All Information Contained

in this Presentation is
Confidential and for
Internal Purposes Only

EAGLE ENERGY INC.

Eagle Presentation | May 2017
 WhyinvestinEagle?Thereareseveralpathsto
significantlyincreasedshareholdervalue
Eagleisoneofthebestpositionedtobenefitfromareboundinoilprices
Significantliquidsproduction,highnetbackandastableassetbasewithlowdecline
TradingatadiscounttoNetAssetValue
Eagletradesatapproximately15%ofitsTotalProvedyearend2016reservesnetasset
valuepershare
TotalProvedNetAssetValuePerShare
Potentialtounlocksignificantvalueinourassets
Wehaveidentified 218potentialhorizontaldrillingopportunitiesonexistingEagle
landsinNorthTexas andover1,500additionalopportunities intheareawherewewill
continuetoactivelylease.
ProductiongrowthintheProjectcoulddoubleEaglescorporateproductioninlessthan
4years
EagleManagementscorecompetenciesaredirectlyalignedwithmaximizingthe
probabilityofsuccessinNorthTexas
CapitalproviderthathasthefinancialcapabilitytohelpEaglegrowtoachievegreater
cashflowfasterandwithouthavingtosellpropertiesatthebottomofthemarket
EaglesexperiencedBoardandmanagementteamhaveguidedEaglethrough
oneoftheworstoilpricedownturnsinmemory.Whilemanyothershave
failed,theirstewardshiphasputEagleintoapositiontogrowandsucceed.
2
 EagleSummary

Eagleoperates352activewells(1) inAlberta,TexasandOklahoma
Currentproductionapproximately3,900boepd(88%liquids)
Corporatedeclinerateof18%
TotalProved(1P)Reservesof14.2millionboe andTotalProvedplusProbable
(2P)Reservesof20.9millionboe (2)
Q12017FieldNetbackof$20.81/boe
2017Guidance
Production:3,800to4,000Boepd
OperatingCosts:$2.1to$2.3millionpermonth
CapitalBudget:$22.8million
Symbol:TSX:EGL
LongTermDebt:$US57.5million
SharesOutstanding(basic):42.9million
MarketCap:$21.5million(3)

Notes:
(1) Includesproducingwellsandinjectors
(2) PerMcDaniel&AssociatesConsultantsLtd.,andNetherland,Sewell&Associates,Inc.,Eaglesindependentreservesevaluators,withaneffectivedateofDecember31,2016
(3) Basedonasharepriceof$0.50/share
3
 EaglesCanadianAssets

Currentproduction2100boepd (1) 80%liquids

90%operated
Concentrated
HighQuality DixonvilleisapremierMontneylightoilwaterfloodin
WesternCanadawithdiscoveredoilinitiallyinplaceof
AssetBasewith
147millionbblsand1Precoveryfactorof16%
Operational
TwiningisalargeconventionalPekiskolightoilpoolwitha
Control Dixonville :
lowrecoveryfactorwherenewHorizontalwelltechnology CurrentProduction1000Boepd(WI)
hasunlockedsignificantadditionalreserves. Decline<10%
Largediscoveredoilinitiallyinplace147Mmbbls
(Recovery6%todate,16%1Precovery)
Futurewaterfloodenhancementanddrilling
Declinerate8% (Ultimaterecoverytargetof25to30%)

LowDecline PDPreserves77%of1Pand52%of2P
Production,High Significantwaterfloodenhancementandrecoveryfactor
PDPReserves improvementsatDixonvilletotargetatotalrecoveryof
withSignificant 25to30% Twining :
CurrentProduction750Boepd(WI)
Growth Greaterthan50potentialhorizontaldrilling LowDeclineof8%
Development opportunitiesatTwininginadditiontothe12horizontal OngoingConventionalHorizontalDevelopment
Greaterthan50horizontaldrillingopportunities
Opportunities wellsthatEagleoritspredecessorshavedrilled IRR>30%at$50/bblWTI

CurrentLMRis3.2
LowNearTerm Lowinactivewellcountof52
Abandonment
Lowabandonmentliabilityoverthenext10years
Liability,
HighLMR OurCanadianassetbasethereforepositionsusfavourablyto
weatheranychangestotheabandonmentregulationsinAlberta

Notes:
(1) Includesworkinginterestandroyaltyinterestvolumes
4
 EaglesUSAssets

NorthTexas :
Currentproduction1800boepd 99%liquids,100%operated CurrentProduction400Boepd(WI)
Decline18%
SaltFlatisalargelightoilpoolfromtheEdwardslimestone
Concentrated Substantialcoregrowthareawith>24,000acres
formationoriginallydevelopedusingverticalwells 218horizontaldrillingopportunitiesonexistingland
HighQuality Applyingnewhorizontalwelltechnologyinexisting
Eaglehasdrilledover58horizontalwellsandcompletedmany conventionalreservoir
AssetBasewith
productionenhancementandoperatingcostreductionprojects IRR>40%at$50/bblWTI
Operational
NorthTexasisalightoilassetandisthemajorgrowthareaof
Control
Eaglewhereexistingproduction,infrastructureandlandholdings
giveEagleastrategicadvantage

Declinerate20%
LowdifferentialtoWTIandlowoperating
costs,highestnetbackinthecompany
Greaterthan12additionalhorizontaldevelopment
wellsatSaltFlatandcontinuedoptimizationprojects
Significantgeologicalandgeophysicalworkoverthe
HighNetbackOil
lasttwoyearshasresultedintheaccumulationof
withSignificant
landandopportunitiesinNorthTexas SaltFlat :
Growth CurrentProduction1400Boepd(WI)
Development Over24,000netacres Declineof25%
OngoingConventionalhorizontalDevelopment
Opportunities 218potentialhorizontaldrillingopportunitiestobe Greaterthan12horizontaldevelopmentwells
developedonexistingacreage IRR>50%at$50/bblWTI

Horizontalwellswithcapitalcostsof$US2.5million
IRR>40%at$50/bblWTI
AbilitytodoubleEaglescorporateproductionfrom
theNorthTexasassetswithinthenext4years

5
 2016YearEndReserves(1)

Excellent year-over-year reserve performance

Total proved plus probable reserves of approximately 20.9 million boe (68% proved, 52% proved producing)

PV10 value on total proved plus probable reserves of approximately $270 million

Proved plus probable reserve life index of 15 years

ReservesbyCategory PV10Value($MM)
McDaniel & Associates
Price forecast
(as of Jan 1, 2017)

29% $79
WTI Crude Oil
Year
$/bbl
2017 55.00
52% $153
2018 58.70
$29
2019 62.40 13%

2020 69.00
2021 75.80 $10
2%

PDP PDNP PUD Probable PDP PDNP PUD Probable

Notes:
1) Per McDaniel & Associates Consultants Ltd., and Netherland, Sewell & Associates, Inc., Eagles independent reserves evaluators, with an effective date of
December 31, 2016.

6
EaglesStrategy

HorizontalWellsin LowDecline
(CorporateDecline18%)
ConventionalPlays
(75%ofEagleProductionfrom LiquidsProduction
HorizontalWells) 3,900boepd (88%Liquids)

TOTAL
SHAREHOLDER
RETURN

BuildInventoryof FocusonReturnto
LowRiskLocations LowLeverage
forGrowth BalanceSheet
(218DrillingOpportunitiesin (5YearPlanReducesD/CFto<1x
NorthTexas) at$55/bblWTI)

7
 EaglesHistoryandthePivottoGrowth

Discovery Growth Sustainability

Twining Pekisko
EaglesProved
DevelopedAssets
DecreasingRisk

Dixonville Montney
Eagles
NorthTexas existing
opportunities
onariskand
development
continuum

SaltFlatEdwardsBenches

TimeandCapital
Historically,Eaglesassetgrowthwasthroughacquisitions(SaltFlat2010,NorthTexas2014,Dixonville
2014,Twining2015andMapleLeaf2016).
Assetgrowththroughacquisitionsandsustainingproductionthroughcapitalinvestmentprovidedfora
dividendpayingmodel.
Withthefallinoilprices,accesstoadditionalcapitalforacquisitionsbecamelimitedforjuniorsthesize
ofEagle.
Eaglelookedwithinitsexistingassetbaseandidentifiedorganicopportunitiestocreatesustainable
growththatcouldultimatelyleadtoareturntothedividendmodel.
8
 EaglesOperationalCoreCompetenciesandSuccesses
Provensuccessyearoveryearinoperationalefficiencyofconventionalassets

Waterdisposal/injectionoptimization
LOE Improvedartificiallift
18%
Operatingcostoptimizationprojects
Skilledatoperatingwaterfloodsandfieldswithhighwatercuts

TopquartilecapitalefficiencyandFD&A
FD&A Provendrillerandoperatorofhorizontalwellsinconventionalfields
53% Highlysuccessful,focusedanddisciplinedoperatingteam
CapEff Stronggeologicalandgeophysicalcapabilitywithproventrackrecord
30%
ofdevelopingsuccessfulplays
Effectiveandefficientoperatorinmultijurisdictionandregulatory
environments

Strongreservoirmanagementteam
RRR Detailedunderstandingoffieldsandreservedrivers
272% Excellentreservoirmanagementprocessandexecution
Notes:
(1) LOE:LeaseOperatingExpenses,FD&A:Finding,Development&AcquisitionCosts,CapEff:CapitalEfficiency,RRR:Reservesreplacementratio2P
(2) TheaveragedecreaseinourLOE,(fieldoperatingexpenses)isbeforetheeffectsofforeignexchange
9
WhyWhiteOakGlobalAdvisors?

Eaglehashighqualityassetswithgrowth
opportunitiesandaneffectiveand
experiencedBoardandmanagementteam.
CANADIAN& EAGLESCORE Eaglespreviousbankcreditfacilitywould
USASSETBASE COMPETENCIES nothaveenabledEagletoexecuteits
growthstrategy.
WhiteOakreplacesourbanksyndicateand
providestermswhicharemoretransparent
andpredictable.
WHITEOAK WhiteOakprovidesvaluablecapitalto
CAPITAL developourNorthTexasproject.
Withcontinuedstrengthinoilprices,Eagle
ispositionedtodeploycapitalandgrow
production,whichshouldultimately
translateintoincreasedvalueto
shareholders.

10
 EaglesTradingDiscount

EagleistradingatasignificantdiscounttoNetAssetValue

TotalProvedNetAssetValuePerShare

$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50

CurrentEagle
SharePrice
$0.47/share

Eagleistradingatapproximately15%ofitsTotalProvedyearend2016
reservesnetassetvaluepershare.
Notes:
(1) PerMcDaniel&AssociatesConsultantsLtd.andNetherland,Sewell&Associates,Inc.,Eaglesindependentreservesevaluators,withaneffectivedateofDecember31,2016.
(2) Basedon42,851,152shares.
11
 EagleEnergyStockPerformanceandTorquetoOilPrices

Inmid2016bothWTI
pricesandEagleshares
increased60%
EagleSharesdropped
significantlywiththe
declineinWTIfrom
$100/bblto$30/bbl
betweenSeptember2014to
February2016

EaglesstockperformancehastrackedrelativelyconsistentlywithWTIoilpriceoverthe
lastfiveyears,includinginthelasttwoyearsashighlighted.Eaglescashflowtorque
per$10increaseinoilpricesistopdecileofourpeergroup.

12
 PeerAnalysis

EaglehasoneofthelowestdeclineratesandhighestPDPreservespershareofits
peergroupwhichhighlightsthehighqualityandstablenatureoftheassetbase.
Notes:
(1) Decline rate based on public data and from published corporate presentations.
(2) Per McDaniel & Associates Consultants Ltd. and Netherland, Sewell & Associates, Inc., Eagles independent reserves evaluators, with an effective date of
December 31, 2016.

13
 PeerAnalysis(Contd)

EaglesLMRishealthyat>3.0 andtrendingabovethe50percentileofthepeergroup,
withalowtotalinactivewellcount,whichwilllimitEaglesexposuretochanging
abandonmentregulationsfromtheAlbertaEnergyRegulator.
Notes:
(1) Liability Management Ratio (LMR) at April 2017 as published by the Alberta Energy Regulator (AER). The LMR is an assets to liabilities comparison used by
the AER to monitor the likelihood an energy company can meet its future abandonment and decommissioning liabilities .
(2) Inactive well list as of April 2017

14
 NorthTexas
Wenowownover24,000acresinandaroundourexistingassetsinnorthTexas.This
landpositionisuncommonlyfocused,andiswellsupportedbyoffsetproductionand3D
seismic.
Wehaveidentified 218potentialhorizontaldrillingopportunitiesonexistingEagle
lands andover1,500additionalopportunities intheareawherewewillcontinueto
activelylease.
Itisnotahighriskexploratoryplay;ratheritisadevelopmentdrillingprojectwithsolid
wellcontrolandproductionhistory.ItiscompletelywithinEaglescorecompetencyand
successfultrackrecordofhorizontalwelldevelopment.
Wehavecompletedthetechnicalsubsurfaceandengineeringwork,givingusa
significantcompetitiveadvantage,includingover250squaremilesofseismicdata,with
processingandinterpretationcompleteandproprietarytoEagleand Eagleowned
infrastructureincludingfacilities,pipelineandgatheringlines.
Eaglewillbethefirsttoexploitthisassetwithhorizontalwellswhichimplementcurrent
completionstechniques.Withtheexceptionofthebestwellinthefield,onlyvertical
wellsoroutdatedcompletionstechniqueshavebeenapplied.
OurcurrentassetsandfinancialpartnershipwithWhiteOakprovideasolidfoundationto
executeourstrategy.Wehavespentover2yearsdevelopingthisplanandwebelieve
ourNorthTexasassetwasanimportantcomponentinWhiteOaksdecisiontopartner
withEagle.
15
 NorthTexasContd

Cleveland*
CurrentProduction400Boepd(WI) NorthTexas
Decline18%
(TXPanhandleArea)
AgeofFormation MiddlePennsylvanian UpperPennsylvanian
Coregrowthareawith>24,000acresand
growing DepthRange 68007700MD 70009000MD
RockType Sandstone Sandstone
218potentialhorizontaldrillingopportunities
identifiedonexistingland MatrixPorosity 1214% 1416%
Extensiveseismicandgeologicaldatabase ProductionType LightOil Oil/HigherGOR
>1500potentialdrillingopportunitieson MatrixPermeability Low Low
additionalprospectiveacreage PlayArea(Counties) 4+ 6
IRR>40%at$50/bblWTI
NorthTexasdevelopmentsimilartohighlysuccessfulClevelandplayinthe
TexasPanhandle.JonesEnergyhasdrilledover600Clevelandwellsand
currentlyhas3rigsdrilling.

Notes:
(1) Type well is derived from production of offset wells in the existing formation and prepared by Eagle's internal qualified reserves evaluator
16
NorthTexasContd

Initialdevelopmentwillincludedrilling2Horizontalwells
Subsequentdrillingpacewillbesubjecttoresultsandcommodityprices,butwill
target8to12wellsin2018and12to18in2019asshownonthetablebelow:

Potential
Year Capital Phase
Opportunities
2017 2Wells $6million
DelineationPhase
2018 8to12Wells $20to$30million
2019 12to18Wells $30to$45million Development
2020+ +24WellsperYear >$60millionperYear Phase

Assumes$3.0millioncapitalperwellin2017and$2.5millionperwellthereafter
AllcostsinUSDollars

BasedontheplanaspresentedandthetypeproductionforecastproductionintheNorthTexas,
projectcouldgrowto4,000Boepdinthenext3years.
Basedonaflatcommodityforecastof$50/bblWTI,theprojectbecomesselffundingby2020.
AbilitytoleverageWhiteOakcapitaltodevelopthisprojectwhichshouldaccelerateEaglecash
flowcreatingtheabilitytoretiredebtfasterandultimatelycreateenhancedshareholdervalue

17
 SaltFlat
Conventionaloilpoolwithproductionfromthe
Edwardslimestoneformation
Eagleacquiredthepropertyin2010
Eagleoperatesatan80%to100%workinginterest Lockhart,TX
CurrentProduction1400Boepd(WI)
Decline ~25%
Eaglehasdrilledover58horizontalwellsand
completednumerousenhancementandoperatingcost
projects
Shotacomprehensive3DSeismicprogramin2014
Inventoryofover12lowriskdevelopmentlocationsin
theEdwardsAformation
IRRofdrillinglocations>50%at$50/bblWTI
AdditionalpotentialopportunityintheotherEdwards
benches

Luling,TX

18
 Twining
Conventionalverticalandhorizontalwell
productionfromthelargestPekiskooilpoolin
theWesternCanadianSedimentaryBasin
Currentproduction750Boepd(WI)
>900Millionbarrelsofdiscoveredoilinitiallyin
place
Currentpoolrecovery~5%
LowDeclineof5%
Ongoingconventionalhorizontaldevelopment
12Horizontalwellsdrilledtodate
Greaterthan50potentialhorizontaldrilling
opportunities
IRR>30%at$50/bblWTI

19
 Dixonville
Horizontalwellwaterfloodonproduction2003
Montneyoilzoneisamultilayeredturbidite
depositwithporosityof18to22%and
permeabilityof12to>100md
Eagleoperatesat50%workinginterest
Currentproduction1000Boepd(WI)
Decline<10%
Discoveredoilinitiallyinplaceof150Mmbbls
(6%recoverytodate,16%1Precoveryfactor)
Futurewaterfloodenhancementanddrilling
(Ultimaterecoverytargetof25to30%)

20
 WhyinvestinEagle?Thereareseveralpathsto
significantlyincreasedshareholdervalue
Eagleisoneofthebestpositionedtobenefitfromareboundinoilprices
Significantliquidsproduction,highnetbackandastableassetbasewithlowdecline
TradingatadiscounttoNetAssetValue
Eagletradesatapproximately15%ofitsTotalProvedyearend2016reservesnetasset
valuepershare
TotalProvedNetAssetValuePerShare
Potentialtounlocksignificantvalueinourassets
Wehaveidentified 218potentialhorizontaldrillingopportunitiesonexistingEagle
landsinNorthTexas andover1,500additionalopportunities intheareawherewewill
continuetoactivelylease.
ProductiongrowthintheProjectcoulddoubleEaglescorporateproductioninlessthan
4years
EagleManagementscorecompetenciesaredirectlyalignedwithmaximizingthe
probabilityofsuccessinNorthTexas
CapitalproviderthathasthefinancialcapabilitytohelpEaglegrowtoachievegreater
cashflowfasterandwithouthavingtosellpropertiesatthebottomofthemarket
EaglesexperiencedBoardandmanagementteamhaveguidedEaglethrough
oneoftheworstoilpricedownturnsinmemory.Whilemanyothershave
failed,theirstewardshiphasputEagleintoapositiontogrowandsucceed.
21
Appendix

22
 FirstQuarter2017Highlights

Eagleis52%throughitsfullyearcapitalprogramtotheendofthefirstquarter,with
resultsmeetingexpectations.Eaglehassuccessfullycompleteditstwowelldrilling
programatSaltFlatanditsthreewelldrillingprogramatTwining.Allfivewellscameon
streamduringthelateMarchtomidApriltimeperiod.

Firstquarterfieldnetbackof$7.1millionis148%higherthanfirstquarter2016levels
andwasbuoyedbystrongercommodityprices.

Firstquarterfundsflowfromoperationsof$1.6million($0.04centspershare)was
impactedbya$1.6milliononetimechargeincurredtounwindahedgeupon
replacementofthebankcreditfacility.Absentthisonetimechargefundsflowfrom
operationswouldhavebeen46%higherwhencomparedtotheprioryears
comparativequarter.

Firstquartergeneralandadministrationexpenseswere35%belowtheprioryears
comparativequarter.Eagleexpects2017generalandadministrativeexpensestobe
approximately16%below2016levels.

23
 2017Outlook
Eagles 2017 guidance for its capital budget, average production and monthly operating costs is as follows:

2017Guidance Notes

CapitalBudget $22.8mm (1)

AverageProduction 3,800to4,000boepd (2)

OperatingCostspermonth $2.1to$2.3mm (3)

Resulting funds flow from operations, ending net debt and field netback (excluding hedges) based on
managements assumptions are as follows:
Amount Notes
FundsFlowfromOperations $15.2mm (4)
Endingnetdebt $72.5mm
FieldNetback(excludinghedges) $23.36 (5)
Notes:
1) The2017capitalbudgetof$22.8millionconsistsof$US12.2millionforEaglesoperationsintheUnitedStatesand$6.8millionforEaglesoperationsinCanada.
2) 2017productionisforecasttoconsistof84%oil,3%naturalgasliquids(NGLs)and13%naturalgas.Thesenumbersincludeworkinginterestandroyaltyinterestvolumes.
3) Operatingexpenseguidanceisstatedonapermonthbasisratherthanperboebasisduetothemostlyfixednatureofthecosts.
4) 2017fundsflowfromoperationsisexpectedtobeapproximately$15.2millionbasedonthefollowingassumptions:
a) averageproductionof3,900boepd (themidpointoftheguidancerange);
b) pricingat$US51.75(previously$US55.46)perbarrelWTIoil,$US3.37(previously$US3.36)perMcf NYMEXgas,$CA2.79(unchanged)perMcf AECOand$US18.11(previously$US
19.41)perbarrelofNGL(NGLpriceiscalculatedas35%oftheWTIprice);
c) differentialtoWTIis$US3.18discountperbarrelinSaltFlat,$US3.50discountperbarrelinHardemaninNorthTexas,$CA11.50discountperbarrelinDixonville and$CA8.00discount
perbarrelinTwining;
d) averageoperatingcostsof$2.2millionpermonth($US0.8millionpermonthforEaglesoperationsintheUnitedStatesand$1.2millionpermonthforEaglesoperationsinCanada),the
midpointoftheguidancerange;and
e) aforeignexchangerateof$US1.00equalto$CA1.35(previously$CA1.30).
5) Thisfigureassumesaverageoperatingcostsof$2.2millionpermonth(themidpointoftheguidancerange)anda$US51.75(previously$US55.46)WTIprice.
FieldnetbackisanonIFRSfinancialmeasure.RefertothefirstslideofthispresentationinthesectiontitledAdvisoryRegardingNonIFRSFinancialMeasures.

24
2017Sensitivities

The following tables show the sensitivity of Eagles 2017 funds flow from operations to changes in commodity
prices, production and foreign exchange (FX) rates:

Sensitivity to Commodity Price

Funds Flow From Operations 2017 Average Production (3,900 boepd)

FX 1.30 FX 1.35 FX 1.40
$US 46.75 WTI $12.4 mm $13.6 mm $14.8 mm
$US 51.75 WTI $14.0 mm $15.2 mm $16.5 mm
$US 56.75 WTI $15.6 mm $16.9 mm $18.2 mm

Sensitivity to Production
2017 Average Production (3,900 boepd)
(WTI $US 51.75, FX 1.35)
3,800 3,900 4,000
Funds Flow from Operations ($CA) $14.4 mm $15.2 mm $16.1 mm

Assumptions:
1) Operating costs are assumed to be $2.2 million per month (mid-point of guidance range)
2) Differential to WTI is held constant
3) The foreign exchange rate is assumed to be $US 1.00 equals to $CA 1.35, unless otherwise indicated in the table

25
 HedgingProgram

For Q1 2017, hedges are in place covering 1,871 barrels of oil per day at an average WTI price of $US 50.04/bbl
For the remainder of 2017, hedges are in place covering 1,625 barrels of oil per day at an average WTI price of
$50.84.
In addition, Eagle has a differential hedge between Edmonton Light Sweet oil price and the WTI oil price in place at
$US 3.25 per barrel on 1,000 bbl/d for 2017.

4000 60%
3800
3600
3400 50%
3200
3000
2800
2600 40%
2400

%Hedged
2200
BOEPD

2000 30%
1800
1600
1400 20%
1200
1000
800
600 10%
400
200
0 0%
Jan17 Feb17 Mar17 Apr17 May17 Jun17 Jul17 Aug17 Sep17 Oct17 Nov17 Dec17

Q1 2017 $US 50.04 Q2 2017 $US 50.84 Q3 2017 $US 50.84 Q4 2017 $US 50.84

2016 Avg Hedged Oil Price = $US 50.62 Average % Hedged

26
 2017CapitalBudgetDetails

Eagles board of directors has approved a 2017 capital budget of $22.8 million ($US 12.5
million in the United States and $6.6 million in Canada), consisting of the following:
Salt Flat, Texas
2 (2.0 net) horizontal oil wells
Seismic processing, facilities, pump changes
Land and abandonments

North Texas
2 (2.0 net) horizontal oil wells
Seismic processing, pump installs
Land

Dixonville, Alberta
Pipeline and facilities
Geological and geophysical work

Twining, Alberta
3 (3.0) net horizontal oil wells
Facility capital
Abandonment
Note:
1) The capital budget excludes future corporate and property acquisitions, which are evaluated separately on their own merit.

27
 Management

Richard Clark, B.A. (Econ), LLB, Director and Chief Executive Officer
Over27yearsintheenergysector,including19yearsasalegaladvisortoenergysector
CEOs.Mr.Clarkspecializedincorporategovernance,finance,securities,mergersand
acquisitionsandventurecapitalandhasextensiveexperienceindevelopinginnovative
financingstructures,leadinginitialpublicofferingsandotherdebtandequityfinancings,
completingmultiplecorporatemergersandassettransactions,andadvisingonU.S.
expansioninitiativesintheenergysector.Mr.Clarksboardexperiencebeganin1991and
sincethenhehasservedonnumerousboardspredominantlyintheoilandgassector.Mr.
ClarkleadsEagleinhisroleasfounderandChiefExecutiveOfficer.

Wayne Wisniewski, P.E., MBA, President and Chief Operating Officer (Houston)
Mr. Wisniewski has over 30 years of experience in the oil and gas industry, starting as a
drilling and completion engineer, and holding various engineering and senior management
positions in multiple companies. Prior to joining Eagle US, Mr. Wisniewski spent the
preceding 13 years with a major international energy company, where he was responsible
for production operations exceeding 100,000 boepd. Mr. Wisniewski holds a Bachelor of
Petroleum Engineering from Texas A&M University, where he earned the Harold J Vance
Award for academic achievement, and a Master of Business Administration from Southern
Methodist University in Dallas, Texas. He is a professional engineer registered in Texas and
Oklahoma.

28
 Management
Continued

Kelly Tomyn, CA, Chief Financial Officer

Ms. Tomyn is a Chartered Accountant with over 25 years of experience in the oil and gas industry developing
and executing financial strategies primarily for publicly traded companies. From December 2007 to
September 2010, Ms. Tomyn was Vice President, Finance and Chief Financial Officer with Aduro Resources
Ltd. From October 2004 to October 2007, Ms. Tomyn was Vice President, Finance and Chief Financial Officer
with Diamond Tree Energy Ltd., including its predecessor company. Ms. Tomyn has also served as Vice
President, Finance and Chief Financial Officer of Ranchgate Energy Inc. (an oil and gas company), Saddle
Resources Inc. (an oil and gas company) and WestPoint Energy Inc. (an oil and gas company). Ms. Tomyn
graduated from the University of Saskatchewan with a Bachelor of Commerce degree in 1987 and is a
member of the Institute of the Chartered Professional Accountants (Alberta).

Scott Lovett, M.Sc., MBA, P.Eng, Executive Vice President, Business Development
Mr. Lovett is a Professional Engineer and has over 20 years of experience in the oil and gas industry, including
reservoir evaluations, acquisitions and divestments, business planning, and strategic analysis. Mr. Lovett has
held various engineering and management roles in multiple companies including over 8 years with GLJ
Petroleum Consultants and 5 years with Enerplus Corporation. Mr. Lovett holds a Bachelor and Masters in
Science, degrees in Chemical Engineering, and a Masters in Business Administration, all from the University of
Calgary.

JoAnne Bund, B.A., LLB, General Counsel and Corporate Secretary

Ms. Bund has over 20 years of experience as a corporate securities lawyer. Ms. Bund has practiced in the
areas of corporate finance, securities, and mergers and acquisitions, primarily for clients who were public oil
and gas companies. Ms. Bund has served as senior legal counsel with the Alberta Securities Commission for
three years and as inhouse/general counsel for ten. Ms. Bund holds a Bachelor of Arts degree from the
University of Toronto and a Bachelor of Laws degree from the University of Calgary.

29
 BoardofDirectors

David Fitzpatrick, P.Eng., Chairman

Over35yearsofexperienceintheupstreamoilandgasindustrywherehehasservedin
leadership,management,planningandtechnicalrolesforseveralpublicenergycompanies.Mr.
FitzpatrickisanengineerbyprofessionandisthePresidentandChiefExecutiveOfficerofVeresen
Midstreamandwasformerlythefounder,President,ChiefExecutiveOfficerandadirectorof
ShiningbankEnergyIncomeFund.Mr.Fitzpatrickhasbeenadirectorofanumberofpublicoiland
gascompanies.Mr.FitzpatrickistheChairofEaglesBoard.

Bruce Gibson, CA, Chair of Audit Committee

Over35yearsoffinancialexperienceintheoilandgasindustry.Mr.GibsonisaChartered
AccountantbyprofessionandwasformerlytheChiefFinancialOfficerofShiningbankEnergy
IncomeFund.Mr.GibsonchairstheAuditCommitteeofEaglesBoardandhasbeenadirectorof
otherpublicoilandgascompanies.

Warren Steckley, MBA, P.Eng., Chair of Reserves and Governance Committee and Chair of
Compensation Committee
Over38yearsofoilandgasindustryexperiencewithtechnical,financialandinvestment
expertise.Anengineerbyprofession,Mr.SteckleywasformerlythePresident,ChiefOperating
OfficerandadirectorofBarnwellofCanada,Limited,anoilandgascompanyandwhollyowned
subsidiaryofBarnwellIndustriesInc.,apubliccompanylistedontheAmericanStockExchange.
Mr.Steckleyhasbeenadirectorofanumberofprivatecompaniesandpublicoilandgas
companies.Mr.SteckleychairsEaglesReservesandGovernanceCommitteeandCompensation
CommitteeofEaglesBoard.

30
 Advisories

AdvisoryRegardingForwardLookingStatements:
This presentation includes statements that contain forward looking information (forwardlooking statements) in respect of Eagle Energy Inc.s (Eagle)
expectations regarding its assets and future operations, including Eagles business strategy and 5 year plan, loan agreement, forecast estimates for Eagles 2017
capital budget, production, drilling opportunities and plans, operating and general and administrative expenses, dividends if any, funds flow from operations, 2017
yearend net debt levels, commodity split, field netback, hedging, reserves, corporate decline rate, LMR and IRR. These forward looking statements involve
estimates and assumptions including those relating to timing to drill and bring wells on production, production rates, operating and capital costs, marketability of
crude oil, natural gas and natural gas liquids, future commodity prices, future currency exchange rates, anticipated cash flow based on estimated production, size of
reserves and reservoir performance, among other things. These estimates and assumptions necessarily involve known and unknown risks, delays, challenges and
other uncertainties inherent in the oil and gas industry including those relating to geology, production, drilling, technology, operations, human error, mechanical
failures, transportation, processing problems and poor reservoir performance, among others things, as well as the business risks discussed in Eagle Energy Inc.s
annual information form (AIF) dated March 16, 2017 under the headings Risk Factors and AdvisoryForwardLooking Statements and Risk Factors.

The forwardlooking statements included in this presentation should not be unduly relied upon. Actual results may differ from the forwardlooking information in this
presentation, and the difference may be material and adverse to Eagle and its shareholders. No assurance is given that Eagles expectations or assumptions will
prove to be correct. Accordingly, all such statements are qualified in their entirety by reference to, and are accompanied by, the information and factors discussed
throughout this presentation. These statements speak only as of the date of this presentation and may not be appropriate for other purposes. Eagle does not
undertake any obligation, except as required by applicable securities legislation to update publicly or to revise any of the included forwardlooking statements,
whether as a result of new information, future events or otherwise. Eagles AIF contains important detailed information about Eagle. Copies of the AIF may be
viewed at www.sedar.com and on Eagles website at www.eagleenergy.com .

AdvisoryRegardingNonIFRSFinancialMeasures:
Statements throughout this presentation make reference to the term field netbacks, which is a nonIFRS financial measure that does not have any standardized
meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Investors should be cautioned that this measure
should not be construed as an alternative to earnings (loss) calculated in accordance with IFRS. Management believes that this measure provides useful information
to investors and management since it reflects the quality of production and the level of profitability.

Field netback is calculated by subtracting royalties, operating expense and transportation and marketing expenses from revenues, which are from Eagles
Consolidated Statement of Earnings (Loss) and Comprehensive Earnings (Loss).

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 Advisories(continued)

Advisory Regarding Oil and Gas Measures and Estimates:

Barrel of Oil Equivalency

This presentation contains disclosure expressed as barrel of oil equivalency (boe) or boe per day (boepd). All oil and natural gas equivalency volumes have been
derived using the conversion ratio of 6Mcf of natural gas: 1 bbl of oil. Equivalency measures may be misleading, particularly if used in isolation. A 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 equivalency at the wellhead.
In addition, given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalent of six to one,
utilizing a boe conversion ratio of 6 Mcf: 1 bbl would be misleading as an indication of value.

Reserves Future Net Revenue Values

The estimated future net revenue value of the reserves disclosed in this presentation do not represent the market value of such reserves. There is no assurance that
such price and cost assumptions will be attained and variances could be material. The recovery and estimates of reserves provided in this presentation are estimates
only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided.

Oil and Gas Metrics

This presentation makes reference to the following oil and gas metrics: reserve life index, capital efficiency", reserve replacement ratio, IRR, and "finding,
development and acquisition costs" ("FD&A costs"). These metrics have been prepared by management and may not be comparable to similarlynamed metrics used
by others because such metrics do not have standard calculations. Management uses these metrics to measure the success of replacing reserves and to compare
operating performance to previous periods on a comparable basis. The calculation of reserve life index, reserve replacement ratio and FD&A costs can be found
under Reserves Performance Ratios in Eagles 2016 Managements Discussion and Analysis for the year ended December 31, 2016. Capital efficiency is a measure
that management uses to measure the cost to add an incremental barrel of flowing production in units of $/boe per day. Specifically, for the average capital
efficiencies of our plays, we use the total actual/projected capital to drill, complete and tiein new wells and workover existing wells divided by the average twelve
month production rate (or average increased production rate for twelve months in the case of workedover wells). IRR is a measure that management uses to
calculate the rate of return on wells. It is based on managements current estimate of the average capital for the well and the average production forecasts per
Eagles reserve reports.

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 Advisories(continued)

Advisory Regarding Oil and Gas Measures and Estimates (continued)

DiscoveredOilInitiallyinPlace

This presentation contains references to estimates of oil classified as Discovered Oil InitiallyInPlace (DOIIP) which are not, and should not be confused with, oil
reserves. DOIIP is defined in the Canadian Oil and Gas Evaluation Handbook (COGEH) as the quantity of oil that is estimated to be in place within a known
accumulation prior to production. DOIIP is divided into recoverable and unrecoverable portions, with the estimated future recoverable portion classified as
reserves and contingent resources and the remainder classified as at the evaluation date as unrecoverable. The accuracy of resource estimates is, in part, a
function of the quality and quantity of available data and of engineering and geological interpretation and judgment. The size of the resource estimate could be
positively impacted, potentially in a material amount, if additional delineation wells determine that the aerial extent, reservoir quality and/or the thickness of the
reservoir is larger than what is currently estimated based on the interpretation of seismic and well control. The size of the resource estimate could be negatively
impacted, potentially in a material amount if additional delineation wells determine that the aerial extent, reservoir quality and/or the thickness of the reservoir are
less than what is currently estimated based on the interpretation of the seismic and well control.

Estimates of DOIIP described in this presentation are estimates only; the actual resources may be higher or lower than those calculated in the independent
evaluation. There is no certainty that it will be economically viable to produce any portion of the resources.

The estimates of DOIIP have been prepared by McDaniel & Associates Consultants Ltd. in accordance with NI 51101 and the COGEH and are effective as of January
1, 2017. The estimates of Reserves presented in this presentation have been prepared by McDaniel & Associates Consultants Ltd. for Eagles Canadian properties and
Netherland, Sewell & Associates, Inc. for Eagles U.S. properties, Eagles independent qualified reserves evaluators.

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