 30.8% 40.0% 50.1% 61.2% 73.7%$5,750,000 8.7% 14.2% 19.8% 25.8% 32.3% 39.2% $5,750,000 19.6% 27.3% 35.7% 44.8% 54.7% 65.9%$6,500,000 4.1% 8.6% 13.1% 17.7% 22.7% 28.0% $6,500,000 13.0% 19.1% 25.5% 32.4% 39.8% 48.1%

Waskahigan Type Curve - 1.5 Mile Wells - High Case Dunvegan Type Curve - Tier 2 Type CurvePrice of Oil (US$ / bbl) Price of Oil (US$ / bbl)

$40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00

CA

PEX

/ W

ell

$4,500,000 52.4% 70.8% 91.9% 116.0% 144.1% 175.4%

CA

PEX

/ W

ell

$1,900,000 36.9% 51.7% 68.5% 87.6% 109.5% 134.4%$5,000,000 40.3% 54.7% 71.0% 89.4% 110.5% 133.9% $2,000,000 32.7% 46.0% 60.9% 77.7% 96.9% 118.7%$5,500,000 31.5% 43.1% 56.1% 70.5% 87.0% 105.0% $2,100,000 29.1% 41.1% 54.5% 69.4% 86.3% 105.4%$5,750,000 27.9% 38.5% 50.1% 63.0% 77.7% 93.7% $2,250,000 24.6% 35.0% 46.4% 59.1% 73.3% 89.3%$6,500,000 19.6% 27.7% 36.5% 46.0% 56.8% 68.5% $2,500,000 18.8% 27.3% 36.3% 46.1% 57.1% 69.3%

➢Future development focused on high netback, low F&D, low risk projects within our portfolio

➢At WTI US$55 - type curves generate 40% to 60% IRR with recycle ratios of 2x or more✓ IP30 on expected Waskahigan 1.5 mi case is 480 bopd

✓ Both 10-15 (IP30 660 bopd) & 15-15 (IP17 770 bopd) have exceeded early TC forecast

EUR= 220 bbls oilEUR= 175 bbls oil

2018 Drilling Economics Matrix - Payout (months)

24

➢Payouts generally less than 2 years

Waskahigan 1-Mile Type Curve - Low Case Waskahigan 1-Mile Type Curve - Expected CasePrice of Oil (US$ / bbl) Price of Oil (US$ / bbl)

$40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00

CA

PEX

/ W

ell

$2,500,000 20 16 13 11 10 9

CA

PEX

/ W

ell $2,500,000 17 14 12 10 9 8

$3,000,000 28 22 18 15 13 12 $3,000,000 24 19 16 13 12 10$3,600,000 42 32 25 21 18 15 $3,600,000 34 27 22 18 15 14$4,000,000 54 40 32 26 22 19 $4,000,000 43 33 27 22 19 16$4,250,000 63 46 36 29 24 21 $4,250,000 50 38 30 25 21 18

Waskahigan Type Curve - 1.5 Mile Wells - Low Case Waskahigan Type Curve - 1.5 Mile Wells - Expected CasePrice of Oil (US$ / bbl) Price of Oil (US$ / bbl)

$40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00

CA

PEX

/ W

ell

$4,500,000 40 32 26 22 19 16

CA

PEX

/ W

ell

$4,500,000 26 21 18 15 13 12$5,000,000 51 39 32 26 22 19 $5,000,000 32 25 21 18 15 14$5,500,000 63 48 38 31 27 23 $5,500,000 39 30 25 21 18 16$5,750,000 70 53 42 34 29 25 $5,750,000 42 33 27 23 19 17$6,500,000 99 70 54 44 37 31 $6,500,000 55 42 34 28 24 21

Waskahigan Type Curve - 1.5 Mile Wells - High Case Dunvegan Type Curve - Tier 2 Type CurvePrice of Oil (US$ / bbl) Price of Oil (US$ / bbl)

$40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00

CA

PEX

/ W

ell

$4,500,000 21 17 14 12 10 9C

AP

EX /

We

ll $1,900,000 30 22 18 15 12 11$5,000,000 25 20 17 14 12 11 $2,000,000 33 25 19 16 13 12$5,500,000 30 24 19 16 14 12 $2,100,000 37 27 21 17 15 12$5,750,000 33 26 21 18 15 13 $2,250,000 43 31 24 19 16 14$6,500,000 42 33 26 22 18 16 $2,500,000 54 39 29 24 19 17

Organic Investment – New Well Netbacks & Recycle Ratios – Current Commodity Prices

25

Waskahigan Dunvegan/Expected (1.5 mi) Rock Creek

Volumes oil (mbbls) 220 135mboe 380 180

$CAD $CAD

Prices

Oil 1 WTI US$64 $72.50 $72.50Gas 2 Wellhead C$/mcf $2.00 $2.00

Revenue $/boe $44.26 $54.83Royalties ($2.21) ($2.74)

Opex ($8.00) ($8.00)

Transportation ($4.00) ($4.00)

Field Netback ($boe) $30.05 $40.09

F&D ($/boe)3 $13.15 $13.89Field Recycle Ratio 2.3x 2.9x

Corp Cash Costs ($.boe) ($4.00) ($3.90)

Corporate Netback $26.05 $36.19

Corporate Recycle 2.0x 2.6x

Drilling Inventory 180 140(locations)

NPV10 ($million)4 $3.8 $1.8

1. Assume Cushing Diff US$6.00 CAD $0.80

2. Gas is 55% Chicago, 25% AECO and 20% ATP - Jan actual - C$3.50 - Q1 est C$2.203. Assumes current capex of $5mm for Montney and $2.5mm for Dunvegan4. Assume long term pricing of US$55 for WTI – AECO of CAD$2.90

1. Top Quartile Margins – Light oil yields best operating netbacks of over $20/boe (includes gas)

✓ Low cost structure – opex <$10/boe & focus on light crude production ensures high margins & economic sustainability

2. Egress - Firm service on Alliance (gas) and Pembina (oil)✓ Firm egress - unique among juniors ensures reliable takeaway, lower costs & higher realized pricing

✓ Oil via Pembina – 100% firm service

✓ Gas – 55% sold in Chicago via Alliance, 20% ATP via Alliance and 25% AECO via TCPL – 100% firm service

3. Hedging – protecting cash flows, capital programs & balance sheet✓ Over 60% of oil production hedged in 2018 at north of C$60/bbl (Cushing basis)

✓ Regular, disciplined program of layering on new hedges every quarter with volume targets of north of 50% hedged over coming 12

months and north of 25% over subsequent 12 months

4. Expanding Drilling Inventory Facilitates Growth✓ Innovation and application of evolving technologies to organic growth

✓ Consolidation opportunities identified

✓ Light oil drilling inventory of over 350+ locations

5. Environmental, Social and Governance – program of continuous improvement. ✓ Proactive businesses attract investor interest and fetch a premium price by developing and implementing technologies to

reduce emissions, reduce impact and by increase transparency & governance

6. Maintaining Optionality & Discipline – US$5/bbl price change impacts annual cash flow C$5mm

✓ Ability to quickly adjust drilling production and reserves growth

✓ Disciplined – “bullet-proof” balance sheet while growing the business

✓ Strong relationships – top quality partners and shareholders

Business Principles Focus on a Sustainable, High Margin Business

26

The Vision – Creating a Quality, Sustainable Growth Business

To create a “must own”, high quality, growth producer with the capital, cash

flow, balance sheet and assets to deliver value appreciation & multiple

expansion

✓ Strategically position Tangle in quality, high margin plays with

running room

✓ Capitalize on history of efficiency gains – depth of team expertise

✓ Consolidation - in core fairway with specific technical attributes

✓ High-grade development - focus on highest return highest margin projects

✓ Balanced risk profile – growth within cash flow

✓ Deliver 15% to 25% per year production & CFPS growth at strip

✓ Shareholder value creation by delivering steady, repeatable per share

growth of production, reserves, cash flow, re-investment and net

asset value

“Growing a quality business to position for liquidity

over coming 18 to 36 months”27

Logo

Placement

TANGLE CREEK ENERGY

June 2018

Contact:

Tangle Creek Energy LtdGlenn Gradeen

President and CEO

d: +1 (403) 648-4901

m: +1(403) 618-0434

ggradeen@tanglecreekenergy.com

2100, 715 – 5th Ave S.W.

Calgary, AB T2P 2X6