TSX.V : CWV Corporate Presentation July 2 201 019
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
Argent ntina na - Overview ew Argentine e econom omic c challe lenges : Improve ma market pr prospe pects in the s e short-te term dec ecrea ease i in the e inflation r rate e slight i t imp mprovemen ement i t in economi mic a activity ty i indicators exchang ange r rate s stab abil iliz izing ing At t the s e same me time me, Str trong ng s sup upport o of th the I Int nternational Mone netary y Fund und, ( (IMF) close t to attai ainin ning f fiscal al balanc ance 3
Fin inancia ial an and As Assets S Summar ary* *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 T WV TSX SXV • 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 Portfolio o of assets w with p produ duction, Solid financ ncial indi dicators: development nt and e exploration up n upside : Strong cash generation on • Strong growth since ce San Marti tin oil oil discov overy Tig ight control of of G&A expenses • • Up Upside ga gas pot otential al on on Tie ierra de del Fu Fuego concessi sions No ba bank debt bt • • Explor lorat ation asse sset provides addition onal al upsi side • 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 Stron ong cas cash genera ration… due to to signif ific icant ch change in in to total sales sh share re 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 nificant nt reducti tion in in Gen ener eral and and Administrative Expen penses (*) Estimated 8
Commodity Prices and Netback 9
Operatio ations O Overvi 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 on 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 Cu Cull llen TOTAL Gross Acres 467,289 (*) CPESA = Crown Point Energía S.A. Cerro Los Leones North An Angost stura Las s Rio Viole letas Chico NA NTINA CHILE ARGENT Rio 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 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 . 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, Gaffney 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 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 . 12
Operational Summary* Austral al Basin ( (Tierra d del Fuego) o) • 34.73% working i g inter eres est Neuquén Basin (Cerro de Los Cor ore p prod oducing asse sset ( (Q1 2019 average n net p prod oduction – Leones) • 3,470 b 70 boepd); ; 162, 2,314 n 4 net a acres ( (656.9 k 56.9 km2) 2) • San M Martin in majo jor o oil il d dis iscovery (2 (2017) – two a appr ppraisal w wells lls • dr drilled e d end d Q2 – earl rly Q Q3 20 3 2018 TGS San Martin pipeline Concessio ion extensio ion a approved ( (valid id t through 2026) • 1,000 km Neu euqu quén n Basin (Cerr erro de L Los Leones nes) 100% • Austral Basin working g inter eres est (Tierra del Fuego) Exploration P Permit – 101,208 n 1,208 net a acres ( (409.6 k 09.6 km2) 2) • Reco corded 2 214 k 4 km2 o 2 of 3D 3D seismic Q c Q3 3 20 2018 • Two e o exp xploration w wells sl s slated f for or 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 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 . 13
Tierra del Fuego - Overview Rio Cu Cull llen Ri Rio o Cullen, , Angos ostura, a, Las Las Vi Viol oletas Conc nces essions ns Drilling d depths: 1, : 1,700 00 - 2,30 2,300 m m • US $3.5 $3.5–4M (gross) p per w well ( (drill, ll, case, c comple mplete, • San San M Mar artin and ti tie-in) n) An Angost stura Ext xtensive 3 3D coverage: +1100 k km 2 • San Sebastian San M San Mar artin – 20 2017 o oil disco covery, 3 3 produci cing w wells. . • Avera rage g gross p production Q Q1 1 20 2019 4,29 9 4,290 b bopd plus 1 plus 1.5 mmc mmcfgd Las V s Violetas Las as Vi Violetas – Ave verage g gro ross pro roduction Q Q1 2019 19 • Rio Chico 20 m 20 mmcf cfgd, 490 490 b bopd Los Patos NTINA NA CHILE ARGENT Rio Grande Los Flamencos San Luis 14
Tierra del Fuego – Production Adds 2017-18 Rio Cu Cull llen San Martin Major Tobífera Oil Discovery 3 Producing Wells Average Gross Production Q1 2019 4,290 bopd Angost An stura 1.5 mmcfgd San Sebastian Los Flamencos Las V s Violetas Rio Chico Tobífera Gas Discovery NTINA NA Los Patos CHILE ARGENT 1 Producing Well Rio Grande Average Gross Production Q1 2019 Los Flamencos 3.8 mmcfgd San Luis 25 bopd 15
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