NOVEMBER 2019 - Karve Energy

  The information provided in this presentation is given as at November 21, 2019 and replaces and supersedes any prior investor
  presentation or other information to prospective purchasers. This presentation is for informational purposes only, is not complete, is
  based (in part) on information prepared for internal evaluation purposes, does not purport to contain all information that prospective
  investors may require, and may not contain certain material information about Karve Energy Inc. ("Karve" or the "Company“) or the oil
  and gas assets the Company disposed of in the Battle River Disposition on June 14, 2018 (the “Disposition”) or acquired through High
  Ground Energy on July 15, 2019 (the “Acquisition”), including important disclosures and risk factors associated with an investment in
  Karve. This presentation does not take into account the particular investment objectives or financial circumstances of any specific
  person who may receive it and does not constitute an offer to sell or a solicitation of an offer to buy any security in Canada, the
  United States or any other jurisdiction. The contents of this presentation have not been approved or disapproved by any securities
  commission or regulatory authority in Canada, the United States or any other jurisdiction, and Karve expressly disclaims any duty on
  Karve to make disclosure or any filings with any securities commission or regulatory authority, beyond that imposed by applicable
  laws. Prospective investors are encouraged to conduct their own analysis and reviews of the Company and of the information
  contained in this presentation. Without limitation, prospective investors should consider the advice of their financial, legal,
  accounting, tax and other advisors and such other factors they consider appropriate in investigating and analyzing the Company.
  Certain information contained in this presentation has been prepared by third-party sources, which information has not been
  independently audited or verified by Karve. No representation or warranty, express or implied, is made by Karve as to the accuracy or
  completeness of the information contained in this document, and nothing contained in this presentation is, or shall be relied upon as,
  a promise or representation by Karve. See "Reader Advisories" beginning on slide 27 for other important disclosures regarding
  forward-looking information, future orientated financial information and other financial matters, oil and gas information, defined
  terms and other important information.

 Basic shares outstanding (7% insider ownership)                                                                                                                                          141   MM
      Options                                                                                                                                                                              13   MM
      Performance warrants (2)(3)                                                                                                                                                          32   MM
 Fully diluted shares (25% insider ownership)                                                                                                                                             186   MM
 Current credit facilities                                                                                                                                                               $100   MM
 Net working capital (net debt) (September 30, 2019)(4)                                                                                                                                 ($55)   MM
 Current production                                                                                                                                                                     9,800   BOE/d
                                                                         Mar. 31/18             Jun. 30/18          Sept. 30/18       Dec. 31/18       Mar. 31/19       Jun. 30/19       Sept. 30/19
 Average production                                                    10,417 BOE/d           10,225 BOE/d          7,325 BOE/d      8,745 BOE/d      8,093 BOE/d      8,134 BOE/d       9,426 BOE/d
 Liquids production                                                          64 %                  61 %               70 %              75 %             73 %             69 %              67 %
                                                                                       (6)                    (6)              (6)              (6)              (6)              (6)            (6)
 Cash flow                                                                $23.5 MM              $21.8 MM             $21.9 MM          $8.4 MM         $19.3 MM         $21.2 MM         $21.5 MM
 Net working capital (net debt) (4)                                        $7.8 MM              $34.1 MM              $3.1 MM        ($25.0) MM       ($25.3) MM       ($21.2) MM       ($55.3) MM
 Karve sales price (Oil) (5)                                            $63.88 /BOE            $74.08 /BOE          $74.91 /BOE      $35.83 /BOE      $60.26 /BOE      $67.60 /BOE      $63.64 /BOE
 Royalties                                                                     5%                     6%                8%               8%               8%               8%                8%
 Operating expense                                                      $15.89 /BOE            $15.87 /BOE          $15.50 /BOE      $15.33 /BOE      $14.87 /BOE      $13.93 /BOE      $13.97 /BOE
 Field netback                                                          $25.83 /BOE            $26.99 /BOE          $33.43 /BOE      $10.26 /BOE      $27.17 /BOE      $28.93 /BOE      $25.41 /BOE
 Capital expenditures (7)                                                 $25.7 MM             -$12.4 MM
                                                                                                                     $51.7 MM         $35.3 MM         $19.1 MM         $15.4 MM         $23.2 MM
 Additional Hz wells on production (10)                                       24 Hz                   4 Hz             44 Hz            19 Hz            12 Hz            14 Hz            10 Hz
 Cumulative Hz wells on production (10)                                     100 Hz                 104 Hz             148 Hz           167 Hz           179 Hz           193 Hz           203 Hz
 (1) Current Options outstanding with a weighted average exercise price of $1.58.
 (2) Performance warrant strike prices range from $1.50 to $4.60 with a weighted average strike price of $2.88.
 (3) Amount required to fund option/performance exercise is $114.5 million.
 (4) Excluding derivative asset/liability.
 (5) Karve oil sales price is approximately a $1.50 discount to Canadian light sweet (including transportation).
 (6) Adjusted funds flow from operations (excluding transaction costs and decommissioning expenditures).
 (7) Total net capital expenditures (including acquisitions and dispositions).
 (8) June 30, 2018 capital expenditures includes proceeds of the $30 million divestiture of non core assets.
 (9) The corporate acquistion of High Ground Energy Inc. is not included in capital expenditures.
 (10) Gross well counts.

 Source: Karve Energy Inc.
 See "Reader Advisories Oil and Gas Information"


                                                                            Funds flow remained consistent
                                           Production increased due to      due to lower commodity prices,
                                        acquisition of High Ground Energy     offset by higher production
                                                        Inc.                         volumes in Q3.

        Source: Karve Energy Inc
        See “Reader Advisories Oil and Gas Information”

                                                    Netback decreased due   Continued reduction in operating
                                                     to lower commodity         expenses due to operating
                                                         pricing in Q3.      efficiencies and optimization of
                                                                            High Ground Acquisition assets.

         Source: Karve Energy Inc
         See “Reader Advisories Oil and Gas Information”
                                       Halkirk / Alliance / Brownfield



                               Veteran / Hamilton Lake


Source: Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


                                                          Field Estimated Production
                                                                 ~9,800 BOE/d

Source: Karve Energy Inc – (Field Estimated Production)
See “Reader Advisories Oil and Gas Information”




                 Hamilton Lake


Source: Karve Energy Inc.
See “Reader Advisories Oil and Gas Information”


                                                               Sproule Tier 5 - 100% CROWN - $7 US DIFFERENTIAL
                                                    WTI      FX       WTI        Capex    EUR BT NPV 10       IRR   Payout
                                                  $US/bbl $US/CDN $CDN/bbl $M/Well Mbbl              $M         %   Months
                                                    45      0.77      58.44        890     50        157      21%     38
                                                    50      0.77      64.94        890     50        319      33%     28
                                                    55      0.77      71.43        890     50        491      48%     20
                                                    60      0.77      77.92        890     50        695      70%     17
                                                    65      0.77      84.42        890     50        864      91%     13

Source: Karve Energy Inc.
See “Reader Advisories Oil and Gas Information”


                  Karve Land
                  Viking Petroleum Unit
                  Veteran Waterflood
                  Veteran Waterflood Exp.

Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


                                                                   Cum INJ 5.7 MMstb

                                                                   Cum Oil 2.4 MMstb

                                                                   Daily Oil ~500 bbl/d

                                                                   WCT ~45%
                                                  Decreasing GOR

                                                                   GOR 500 scf/bbl

Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


                                                                         Horizontal drilling &
                                                                         increased waterflood

                                                  Primary Decline
                                                  ~ 6% Recovery Factor
                                                                         Waterflood Decline
                                                                         ~ 15% Recovery Factor

Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


                                                         Increasing oil production
                                                         Nov 2017 Prod = 14 bbl/d
                                                         Aug 2019 Prod = 64 bbl/d

                                                  Decreasing Gas/Oil Ratio

Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


                      Karve Land
                     Brownfield Gas Unit
                     Active waterflood
                     Pot. 2019 Expansion

           2.5 section active waterflood; 2 to 4 section waterflood expansion planned for 2019
Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


                             Karve Land
                             Active Waterflood
                             Pot. 2019 Expansion


           Waterflood pilot with 1 vertical injector implemented in 2011; second vertical added in 2012
           Expanded to include 3 horizontal injectors; response increasing production in offsetting producing wells by 2-5 times
Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


                                        Daily Oil
                                        300 bbl/d
                                                         6,000 scf/bbl

                                                         Daily Oil
                                                         ~4 bbl/d

Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


                                             Daily Oil                    Cum INJ 473 Mstb
                                             250 bbl/d
                                                         Decreasing GOR
                                                                          Cum Oil 85 Mstb

                                                                          Daily Oil ~25 bbl/d

                                                                          GOR 400 scf/bbl

                                                                          WCT ~30%

Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


        9.5 sections approved for waterflood; additional section to be added by YE 2019
         ▪      18 wells currently injecting; 4 additional wells to be converted to injection by YE 2019
Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


        Additional 25.5 sections of future waterflood expansion potential within Monitor; total of 35 sections
Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”

                                Karve 92 WFLD Area Wells (Incl. Veteran, Throne, Ham Lake etc.)
                                                                                 WFLD EUR ~80+ Mstb

Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


                                                   ~2,000 gross sections of
                                                    ▪ Over 130 sections of
                                                       waterflood potential
                                                       (6% of total land
                                                    ▪ 30 sections under
                                                       waterflood by YE
                                                   Over 1 billion barrels of
                                                    Original Oil in-Place
                                                   Low RF to date of less
                                                    than 2% with forecast
                                                    recoveries to exceed

Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


                                                  Over 700 gross undrilled
                                                  locations within future
                                                  waterflood areas and over
                                                  1,000 total locations.

Source: IHS AccuMap; Karve Energy Inc
See “Reader Advisories Oil and Gas Information”


                                                                                    WI Oil     BTAX                      Wells
                                                     WI Oil    WI Gas    WI NGLs    Equiv     NPV10%        FDC         Booked
                        Reserves Category            (Mbbl)    (MMcf)    (Mbbl)    (MBOE)      ($M)         ($M)       Gross(Net)
  Proved Developed Producing                           6,388    26,598       397     11,218       233,156       -              -
  Proved Developed Non-Producing                          33       198         3         69           943         30           -
  Proven Undeveloped                                  10,765    17,514       297     13,981       152,517   290,352    305 (300.4)
 Total Proved                                         17,186    44,310       697     25,268       386,616   290,382    305 (300.4)
  Probable Developed Producing                         1,785     9,320       132      3,471        57,407       -              -
  Probable Developed Non-Producing                        39       259         4         86         1,426       -              -
  Probable Undeveloped                                 5,175     9,040       164      6,846       121,499    60,600      77 (75.2)
 Total Proved plus Probable                           24,186    62,928       997     35,671       566,948   350,982    382 (375.6)
Note: Totals may not add due to rounding.

▪      Reserves as per Karve Internal mid-year technical update (Sproule June 30, 2019 price deck and August 1, 2019
       effective date)
▪      Total of 382 gross (375.6 net) locations recognized by Karve internal mechanical update.
        ▪      Total FDC of $350.9 MM associated with all development

     Current field estimated production of ~9,800 BOE/d; 6,318 bbl/d liquids, 21.0 MMcf/d gas (includes
      acquisition of High Ground)
     Maintain a cash-flow budget
       ▪      Total capital program of $80.0 MM (excluding A&D), down from $98.7 MM approved on May 8th,
              2019; reduction due to commodity price volatility
       ▪      Incl. the drilling of 30 gross (and completing 52 gross) Hz Viking oil wells for $44.4 MM
       ▪      Remaining $35.6 MM to be spent on waterflood, facility and abandonment initiatives
       ▪      Expanding the Bulwark and Monitor waterflood an additional 7.5 sections to increase overall
              recoveries, corporate reserves and mitigate base declines
     Pro forma Karve LLR of 2.18 estimated as at October 2019
       ▪      ARO capital forecast of ~$3.7 MM for 2019
       ▪      Focus on reduction of inactive well and facility liabilities

Source: Karve Energy Inc
See “Reader Advisories Oil and Gas Information”

OFFICERS:                                                                    DIRECTORS:
●   Bob Chaisson       Chief Executive Officer                               ●   Don Engle                  Chairman and Independent Director
●   Derek Kreba        President                                             ●   Bob Chaisson               Karve Energy CEO
●   Ken McNeill        Executive Vice President, Corporate Development       ●   Howard Crone               Independent Director
●   Shane Helwer       Vice President, Finance and Chief Financial Officer   ●   Daryl Gilbert              JOG Capital Representative
●   Silas Ehlers       Vice President, Exploration                           ●   James (Pep) Lough          Independent Director
●   Clifford Brown     Vice President, Engineering                           ●   Dave Pearce                Azimuth Capital Management
●   Justin Crawford    Vice President, Operations                            ●   Mitch Putnam               32 Degrees Capital
CORPORATE INFORMATION:                                                       ●   Steve Smith                Independent Director
●   Bankers                           ATB Financial, CIBC & Scotiabank       ●   Sony Gill                  Corporate Secretary
●   Auditor                           Pricewaterhouse Coopers LLP            CONTACT:
●   Legal counsel                     Stikeman Elliott LLP
●   Evaluation engineer               Sproule Associates Limited             ● Bob Chaisson, CEO                  587-393-8308
●   Registrar & transfer agent        Computershare Trust Company                                       

● Karve Calgary head office       587-393-8301                               ● Shane Helwer, VP Finance and CFO   587-393-8302
● Suite 1700, 205 5 AVE SW (Bow Valley 2)                                                               

•   Certain information with respect to Karve Energy contained herein contains forward‐looking statements or forward‐looking information under applicable securities legislation.
•   These forward‐looking statements or information are based on assumptions and are subject to numerous risks and uncertainties, certain of which are beyond Karve’s control, and which may prove to be incorrect. Although Karve believes that
    the expectations reflected in such forward‐looking statements or information are reasonable, undue reliance should not be placed on forward‐looking statements and information because Karve 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 general economic conditions, industry conditions,
    the ability to find, replace and expand oil and natural gas reserves through acquisition, development or exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of Karve to secure adequate
    product transportation, volatility of commodity prices, field production rates and decline rates, estimated reserves life, costs for drilling and other capital expenditures will be similar to current industry amounts, currency exchange rate
    fluctuations, the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Karve operates, imprecision of reserve estimates, the success that the Company will have in drilling its prospects and the
    results from such prospects, including initial production rates, reserve additions and related matters, competition from other explorers, stock market volatility, and ability to access sufficient capital. In addition, forward‐looking statements or
    information are based on current expectations, estimates and projections that involve a number of risks and uncertainties. As a result, Karve’s actual results, performance or achievement could differ materially from those anticipated by Karve
    and expressed or implied by, these forward‐looking statements or information and, accordingly, no assurance can be given that any events anticipated by the forward‐looking statements or information will transpire or occur. In addition, the
    reader is cautioned that historical results are not necessarily indicative of future performance.
•   The forward‐looking statements or information contained in this presentation are made as of the date hereof and Karve does not intend, and does not assume any obligation, to update or revise these forward‐looking statements except as
    required by applicable securities laws. The forward‐looking statements or information contained in this presentation and all subsequent forward‐looking information or statements, written or oral, attributable to the Company or persons
    acting on its behalf are expressly qualified by these cautionary statements.

•   Barrel of oil equivalent (“BOE”) amounts may be misleading, particularly if used in isolation. A BOE conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel (6:1). This conversion ratio
    of six thousand cubic feet of natural gas to one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on
    the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
•   Any references herein to initial production rates are not determinative of the rates at which such wells will continue production and decline thereafter or the ultimate recovery associated with such wells. Additionally, such rates may also
    include "load" fluids used in well completion stimulation. Readers are cautioned not to place reliance on such rates in calculating the aggregate production of the Company.
•   This presentation discloses drilling locations in two categories: (i) proved and probable locations; and (ii) unbooked locations. Proved plus probable (“2P”) drilling locations are based on the Company's most recent reserves evaluation as
    prepared by Karve August 1, 2019. Unbooked locations are internal estimates based on prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Of the
    gross and net drilling locations identified herein, some of the gross and net locations are proved plus probable locations, and some of the gross and net locations are unbooked locations. Unbooked locations do not have independently
    attributed reserves or resources. Unbooked locations have been identified by management as an estimation of our multi‐year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves
    information. There is no certainty that Karve will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which
    Karve actually drills wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other
•   In this presentation, Karve has referred to “OOIP”, meaning original oil in place, which is equivalent to discovered petroleum initially in place for the purposes of this presentation. OOIP is the quantity of petroleum that is estimated, as of a
    given date, to be contained in known accumulations prior to production. The recoverable portion of original oil in place includes production, reserves and contingent resources; the remainder is unrecoverable. A recovery project cannot be
    defined for these volumes of original oil in place at this time. There is no certainty that it will be commercially viable to produce any portion of the resources.
•   Estimates of the net present value of the future net revenue from Karve's reserves do not represent the fair market value of Karve's reserves. The estimates of reserves and future net revenue from individual properties or wells may not
    reflect the same confidence level as estimates of reserves and future net revenue for all properties and wells, due to the effects of aggregation. Where discussed herein "NPV" represents the net present value (including capital expenditures)
    of net income discounted at the percentage indicated, with net income including revenues from the indicated oil, liquids and natural gas prices and estimated production rates, less internal estimates of transportation expenses, royalties and
    operating costs.
•   This presentation contains certain oil and gas metrics, including recycle ratios, rates of return ("ROR") and EURs, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be
    comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however,
    such measures are not reliable indicators of the future performance and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. A summary of the
    calculations of such metrics are as follows:
         •    Recycle ratio is calculated by dividing the netback by the proved and proved plus probable finding and development cost on a per bbl basis
         •    ROR is calculated as the discount factor applied to future cash flows at which the NPV is calculated to be zero
         •    EUR is the estimated raw quantity of gas or oil that is potentially recoverable or has already been recovered from a well
•   The recovery and reserve estimates of reserves provided in this document are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the
    estimates provided herein. All evaluations and reviews of future net revenue are stated prior to any provision for interest costs or general and administrative costs and after the deduction of royalties, development costs, production costs, well
    abandonment costs and estimated future capital expenditures for wells to which reserves have been assigned.
•   This presentation contains references to type well production and economics, which are derived, at least in part, from available information respecting the well economics of Karve's assets and other companies and, as such, there is no
    guarantee that Karve will achieve the stated or similar results, capital costs and return costs per well.

•   Certain type curves referred to in this document represent estimates of the production decline and ultimate volumes expected to be recovered from wells over the life of the well. The type curves disclosed herein are Sproule type curve and
    management‐generated type curves based on a combination of historical performance of analogous wells and management's expectation of what might be achieved from future wells. The type curves represent what management thinks an
    average well will achieve. Individual wells may be higher or lower but over a larger number of wells management expects the average to come out to the type curve. Over time type curves can and will change based on achieving more
    production history on older wells or more recent completion information on newer wells.

•   All dollar amounts are referenced in Canadian dollars, except when noted otherwise.
•   This presentation contains the terms “funds from operations”, “operating netback”, “field netback”, and “production per share” which do not have a standardized meaning prescribed by Generally Accepted Accounting Principles (“GAAP”) and
    therefore may not be comparable with the calculation of similar measures by other companies. The Company uses these measures to help evaluate its performance.
•   Funds from operations is calculated as cash provided by operating activities, adding the change in non-cash working capital, decommissioning obligation expenditures and accretion of deferred financing costs. Funds from operations is used to
    analyze the Company's operating performance and leverage.
•   Operating netbacks are determined by deducting royalties, operating expenses and transportation expenses from oil and gas revenue. Operating netbacks are not intended to represent operating profits nor should they be viewed as an
    alternative to cash provided by operating activities, profit or other measures of financial performance calculated in accordance with GAAP.
•   Field netback per BOE is calculated as the Company's oil and gas sales, less royalties, operating expenses and transportation costs per barrel of oil equivalent.
•   MM    millions
•   WI    working interest
•   HZ    horizontal
•   m     metre
•   WFLD waterflood
•   km    kilometre
•   WTI   West Texas Intermediate
•   FX    foreign exchange rate
•   BT    before tax
•   PDP   proved developed producing
•   IRR   internal rate of return
•   P+PDP proved developed producing plus probable developed producing
•   FDC   formation density log
•   LLR   licensee liability rating
•   ARO asset retirement obligation
•   GORR gross over-riding royalty
•   bbl   barrels
•   CAGR compound annual growth rate
•   bbl/d barrels per day
•   Mbbl thousand barrels
•   MMbbl million barrels
•   Mcf   thousand cubic feet
•   BBbbl billion barrels
•   Mcf/d thousand cubic feet per day
•   BOE/d barrels of oil equivalent per day
•   Tcf   trillion cubic feet
•   MMcf million cubic feet
•   MBOE thousand barrels of oil equivalent
•   MMBOE million barrels of oil equivalent

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