Current Mandates

Opportunity to acquire low decline, light oil operated assets in the legacy Judy Creek, Greater Swan Hills and Redwater fields

• 8,357 boe/d of light oil production as of December 2019, weighted 93% to liquids

  • 2,680 boe/d at Judy Creek, 3,068 boe/d at Greater Swan Hills and 2,609 boe/d at Redwater

  • 200,675 net acres with high working interest

  • Owned and operated infrastructure

Production with low decline rate of <9% supports predictable cash flow

• Annualized net operating income of $67 million supported by strong netbacks of $17/boe at Judy Creek, $16/boe at Greater Swan Hills and $24/boe at Redwater

Low-risk upside and long-term growth opportunities with ESG benefits

• Near-term, low-cost production additions through well re-activations, workovers, waterflood and CO₂ optimization, and future drilling opportunities

Manageable ARO Liability

• Asset Retirement Trusts in place for certain assets worth $42 million to be allocated to abandonment and reclamation activities

• TD estimated net ARO of ~$125 million