1. Healthcare

FOCUS, PROFITABILITY, SUSTAINABILITY
Teine Corporate Presentation – Jan 2015
Corporate Overview
2
Management Ownership (fully diluted)
~22%
CPPIB Ownership (fully diluted)
~78%
F.D. Shares Outstanding
~162.6 million shares
2P Reserves1
~86.5 million boe
2
~16 years
2P RLI
Identified Oil Drilling Locations
~2,900
% Booked 2P Locations 3
~43%
Current Production4
~15,000 boe/d (~90% liquids)5
Current Debt – Unsecured High Yield Notes 7 year Term (6.875%)
2014E/2013E Yearly Average Production Growth
2015E/2014E Yearly Average Production Growth
~60%
~8%
2014E Capital Investment
2014E Funds Flow From Operations
~$290 million
~$214 million
2015E Capital Investment
2015E Funds Flow From Operations
1.
2.
3.
4.
$350MM
~$140 million
6
Information contained in the Reserve Report prepared by Sproule as at June 30, 2014.
Based on 86.6mmboe and 15,000 boe/d
Based on 1,234 booked locations and 1,727 unbooked locations.
Represents average production for the month of January 2015.
~$145 million
5.
6.
Comprised of oil and NGLs.
Assumes 2015 WTI 61.32 USD, NYMEX $3.28 CAD, US/CAD 0.84
Our Strategy
3
Maintain focus on scalable,
predictable, high netback oil
production
Achieve sustainable profitable
growth through the drill bit and
accretive acquisitions
Focus on assets that support
low cost operations and strong
capital efficiencies driving
shareholder return
Preserve balance sheet
flexibility
Reacting to Commodity Prices – Focusing on Value
4
Teine continues to provide a return on capital in the current low price
environment

Managing growth rate


Significant reduction of activity in Q1, back end loading activity into later quarters to take advantage of service cost
reductions
Preserve valuable drilling inventory

Reducing Corporate Decline

Focusing on projects with robust recycle ratios >1.5 at current strip


Preserving liquidity



Teine has the largest exposure to the Saskatchewan Viking, one of North America’s lowest supply cost plays
Investing within cash flow
As of Dec 31 2014, undrawn $250MM Senior facility
Reducing operating costs


In 2014 Teine implemented a remote monitoring (SCADA) systems to reduce manpower (largest single operating cost
driver) – 300 newest drills are equipped
Elimination of clean oil trucking (second largest operating cost driver)

Utilizing owned and operated infrastructure to attract 3rd party fees

Opportunistic Acquirer
Teine 2015 Outlook – Inventorying for the future
5
“Manage growth and preserve the balance sheet”

Drill 130 Viking Hz wells – 20 drills in Q1
15 re-frac wells with potential to expand program


180
160
Estimate a type 4 well with F&D of $12.50 per boe
$140MM Capex – will reduce in sustained sub $50 WTI
140
environment
120

Funds Flow from Operations – $145MM1

Production growth of 8% YOY

2015 exit corporate decline rate of 28%
$MM CAD

Teine 2015 “Stay Flat” Capital to Maintain YOY
Production of 12,300 boe/d
100
80
60
40
20
2015 Funds Flow Assumptions and Sensitivities
2015 Outlook
Sensitivity
Impact ($000's)
Oil Price (USD WTI)
$
61.32
+/- $1.00
5,000
Gas Price (USD GJ Nymex)
$
3.28
+/- $0.10
300
Production (boe/d)
Operating Costs ($/boe)
$
Exchange Rate (CAD/USD)
1.
Assumes Q1 $50 WTI, Q2 $60 WTI, Q3 $70, WTI, Q4 $75 WTI.
13,000
+/-1%
3,000
9.48
+/-1%
500
0.01
3,000
0.84
$40.00
$50.00
$60.00
$70.00
$80.00
WTI $ US
AT Free Cashflow
Stay Flat Capex
At Cashflow
Teine Viking Well Economics – Robust in today’s environment
6
Assumptions
DCET Cost ($000s)
Fixed Operating Cost ($/month)
Variable Operating Cost ($/boe)
Abandonment Cost ($000s)
GOR (scf/bbl)
Liquids Yield (bbl/MMcf)
$850
$3,000
$2.00
$30
600
15
100
90
80
Production (boe/d)
70
60
50
40
30
Type Curve IRR
Sensitivities
Equivalent USD WTI
Realized Oil Price CAD
Tier 5
90.0%
Tier 6
Tier 7
278.0%
Tier 8
Tier 9
Refracs
$33.20
$40.00
na
na
5%
17%
26%
33%
$58.10
$70.00
26%
48%
81%
101%
134%
114%
$66.40
$80.00
39%
70%
116%
144%
192%
160%
$74.70
$90.00
54%
97%
159%
198%
268%
210%
$83.00
$100.00
71%
129%
212%
267%
364%
276%
$49.80
$60.00
15%
30%
53%
67%
89%
81%
Type Curve Payout Sensitivities
Equivalent USD WTI
$33.20
Realized Oil Price CAD
$40.00
Tier 5
Tier 6
Tier 7
57
Tier 8
44
Tier 9
33
Refracs
33
$41.50
$50.00
96
52
31
26
21
23
$49.80
$60.00
51
32
21
18
15
17
$58.10
$70.00
36
23
16
14
12
13
$66.40
$80.00
27
17
13
11
10
11
$74.70
$90.00
22
14
10
9
8
9
$83.00
$100.00
18
12
9
8
7
8
$91.30 Teine Net
$110.00 Inventory
15
1,424
10
194
8
811
7
98
6
52
7
200
Capital Efficiencies
($/flowing)
Re Frac
Tier 2
Tier 3
Tier 4
Tier 5
Tier 6
Tier 7
Tier 8
Tier 9
Tier 10
13,520
64,557
39,458
29,116
22,094
17,080
14,510
13,471
12,124
10,063
12 mo
21,993
99,705
62,579
47,017
36,337
27,995
23,264
21,368
19,231
16,681
10
0
3
5
7
9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59
Months
Tier 5
Tier 6
Tier 7
1,424
194
811
98
52
200
3 mo
20
1
$91.30
$110.00
90%
168%
278%
348%
487%
358%
Teine Net
Inventory
$41.50
$50.00
na
12%
30%
40%
54%
54%
Tier 8
Tier 9
Teine 2014 Program
Teine’s Viking Assets – an enviable position
7
Attractive, virtually contiguous acreage in the core of the Saskatchewan Viking oil play
Teine Asset Map

One of the largest Viking light oil producers and
coveted land position



~2,800 net potential Hz drilling oil locations



Low-risk inventory
Significant inventory with IRR’s > 30% at sub $50 USD WTI
2P reserves of 86.5 MMboe (86% oil and NGLs)1


~380,000 net acres
~120,000 net acres identified as oil prone
Less than 50% identified locations are currently booked
Owned and operated strategic infrastructure


Six oil batteries with an aggregate of 18,000 bbls/d capacity
Three gas plants with an aggregate of 15 MMcf/d capacity
WCSB Viking Land Holders2
Net Sections
800
600
400
200
0
1.
2.
Sproule reserve report as at June 30, 2014.
CIBC World Markets Inc., “CIBC Resource Play Watch: 2014 Benchmarking Special”, May 2, 2014. Land positions include acreage accessible via farm-in agreements and all Viking land
throughout the WCSB.
Proven Track Record – a platform for growth
8
Production
Reserves1
14,000
12,280
100
10,000
Reserves (MMboe)
Production (BOE/D)
12,000
7,791
8,000
6,000
4,000
2,000
1,775
1,957
2,978
0
2010
2011
2012
2013
Proved
60
Operating Netback ($/boe)
Funds Flow ($MM CAD)
100
18
34
0
2010
1.
2.
3.
2011
2012
2013
29
58
57
2013
H1 2014
22
40
20
11
0
6
5
2010
17
6
11
2011
38
2012
70
128
6
29
Operating Netback
200
50
86
60
2014
214
150
87
80
Funds Flow from Operations2
250
Probable
2014
3
60
50
$44.23
$55.98
$57.94
2013
2014 3
$47.21
40
30
$23.78
20
10
0
2010
2011
2012
Information contained in the reserve reports prepared by Sproule with effective dates of December 31, 2010, December 31, 2011, December 31, 2012 and December 31, 2013 and the Reserve Report.
Excludes realized and unrealized gains (losses) on commodity risk management contracts.
Unaudited financials as of Jan 2015.
Shareholder Value Add- Per share Growth
9
80
75
70
60
53
53
48
50
43
40
30
24
21
21
20
10
0
2011
2012
Reserves per share (boe/100 shares)
1.
2.
2014 mid year reserve report
Yearly average Production
2014 1
2013
Production per share (boe/d/ MM shares)
2
Saskatchewan Viking- exploiting a light oil play
10
Saskatchewan Viking Light Oil Overview

Large OOIP, both over a large geographical area and on
a per section basis






Dodsland Viking Depositional Model
Technology and improved operational efficiencies increasing well productivity
and economics and expanding the play boundaries
Finer grained
sediment
Low recovery to date


Low risk due to historical vertical delineation
Low capital cost
Shallow depth between 700 to 800 metres TVD
Trend of improving productivity and costs


Estimated 6 billion bbls of OOIP from the Saskatchewan Viking1
Current recoveries of approximately 4%1
Per section OOIP of 6 to 11 million bbls2
Low geological and capital risk


WCSB Viking Trend3
Opportunities for increasing drilling densities beyond 16 wells per section
Significant potential incremental recovery from
secondary recovery techniques
Finer grained
sediment
Mississippi Delta
Landsat Image, March 1989:USGS
1.
2.
3.
Source: CIBC World Markets Inc., “CIBC Resource Play Watch: Special Report”, October 30, 2012.
Source: Saskatchewan Government.
Source: GeoScout, CIBC World Markets Inc.
Saskatchewan Viking – a growth story
11
Significant increase in drilling activity

New resurgence with the advent of horizontal drilling and multi stage fracing

Well productivity improving with increased understanding of the play
Historical Viking Production2
100%
100%
90%
90%
80%
80%
70%
70%
60%
60%
50%
50%
40%
40%
90
Production (Mboe/d)
Percentile (%)
20%20%
10%10%
Source: Visage.
Source: GeoScout.
Natural Gas
Producing Horizontal Wells
3,500
70
3,000
60
2,500
50
2,000
40
1,500
30
1,000
20
500
10
120
120
0
0
Jan-14
100
100
Jan-12
80
80
Jan-10
6060
Jan-02
4040
Jan-00
20 20
3030-Day
Day IPIP
Rate
Rate(boe/d)
(boe/d)
2010 2011
2011 2012
2012 2013
2013 2014
2014
2010
1.
2.
Oil
80
30%30%
0% 0%
0 0
4,000
Producing Hz Wells (#)
Percentile (%)
Cumulative Distribution of Viking Wells Over Time1
Jan-08

Current production is ~80% oil-weighted compared to ~50% oil-weighting in 2009
Jan-06

Over 1,100 wells spud in 2013 compared to 100 wells in 2009
Jan-04

Teine Competitive Edge
12
Teine’s understanding of the Viking oil play and technical innovation provide a proven
competitive advantage
Viking Development

Early understanding of play enabled Teine to acquire high quality
undeveloped land from competitors

Expanded historical boundaries of the play

First to test 40-acre Hz well spacing in the Viking

Early to execute enhanced completion techniques such as mono-bore
wells and in-situ paraffin management

Early to use heated completion fluids and clay stabilizers

Continuous application of learnings to maximize efficiency and economics
Full Section
Development
700-800m TVD
600-650m Hz section
Geo-Steering1
Evolving Drilling and Completion Techniques
Depth (metres)
400
350
300
250
200
150
100
50
0
15
10
5
0
2010
Lateral length
1.
Represents actual results from an indicative Teine well.
(metres)
Stages
2012
2013
Current
Tonnage of Sand per well
Tonnage
Stages per Well
20
Focus On Capital Efficiencies
13
Teine Well Performance by Vintage
90
83
80
$1,200
6,000
56
50
47
5,000
40
4,000
30
3,000
20
2,000
10
$1,000
~$920K
$600
$400
500 Wells
$200
1,000
2011
0
~$850K
$800
DCE Costs ($000s)
7,000
90-Day Cumulative Oil Production (bbls)
69
60
30-Day Oil Rate (bbls/d)
9,000
8,000
70
50
Teine Well DCE Costs
2010
2011
30 Day IP Rate
2012
-
0
2013
H1 2014
90 Day Cumulative Production
$0
2014
Exceeding Expectations
14
Well performance has historically exceeded type curves used in the Reserve Report

Based on Sproule type curves, higher initial production rates correspond to increased ultimate recoveries

Teine’s recent well performance in Plato has been performing in-line with a Sproule Tier 9 type curve

Only 96 undeveloped locations are booked above a Tier 7 type curve of 1,263 total undeveloped locations in the Reserve Report

Recent well performance at Dodsland has been well above Tier 5 type curve and in-line with Tier 6 type curve
2013 to Present Area Well Performance1
16,000
Dodsland
Plato
TIER 6
TIER 9
Plato Well Count
Dodsland Well Count
100
R2 = 0.99
90
400
8,000
200
4,000
100
Producing Well Count
300
30-Day Initial Prioduction Rate (bbls/d)
12,000
Cumulative Oil (Mbbl)
IP vs. EUR
500
Sproule 2P Type Curves
80
Teine H1 2014 30-day IP of
83 bbls/d
70
0
0
50
100
150
200
Days On Production
1.
Represents wells drilled from the beginning of 2013 to June 30, 2014.
250
300
Tier 8
Tier 7
Tier 6
60
Tier 5
50
40
Tier 4
30
Tier 3
20
Tier 2
Tier 1
10
0
Tier 9
0
0
10
20
30
40
EUR (Mbbls)
50
60
70
Teine’s Viking – a robust economic inventory
15
~2,800 low-risk Hz Viking oil drilling locations

Less than 50% of identified locations booked in 2P reserves

Teine’s identified drilling inventory provides it with over 10 years of drilling opportunities2
Economics Sensitivities3,4,5
Teine Inventory Map
Net Drilling Locations
Achieving Greater Than 15% Pre-Tax IRR
3,000
2,500
2,447
2,447
67%
101%
53%
81%
2,637
144%
198%
116%
2,000
70%
1,500
1,000
30%
908
40%
500
39%
15%
348%
212%
278%
129%
168%
71%
90%
37%
48%
15%
22%
$100
$110
159%
97%
54%
26%
30%
18%
$50
Tier 3
Assumes flat realized prices of C$100/bbl oil, C$4.50/Mcf gas and C$80/bbl NGLs.
Based on mid-point of 2015 guidance; drilling inventory assumes 285 wells per year.
Half cycle IRRs assume flat realized C$4.50/Mcf gas and C$80.00/bbl NGL pricing and DCE costs of ~$850,000 per well.
Percentages represent IRRs for the different tiers at the respective oil prices.
Based on Sproule type curves.
2,890
267%
48%
0
1.
2.
3.
4.
5.
2,637
2,890
27%
$60
$70
$80
$90
Realized Flat Oil Price ($ CAD /bbl)
Tier 4
Tier 5
Tier 6
Tier 7
Tier 8
Infrastructure – reducing costs; improving profits
16
Strategy
Teine seeks to own, control, and operate strategic infrastructure with the
goal of reducing down time, increasing field manpower efficiency, and
improving long-term netbacks, while meeting or exceeding environmental
regulations.
Tactics






Mitigate weather impacts with gathering lines
Significantly reduce emulsion trucking
Eliminate requirement for clean oil trucking
Conserve associated gas and minimize environmental footprint
Think long term – reduce existing and future pipe tolls
Reduce manpower requirements per produced barrel
Teine Owned and Operated Infrastructure







Six batteries with an aggregate of 18,000 bbls/d of capacity
Three gas plants with an aggregate of 15 MMcf/d capacity
Hundreds of km of field gathering pipe lines
70,000 BBL Clean Oil Storage
50 km Plato Clean Oil Pipeline
Dodsland IPF Connection and 10 year agreement
Field wide SCADA System and per well flow measurement
RESULT
Lowest cost per barrel producer within the
play
Plato – an infrastructure success story
17
Teine’s approach to infrastructure development and resulting success is demonstrated by
recent Plato oil battery construction
Plato Production
Plato lands purchased as part of the Dec. 2012 acreage acquisition
 ~1,000 bbls/d production at time of acquisition
9,000
2,500
Oil (bbls)
Gas (mcf)
8,000
2,000
Teine Plato Operating Costs
$30.00
Purchase Date
$25.00
$20.00
$15.00
$10.00
$5.00
$-
1,500
5,000
4,000
1,000
3,000
2,000
500
Plato Oil Battery (10,000 bbls/d)
1-Dec-14
1-Oct-14
1-Nov-14
1-Sep-14
1-Jul-14
1-Aug-14
1-May-…
0
1-Jun-14
1-Apr-14
1-Jan-14
1-Feb-14
1-Mar-14
1-Dec-13
1-Oct-13
1-Nov-13
1-Jul-13
1-Aug-13
1-May-…
1-Jun-13
0
1-Sep-13
Teine gas plant online
1,000
1-Apr-13
65% reduction in operating costs and a six fold increase in production in 18
months
 Current Plato oil production 8,000 boe/d with ~$8/boe opex
6,000
1-Feb-13
1-Mar-13

Teine recognized the need to invest in infrastructure at an early stage
 Construction of 10,000 bbls/d oil battery in Dec. 2013
 Installation of trunk and gathering lines eliminating emulsion trucking
 Construction of 5 MMcf/d gas plant in March 2014
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14

Oil Rate (bbl/d)
7,000
Gs Rate (Mcf/d)

Potential Future Upside
18
Significant potential incremental recovery from increased well densities and implementation
of secondary recovery techniques
Increased Well Densities Test and Waterflood Pilot
Locations
 Numerous Viking operators undertaking 20 - 32 well
per section drilling density tests and waterflood
pilots

Teine continues to assess secondary
recovery techniques within the Dodsland
and Plato areas

Re-frac opportunities exist using wells stimulated at
historically low intervals
120
30000
14D-26-030-20W3M Recompletion
14D-26 Daily
14D-26 RC Daily
TC Daily
14D-26 Cum
14D-26 RC Cum
TC Cum
100
Daily Oil (bbls)
80
6 additional stages25000
~ 40 m spacing
20000
Cum Oil (bbls)
Original Completion 8
stages
~ 80 m spacing
60
15000
40
10000
4000 bbls
additional oil
in 1 year
5000
20
0
0
200
400
600 Days 800
1000
1200
0
1400
Disclaimer
19
General
This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities in any jurisdiction, and neither this presentation nor anything contained herein
shall form the basis of any contract or commitment.
Forward-Looking Statements
This presentation contains certain statements and information that constitute forward-looking statements and forward-looking information as defined under applicable securities legislation (collectively, "forward-looking
statements"). These forward-looking statements relate to future events or future performance of Teine Energy Ltd. ("Teine"). All statements other than statements of historical fact are forward-looking statements. The
use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast",
"pursue", "potential" and "capable" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements
included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. This presentation contains forward-looking statements attributed to third party industry
sources.
In this presentation there are forward-looking statements in respect of Teine's business, including, but not limited to: outstanding bank indebtedness; the reserve potential of Teine's assets; the estimated production rates
from Teine's assets, including the 2014 exit production rate and the 2014 and 2015 average production rates; Teine's plans to continue with its oil-based focus; Teine's plans to manage its financial structure prudently;
Teine's plans to deploy capital; Teine's strategy to grow organically and through accretive acquisitions within, and external to, the Saskatchewan Viking oil play; Teine's potential plans to optimize oil pools through
secondary recovery techniques; Teine's targets for future growth; expectations regarding future opportunities and stability; expectations with respect to future funds flow from operations, capital expenditures, adjusted
net debt, net debt, capital efficiencies, free cash flow, netbacks and other financial results; Teine's capital expenditure programs and future capital requirements; Teine's net debt to forward year cash flow leverage
ratio; the estimated quantity and value of Teine's proved and probable reserves; expectations that Teine's competitive advantages will yield successful execution of its business strategy; the cash available for the
funding of capital expenditures; the timing of commencement of certain of Teine's operations and the level of production anticipated by Teine and production method efficacy; Teine's hedging policy; Teine's plans for
exploration and development activities, the expected results for such activities and how such activities are expected to be funded; and Teine's access to capital and overall strategy, development and drilling plans for
all of Teine's assets.
With respect to forward-looking statements contained in this presentation, assumptions have been made regarding, among other things: future crude oil, NGL and natural gas prices; Teine's ability to obtain qualified
staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which Teine conducts its business and any other
jurisdictions in which Teine may conduct its business in the future; Teine's ability to market production of oil and natural gas successfully to customers; Teine's future production levels; the applicability of technologies for
recovery and production of Teine's reserves; the recoverability of Teine's reserves; future capital expenditures to be made by Teine; future cash flows from production meeting the expectations stated in this
presentation; future sources of funding for Teine's capital program; Teine's future debt levels; geological and engineering estimates in respect of Teine's reserves; the geography of the areas in which Teine is conducting
exploration and development activities; the impact of competition on Teine; and Teine's ability to obtain future financing on acceptable terms.
Actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors including, but not limited to: business operations and capital costs; Teine's status and stage
of development and the management of growth; general economic, market and business conditions; volatility in market prices and demand for crude oil and natural gas and hedging activities related thereto;
seasonality of the Canadian oil and natural gas industry; risks related to the exploration, development and production of oil and natural gas reserves; current global financial conditions, including fluctuations in interest
rates, foreign exchange rates and stock market volatility; risks related to the timing of completion of the Teine's projects; competition for, among other things, capital, the acquisition of reserves and skilled personnel;
operational hazards; actions by governmental authorities, including changes in government regulation and taxation; environmental risks and hazards; risks inherent in the exploration, development and production of oil
and natural gas which may create liability to Teine in excess of Teine's insurance coverage; cost of new technologies; failure to accurately estimate abandonment and reclamation costs; failure of third parties' reviews,
reports and projections to be accurate; the availability of capital on acceptable terms; political risks; climate change; changes to royalty or tax regimes; the failure of Teine or the holders of certain licenses or leases to
meet specific requirements of such licenses or leases; claims made in respect of Teine's properties or assets; aboriginal claims; unforeseen title defects; risks arising from future acquisition activities; risks associated with
the realization of anticipated benefits of acquisitions and dispositions; hedging strategies; potential conflicts of interest; the potential for management estimates and assumptions to be inaccurate; risks associated with
establishing and maintaining systems of internal controls; risks related to the reliance on historical financial information; liquidity and additional funding requirements; additional indebtedness; failure to engage or
retain key personnel; potential losses which would stem from any disruptions in production, including work stoppages or other labour difficulties, or disruptions in the transportation network on which Teine is reliant;
Disclaimer Cont.
20
uncertainties inherent in estimating quantities of oil and natural gas reserves; failure to acquire or develop replacement reserves; geological, technical, drilling and processing problems, including the
availability of equipment and access to properties; and disclosure of confidential information of Teine. In addition, information and statements in this presentation 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 described can be profitably produced in the future.
Financial outlook and future-oriented financial information contained in this presentation about prospective financial performance, financial position or cash flows is based on assumptions about
future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available and is subject to the same risk factors,
limitations and qualifications as set forth above. The prospective financial information included in this presentation has been prepared by, and is the responsibility of, management. Teine and its
management believe that prospective financial information has been prepared on a reasonable basis, reflecting the best estimates and judgments, and represents, to the best of management's
knowledge and opinion, Teine's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.
The forward-looking statements included in this presentation are expressly qualified by this cautionary statement and are made as of the date of this presentation. Teine does not undertake any
obligation to publicly update or revise any forward-looking statements except as required by applicable securities laws.
Presentation of Financial Information
Unless otherwise indicated, references to "CDN$" or "$" are to Canadian dollars and references to "US$" are to U.S. dollars. Unless otherwise indicated, all financial information relating to Teine in
this presentation has been prepared in Canadian dollars using International Financial Reporting Standards ("IFRS").
Non-IFRS Measures
This presentation contains financial measures that are not in accordance with IFRS, including funds flow from operations, free cash flow, netbacks and net debt. Teine has provided reconciliations of
certain non-IFRS financial measures to the most directly comparable IFRS financial measures in the appendix hereto.
CAGR
Compounded annual growth rate ("CAGR") is the calculation of that rate at which the matter or item is expected to grow over a period of time, taking into account the effect of annual
compounding.
Presentation of Oil and Gas Information
The discounted and undiscounted net present value of future net revenues attributable to reserves do not represent the fair market value of such reserves. There are numerous uncertainties inherent in
estimating quantities of oil and natural gas and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth in this presentation are estimates only. In
general, estimates of economically recoverable oil and natural gas and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical
production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of
regulation by governmental agencies and future operating costs, all of which may vary materially. For these reasons, estimates of the economically recoverable oil and natural gas reserves
attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different
engineers, or by the same engineers at different times, may vary. Teine's actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from
estimates thereof and such variations could be material. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive.
Throughout this presentation, the calculation of barrels of oil equivalent ("boe") is based on the widely recognized conversion rate of 6,000 cubic feet ("mcf") of natural gas for 1 barrel ("bbl") of
oil. Boe conversions may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalence at the wellhead. As the value ratio between crude oil and natural gas based on the current price of crude oil and 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.
21
Appendix
Future Growth in Reserves and Net Asset Value
22
Significant potential for growth in reserves and net asset value as Teine executes its lowrisk development plan and current well production performance is recognized

Reserve class migration






2,890
3,000
2,500
Pilots evaluating 20-acre spacing (32 wells per section)
Increased number of fracs and larger sand tonnage
Evaluating waterfloods
1,539
1,500
Pursuing other high netback oil plays
254
500
343
0
1,263
443
654
509
100
Tier 3-4
Tier 5-6
Booked in 2P
1.
2.
908
1,030
1,000
Exploration

1,627
2,000
Secondary recovery techniques


Recent well performance typically exceeding type curves used in
the Sproule Reserve Report
Historical trend of annually improving well performance
Increased primary recovery


Teine Net Drilling Inventory
Higher tiering of inventory


Over 1,600 unbooked drilling locations
NI 51-101 limitations of only ~4-5 years capital spending
included in 2P
Teine’s identified drilling inventory provides it with over 10 years
of drilling opportunities
Tier 7-8
1
Unbooked
Sproule reserve report as at June 30, 2014.
Excludes Before-Tax NPV10% of $684 million for developed assets. Total 2P Before-Tax NPV10% of $2,342 million as per Sproule reserve report comprised of $684 million and $1,658 million for
developed assets and undeveloped assets, respectively.
Total
2P
Undeveloped
Before-Tax
NPV10% of
$1.7
billion2
Overview of Reserves
23
Teine has a large light oil focused reserve base
Sproule June 30, 2014 Reserve Evaluation
Reserves
Oil
NGLs
(MMb b ls) (MMb b ls)
Commodity Composition
86 MMboe 2P
Before-Tax
Gas
Total
NPV10%
(Bcf)
(MMb oe)
($MM)
Proved Developed
12
0
19
15
$559
Proved Undeveloped
36
1
30
42
$1,002
Total Proved
48
1
49
57
$1,561
Probable
25
0
25
29
$781
Total Proved + Probable
73
1
74
86
$2,342
14%
14%
1%
2%
84%
85%
Oil
Does not include 1,627 net Hz oil drilling locations
(unbooked) identified by management
NGLs
Reserves Classification
86 MMboe 2P
57 MMboe Proved
Gas
Oil
NGLs
Gas
Value Composition1
57 MMboe Proved
$2,342 million 2P
$1,561 million Proved
27%
34%
33%
36%
66%
67%
73%
Proved
1.
Probable
Proved Developed
Proved Undeveloped
64%
Proved
Probable
Note: National Instrument 51-101 (NI 51-101) methodology is used as the basis for calculating Reserves and PV-10 values and incorporates the Sproule commodity escalated price forecast as at
June 30, 2014. (WTI of $100.00, $95.00, $93.00, $94.00, $95.52, $96.96, $98.41, $99.89, $101.38, and $102.91 for 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023
respectively with 1.5% escalation rate thereafter).
Net present value before income taxes, discounted at 10%.
Proved Developed
Proved Undeveloped
Teine Competitive Advantage
24
Teine seeks to continuously improve profitability by both decreasing capital and
operating costs and increasing well productivity and overall reservoir recovery
Reservoir
Understanding and
Technical Expertise

Strong IP rates
Continuously and
Systematically
Improve Capital
and Operating
Costs
Adopting and
Employing
Improved
Technologies

One of the first to
implement several
technical innovations

Peer group leading
capital efficiencies
Own and Operate
Strategic
Infrastructure

Strong netbacks +
low operating and capital costs
Six oil batteries and
three gas plants
Opportunistically
Expand Land Base
with Strategic
Acquisitions

Convert acreagefocused acquisitions to
booked reserves
through exploitation
Investment Highlights
25
Large, contiguous land position concentrated in the core of the Saskatchewan Viking oil play
 120,000 net acres prospective for Viking light oil
 Light oil-weighted production of ~13,000 boe/d, ~90% oil and NGLs and ~100% operated1
Substantial reserve base with a multi-year drilling inventory
 ~2,800 net Viking light oil drilling locations currently identified by management representing a ~10 year inventory
 Ownership of key strategic producing infrastructure to support production growth
Track record of organic production and cash flow growth
 Teine has drilled over 500 horizontal (“Hz”) Viking oil wells to date with a near 100% success rate
 Management believes it is one of the lowest cost producers in the Viking oil play with DCE4 costs of ~$850,000 per well
 Strong IP rates and low DCE4 costs results in peer group leading capital efficiencies
Multiyear profitable development plan to generate growing free cash flow and weather low price environments
Significant financial flexibility
 Approximately $250 million of available liquidity6
Experienced management team
 Management, Directors and employees own ~22% of FD shares
1.
2.
3.
4.
Represents average production for the month of September 2014.
As of September 30, 2014.
Assumes flat realized prices of C$100/bbl oil, C$4.50/Mcf gas and C$80/bbl NGLs.
Drill, complete and equip.
6.
7.
Comprised of $250 million revolving facility as at September 30, 2014.
Calculated as DCE costs divided by IP-365 production for Teine Plato and Dodsland type curves,
respectively.
Teine Energy
26
Large, contiguous land
position concentrated in
the core of the Viking
oil play
Experienced
management team
Substantial reserve
base with a multi-year
drilling inventory
Multiyear profitable
development plan to
generate significant and
growing free cash flow
Low operating and
capital costs
Track record of organic
production and cash
flow growth
Corporate Information
27
Board of Directors
Bankers
Dennis Chorney – Chair
Jim Howe
National Bank of Canada, Syndicate head
Avik Dey
Adam Vigna
Barclays Bank PLC, Second Lien Lead
Jeff Donahue
Nicholas Zelenczuk
David Tuer
Executive Officers
Head Office
David Tuer -CEO
Ray Cej - President
Ken Hillier – CFO
Jason Denney -COO
Suite 2300, 520 – 3 Avenue SW, Calgary, Alberta
Jane Johnson – CAO
Registrar and Transfer Agent
TMX Equity Transfer Services
Auditors
Deloitte LLP
Website
www.teine-energy.com
Solicitors
Bennett Jones LLP