FIRSTENERGY | East Coast Energy Conference March 2015

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Corporate Profile

Canbriam Energy Inc. is a privately held mid-cap producer pursuing development of the Montney across its ~61,000 net acre land position in northeast BC at North Altares, where it has de-risked an impressive inventory of over 700 liquids-rich natural gas locations.

Development activities to date have delineated a 25,000 acre sweetspot within the Company’s Altares core featuring a localized, over-pressured Montney reservoir that is delivering uncharacteristically high liquids yields for the immediate region alongside some of the best initial natural gas rates observed out of the entire Montney fairway.

Canbriam has outlined a preliminary development plan for a staged infrastructure build out that could ultimately allow for corporate natural gas production to reach 450 mmcf/d in 2018e+ with the cooperation of supportive commodity and capital markets.

The Company’s key financial partners include Warburg Pincus, ARC Financial Corp., Ontario Teacher’s Pension Plan, GE Asset Management and Blackrock.

Operational update

Having been restricted to 50 mmcf/d (or ~10,000 boe/d, 20% liquids) throughout 2014e, Canbriam has recently begun ramping-up production through its Phase I facility (80 mmcf/d) with ~16 wells expected to be brought on production by mid-2015e.

For 2015e, we forecast Canbriam will spend between $350 to $400 mm with which it could run a 3 rig drilling program and complete construction on a water hub (1H15e) as well as a Phase II expansion (80 mmcf/d) by the end of 4Q15e and bring total corporate facility capacity to upwards of ~210 mmcf/d exiting the year.

Financial Outlook

Following the Company’s private placement for US$250 mm of senior unsecured notes in 4Q14, along with remaining proceeds available through its Series C preferred shares and $145 mm line of credit, we believe Canbriam is fully funded into 1H16e.

Beyond this maintenance case, which includes two further facility expansions to add 240 mmcf/d of capacity, Canbriam would require a capital injection or a slower growth trajectory to match organic financial capacity. Management will look to make a decision on whether to defer investment in these additional phases, primarily based on the state of commodity prices, by mid-year 2015e which may or may not coincide with an IPO event in the coming quarters/years.

Investment Summary

We do not provide formal research coverage on Canbriam Energy Inc. and therefore are unable to provide an investment option for the stock.

ANALYST: Cody R. Kwong, P.Geol. ASSOCIATE: Rachel C. Eddy, P.Eng.

Canbriam Energy Inc.

Source: FirstEnergy Capital Corp., Company Reports

Canbriam - Montney Fault Blocks(March 2015)

North FaultBlock

East Fault Block

South Fault Block

Main Fault Block

Canbriam Development Focus Area

Source: FirstEnergy Capital Corp., Canbriam Energy Inc.

2013 2014 2015 2016

450

400

350

300

250

200

150

100

50

0

Altares processing facility expansion

b-24-H: 50 MMcf/d current capacity

MM

cf/d

Under construction

Potential futureexpansion of

b-72-A to 400 MMcf/d

Canbriam - Altares(March 2015)

FIRSTENERGY | East Coast Energy Conference March 2015

49

Canbriam Energy Inc.

Name Key Role Description

Paul Myers President & CEO, ChairmanFormerly President & CEO of Esprit Energy Trust; Prior to held various positions with Encana, Statoil Exploration US and Amoco Production Company

Rob Froese CFO Prior to CFO & VP, Finance of NuVista Energy Ltd.

John Nieto Executive VP, SubsurfaceFormerly VP, Exploration of Esprit Energy Trust; Prior to held various positions with Anadarko Petroleum Corporation, Exxon Mobil Corporation and Mobil

Gary Gardiner COOFormerly President & CEO of Peregrine Energy Ltd.; Prior to held various executive level positions with Encana Corporation/AEC

Donna Phillips Executive VP, Business DevelopmentFormerly Director and VP, Land at Direct Energy/Centrica Canada Ltd.; Prior to held various positions with CanOxy (Nexen), Wascana Energy and SaskOil

Larry Cole VP, Finance Prior to was Manager of Financial Accounting at Esprit Energy TrustArt Flaws VP, Drilling & Completions Prior to held various positions with Encana Corporation and Petro-CanadaNauman Rasheed VP, Production & Facilities Prior to held various positions with Pengrowth Energy Corp.

Sean Brady VP, Strategic Planning Prior to held various positions with Encana Corporation, Cenovus Energy Inc., and Schumberger

Peter R. Kagan Director Warburg PincusDavid Krieger Director Warburg PincusNancy Smith Director ARC FinancialZvi Orvitz Director Teacher's Private CapitalRobert Hodgins Director IndependentSteven VanSickle Director Independent; Previously President & CEO of Santonia Energy Inc.Tim Holt Director Independent

Source: Company Reports, FirstEnergy Capital Corp.

Management Team

Board of Directors

Source: FirstEnergy Capital Corp., geoSCOUT

Canbriam - North Montney(March 2015)

94-B -1

94-B -8

94-B -9

R22W6R24R2693-O-16

T81

T83

T85

T87

94-A-11

Inga

Kobes

Altares

Gundy

Farrell Creek

Fireweed

Attachie

Blueberry

ARXARX/TOUBNPCanbriamCNQCRProgress

Canbriam MontneyWellsMontney Wellsof Interest

F

F

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