TSX.V : CWV Corporate Presentation July y 2019
Why Argentina ➢ Underexplored and underexploited Oil & Gas resources ➢ Robust domestic gas prices ➢ Oil Prices indexed to Brent ➢ Extensive infrastructure to support Neuquén Basin (Cerro de Los Leones) production growth TGS San Martin pipeline ➢ Government has implemented free market reforms, lifted currency controls, reintegrated with international capital markets, encouraged oil and gas development 1,000 km Austral Basin (Tierra del Fuego) 2
Arg rgentina entina - Over verview view Argen entine tine economic nomic challen lenge ges : Impr mprove e market t prospec ects ts in the short-term erm ✓ decrease ase in the inflat atio ion n rate ✓ slight ht imp mprovem emen ent t in econo nomi mic c activit ivity y indicat cators ors ✓ exchan hange ge rate stabiliz abilizin ing At the same e time, e, Strong g suppor port t of the Internat ernationa onal Moneta etary Fund, d, (IMF) F) ✓ ✓ close e to attaining aining fiscal cal balan ance ce 3
Financial ancial an and As Asse sets ts Summ mmar ary* y* *Unless otherwise indicated, all historical financial and operational figures are presented prior to giving effect to the Company’s disposition of a 16.8251% participating interest in the Rio Cullen, Las Violetas and La Angostura hydrocarbon exploitation concessions located in the Tierra del Fuego region of Argentina on April 26, 2019. For details, see the Company’s material change report dated May 6, 2019. 4
Market Performance • Trading Symbol: CWV TSXV XV • Share Price*: Cdn $0,71/share Shares Outstanding: 72.9 million • Quarterly Dividend US$0.01 • Market Capitalization*: Cdn$ 51,76 million • * June 28, 2019 2015 2016 2017 2018 1Q 2019 PP&E+E&E Assets (MMus$) 39.98 32.78 29.21 63.78 63.49 Assets (MMus$) 47.20 39.02 40.86 85.13 83.39 Bank Debt (MMus$) 2.41 2.38 0.81 1.70 - Shareholders’ Equity (MMus $) 38.17 28.55 30.75 48.31 51.31 Oil & Gas Sales (MMus$) 15.14 14.02 12.99 48.67 12.01 EBITDA (MMus$) -6.91 0.44 2.26 23.27 6.28 Capex (MMus$) 10.61 2.81 2.84 9.75 1.94 Working Capital (MMus$) 0.64 0.19 0.69 -1.56 2.77 After an impressive turnaround, Crown Point believes that share price is still underperforming 5
Company Snapshot ✓ Po Portfol olio o of assets ets with h pro roduct ductio ion, n, ✓ Solid id financi ncial al indic icator ors: develo elopment pment and exploration oration upside ide : • Strong ong cash sh gener eratio ion • Strong ong growth wth since San Martin tin oil oil disco scovery • Tight ht con ontr trol of of G&A expenses enses • Up Upside ide gas pot oten ential tial on on Tier erra del Fuego concessio oncessions • No No bank debt ebt • Explor loratio ation asset provi vides es additio ditional al upside de Sales Volumes and Revenues 2015 2016 2017 2018 1Q 2019 Oil bbls per day 205 229 202 1,579 1,612 NGL bbls per day 18 26 22 16 18 Natural Gas mcf per day 7,373 6,888 6,028 8,449 11,036 Total BOE per day 1,452 1,403 1,228 3,002 3,470 Revenue per BOE (us$) 28.57 27.29 28.97 44.41 38.46 Royalties per BOE (us$) -4.96 -5.00 -5.37 -7.37 -5.65 Export tax per BOE (us$) - - - -1.71 -2.68 Operating Costs per BOE (us$) -11.28 -10.42 -11.77 -10.46 -9.37 Operating Netback (us$) 12.33 11.87 11.83 24.87 20.76 Well positioned and ready to acquire additional assets 6
Company Snapshot…Breakdown of Company Income ✓ St Strong rong cash generation ration … due to to signif nificant ant ch change in in tot otal al sales es share are SMx-1001 on-stream SMx-1002 on-stream Change WI of TDF from 25,7804% to 51,56% Well positioned and ready to acquire additional assets 7
Company Snapshot…G and A ✓ Signi nifican cant reduct uctio ion in in General ral and and Ad Admin inis istrati trative Expens nses es (*) Estimated 8
Commodity Prices and Netback 9
Op Oper erati ations ons Ov Over ervie view* w* *Unless otherwise indicated, all financial and operating figures are presented after giving effect to the Company’s disposition of a 16.8251% participating interest in the Rio Cullen, Las Violetas and La Angostura hydrocarbon exploitation concessions located in the Tierra del Fuego region of Argentina o n April 26, 2019. For details, see the Company’s material change report dated May 6, 2019. 10
Crown Point: Acreage Summary* Block WI Operator Net Acres Province / Basin Cerro Los Leones North 65,928 Mendoza / CPE S.A. (*) 100% Cerro Los Leones Neuquén South 35,280 Río Cullen 30,235 Tierra del Fuego / 34.73% Roch S.A. Angostura 35,833 Austral Las Violetas 96,246 TOTAL Net Acres 263,522 Rio Culle len TOTAL Gross Acres 467,289 (*) CPESA = Crown Point Energía S.A. Cerro Los Leones North Angos ostur ura Las Rio Viole letas as Chico ENTINA CHILE LE Rio ARGEN Grande Cerro Los Leones South *Unless otherwise indicated, all operating figures are presented after giving effect to the Company’s disposition of a 16.8251% participating interest in the Rio Cullen, Las Violetas and La Angost ura hydrocarbon exploitation concessions located in the Tierra del Fuego region of Argentina on April 26, 2019. For details, see the Company’s material change report dated May 6, 2019 . 11
Consolidated Oil and Gas Reserves* Natural Gas Gross Reserves @ 34.73% Oil Natural Gas Liquid Reserves Category (*) MMBBL BCF MMBBL Total Proved 2.4 11.3 0.1 Proved plus Probable 3.8 14.3 0.1 NET PRESENT VALUES OF FUTURE NET REVENUES (GROSS RESERVES) Unit Before Income Tax ( Discounted at % year) After Income Tax ( Discounted at % year) value** BIT disc. Reserves Category (**) Undisc. Disc. 5% Disc. 10% Disc. 15% Disc. 20% Undisc. Disc. 5% Disc. 10% Disc. 15% Disc. 20% 10% (MM US$) (MM US$) (MM US$) (MM US$) (MM US$) (MM US$) (MM US$) (MM US$) (MM US$) (MM US$) (us$/boe) Total Proved 100.2 87.7 77.8 69.8 63.4 62.3 54.2 47.8 42.7 38.5 20.9 Proved plus Probable 156.7 134.4 117.0 103.3 92.2 98.9 84.1 72.6 63.5 56.3 22.1 *This information is from a mechanical update report prepared by Crown Point’s independent qualified reserves auditor, Gaffne y Cline & Associates Inc., dated May 6, 2019 for the consolidated oil and natural gas reserves attributable to all of the properties of the corporations as of December 31, 2018. See material change report dated May 6, 2019 ** The unit values are based on net reserves volumes *Unless otherwise indicated, all operating figures are presented after giving effect to the Company’s disposition of a 16.8251% participating interest in the Rio Cullen, Las Violetas and La Angost ura hydrocarbon exploitation concessions located in the Tierra del Fuego region of Argentina on April 26, 2019. For details, see the Company’s material change report dated May 6, 2019 . 12
Operational Summary* • Au Aust stral al Basin in (Tierr ierra del l Fuego) uego) 34.73 .73% % working ng interes erest Neuquén Basin (Cerro de Los • Core produc ducing ng asset et (Q1 2019 9 average net et product uction on – Leones) 3,470 70 boepd); d); • 162, 2,314 4 net et acres (656 56.9 .9 km2) 2) San Martin n major or oil discover ery y (2017) 7) – two appra raisal al wells • drilled ed end Q2 – early Q3 2018 18 TGS San Martin pipeline • Concess ession on extensi nsion on approved (va vali lid through ough 2026 26) 1,000 km • Neuquén euquén Basin (Cer erro o de Los Leone nes) s) 100% 0% Austral Basin workin king g interes erest (Tierra del Fuego) • Explor loration on Permit – 101, 1,20 208 8 net et acres (409 09.6 .6 km2) 2) Recor orded ed 214 km2 of 3D seismi mic Q3 2018 18 • • Two explor loration on wells slated for Q3 2019 Good access to infrastructure *Unless otherwise indicated, all operating figures are presented after giving effect to the Company’s disposition of a 16.8251% participating interest in the Rio Cullen, Las Violetas and La Angost ura hydrocarbon exploitation concessions located in the Tierra del Fuego region of Argentina on April 26, 2019. For details, see the Company’s material change report dated May 6, 2019 . 13
Tierra del Fuego - Overview Rio Cullen len ➢ Rio Cullen, llen, Ang ngostura, stura, Las Viole letas as Conc nces essi sions ns • Drilli ling ng depths: : 1, 1,700 00 - 2,300 00 m US $3.5 – 4M 4M (gross) oss) per well (drill ll, , case, compl mplet ete, , • San Martin and tie-in) n) Angos ostur ura • Extensi sive 3D covera rage ge: : +1100 00 km 2 San Sebastian • San Martin n – 2017 7 oil discovery, , 3 produc ducing ng wells. Average ge gross s product uction on Q1 2019 4,290 90 bopd plus s 1.5 1.5 mmcfgd Las Viole letas • Las Violet oletas as – Average ge gross s prod oduct uction n Q1 2019 9 Rio Chico 20 mmcfgd, d, 490 0 bopd Los Patos ENTINA CHILE ARGEN Rio Grande Los Flamencos San Luis 14
Tierra del Fuego – Production Adds 2017-18 Rio Cullen len San Martin Major Tobífera Oil Discovery 3 Producing Wells Average Gross Production Q1 2019 4,290 bopd Angos ostur ura 1.5 mmcfgd San Sebastian Los Flamencos Las Viole letas Rio Chico Tobífera Gas Discovery ENTINA INA Los Patos CHILE 1 Producing Well ARGEN Rio Grande Average Gross Production Q1 2019 Los Flamencos 3.8 mmcfgd San Luis 25 bopd 15
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