Corporate Presentation FEBRUARY 2019 1
FORTEM RESOURCES INC Black Dragon Energy LLC Corporate A D Moenkopi Rolling Rock Resources LLC Colony Energy LLC Mancos B E Godin Big Lake Energy Inc City Of Gold LLC C F Compeer Fortemresources.com 2
A Corporate Advisory Forward Looking Statements 1 2 3 4 5 6 Corporate Godin Compeer Moenkopi Mancos Corporate In the interest of providing Fortem shareholders and potential investors with information regarding Fortem, including management's assessment of Fortems’ future plans and operations, certain statements made by the presenter and contained in these presentation materials (collectively, this "presentation") are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). The forward- looking statements contained in this presentation speak only as of the date of this presentation and are expressly qualified by this cautionary statement. The information contained in this presentation does not purport to be all-inclusive or to contain all information that potential investors may require. Specifically, this presentation contains forward-looking statements relating to, but not limited to: our business strategies, plans and objectives; our target to fund our capital program and cash dividends from internally generated funds from operations; our dividend policy; our ability to mitigate the volatility in Western Canadian Select price differentials by transporting our crude oil to market using railways; our three key resource plays (Canada- Godin & Compeer, United States (Utah)- Moenkopi, Mancos), our operational plans for 2018, including oil and natural gas production and capital expenditures, the allocation of our capital budget by area and the number of wells to be drilled by area; our oil and natural gas production for 2018 and production growth rates; our production mix for 2018; our production by region for 2018; reserves and reserves life index; single well economics at Godin, Compeer, Moenkopi, Mancos, including drilling and completion costs, initial production rates, liquids weighting, capital efficiency ratio and the oil price at which the projects break-even; our liquidity and financial capacity; the sufficiency of our financial resources to fund our operations; the sensitivity of our 2018 funds from operations to changes in West Texas Intermediate oil prices, heavy oil differentials, natural gas prices and Canada-United States foreign exchange rates; the existence, operation and strategy of our risk management program, including the portion of future exposures that have been hedged; the pricing benchmarks used for our liquids production; operating netbacks for our Canadian and American assets. Cash dividends on our common shares are paid at the discretion of our Board of Directors and can fluctuate. In establishing the level of cash dividends, the Board of Directors considers all factors that it deems relevant, including, without limitation, the outlook for commodity prices, our operational execution, the amount of funds from operations and capital expenditures and our prevailing financial circumstances at the time. Although Fortem believes that the expectations and assumptions upon which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Fortem can give no assurance that they will prove to be correct. These forward-looking statements are based on certain key assumptions regarding, among other things: petroleum and natural gas prices and pricing differentials between light, medium and heavy gravity crude oil; well production rates and reserve volumes; our ability to add production and reserves through our exploration and development activities; capital expenditure levels; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labour and other industry services; the amount of future cash dividends that we intend to pay; interest and foreign exchange rates; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; our ability to develop our crude oil and natural gas properties in the manner currently contemplated; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Fortem at the time of preparation, may prove to be incorrect. Fortemresources.com 3
A Corporate About Fortem Resources Inc. 1 2 3 4 5 6 Corporate Godin Compeer Moenkopi Mancos Corporate Fortem Resources Inc is a diversified natural resource company with high potential, including oil and gas assets in North America and a gold exploration asset in Myanmar. Fortem has five wholly-owned subsidiaries named Colony Energy, Black Dragon Energy, Rolling Rock Resources, Big Lake Energy and City of Gold. As a resource company, Fortem’s team realizes that diversification within the sector will allow for various opportunities to enhance shareholder value. This unique structure gives Fortem a wide range of options to unlock value for its shareholders, raise capital and limit share dilution. Fortem may undertake public spin-outs of its subsidiaries, while maintaining a substantial interest in each project. The oil and gas subsidiaries hold over 350,000 acres of prolific oil and gas fields, with proven reserves, production and development for 2019. Fortem’s resilient management, was fortunate to lead the company in the right direction during the oil price downturn and selectively accumulated ready-made projects from companies who were forced to sell. Fortem’s experienced and knowledgeable management has helped guide and structure the company to withstand lower oil prices and benefit extremely from higher prices. The City of Gold exploration project in Myanmar, South Asia covers a 465 square kilometers mining area. The company has appointed a highly qualified team with over 30 years in the minerals industry. Fortemresources.com 4
A Corporate Fortem Resources Flowchart and NAV 1 2 3 4 5 6 Corporate Godin Compeer Moenkopi Mancos Corporate NAV Godin Compeer Moenkopi Mancos Fortemresources.com 5
A Corporate Management Team 1 2 3 4 5 6 Corporate Godin Compeer Moenkopi Mancos Corporate Fortem’s management team are well experienced professionals in all facets needed for a company with a diverse portfolio of assets. The principal team members are; Marc Bruner (CEO – Director) Mr. Bruner has over 30 years of extensive oil and gas knowledge and experience; he founded and held directorships with numerous oil and gas companies. Mr. Bruner was previously the Chairman and CEO of Falcon Oil & Gas Ltd. and served as Ultra Petroleum Corp.’s founding Chairman where he was involved in developing the Pinedale Anticline in Wyoming. While serving these companies, Mr. Bruner oversaw negotiations and contracts with global oil and gas companies including Halliburton, Exxon Mobil, Questar Gas and Hess Corporation. Michael Caetano (COO – Director) Mr. Caetano has over 20 years of successful business development and leadership in a wide variety and range of businesses. Along with his business experience he specializes in corporate structures, capital funding and mergers and acquisitions. Mr. Caetano possesses a combination of high energy, entrepreneurial spirit and innate curiosity, which will serve Fortem well in its goal of becoming a worldwide leader in the oil and gas exploration and production industry. Michael Kamis B Sc., SPE, APEGA P. Eng. (V.P. Operations) Mr. Kamis holds a B Sc. In Petroleum Engineering from the University of Wyoming, Laramie. Mr. Kamis is Vice President of Operations and Engineering for Fortem. He has over 40 years of experience in all aspects of the domestic and global petroleum industry, from drilling onshore and offshore, completion of complex deep wells, installation of gathering systems, reservoir engineering and economic analysis Fortemresources.com 6
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