Corporate Presentation

March 2017
 Future Oriented Information
(See additional advisories at the end of this presentation document)

In the interest of providing information regarding Trilogy Energy Corp. ("Trilogy or

the Company") and its future plans and operations to shareholders and investors,
this presentation contains certain forward-looking information and forward-looking
statements.
The projections, estimates and forecasts contained in such forward-looking
information and statements necessarily involve a number of assumptions, and are
subject to both known and unknown risks and uncertainties which may cause the
Company's actual performance and financial results in future periods to differ
materially from those projections, estimates and forecasts. The Advisories
Appendix lists some of the material assumptions, risks and uncertainties that these
projections, estimates and forecasts are based on and are subject to.
Accordingly, shareholders and potential investors are cautioned that events or
circumstances could cause actual results to differ materially from those predicted.
Any use of information contained within this presentation is expressly forbidden.

2
 Trilogy Corporate Profile
2016 Results: Average 2016 2017 Forecast
Production (Boe/d): 21,822 24,000
(30% Liquids) (~35% Liquids)
Net capital expenditures ($MM): 72.8 130
Funds flow from operations ($MM)(1): 55.9
Operating netback ($/Boe)(1): 12.58
Current Market Cap.: ~ 126.1 million shares at $6.00/share ~ $757 Million
Insider Ownership: ~ 50%
Net debt: $300.0 million Senior Unsecured Notes - 7.25% due December 2019
$288.6 million Three Year Revolving Credit Facility:$300 million secured (2)
$588.6 million as at December 31, 2016

(1) Includes an environmental remediation provision made in the fourth quarter of 2016 for $6.0 MM( 2.89/Boe for Q4/2016 or $0.75 for all of 2016) (2) Includes working capital deficit

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Operations Update
Trilogy: Key Growth Plays

5
 Kaybob Montney Oil Pool Development
Discovered in 2011
Approximately 50 net sections at
average 10 MMBbl DOIIP/section;
~ 500 MMBbl DOIIP for pool(1)
8 Hz Montney oil wells/section;
~ 400 potential drilling opportunities
Drilled 123 wells to date
Drilling and completions costs for
2016 are expected to average
~ $2.9 MM per well; a 30% reduction
from 2014
Average 1 mile horizontal lateral:
22 fracs/well increasing to 32 fracs/well
75 m spacing decreasing to 50 m
10 t/stage increasing to 20 t/stage Average Proved plus Probable reserves/well(2):
Net pay ranges from 5 m - 15 m ~ 286 MBoe
Drilled 12 (net) wells in 2016 ~ 168 MBoe Oil + NGLs
15 (net) wells planned for 2017 ~ 0.7 Bcf Solution Gas

(1) Please refer to the heading Internal Estimates in the Advisories Appendix of this presentation for more information. DOIIP denotes Discovered Oil Initially in Place. Refer to Oil & Gas Measures
and Definitions in the Advisories Appendix for further information.
(2) McDaniel & Associates Consultants Ltd. at December 31, 2016

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 Economics - Kaybob Montney Oil Pool West Side

Capital: $2.9 MM D/C/T per well Reserves per well: 354 MBoe(2)
IP30: 640 Bbl/d oil - 0.7 Bcf natural gas
- 223 MBbl oil
- 14 MBbl C3+

WTI $US/Bbl

AECO $3.00/GJ $40 $50 $60 $70

NPV 10% $MM $3.9 $5.4 $6.7 $8.0

BT ROR % 191.5 377.2 >500 >500

Payout years 0.6 0.5 0.4 0.3

(1) Please refer to the heading "Type Curves" in the Advisories Appendix of this presentation for more information
(2) Please refer to the heading Internal Estimates in the Advisories Appendix of this presentation for more information

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 Kaybob Montney Oil: New Drills

(1) Please refer to the heading "Type Curves" in the Advisories Appendix of this presentation for more information

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 Kaybob Presley Montney Gas Development
Approximately 60 net sections with
DGIIP estimate of 10 - 15 Bcf per
section(1)
5 Hz wells/section: ~ 300 potential
drilling opportunities
82 horizontal wells drilled as of
December 31, 2016
Potential recoverable reserves (1) of
> 600 Bcf raw gas and 15 MMBbl
NGLs
Average D/C/T costs:
~ 1 mile $3.9 MM
~ 2 mile $4.8 MM
Long-reach horizontal wells have
had positive results
Six (5.3 net) wells planned for 2017

(1) Please refer to the heading Internal Estimates in the Advisories

Appendix of this presentation for more information. DGIIP denotes
Discovered Gas Initially in Place. Please refer to Oil & Gas Measures and
Definitions in the Advisories Appendix for further information.

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 Presley Montney Gas Economics

Capital: $4.8 MM D/C/T per well Reserves per well: 822 MBoe(2)
IP30: 6.8 MMcf/d 4.5 Bcf natural gas
NGL: $CDN 31.53/Bbl 72 MBbl NGLs
Condensate: $CDN 65.00/Bbl

AECO Gas $Cdn/GJ

WTI US$ 50/Bbl $2.00 $3.00 $4.00

NPV 10% $MM $4.3 $7.7 $10.8

BT ROR % 63.2 133.9 236.5

Payout years 1.5 0.9 0.7

(1) Please refer to the heading "Type Curves" in the Advisories Appendix of this presentation for more information
(2) Please refer to the heading Internal Estimates in the Advisories Appendix of this presentation for more
information
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Unconventional Duvernay Shale Play
 Positioned for Meaningful Growth in a Top Tier Play
Material acreage position in the heart of the
Duvernay (>185 net sections) with significant
development potential

Experienced operator with Duvernay acreage Kaybob

position that supports a range of scope and

scale of development

Increased proppant loading intensity and

fracture density coupled with longer lateral
lengths have delivered better production
performance and capital efficiency

Cost compression and economies of scale

have been realized through improved drilling Alberta

and completion techniques and pad drilling

Existing infrastructure supports initial growth

to 60 MMcf/d of gas and 10-12 MBbl/d of
condensate production with robust
economics and the potential to add additional
capacity
Source: WCSB Atlas fig 12.17, GeoSCOUT
Modernized Royalty framework provides
certainty and clarity to Crown royalty
structure

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 Trilogy Duvernay
R25 R24 R23 R22 R21 R20 R19 R18 R17 R16 R15W5

T66 T66
~185 net sections at Kaybob
T65 T65
~100 net sections in ultra-liquids-rich gas and volatile oil
Kaybob
window
Smoky River
T64 North T64 ~85 net sections in the liquids-rich window
Strategically positioned land base in the core of the
T63 T63 Duvernay with offsetting operators initiating full-scale
development
T62 T62
Participated in 39 horizontal wells (15 of which Trilogy
drilled and completed), including the first horizontal well
Grizzly
into the play in 2010
T61 Bigstone T61

Presley Current Duvernay production is ~2,600 Boe/d (Dec, 2016

East average)
Invested approximately $380MM on Duvernay projects to
T60 T60

Presley date - 2016 capital spend focused on managing expiries

T59 West T59 (~$24MM)
Production
Standing,
T58 Pine Creek T58 Operator Reported in Licensed Total Wells
Drilling
2016

Encana/PetroChina JV 109 27 25 161

T57 T57
Shell 108 59 53 220

R26 R25 R24 R23 R22 R21 R20 R19 R18 R17 R16 R15W5
Chevron/KUFPEC JV 42 44 28 114

Source: GeoSCOUT; Various Corporate presentations and press releases

XTO* 36 7 10 53
Murphy Oil* 19 6 8 33
Trilogy 14 4 1 19
Property Gross Acres Net Acres Avg. WI (%) Apache 9 7 5 21
Grizzly/Bigstone 24,640 20,992 85%
Husky 9 9 3 21
Kaybob North 52,000 51,299 99%
Pine Creek 20,640 18,480 90% Repsol 8 12 2 22
Presley East 14,080 10,143 72% Hitic 7 1 2 10
Smoky River 13,440 12,877 96% Others 6 17 9 32
Presley West 15,360 5,120 33%
Total 367 193 146 706
Total 140,160 118,911 85%
*Trilogy partnered in 9 XTO wells and 1 Murphy well; Data current to YE 2016
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 Trilogy Duvernay Advantage
Trilogy's Advantage
Trilogy 1-15 Deep Trilogy 6-16 Smoky
Trilogy ownership in six gas plants, Valley River
two major oil batteries plus an Keyera Simonette Trilogy 8-9 Kaybob &
extensive gathering system Gas Plant Trilogy 12-10 Kaybob
Ability to add 60 MMcf/d of
Duvernay gas processing and ~10 Trilogy 7-4 Two Creeks
to 12 MBbl/d of oil/condensate
handling in stages over 15 months
Strategic advantage through
brown-field expansions allowing for
quick production ramp-up
Over 100 Trilogy employees and Pembina
Duvernay I Plant
contractors working in this area

Kaybob Processing Landscape Semcams KA

Expanding midstream infrastructure

in the area
Trilogy 9-34 Clover
Purpose built for Duvernay
production
XTO 15-07
Trilogy Marketing Arrangements

Contracts are in place to handle

incremental Duvernay growth of up
to ~35,000 Boe/d of crude oil, SemCAMS K3 Gas Plant
condensate and natural gas
production

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 Duvernay: Drilling Cost Improvement

(1) Trilogy operated wells on single-well pads

15
Duvernay: Completion Cost Improvement

16
Duvernay Drilling and Completion Future

17
Duvernay Unconventional Shale Play- Kaybob Area

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North Kaybob Duvernay

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 North Kaybob Duvernay Shale Type Curve

IP30: 2.1 MMcf/d

P+P Reserves(2): 856 MBoe WTI $US/Bbl $40 $50 $60 $70
1.5 Bcf Natural Gas,
NPV 10% $MM $9.6 $13.4 $16.8 $20.0
474 MBbl Condensate
130 MBbl NGLs
BT ROR % 67.1 106.3 154.7 212.9
Capital Cost: $9.0MM D/C/T (multi-well pad, 2,000m laterals)
Condensate to Sales Gas Ratio: 312 Bbl/MMcf
Payout years 1.5 1.1 0.9 0.7
Operating Cost: $4,250/month +$0.50/Mcf
AECO Gas Price: $3.00/GJ
FX: $1.3 CDN / $1 US

(1) Please refer to the heading "Type Curves" in the Advisories Appendix of this presentation for more information
(2) Please refer to the heading Internal Estimates in the Advisories Appendix of this presentation for more information
20
South Kaybob Duvernay

21
 South Kaybob Duvernay Shale Gas/Condensate Play

IP30: 4.6 MMcf/d

P+P Reserves(2): 1,215 MBoe WTI $US/Bbl $40 $50 $60 $70
4.1 Bcf Natural Gas
305 MBbl Condensate NPV 10% $MM $5.7 $8.1 $10.3 $12.4
223 MBbl NGLs
BT ROR % 26.8 36.5 47.4 59.6
Condensate to Sales Gas Ratio: 75 Bbl/MMcf
Capital Cost: $11.0 MM D/C/T (multi-well pad, 2,000 m Payout years 3.2 2.4 1.9 1.6
laterals)
Operating Cost: $4,250/month + $0.50/Mcf
AECO Gas Price: $3.00/GJ
FX: $1.3 CDN / $1 US
(1) Please refer to the heading "Type Curves" in the Advisories Appendix of this presentation for more information
(2) Please refer to the heading Internal Estimates in the Advisories Appendix of this presentation for more information

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Financial Update
Quarterly Review

24
 Reserves
(McDaniel & Associates Consultants Ltd. at December 31, 2016)

Proved Reserves Probable Reserves

Natural Crude
NGL Total BT NPV
Gas Oil % %
Reserve Category BCF MBbl
MBbl MBoe 10% $MM

Proved Developed Producing 243.3 8,380 6,823 55,761 31 582 34

Proved Developed Non-Producing 14.2 2,039 615 5,022 3 48 3
Proved Undeveloped 131.6 5,621 13,370 40,925 23 306 18
Total Proved 389.1 16,041 20,809 101,709 57 936 55
Probable Developed Producing 72.9 2,622 2,187 16,951 10 141 8
Probable Developed Non-Producing 10.0 784 241 2,699 2 22 1
Probable Undeveloped 186.7 6,421 19,084 56,621 32 596 35
Total Probable 269.6 9,827 21,512 76,271 43 760 45
Total Proved plus Probable 658.8 25,868 42,320 177,988 100 1,696 100
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Advisories Appendix
 Advisories Appendix

Forward Looking Information

Certain statements included in this document constitute forward-looking statements under applicable securities legislation. Forward-looking statements or information typically
contain statements with words such as "anticipate", "believe", "expect", "intend", "estimate", project, forecast, budget, goal, objective, potential, possible, probable,
projected, scheduled, will, plan, propose, or similar words suggesting future outcomes, or statements regarding an outlook. Forward looking statements or information in
this document include, but are not limited to statements regarding:
the nature and extent of the Montney oil and gas pools and the Duvernay shale play, including estimates of undeveloped land holdings, potential drilling opportunities therein
and Trilogy's plans to develop same;
development plans and associated operational plans for the Kaybob Montney oil and gas pools and the Kaybob Duvernay shale play, including drilling and completion plans,
and the scope, timing, cost and expected results thereof, and management's beliefs regarding the potential of such plays;
statements as to the potential capacity under Trilogy's marketing and midstream contracts and future expansions to area infrastructure;
projected drilling, completion, tie-in, operating, royalty and other costs;
estimates of reserves, DOIIP and DGIIP, including internal estimates, related to Trilogy properties and net present values associated therewith;
projected type well production profiles, economics, net present value and payout estimates (including assumptions as to capital, initial production rates, NGLs and condensate
yields; reserves, shrinkage, commodity pricing, royalties and other assumptions used to generate such estimates);
projected commodity prices; interest rates; operating income and cash flow; net revenue; royalty rates and the expected impact of royalty programs and other incentives and
their application to Trilogy's operations; and
general business strategies and objectives.
Statements regarding reserves, DOIIP and DGIIP are forward-looking statements, as they involve the implied assessment, based on estimates and assumptions, that the reserves
and resources described exist in the quantities predicted or estimated, and can be profitably produced in the future.

Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding the following
matters, in addition to any other assumptions identified in this presentation or Trilogys continuous disclosure documents:
future oil, natural gas and natural gas liquids (including condensate) supply and prices;
foreign currency, exchange and interest rates;
Trilogys ability to obtain on acceptable terms the required capital to finance its exploration, development and other operations in the Montney oil and gas pools and the
Duvernay shale play (including credit facility availability consistent with expectations);
projected capital investment levels and the successful and timely implementation of capital projects;
the ability to source water for Trilogy's operations;
anticipated timelines and budgets being met in respect of drilling programs and other operations;
the ability of Trilogy to service its debt and re-pay its debt when due;
royalty rates, taxes and capital, operating, general & administrative and other costs;
current production forecasts and the relative content of crude oil, natural gas and NGLs therein;
geology applicable to Trilogys land holdings;
assumptions inherent in estimating reserves and resources (including internal estimates of DOIIP and DGIIP and the associated net present value) and the likelihood that the
reserves described exist in the quantities predicted or estimated and can be profitably produced in the future;
the ability of Trilogy and its industry partners to obtain drilling and operational results, improvements and efficiencies consistent with expectations (including in respect of
anticipated production volumes, reserves additions and NGLs yields);
well economics;

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 Advisories Appendix con't

the timing and costs of plant turnaround, pipeline and storage facility construction and expansion and the ability to secure adequate product, processing, fractionation and transportation;
Trilogys ability to obtain equipment, services and supplies in a timely manner to carry out its activities;
Trilogys ability to market oil and natural gas successfully to current and new customers;
funds flow from operations consistent with expectations;
the timely receipt of required regulatory approvals;
the ability of Trilogy to obtain financing and access to capital markets on acceptable terms;
continuity of government royalty and regulatory regimes, including drilling and royalty incentive programs and their application to Trilogys operations and assumptions regarding the
applicability of the Alberta Government's Modernized Royalty Framework;
the continuation of assumed tax regimes including estimates and availability of deferred tax amounts, tax assets and tax pools;
the extent of Trilogy's liabilities;
general business, economic and market conditions; and
other assumptions inherent in Trilogys current guidance.

Although Trilogy believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking
statements because Trilogy can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates
and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Trilogy and described in the forward-looking
statements or information. These risks and uncertainties include and/or relate (but are not limited) to:

fluctuations in oil, natural gas and natural gas liquids prices, foreign currency exchange rates and interest rates;
the risks of the oil and gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas and market demand;
risks and uncertainties involving geology of oil and gas deposits;
risks associated with processing, storing, and transporting crude oil, natural gas and related products;
the ability of management to execute its business plan;
risks associated with obtaining timely access to areas where Trilogys operations are to be conducted;
risks inherent in Trilogys marketing operations, including credit risk;
the ability to generate sufficient funds flow from operations to meet current and future obligations, including costs of anticipated projects and repayment of debt;
the uncertainty of reserves and resource estimates (including internal estimates of DOIIP, DGIIP);
Trilogys ability to replace and add production and reserves through development and exploration activities and acquisitions;
the uncertainty of estimates and projections relating to production, drilling, and other costs and expenses;
potential delays or changes in plans with respect to exploration or development projects or capital expenditures including without limitation the possibility that regulatory approvals may be
delayed or withheld;
potential disruptions or unexpected technical difficulties in designing, developing or operating new, expanded or existing facilities, including third-party operated facilities;
Trilogy's ability to enter into or renew leases;
Trilogy's ability to source water and obtain water licenses;
uncertainty regarding aboriginal land claims and consultations with local populations and industry participants;
health, safety and environmental risks;
uncertainties as to the availability and costs of financing;
Trilogys ability to generate sufficient cash flow from operations to meet its current and future obligations, including costs of anticipated projects and repayment of debt;
Trilogys ability to maintain targeted or required ratios within its credit and debt arrangements, and the risks of not maintaining such required ratios, including early debt repayment and/or
other penalties;
weather;
general economic, market, industry and business conditions;

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 Advisories Appendix con't

the possibility that government policies or laws may change or governmental approvals may be delayed or withheld, including risks related to the imposition of moratoriums;
uncertainty in amounts and timing of royalty payments and the application of and potential changes to royalty and drilling incentive programs applicable to Trilogys assets;
imprecision in estimates of product sales tax, tax pools, tax shelter, and tax deductions available to Trilogy and changes to tax legislation and regulations applicable to Trilogy and the
interpretation thereof;
risks associated with Trilogy's mitigation strategies, including insurance and hedging activities;
uncertainty regarding results of third party industry participants to Trilogys development plans;
changes to environmental legislation and regulations applicable to Trilogy including those relating to greenhouse gases and hydraulic fracturing among others and the cost of complying
with same;
risks associated with existing and potential future law suits and regulatory actions against Trilogy;
hiring/retaining staff; and
other risks and uncertainties described elsewhere in this document or in Trilogy's other filings with Canadian securities authorities.

The foregoing list of risks is not exhaustive. Additional information on these and other factors which could affect Trilogys operations or finances are included: (1) under the heading Risk
Factors in Trilogys Annual Information Form; and (2) under the heading Managements Discussion and Analysis Advisories in Trilogys Annual Report. The forward-looking statements
and information contained in this document are made as of the date hereof and Trilogy undertakes no obligation to update publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Oil and Gas Measures and Definitions

This document contains disclosure expressed as "Boe", MBoe, MMBoe, Mcf, MMcf, Bcf, Bbl, MBbl and MMBbl. All oil and natural gas equivalency volumes have been derived
using the ratio of six thousand cubic feet of natural gas to one barrel of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand
cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well
head. For Q4 2016, the ratio between Trilogys average realized oil price and the average realized natural gas price was approximately 18:1 (Value Ratio). The Value Ratio is obtained
using the Q4 2016 average realized oil price of $56.16 (CAD$/Bbl) and the Q4 2016 average realized natural gas price of $3.17 (CAD$/Mcf). This Value Ratio is significantly different from
the energy equivalency ratio of 6:1 and using a 6:1 ratio would be misleading as an indication of value.

This presentation contains disclosure of Discovered Oil Initially in Place (DOIIP) and Discovered Gas Initially in Place (DGIIP). DGIIP is that quantity of gas that is estimated to exist
originally in naturally occurring accumulations. It includes that quantity of gas that is estimated, as of a given date, to be commercial and contained in known accumulations prior to
production. DOIIP is that quantity of oil that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of oil that is estimated, as of a given date, to be
commercial and contained in known accumulations prior to production. In each case where used herein, DOIIP or DGIIP is the most specific category that could be assigned. There is no
certainty that it will be commercially viable to produce any portion of this DOIIP or DGIIP. The estimated net present values discussed in this document do not represent fair market value.

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 Advisories Appendix con't

Internal Estimates In this presentation, Trilogy has provided information with respect to its Kaybob Montney oil and gas assets and Duvernay shale play which is analogous information as
defined in NI 51-101. This analogous information includes managements internal estimates of DOIIP and DGIIP, as defined in the Canadian Oil and Gas Evaluation Handbook (COHEH)
and/or production type curves in respect of proved plus probable reserves. Except as noted, this analogous information is presented on an area basis utilizing data derived from Trilogys
internal sources based on existing wells as well as from a variety of publicly available information sources which are predominantly independent in nature. These internal estimates are subject
to the specific assumptions identified by Trilogy in respect of such estimates plus other assumptions contained herein (including the forward-looking information advisories), and are not
necessarily representative of the actual resources or production rates associated with Trilogys properties and wells. Estimates of reserves for individual properties may not reflect the same
confidence level as estimates of reserves for all properties, due to the effects of aggregation.

Type Curves - Production type curves are based on a methodology of analog, empirical and theoretical assessments and reservoir modelling with consideration of the specific asset, and as
depicted in this presentation, is representative of Trilogys current program and interpretation. Some of this data may not have been prepared by qualified reserves evaluators or auditors and
may have been prepared based on internal estimates. Estimates by engineering and geo-technical practitioners may vary and the differences may be significant. Trilogy believes that the
provision of this analogous information is relevant to Trilogys oil and gas activities, given its acreage position and operations (either ongoing or planned) in the areas, and such information
has been updated as of the date hereof unless otherwise specified. The type curves presented are indicative of the average production volumes of analogous wells within the Companys area
of interest that are geologically similar to the applicable prospect type. In the case of the Montney Oil Pool, the type curve presented is in respect of the west half of the pool, which has
delivered better results as compared to the east half of the pool. Due to the relative immaturity of the Duvernay shale play, type curves for this play are less reliable than for other, more
mature plays. No reserves or resources other than reserves are assigned to or associated with these type curves. There is no certainty that it will be commercially viable to produce any
portion of the estimated volumes. Type curves should not be relied upon to predict actual well performance or be interpreted as applying equally throughout a play.

Potential Drilling Opportunities - Disclosure regarding drilling opportunities and locations is based on internal estimates, may include proved, probable and unbooked locations, and
assumes a number of wells that can be drilled per section based on industry practice and internal review. The drilling locations which Trilogy will actually drill will ultimately depend upon the
availability of capital, regulatory and partner approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other
factors. No reserves or resources other than reserves are assigned or associated with the locations/ opportunities.

Certain Financial Information and Non-GAAP Measures Advisory

All financial information presented in this presentation in relation to fourth quarter and annual 2016 is based on estimates and is unaudited.
Certain measures used in this document, including funds flow from operations, operating income, net debt, operating netback and recycle ratio collectively the Non GAAP measures
do not have any standardized meaning as prescribed by IFRS and previous GAAP and, therefore, are considered Non-GAAP measures. Non-GAAP measures are commonly used in the oil
and gas industry and by Trilogy to provide shareholders and potential investors with additional information regarding the Companys liquidity and its ability to generate funds to finance its
operations. However, given their lack of standardized meaning, such measurements are unlikely to be comparable to similar measures presented by other issuers.
Funds flow from operations refers to the cash flow from operating activities before net changes in operating working capital. The most directly comparable measure to funds flow from
operations calculated in accordance with IFRS is the cash flow from operating activities. Funds flow from operations can be reconciled to cash flow from operating activities by adding
(deducting) the net change in operating working capital as shown in the consolidated statements of cash flows.
"Net debt" is calculated as current liabilities minus current assets plus long-term debt. Management utilizes net debt as a key measure to assess the liquidity of the Company.
Operating netback refers to cash flow from operating activities before net changes in operating working capital as shown in the consolidated statements of cash flows, plus the cash portion
of interest and financing charges and general and administrative expenses. This metric is used by management to provide a more fulsome metric on its oil and gas properties considering
strategic decisions (for example, hedging programs) and associated full life cycle charges.

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