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The Inflection Point

Disclaimers
Forward‐Looking Statements or Information and Additional Advisories
Certain statements included in this presentation constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or
information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such
information may not be appropriate for other purposes, such as making investment decisions. Forward-looking statements or information typically contain statements with words such as
"anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or
information concerning Blackbird Energy Inc. (“Blackbird”) in this presentation may include, but are not limited to, statements or information with respect to: guidance, forecasts and related
assumptions; capital spending and availability of cash; expected resource potential of the Elmworth project and the economics thereof; business strategy and objectives; type curves; drilling,
development and exploration activities and plans and the timing, associated costs and results thereof; the attributes and potential of the Montney; Blackbird's acreage evaluation; the number of
potential drilling locations; commodity pricing; costs associated with operating in the oil and natural gas business; future production levels of Blackbird's wells, including the composition thereof; the
cost savings, growth and completion optimization derived from use of the Stage Completions Inc. technology and the other benefits of the Stage Completions Inc. investment including priority access
to the technology and growth potential of the minority interest investment; the execution of the non-binding nomination agreement with a premier mid-stream company and the expected increased
processing capacity; and the ability of Blackbird's corporate social responsibility initiatives to provide a significant competitive advantage. Forward-looking statements or information are based on a
number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Blackbird believes that the expectations reflected in such
forward-looking statements or information are reasonable; however, undue reliance should not be placed on forward-looking statements because Blackbird can give no assurance that such
expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this presentation, assumptions have been made regarding, among other things: the
impact of increasing competition; the timely receipt of any required regulatory approvals; the ability of Blackbird to retain and obtain qualified staff, equipment and services in a timely and cost
efficient manner; the ability of Blackbird to operate in a safe, efficient and effective manner; the ability of Blackbird to obtain financing on acceptable terms; the timing and costs of operating
Blackbird's business; the ability of Blackbird to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding
royalties, taxes and environmental matters; and the ability of Blackbird to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list is not exhaustive of all
factors and assumptions which have been used.

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 Blackbird and described in the forward‐looking statements or information. These risks and uncertainties may cause actual results to differ materially from the
forward‐looking statements or information. The material risk factors affecting Blackbird and its business are contained in Blackbird's Annual Information Form which is available at SEDAR at
www.sedar.com. The forward‐looking statements or information contained in this presentation are made as of the date hereof and Blackbird 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 required by applicable securities laws. The forward‐looking statements or
information contained in this presentation are expressly qualified by this cautionary statement.

Additional Advisories
Disclosure provided herein in respect of Bbls, Bbls/d, boe, boes or boes/d may be misleading, particularly if used in isolation. A boe (barrel of oil equivalent) conversion ratio of 6 mcf per one (1) boe is
based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The foregoing outlook and guidance has been provided to assist investors in analyzing Blackbird's anticipated development strategies and prospects and it may not be appropriate for other
purposes and actual results could differ from the guidance provided above.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information contained in this presentation.

2 TSX-V: BBI

2016 3 TSX-V: BBI .$0.69 Gross Acreage 65.68 Shares Basic 587 mm Fully Diluted 806 mm Insider Holdings (1) 22% Market Capitalization ~$399 mm 52 Week Range $0.Blackbird at a Glance Corporate Snapshot Common Share Trading Symbol TSX-V: BBI Warrant Trading Symbol TSX-V: BBI.280 Net Acreage 61.11 .WT Share Price (1/19/2017) $0.952 Note 1: Includes shares owned in third party portfolio that is managed by board member (2) As of November 30.

Top-Tier Liquids-Rich Plays in North America Capital is being deployed into leading unconventional resource plays in North America.000 square miles 25% of CAD Rigs The Permian 75. leading to larger rig counts The Montney 52.000 square miles 8% of US rigs 4 TSX-V: BBI .000 square miles 41% of US rigs The Eagle Ford 20.

000 bbls/d 2017 Canadian Undersupply: 325.000 bbls per day 5 TSX-V: BBI .Economics 101: Condensate Supply / Demand 2017 C5 +Demand: ~500.000 bbls/d 2017 Supply: ~175.

280 acres). Blackbird 2014 . 6 TSX-V: BBI .The Blackbird Assembly 102 Sections Gross (65.8 Net) in the NW Alberta Liquids-Rich Corridor (Elmworth / Pipestone) Report Card . Middle and Lower Montney Infrastructure? None – Blackbird Facility Completed.The Questions Pre 2014 Present and Achieved Liquids Rich? Unknown 125-350+ bbls/mmcf Licenses? Unknown  Ability to License Wells Wells in Corridor < 100 >264. Production has commenced Source: Internal estimates.2016 (96. Take- Stranded Away Available. 52 licenses since July 2016 Validation of Not Validated Resource? 4 zones across the Upper. and publically available information from AER.8 Net) Montney rights 102 Gross Sections (96.

52.8 net sections today) • This third party validation showcased some of the most robust economics of any Montney play and was followed-up with further information on this “volatile oil” window in October. 2016 12-25 Type Well Metrics – Encana Net Btax IRR (%) 139 2 Latest Encana Btax Payout (Months) 10 Licences Operating Margin ($/Boe) 25 Moving towards BBI 2 year Free Cash Flow ($MM) 8.Industry Validation • In May 2016. internal estimates & BBI 02/2-20 Upper Montney 7 TSX-V: BBI . Encana defined the “Super Condensate” corridor in Elmworth / Pipestone which mapped approximately 47 sections of Blackbird’s land (58 gross.6 Land BBI 2-20 Middle Montney Source: Encana.

Drilled. waiting on completion BBI 2-20 187 BBI 6-26 Middle. Test CNOR 13-22 Upper. 641 Bbls/d liquids).8 Mmcf/d. Boe/d Calculated Test Rate 341 Bbls/MMcf liquids 133 Bbls/MMcf liquids Blackbird Land (48 hr Prod. Test) (48 hr. 0.050 Legend BBI 5-26 Upper.6 MMcf/d & 1000 Bbls condensate/day 8 TSX-V: BBI . Prod. 900 – 1. Test) Condensate Yield (bbls/mmcf)(1) BBI 2-20 Middle: 1.9 Mmcf/d. 72 hr Test 3. Blackbird’s Liquids-Rich Modeling – Consistent with the Industry / Encana Upper Montney Condensate Corridor Middle Montney Condensate Corridor BBI 2-20-70-6W6 Middle.768 Boe/d (6. Last 24 hrs of Prod.

Momentum in the Montney All in the last 18 months Birchcliff Gordondale Eastern Border of Upper transaction Montney Kelt announces acquisition ($625 Million) of 122 Sections directly (July 2016) offsetting BBI (January 2017) NuVista begins to focus on Pipestone land and raises $90 Blackbird Chinook sells 99 boe/d of million production for $10. acquires acquisition of Paramount Kicking Horse Energy Kakwa assets (~$350 million) (~$1.A.5 million (October 2016) (January 2017) Apache / Keyera 300 Unnamed Producer acquires mmcf/d plant in Kelt Karr Assets for $100 development million (May 2016) (January 2017) Seven Generations Orlen S.9 Billion) (December 2015) (August 2016) (Based on publically available information) 9 TSX-V: BBI .

P. 15-11 & 14-4 10. CNOR 3 Licences Encana 2-15. Test) Encana 12-25. TSX-V: BBI 10 (*Public data within Montney Resource Play as of Feb 16. Upper. Released Jan 24 spudded Jan 26 2017 Cum. (56% Condensate) BBI 5-26 Upper. Upper CNRL Shell Apache 02/1-16. Kelt Lands. Middle CNOR 13-22 Upper.000 CNRL Boe/d. **Mar 4. 2016* . BBI BBI 6-26 Middle. I.* (6. 2016 NuVista Key wells Apache Shell 27 completed 4 Middle Montney Hz with Shell Wells. ** Corporate Presentations ) 61 new Licenses since July 1. The Right Neighborhood CNOR 5-26 Rig CNOR 8-7. 2015 cum 0. 2.72 hr Test 4-28 CGR: 178 (60 hr Prod Test*) 3. 2017. Upper. Jan 18.000 bbls/d Montney Hz Licences **Nov 3. 22 additional max 1. 641 Bbls/d liquids). 0.9 Mmcf/d. BBI 2-20 Middle: 1. Test Encana 14-1 Pad. NVA BBI 3 New Encana Licences Drilled. 2015 Apache 9-23 Test. Middle condensate/day* 860 Boe/d** Jan 19. 02/5-26.050 Cum 2.768 Boe/d 26 mths Prod.5 Bcf after 26 mths* Boe/d Calculated Test Rate (133 Bbls/Mmcf liquids) Encana.95 Bcf. 2016 Kelt 341 Bbls/Mmcf liquids (48 hr Prod.6 MMcf/d & 1000 Bbls Sinopec Birchcliff Sinopec 4-32 Chinook 14-12. (CGR 187*) CNRL 13-7. Last 24 hrs of Prod. 1-3 & 8-3. Upper. ** Oct 5. 900 – 1. 2.635 Boe/d NuVista licences 2 Upper Montney.6 mmcf/d. TD: 1.8 Bcf in 4 mths* Encana BBI 2-20-70-6W6. WO Completion 1-19.2 MMcf/d ** Jan 2017 (26 mths Production*) Montney 264 Hz Wells Drilled or licenced. max 146 CIOC Range of CGR’s: 95 (12 hr Bbls/mmcf of C5+ Test) to 482 (62 hr Test) 1 Lower Montney Strat Max Cal Day Gas Test with CGR of 133 Rate 4.8 Mmcf/d.

8 mm (US$3.900 / Acre – US$14. BBI Current Valuation: EV/Acreage 1.6 mm – US$10.500 / Acre – CAD$18. Montney Economic data from Scotiabank 2016 playbook Kawka. recent transactions 11 TSX-V: BBI from SM Energy.250/ Acre) Acre BBI Current ~ CAD$5.500 / Acre Acreage Valuation (~ US$4. data from Scotiabank.32 FX conversion .000 / Valuation (US$1.052 mboe Liquids % 32% – >50% 59% – 71% NPV (ATAX) CAD$4.180/ Acre) Note: Permian Economic data (mid-case scenario) from Scotiabank 2016 Playbook.000 mboe 760 mboe – 1. Acreage valuations includes data from Paramount / VII transaction. Bilbo regions combined with ECA Pipestone data.500 / Acre – >US$50.The Montney / Permian Opportunity Up to Six Stacked Intervals Up to Eight Stacked Intervals Top – Tier Montney Top – Tier Permian IRR (ATAX) 38% – >130% 32% – 42% Payout (Months) 8 – 23 20 – 36 EUR 1.3 mm) Acreage CAD$2.750 / Acre US$27.100 mboe – >2.5 mm US$2.7mm –US$4.6 mm – CAD$13.

Time: 21.Drilling Optimization BBI 5-26 Drill Time: 49 Days • Blackbird has implemented leading edge optimization to achieve reduction in drill times: BBI 6-26 Drill Time: • Monobore (first in Elmworth corridor). • Bit-motor combinations. and BBI 02/2-20 Drill • Rig and crew selection. 39 Days • Movement to brine from invert drilling fluid. BBI 2-20 Drill Time: 24 Days • Precise geological steering. • Benchmarking.5 Days 12 TSX-V: BBI .

7 million TSX-V: BBI .5 million ~ $2. 6-26 and 2-20 02/2-20 3-28 ~$10 million ~$5.Cost Reduction D&C Cost D&C Cost Drill Cost (2014-2015) (Late 2016) (Late 2016) 5-26.

246 tonnes of proppant • 02/2-20 well: 3.A.) • <28.757 tonnes • 1.1 tonnes/ meter proppant • 3-28 well: 2.Completion Optimization Designing completions to allow more rock to be contacted closer to the wellbore 20 Days 20 Days 3 Days Completion Completion The Stage Completion Program #1 Program #2 • (02/2-20.0 tonnes / meter • Slickwater • CO2 (largest in N. 3-28.4 tonnes / meter of • 1.5 meter spacing • ~2.700 tonnes of proppant • ~2.5 meter spacing • 40 meter cluster spacing 14 TSX-V: BBI .765 tonnes proppant • 28. 2-20/11-9) Stage Sliding Sleeve (5-26 and 6-26) (2-20) • Slickwater • Plug & perf cluster • Sliding Sleeve • ~2.

(“Stage”) • Stage Completions Inc. Canadian Innovation: Blackbird has acquired a 10% indirect interest in Stage Completions Inc. is a downhole technology company focused on providing innovative completion solutions Three main product lines that are fully patented: SC Bowhead II: Collet-activated fracturing sleeve system designed for cased hole and open hole applications SC Bowhead: Wireline deployed Baffle isolation fracturing system designed for cased and open hole applications Cemented Ball Drop: ball activated fracturing sleeve designed for multiple frac stages in a well bore 15 TSX-V: BBI .

Permian. Duvernay. Bakken. Eagle Ford and Cardium.Canadian Innovation: Benefits to BBI Through Investment • System at cost plus an admin fee Stage’s Bowhead II Technology • Preferential Access • Participant in disruptive. Scoop and a formation in China Reduced Cost Reduced Risk (Drilling and Reduced Cost Completions) For More Information Please Visit Stage Completions Website at www.stagecompletions. Uinta.com 16 TSX-V: BBI . and Longer Laterals leading edge technology Pinpoint fracturing and Increased Stages By Q1 2017 System will have been deployed in 18 wells in the following Higher Rates and Asset in the Wellbore formations: Tonnages Montney.

Canadian Innovation: 17 17 TSX-V: BBI .

4 ) 2275 ( -1604.00 Daily 0.9 m RR: 2015-01-12 KB: 684.0 0.1 ) 25 2200 ( 659.---------- Cum 0.00 2210.8 ) Montney 2675 ( -1980.6 ) ECA 4-9 CNOR 13-22 BBI 5-26 Hz BBI 2-20 Eastern Location Hz Hz BBI 02/2-20 BBI 6-26 Hz Location 2200 ( -1529.0 0.00 2440.00 inch Page 1 of 2 ( Row 1 Col A ) Copyright 2016.0 0.---------- ( -1710.0. ---------.0 0.---------.6 ) ( -1534. ---------.0 Existing well u:\Acc um ap\xsects\ELMWORTHF2F2.1 ) 2600 ( -1905.4 ) 2560. ---------.4 ) 2300 ( -1629.00 2380.0 0.xsc Projection: None.0 m [TVD] FormTD: BLLY TD: 3585.1m to previous well 5451.0 0.0 0.1 ) DST Information 2425 ( -1759.8 ) 2470. ---------.0 2500 ( -1805. 9.6m to next well > < 8020.1 ) 2650 ( -1955.0 0.0 0.1 ) 2225 ( -1559.0 0. Fixed spac ing: 1.0 0.1 ) 2400 ( -1734. IHS 18 TSX-V: BBI [Acc uLogs .4 ) 2350 ( -1679.1m to next well > < 4751.0 Daily 0.0 0.8m to previous well 8020.8m to next well > < 5451.190282] Aug 08.0 ----. Cum 0.0 Cum 0. ---------.1 ) Cum 0.4 ) 2375 ( -1704.00 2400 ( -1729.00 2210.00 2440.4 ) 2325 ( -1654.8 ) Montney 2450 ( -1760.00 2375 ( -1685.8 ) 2475 ( -1785. 2016 14:40:23 Datum: NAD27 .2m to previous well BBI 2-20 Hz 0 ( 684.00 2380.5 m [TVD] FormTD: TD: 2462.0 2700.8 ) 2500 ( -1810.1 ) 2575 ( -1880.00 DST Information DST Information DST Information Prod Oil ( m3 ) Gas ( E3m3 ) Water ( m3 ) ----.1 ) 2350 ( -1684.8 ) Prod Oil ( m3 ) Gas ( E3m3 ) Water ( m3 ) 2400 ----. ---------.00 2475 Doig ( -1780.00 2560. ---------.1 ) 2210.0 0.2 m RR: 1981-12-25 TD: 3805.---------. ---------.1 ) 2625 ( -1930.0 0.00 2210.4 ) 2250 ( -1579.0 Daily 0.0 0.0 0.0 0.1 ) 2300 ( -1634.2m to next well > < 4665.0 Daily 0.0 0.6 m RR: 2015-10-26 KB: 670.0.0 0.0 0.0 m [TVD] FormTD: WRBR TD: 2569. Prod Oil ( m3 ) Gas ( E3m3 ) Water ( m3 ) Prod Oil ( m3 ) Gas ( E3m3 ) Water ( m3 ) ----.00 2700.1 ) Middle Montney 2325 ( -1659.0 m [TVD] FormTD: IRTN Mode: Abd Zone Fluid: N/A Mode: Abd Whip Fluid: N/A Mode: Abd Whip Fluid: N/A Mode: Abnd Fluid: N/A Mode: Abnd Fluid: N/A BRC HTR ELM 10-4-70-8 BLACK/BEAR ELM 13-22-70-8 BLACKBIRD ELM 10-8-70-7 AECOG (W) ELMWORTH 8-25-70-7 CNRL ELM 6-21-70-6 4751.0 Daily 0.1 ) 2275 ( -1609.9 m RR: 1996-11-30 KB: 665.1 ) Diamond 2550 ( -1855.8 ) 2550 Lower ( -1860.00 Belloy 2440.8 ) 2425 ( -1735.6 m RR: 1999-05-16 KB: 689.4 ) 2425 ( -1754.4 ) 2225 DST Information ( -1554.00 2470.6m to previous well 4665.---------- Cum 0.1 ) 2250 ( -1584. ---------. ---------.1 ) 2375 ( -1709.8 ) 2525 ( -1835.8 ) Prod Oil ( m3 ) Gas ( E3m3 ) Water ( m3 ) ----.8 m [TVD] FormTD: MNTN TD: 2586.0 2440. Montney Delineation A’ A • Condensate-Rich • 4 distinct intervals • 100+ bbls/mmcf A 00/10-04-070-08W6/0 00/13-22-070-08W6/0 02/10-08-070-07W6/0 00/08-25-070-07W6/0 00/06-21-070-06W6/0 A’ KB: 694.1 ) Upper 2525 ( -1830.

00 2400.0 0.6 ) Belloy 2630.4 m TD: 2650.0 0.00 2700.6 ) 2575 ( -1736. 2016 10:31:02 Projection: None.0 Daily 0.6 ) 2550 ( -1711.xsc Page 1 of 2 ( Row 1 Col A ) Copyright 2016.6 ) 2650 ( -1811.6 ) 2500 ( -1775.0.00 2400 ( -1675.00 2700 ( -1861.190282] Aug 09.0 ( -1700.6 ) 2575 ( -1850.6 ) Diamond 2625 ( -1786.6 ) Upper Montney 2450 ( -1725. ---------.00 inch Datum: NAD27 .00 2400. ---------.4 m TD: 2715.0 0.4 ) 2475 ( -1636.6 ) 2700.0 0.6 m TD: 2586.0.0m to previous well 02/06-03-069-06W6/0 KB: 724.6 ) 2425 ( -1740.6 ) Doig 2480.4 ) DST Information 2500 ( -1661.0 m [TVD] Mode: Abnd RR: 1995-02-17 FormTD: BLLY Fluid: N/A SUNCOR ELMWORTH 6-3-69-6 B’ 2-15 ECA 4-9 Hz BBI 2-20 Hz Apache 1-16 Hz BBI 1-20 Location 2400 ( -1715.6 ) 2525 ( -1800.---------- Cum 0. ---------.0 2425 Daily 0.6 ) 2525 ( -1686.6 ) 2625 ( -1900.0 m [TVD] Mode: Abnd RR: 2000-08-16 FormTD: BLLY Fluid: N/A ECA ALBRT 5-2-72-9 23884.0m to next well > < 16980.00 DST Information Prod Oil ( m3 ) Gas ( E3m3 ) Water ( m3 ) ----.0 0.00 2630. Fixed spac ing: 1.---------- Cum 0.0 0.6 ) Middle 2600 Montney ( -1761. Montney Delineation B • Condensate-Rich • 4 distinct intervals • 100+ bbls/mmcf B’ B 00/05-02-072-09W6/0 KB: 838. 9. IHS [Acc uLogs .0m to previous well 02/10-08-070-07W6/0 KB: 684.00 2480.6 ) 2475 ( -1750.0 0.6 ) 2550 ( -1825.0m to next well > < 23884.6 ) Lower Montney 2675 ( -1836.5 m [TVD] Mode: Abd Whip RR: 2015-10-26 FormTD: Fluid: N/A BLACKBIRD ELM 10-8-70-7 16980.6 ) Prod Oil ( m3 ) Gas ( E3m3 ) Water ( m3 ) ----.0 0.6 ) 2600 ( -1875.0 Existing wells 19 TSX-V: BBI u:\Acc um ap\xsects\ALBRIGHTKK. ---------.

6 ) Apache 9-23-67-6W6 Test.6 ) Prod Oil ( m3 ) Gas ( E3m3 ) Water ( m3 ) ----.6 ) 2500 ( -1775. 2016 10:31:02 Projection: None.0m to previous well 02/10-08-070-07W6/0 KB: 684.4 m TD: 2715. ---------.190282] Aug 09.0 0.6 ) Condensate* (154 hrs production) Middle Montney 2600 ( -1761.6 ) 2700.6 ) Belloy 2630. Diamond 2625 ( -1786. 565 bbls/d 2475 ( -1750.6 ) 2625 ( -1900. ---------. ---------. or Condensate ** 2575 ( -1850.0 ( -1700.0 0.000 bbls/d Available public data 2650 ( -1811.6 ) 2525 ( -1800.6 ) Lower Montney near boundary between Montney 2675 ( -1836.0.xsc Page 1 of 2 ( Row 1 Col A ) Copyright 2016.00 2700.0m to next well > < 23884.0 m [TVD] Mode: Abnd RR: 2000-08-16 FormTD: BLLY Fluid: N/A ECA ALBRT 5-2-72-9 23884. CGR 187 2.4 ) Apache 1-16 Hz 9-23 2480.00 2475 ( -1636.0 0.6 ) 2575 ( -1736.00 2400 ( -1675.6 m TD: 2586.00 2630.0 u:\Acc um ap\xsects\ALBRIGHTKK.6 ) 2480.---------- Cum 0.0 2425 Daily 0.0 0.00 inch Datum: NAD27 20 TSX-V: BBI .6 ) 2400.0 0.0 m [TVD] Mode: Abnd RR: 1995-02-17 FormTD: BLLY Fluid: N/A SUNCOR ELMWORTH 6-3-69-6 B’ Apache BBI 2-20 Hz ECA 4-9 Hz 2-15 BBI 1-20 Location 2400 ( -1715.6 ) Upper Apache 1-16-69-6W6.0 Daily 0.6 ) Montney 2450 ( -1725. 2.6 MMcf/d.0 0.6 ) 10. IHS [Acc uLogs .6 ) 2550 ( -1711. Fixed spac ing: 1. Lower Montney Highlights B B 00/05-02-072-09W6/0 KB: 838.6 ) Lower indicates 9-23 is at.6 ) Middle and Lower 2600 Montney ( -1875.0.0 0. 9.4 m TD: 2650.0 0.2 MMcf/d.---------- Cum 0.6 ) Middle Montney. ---------.6 ) Lower Montney.5 m [TVD] Mode: Abd Whip RR: 2015-10-26 FormTD: Fluid: N/A BLACKBIRD ELM 10-8-70-7 16980.00 2700 ( -1861. 2525 ( -1686.0m to previous well 02/06-03-069-06W6/0 KB: 724.00 2425 ( -1740.0m to next well > < 16980.00 Doig B’ DST Information 2500 ( -1661.00 DST Information Prod Oil ( m3 ) Gas ( E3m3 ) Water ( m3 ) ----.4 ) 2400. CGR 187 2550 ( -1825.

3mmcf/d Firm gas take-away on Alliance to Chicago • 5 mmcf/d (+ Priority Interruptible Service) Production has commenced Infrastructure Infrastructure Tie-In and Approval and Completion On Commencement Construction Time and Near of Production Commencement Budget and Cash Flow Sept 2016 Jan 2017 Jan 2017 21 TSX-V: BBI .Our Infrastructure Solution Blackbird has completed its 100% owned and operated facility and gathering system • 10 mmcf/d facility (expandable to 20-30 mmcf/d) • ~10 km of pipeline gathering system • Water disposal well System tie-in to sour processing at Gold Creek • 6.

120E 3.20E – 13.9 313 466 341 32.033E 350E N/A Available Until Tied-In Total1 N/A 12. Restricted Rate 02/2-20 (Upper Montney).0 – 3. No Data N/A 1. 3.878E – 2.316E N/A N/A Note: (1) Takeaway total excludes any potential production from the 3-28 and 2-20/11-9 wells 22 TSX-V: BBI .20E 1.5E – 2.3% Montney) 6-26 (Middle Montney) – 19.000 6.908E – 4.8 641 1.768 94 43% – Last 24 Hours.049 133 21.440 (Bottom.0E 525E – 700E 775E – 1.100 0.7% Unrestricted Rate Hole) unrestricted unrestricted unrestricted (IHS Analysis) 2-20 (Middle Montney) ~8.Production (Test Results) Flowing Casing Liquid Load Fluid Pressure Raw Gas Hydrocarbons Total Production Liquids/Gas Ratio Recovered Well (kPa) (mmcf/d) (bbls/d) (boe/d) (bbls/MMcf) to Date 5-26 (Upper 2.5 399 – 466 899 – 1.

6-26) produced during a 14 day ramp up phase for the following number of hours per day until a temporary third-party plant shut-down (plant expected to resume processing on approximately February 23.5 mmcf/d of natural gas + 850 bbls/d of condensate + 171 bbls/d of NGLs): • Average condensate gas ratio during ramp up phase of 187 bbls/mmcf plus 31 bbls/mmcf of NGLs (218 bbls/mmcf of total liquids). 10 Feb.5 2.0 800 3.200 5. 2017): Hours Flowed by Day (2017) Well Jan. 31 Feb. 12 TOTAL 5-26 8 18 19 23 24 18 19 24 24 17 12 24 15 24 269 2-20 0 0 4 0 0 9 24 24 23 22 24 24 22 22 198 102/2-20 0 0 0 0 0 2 8 23 14 6 6 18 20 0 97 6-26 0 0 0 0 0 0 0 0 0 0 1 0 0 10 11 • Production on February 12. 30 Jan.000 4. 2-20.5 4. Total Production (All Wells Choked Back. Various Hours of Production per Day) 6. 3 Feb. 9 Feb.938 boe/d (5.0 0 23 TSX-V: BBI Date . 102/2-20. 2 Feb.5 5.0 600 bbls/d mmcf/d 2.0 400 1. 5 Feb.5 1. 6 Feb. 1 Feb. 4 Feb. 11 Feb.0 1. 2017 (last Day of 14 day ramp-up) was approximately 1.0 200 0. 7 Feb.5 3. 8 Feb.0 Natural Gas (mmcf/d) Condensate (bbls/d) 1.5 0.Production Ramp Up • Blackbird’s first four wells (5-26.

2020 to July 1. June 30.000 100 30. 2029 2019 2020 Note: Total implied boe/d based on estimated 50% liquids. 2021 April 30. 2020 to January 1. Chart above assumes that Blackbird can secure processing with its current provider to 2029 (red in chart) in 24 TSX-V: BBI addition to new processing nomination (blue in chart).Production Growth Through Processing Capacity • Blackbird has entered into a non-binding nomination agreement with a premier midstream company to increase its processing throughput as follows (non-binding nomination volumes in blue): Exisiting Processing mmcf/d New Processing mmcf/d Total Implied boe/d 120 ~32. 2021 to July 1.400 boe/d 25. June 30. 50% gas composition.400 boe/d ~12. April 1.100 boe/d 15.000 ~25.800 boe/d boe/d 20. 2020 December 31.100 boe/d 35.000 20 ~2.100 boe/d 5. 2021 to 2019 December 31. .000 80 ~18. 2019 to January 1.000 0 0 Present to April 1.000 40 10.000 mmcf/d 60 ~15.

Catalysts Growth Stage Roll Out Take-Away (North and South of Wapiti Additional River) Delineation Transition to Production 25 TSX-V: BBI .

size and  Decide on Condensate-Rich scale. well development and focused capital allocation Resource Capture Resource Delineation Resource Exploitation (Size and Scale) (Positive Leading Edge Economics. (Access to Capital.Blackbird’s Value Curve Level 3 Level 1 Level 2 (What’s Next) Movement to increased value accelerating with Infrastructure construction. focus on lower Access to Capital) unit costs. repeatability. management and Montney due to fundamental drivers  5 wells successfully drilled and infrastructure) of demand / economics completed  Licenses de-risked  Upper Montney: >300 bbls/mmcf  Infrastructure built with firm  Middle Montney: >100 takeaway bbls/mmcf  Driving Economics through innovation (Stage Completions) BBI  Cash flow facilitating further delineation and growth  Raised approximately $80  Captured 91 sections of Montney million in total capital to date  Value built through exploiting Elmworth  Acquired position countercyclical $399 million market cap Resource Opportunity and at low cost 26 TSX-V: BBI .

and • Noise mitigation.329 trees to date! • Committed to reaching 200. • Reduction in water usage through technology. • Our plan gives us a significant competitive advantage as we develop our resource – this is also the right way to do business 27 TSX-V: BBI . • Extensive community consultation. • Mitigation of traffic impact.Corporate Social Responsibility • Corporate Social Responsibility is critical to gain social license to operate in any community • Tree Planting Program: focused on reclaiming boreal forest and replacing trees we take down. • Planted 51. cutlines.000 trees • Movement to reduce flare volumes. • Boring vs.

Wylie is a member 28 of the TSX-V: CanadianBBI Association of Petroleum Landmen. Prior to these companies. Grad and Walker. Craig has been part of Vice President Exploration teams at Encana. Mr. an investment banker and a principal of a private real estate development company that completed over $1 billion in real estate development. the divestiture of non-core Montney assets. Mr. David was responsible for the David Mills design. APL Oil and Gas. previously involved with establishing a dominant position in a multi-TCF gas play for a major oil and gas E&P company. the accumulation of its Montney land at Elmworth and the drilling of Blackbird's Chairman. through the successful acquisitions of two Garth Braun E&P companies. Vice President Business Joshua was previously an investment banker at Stifel Nicolaus Weisel where he was part of a team that assisted corporate issuers in raising over $3 Development billion in capital and assisted numerous issuers on M&A engagements. Prior to Mosaic Energy. an innovative downhole completions company. completions and exploitation focused on unconventional resource plays. construction and start-up of Mosaic Energy’s Kakwa / Jayar 50 mmscfd sour and liquid stabilization gas plant.. Amber. Shell. Don has been part of teams Vice President Operations at Murphy Oil. Paul has over 28 years of experience in stimulation and completions focused on unconventional resource plays. Mr. and Sonde Resources Corp. Corporate Secretary Joshua Mann Joshua is a capital markets and corporate finance professional with experience in the oil and gas. Prior to Blackbird Jeff held Chief Financial Officer & positions of increasing responsibility with BDO Canada. Paul was previously responsible for Paul Goodman multi-pad completions programs and the business line aspect of fracturing operations targeting unconventional reservoirs in the Alberta Montney. the majority targeting unconventional resources plays. Craig has over 20 years of experience in both exploration and development. gathering system. P. Facilities wellhead facilities. Don has over 30 years of experience in drilling. start-up and expansion of Crew Energy’s Septimus 60 Engineering mmscfd sweet gas plant. Braun was instrumental in raising ~ $80 million of capital for Blackbird Energy Inc. Braun was previously the President Chairman and Chief Executive Officer of an international oil and gas company.Geol. Mr. construction. Craig was Craig Wiebe. Appendix: Blackbird’s Management Name & Title Experience Garth Braun is a seasoned oil and gas executive with over 13 years of oil and gas experience combined with 30 years of diversified business experience in finance and real estate. Ralph is a Professional Geologist with over 35 years of experience in the Western Canadian Sedimentary Basin. Josh is a Petroleum Landman with over seven years of experience working with junior exploration and production companies. Braun is also a founder and director of Stage Completions Inc. responsible for multi-rig drilling and completion programs targeting unconventional reservoirs in the Alberta Montney. Over the past several years. Sanjel and Halliburton. Completions Paul has been part of teams at Encana. David was responsible for the design. Imperial Oil and Qatar Liquefied Gas Company. Chevron Canada Resources. and Manager. Ralph Allen. . Marathon and Statoil globally and has worked for numerous E&P companies in Calgary. David held senior positions with Canetic Resources. ConocoPhillips. Ralph was previously an educator on Vice President Geoscience shale for companies such as Chevron.Geo. Josh has been Joshua Wylie instrumental in assembling Blackbird’s core Elmworth land position and was a key team member in the acquisition of a processing agreement for Vice President.Eng. Capio Exploration and Saguaro Resources. Jeff Swainson Jeff is a Chartered Accountant with broad finance and accounting experience in oil and gas exploration and production. P. CEO and Elmworth Montney wells. Bow Valley Energy and Culane Energy. Standard Energy. gas gathering system and wellhead facilities. technology and agricultural industries. Braun has led Blackbird Energy. services. Mosaic Energy. Prior to joining Blackbird. Land Blackbird’s Elmworth Montney gas and a firm gas take away agreement in the Alliance pipeline to Chicago. David is a Professional Engineer with over thirty years of varied oil and gas experience. P. Manager. Inc. Don was previously Don Noakes.

Such information is also not an estimate of the reserves or resources attributable to lands held or to be held by Blackbird and there is no certainty that the reservoir data and economics information for the lands held or to be held by Blackbird will be similar to the information presented herein. however. The reader is cautioned that the data relied upon by Blackbird may be in error and/or may not be analogous to such lands to be held by Blackbird. including. information relating to areas. There is no certainty that the results of the analogous information or inferred thereby will be achieved by Blackbird and such information should not be construed as an estimate of future production levels. Such rates may also include recovered "load" fluids used in well completion stimulation. Such rates may be estimated based on other third party estimates or limited data available at this time and are not determinative of the rates at which such wells will continue production and decline thereafter. flow rates. 29 TSX-V: BBI . Information Regarding Disclosure on Reserves The reserve estimates contained herein are estimates only and there is no guarantee that the estimated reserves or resources will be recovered. the Montney is an unconventional resource play which may be subject to high initial decline rates. It should not be assumed that the future net revenues estimated by Blackbird's independent reserve evaluators represent the fair market value of the reserves. with net income reflecting the indicated oil. Disclaimers Analogous Information Certain information in this document may constitute "analogous information" as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). wells and/or operations that are in geographical proximity to or on-trend with prospective lands held by Blackbird and production information related to wells that are believed to be on trend with Blackbird's properties. less internal estimates of operating costs and royalties. test volumes and/or "flush" production rates are useful in confirming the presence of hydrocarbons. Where discussed herein "NPV 10%" represents the net present value (net of capex) of net income discounted at 10%. initial and/or final raw test or production rates. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for Blackbird. Volumes of reserves have been presented based on a company interest basis which includes Blackbird's royalty interests without deducting royalties payable by the Company. Such information has been obtained from government sources. early production. to Blackbird’s knowledge. However. Initial Production Rates Any references in this document to test rates. Blackbird has no way of verifying the accuracy of such information. but not limited to. such analogous information has not been prepared in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and Blackbird is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor. In addition. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties. nor should it be assumed that Blackbird's internally estimated value of its undeveloped land holdings or any estimates referred to herein from third parties represent the fair market value of the lands. liquids and natural gas prices and IP rate. regulatory agencies or other industry participants. such rates are not necessarily indicative of long-term performance or of ultimate recovery. Management of Blackbird believes the information may be relevant to help define the reservoir characteristics in which Blackbird may hold an interest and such information has been presented to help demonstrate the basis for Blackbird's business plans and strategies. due to the effects of aggregation.