Life In The HeartlandSturgeon Refinery Update

October 21st, 2015

Certain information set forth in this document contains forward-looking statements including management's assessment of future plans and operations, expected activity levels, timing of completion of facilities construction and the effects thereof, capital expenditure plans and the impact thereof. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the company’s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, changes to regulatory requirements, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, delays resulting from or the inability to obtain required regulatory approvals, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management and ability to access sufficient capital from internal and external sources. The foregoing list is not exhaustive. Additional information on these and other risks that could affect operations and financial results are available on request.

Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievements of the company could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the company will receive. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Plant Owners (50/50)

Feedstock Suppliers/Owners of Refined

Products (Ph 1)

75% 25%

Solve the three big problems facing Alberta’s energy industry:Value for our resourcesMarine access to world marketsHigh CO2 content of our energy products

Build a refinery with the world’s best environmental performance No Petroleum Coke waste (higher yields with minimal solid waste) 1st Refinery built from the start to capture CO2 and use it as a feedstock Minimize water usage (air cooling, advanced water treatment and recycle) Minimize Construction Waste (typ 98%+ recycle) Minimize all other types of emissions (air, solids, noise, lighting, etc) Minimize consumption of natural gas

Keep jobs and value here in Alberta Refineries last a long time = high value jobs for generations Regulatory approval for 3 identical sequential phases ($8.5 billion for Phase 1)

Diesel Can Get to World Market Using Existing Infrastructure

>1,500 BC tankers moved last year

Enhanced Oil Recovery NWR’s process selection generates high-purity CO2

which will be captured and used in EOR

At the end most oil fields have lots of oil trapped in them. CO2 injection will revitalize field. The oil comes out and the CO2 is permanently sequestered

With CO2 capture and EOR, Diesel has a lower CO2 intensity than Diesel from US conventional sources

Ph 1 CO2 sequestered by NWR = 300,000 cars off the road

• ‘Goal Zero’ – ~6.8 million construction site hours worked to date with zero Lost Time Accidents

• Engineering >95% complete• 3,500 workers at site

• 61 bus routes to date with >1,850 riders (expanding)• Maximizing Modularization (~ 2/3 of facility)

• >240 modules delivered/650 more standing at fabricators• ~1,150 modules total• 3,000 workers at 10 module yards

• >9,000 piles + >37,000 m3 of concrete placed• Module/Vessel/Tank erection well advanced

• ‘it’s looking like a refinery’• Control/Admin & Warehouse/Firehall bldgs advanced• Off-site interconnecting pipelines well advanced

3-D Model of Phase 1 showing Process Unit areas

Illustrative Only – Not Final

Illustrative Only – Not Final

Illustrative Only – Not Final

Illustrative Only – Not Final

61 routes transporting >1,850 workers (as at mid Oct/15)

Solve the three big problems facing Alberta’s energy industry:Value for our resources

Marine access to world markets

High CO2 content of our energy products

$-

$70

$140

2015 Year toDate

Last 4 YearAverage

Bitumen Diesel

EEnhancedOOilRRecovery makes NWR Diesel the Lowest CO2 Intensity

$ / barrel

• Modules and equipment continue arriving through 2015 and 2016

• Mount modules and vessels on foundations• Municipal utilities complete by year-end

2015• Peak labour force during 2015 and 2016• Target commercial operation Ph 1 Sept/17• Phases 2 and 3 pending Sanction decisions