Corporate Presentation TSX.V September 2014

TSXV.CAC

Consolidating Micro Caps, Exploiting Quality Assets

Certain statements contained in this Presentation constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements otherthan statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", “opinion", "continue", "estimate", "expect","may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", “plans” and similar expressions. These statements involve known and unknown risks, uncertainties and other factorsfacing the Corporation. Risks, uncertainties and other factors may be beyond the Corporation's control and may cause actual results or events to differ materially from those anticipated in such forward-looking statements.Canamax believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statementsincluded in this Presentation should not be unduly relied upon by investors. These statements speak only as at the date of this Presentation and are expressly qualified, in their entirety, by this cautionary statement. Inparticular, this Presentation contains forward-looking statements pertaining to the following: future plans and operations; reserve estimates; expectations of initial and future production; cash flow; capital expenditures;production targets; drilling inventory and locations; netbacks; development potential; development and completion plans; production acquisition costs; and acquisitions.

With respect to forward-looking statements contained in this Presentation, Canamax has made assumptions regarding, among other things, results of future operations, the legislative and regulatory environments of thejurisdictions where Canamax carries on business or has operations, the impact of increasing competition and Canamax’s ability to obtain additional financing on satisfactory terms. Canamax’s actual results could differmaterially from those anticipated in these forward-looking statements as a result of the risk factors included in this Presentation such as: the impact of general economic conditions; industry conditions; volatility in the marketprices for natural gas and crude oil; currency fluctuations; uncertainties associated with estimating reserves; geological, technical, drilling and processing problems; liabilities and risks, including environmental liabilities andrisks inherent in natural gas and crude oil operations; stock market volatility; the ability to access sufficient capital; incorrect assessments of the value of acquisitions; and, competition for, among other things, capital,acquisition of reserves, undeveloped lands, equipment, services and skilled personnel.

This forward-looking information represents Canamax’s views as at the date of this Presentation and such information should not be relied upon as representing its views as of any date subsequent to the date of thisPresentation. Canamax has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differmaterially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and future events could differ materially from those expected or estimated in suchstatements. Accordingly, readers should not place undue reliance on forward-looking information.

The forward-looking statements contained in this Presentation speak only as of the date of this Presentation. Canamax does not undertake any obligation to publicly update or revise any forward-looking statements, whetheras a result of new information, future events or otherwise, unless required by applicable securities laws.

Undue reliance should not be placed on management's assessment of reserve estimates, potential drilling locations and initial and potential production rates. All references to such information contained herein are basedupon internal targets as prepared by management of Canamax and are not an estimate of reserves, resources or of production rates that may actually be achieved. Such information has been provided to assist the reader inunderstanding certain principal factors upon which management has relied in making capital investment decisions and for internal budget preparation. Reserve potential information provided in this Presentation includes bothdiscovered and undiscovered resources and recoverable reserve characteristics, and there is no certainty that any portion of the undiscovered resources will be discovered and, if discovered, that any volumes would beeconomically viable or technically feasible to recover or produce. Undue reliance should not be placed on estimates of reserve potential in terms of assuming Canamax's reserves or recoverable resources. All estimates ofreserve potential contained herein are based upon internal estimates of management of Canamax.

This Presentation contains references to Original Oil in Place ("OOIP") which is equivalent to estimates of oil and gas classified as Discovered Petroleum initially in Place ("DPIP") which are not, and should not be confused withoil and gas reserves. "Discovered Petroleum Initially in Place" is defined in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") as the quantity of hydrocarbons that are estimated, as of a given date, to becontained in known accumulations. DPIP is divided into recoverable and unrecoverable portions, with the estimated future recoverable portion classified as reserves and Contingent Resources, as defined in the COGEHandbook. There is no certainty that it will be economically viable or technically feasible to produce any portion of the DPIP except to the extent identified as proved or probable reserves. Resources do not constitute, andshould not be confused with, reserves. It should be noted that given the current early stage of development of Canamax's properties, estimates of DPIP potential might change significantly in the future with furtherdevelopment activity and the amount of Contingent Resources has yet to be estimated. The resource potential estimates provided herein are estimates only and the actual resources may be greater than or less than theestimates provided herein. A recovery project cannot be defined for these volumes of DPIP at this time. There is no certainty that it will be economically viable or technically feasible to produce any portion of these potentialresources.

The information contained in this Presentation does not purport to be all-inclusive or to contain all information that a prospective investor may require. Prospective investors are encouraged to conduct their own analysis andreviews of Canamax and of the information contained in this Presentation and the public record. Without limitation, prospective investors should consider the advice of their financial, legal, accounting, tax and other advisorsand such other factors they consider appropriate in investigating and analyzing Canamax. Additional information relating to Canamax is available on the Canadian System for Electronic Document and Analysis and Retrieval(“SEDAR”) at www.sedar.com

Any financial outlook or future-oriented financial information, as defined by applicable securities legislation, has been approved by management of Canamax. Such financial outlook or future-oriented financial information isprovided 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 otherpurposes.

2

Reader Advisory and Cautionary Statements

• Corporate and property acquisitions at accretive financial metrics

• Exploit low risk development opportunities

• Top tier technical and financial competence

• Oil weighted producer with low risk core property

• Build focused suite of assets attractive to dividend paying companies

The Opportunity

• Off to a great start in 2014

• Completed 5 accretive deals and 1 farm-in in last 12 months

• July exit production – 1200 boe/d (61% Oil & NGL’s)

• Closed 3 financings - $20mm gross proceeds since Sept 2013

• Strong balance sheet – No debt

2014 Execution

• Focus on consolidation in core areas

• Targeting 2,000-3,000 boe/d in 12-24 months

• Combination of acquisition and exploitation

• Multi-year inventory of low risk drilling locations (80-170 wells currently)

Visible Growth

3

Growing shareholder value

Fall 2013

• Flood - Expand Energy acquisition for net $0.7mm, large Montney oil play, 100% WI, 37 sections

• Brazeau River – Acquired 100% WI in 2.25 sections – no up front investment, recompleted 2 wells in Cardium

• Wapiti - Completed farm-in - drilled horizontal Cardium well– Stabilized current gross production 115 boe/d

Q1 - 2014

• Purchased additional Flood assets – 5.0 net sections, 50 boe/d and infrastructure for $1.1mm –continues on strategy to consolidate in core areas

• Acquisition of Ki Exploration for $6.2mm (3.0mm shares and assumed net debt)

• 330 boe/d production

• Metrics - $19,000 boe/d and 3.0x trailing cashflow

• Completed financing for $13.0mm to fund Ki acquisition and 2014 Capex

Q2-Q3

2014

• Announced capital budget for remainder of 2014 – increased to net $18.0mm

• Infrastructure will increase corporate netbacks

• Rounded out management and operations team capable for expansion to 3000 - 5000 boe/d

• Commenced drilling and recompletion program earlier than expected with favorable initial results

• Sold Delta West for $2.4mm – 50 bbls/d

4

Many accomplishments to date – Off to a great start in 2014

Targeted calendar 2014 exit production rate of 1,575-1,675 boe/d (65% Oil & NGL’s)

5

Corporate Snapshot

Stock Exchange TSX.V – Symbol CAC

Current share price – at Sept 16, 2014 $1.39

Current warrant price – at Sept 16, 2014 ($2.40 warrants – expire March 2016) $0.17

Capital StructureCommon stock (basic)

(diluted)(Insider ownership – fully diluted)

Market Capitalization – Diluted (Diluted shares plus trading warrants)

Cash and working capital – May 31, 2014 Enterprise value – DilutedBank lines availableEV per boe/d (based on July 25, 2014 production)

41.3mm44.2mm

15%$62.9mm$6.7mm

$56.2mm$10.0mm~$47,000

(1) Lower netback due to one time maintenance costs on newly acquired Ki Exploration wells

Management is targeting net backs in the low to mid $30.00 range

Production and ReservesProduction – (as at July 25, 2014)

Oil & NGL’s %1P Value (as at Feb 28, 2014)

2P Value (as at Feb 28, 2014)

Undeveloped land (Net acres)Field Net Back (quarter ended May 31, 2014) (1)

1200 boe/d61%

$34mm$55mm~53,000$26/boe

6

Canamax Core Areas

Alberta

Edmonton

Calgary

Grand Prairie

FLOOD

WAPITI

BRAZEAU RIVER

RETLAW

Brazeau River (100%)• Cardium and Belly River light oil• 4 producing vertical wells• Multi-zone development (3 sections)

NORTH WEST ALBERTA

WEST CENTRAL ALBERTA

SOUTHERN ALBERTA

Retlaw (Approx 75% WI)• Mannville medium gravity oil & shallow cretacious gas; 32 net

sections; good seismic coverage• Increased production from 170 boe/d to net 300 boe/d since

April 30, 2014 acquisition with minimal capital

Flood (100% WI)• Montney oil; 42 sections & infrastructure; • OOIP 5.0MMboe per section, • Large vertical well development property• 10 producing vertical wells• 2014 YTD – 2 new drills and 4 recompletes – 8 more wells Q4

Wapiti (70% WI)• Cardium light oil• Farm-in earning well drilled• Horizontal well development property

7

Flood – Large OOIP Montney oil play – great initial results

July 25, 2014 production 350 boe/d (85% liquids)

Total of 42 net sections with 28.5km2 of 3D seismic

All infrastructure to achieve high net backs

True stackable production – not a resource play

Low decline rates, water floodable, vertical wells

Drill, complete and tie-in cost of approx. $0.8mm – 85+ locations identified to date

Similar economics to Saskatchewan “Viking oil play”

Montney Siltstone potential on approx. 12 sections –prospective for future vertical or Hz development

Acreage is on trend with Worsley, Dixonville

and GrimshawMontney oil fields

Major activity in the area with the majority

of the discoveries in mid-2000’s

LEGEND

Canamax 100% Lands

Recent Asset Purchase

Montney formation

Canamax Producers Montney Oil Offsetting ProductionPool Montney A Montney C Triassic D Montney F Montney C

Operator CNRL Spyglass Storm Petrus Canamax

Founder Blue Mt Trigger Belamont Devon Expand

Strike Area Worseley Dixonville Grimshaw Tangent Flood

Discovered 2004 2004 2007 2006 2011

Producers 37 111 11 22 10

Injectors 9 81 1 0 1

Production (boe/d) 576 2,687 241 215 350

Cumulative Oil (bbl) 1,751,657 8,305,576 460,155 936,457 200,000

Worlsey

Dixonville

Grimshaw

Information as of March 2014 (Accumap)

3D Seismic Coverage

Oil Battery

Injector Well

Recent drills

Potential Montney

Siltstone Area

Gas Sales Line & Compressor

8

Flood - Comparison to Viking play

Company Raging River Whitecap Beaumont Canamax

Asset Dodsland Lucky Hills Kerrobert Flood

Assumptions

Well Cost ($MM) $0.90 $0.93 $0.90 $0.80

IP 30 (boe/d) 60 120 85 70

Liquids (%) 95% 80% 96% 86%

Yr1 Decline (%) 60% 80% 80% 50%

Yr2 Decline (%) 10% 20% 8% 10%

Yr3 Decline (%) 5% 5% 3% 9%

Yr4 Decline (%) 5% 5% 3% 9%

EUR (mboe) 49.5 80.0 56.5 75

Liquids Content (%) 96% 80% 98% 85%

Economics 1 2 3 4

IRR (%) 85.0% 127.4% 121.9% 137%

NPV(10%) ($MM) $1.2 $1.8 $1.9 $1.7

Payout (years) 1.0 0.5 0.7 1.0

F+D ($/boe) $18.18 $11.63 $15.93 $11.10

Recycle (netback/F+D) 2.8x 3.9x 4.1x 5.4x

Investment Ratio (NPV10/inv) 129% 188% 210% 212%

0

20

40

60

80

100

120

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35

RRX - Dodsland WCP - Lucky HillsBeaumont - Kerrobert CAC - Flood

Key assumptions include:

• Type curve based on average of first three wells with over 30 days production and production history of acquired wells

• EUR is based on primary recovery

• Formation is good candidate for waterflood and could increase recovery by approximately 25,000 boe/well and reduce F&D costs to $8.00/boe

Months on production

Dai

ly P

rod

uct

ion

(b

oe

/d)

Type Curve Comparison

9

Flood – Current development plan – low risk development

Phase 1 - 2014 Bring on water disposal facility

and reactivate 4 wells Recomplete 4 acquired wellbores Drill and complete 2 wells• Drill and complete 8 wells – Q4• Complete infrastructure including

pipeline to injection facility, and tie in to gas sales line

• Capex spend $15.0mm

Second Phase 2015

• 10 Vertical WellsFirst Phase 2014

• 10 Vertical Wells

Reserve Parameters Unit Montney Oil

OOIP (* per section) MMbls 5.0

API Degree 27

Recovery Factor % 19

Recoverable Oil * MMbls 0.98

Recoverable Gas * BCF 1.1

Recoverable Boe * MMBOE 1.15

Single well economics NPV10 $1.7mm

• Pool size and future development could increase based on delineation and operational success

Phase 2• Second phase drilling commences

H1 of 2015• Drill and complete an additional

10 vertical wells• Capex spend $8.0mm

LEGEND

Canamax Lands

Phase 1 Location

Phase 1 Completed

Phase 2 Location

Work-over Well

10

Management internal reserve estimates @ 100% WI

Wapiti – Cardium Oil

Newly Acquired Section

New 9-21 Hz Cardium Well on Production

Reserve Parameters Unit Wapiti

OOIP (per section) MMbls 4.7

API Degree 42.0

Recovery Factor % 8.1

Recoverable Oil MMbls 0.5

Recoverable Gas BCF 1.5

Recoverable Boe MMBOE 0.8

Single well economics NPV10 $3.2mm

LEGEND

Producing Well

Horizontal Location

• Prolific sections – can add 500bbl/d of stabilized, low decline production and 1.0mmbbls recoverable

• Farm-in – net interest 70% in 2.25 sections• Earning well at 9-21-67-8W6 has been drilled & completed as Cardium

oil well – on production March 25 • IP 30 rate 405 BOE/d (net 284 boe/d - 86% Oil & NGL)• Stabilized production of gross 115 boe/d

• 7 additional development locations – all horizontal wells• Gross cost to drill, complete and equip - $3.5mm• 2014 Capex budget = 1 Hz well $2.5mm net – spud mid October

Canamax holds 100% WI in 3.0 sections

4 Producing wells

1,320 mmcf gas production (220 boe/d)

120 bbls per day oil production

Gas compressor installed to improve efficiency and remove third party fees

Canamax owns drilling pads and pipelines

Multi-zone potential

Proven Cardium oil

Belly River – “G” & Basal Zones Potential to add 600bbls of

stabilized production

8 potential locations

11

Brazeau River – multi-zone potential – large OOIP

Management internal reserve estimates @ 100% WI

Multi-Zone Potential Reserve Parameters Unit

Middle Belly River (G

Zone) Basal Zone Cardium

OOIP (per section) MMbls 8.1 6.1 4.5

API Degree 42.0 42.0 45.0

Recovery Factor % 3.7% 4.9% 5.3%

Recoverable Oil MMbls 0.3 0.3 0.2

Recoverable Gas BCF 0.7 0.7 1.5

Recoverable Boe MMBOE 0.4 0.4 0.4

Canamax Lands

Deethree Lands

Belly River Production

Cardium Production

Mannville Production

Belly River G

Basal Belly River

Belly River Play

Vertical Well Locations

Cardium Play Upper Mannville (Wilrich) Play

Wilrich Recomplete

12

Retlaw area

Producing net 300 boe/d (40% oil & liquids)

75% of production is operated

Large land position of 51.1 gross sections (31.9 net)

Good seismic coverage on Upside lands; 56km2 of 3D and 116 km of 2D

Pipelines with access to facilities

Year round access

Glauconite recomplete identified new channel – 2 follow-up wells

Multi-zone potential

Shallow low cost targets <1200 m depth

RETLAW FOCUS AREA MAP

Many acquisitions in the area, followed up by successful drilling

Horizontal Glauconite channels being targeted with results over 200 boe/d IP30 rates in the direct area

Good divestment candidate once developed, many active suitors

Area Activity Heating Up

Re-evaluate seismic data

Low cost recompletions to test concepts

Upcoming drilling location Q4 2014

Near Term Development PlanLEGEND

Canamax Lands

Canamax Wells

2014 Capital Budget - $20.5mm (1)

Flood $15.0mm

Wapiti $2.9mm

Brazeau $0.5mm

Retlaw $2.1mm

13

June – Dec 2014 Capital Budget

• Recomplete 4 wells

• Drill and complete 10 wells

• Tie-in’s and infrastructure

• Land, production & royalty purchases

• Drill, complete and equip 1 well (0.7 net)

• Recomplete 1 Wilrich well

• Drill and complete new Glauconite well

• Recomplete and equip 4 wells

Estimated incremental production range for 2014 Capital Budget 950-1,050 boe/d (IP 90)

Resulting flowing efficiency rate of approximately $20,000 per boe

(1) Net capex of $18.0mm after sale of Delta West property for $2.4mm

* Canamax may make changes to its capital expenditure budget depending on a number of factors, including drilling and and completion results, business conditions, commodity

prices and prospective acquisitions and divestitures.

400

600

800

1,000

1,200

1,400

1,600

1,800

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Estimated Production Growth

High Case

Low Case

14

Production + Cash Flow Summary – Actual & Forecast

Estimated production additions in second half of 2014 reflect capital budget

BO

E/D

June/July ProductionNote: Brazeau River production was

shut in due to plant turnaround

from June 15 to July 7

Target Exit Production Target 65% Oil

& NGL’s

-20%

20%

60%

100%

140%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Re

lati

ve P

erf

orm

ance

(%)

Share Price VS Cash Flow & Production per Share

Share Price CF/Share Production/Share

15

Exploitation program – Low risk development

(1) Management estimates

Total Development Potential (1)

Area Description ZoneWorkingInterest

Net CapitalRequiredLow Case

Net CapitalRequired High Case

Est NetProduction

IP (365) Low Case

Est Net Production

IP (365) High Case

% ($mm) ($mm) (Boe/d) (Boe/d)

Flood 60 – 150 Vertical wells Montney 100 $51.0 $127.0 2520 6,300

Brazeau 2 – Hz wells Belly River G 100 $9.0 $9.0 300 375

4 – Hz wells Basal Belly River 100 $18.0 $18.0 600 750

2 – Vertical wells Cardium 100 $3.5 $3.5 170 265

2 – Hz wells Wilrich 100 $17.0 $17.0 1,000 1,790

Wapiti 7 – HZ wells Cardium 70 $14.7 $14.7 700 1,050

Hines Creek 1 – Hz well Montney 75 $1.5 $1.5 60 100

Retlaw 1 – Recompletion Glauconite 100 $0.3 $0.3 20 40

Retlaw 2 – Vertical wells Glauconite 100 $2.0 $2.0 150 200

Retlaw 1 – HZ well Glauconite 100 $2.0 $2.0 100 160

Totals 82-172 Wells $110.0 $186.0 5,620 11,030

16

Experienced Management and Board

MANAGEMENT

Brad Gabel – President & CEO and Director• Involved in numerous acquisitions and divestitures (private and

public companies) - $360mm

• President of Pure Energy Services (TSX Listed sold for $280m),

• Founder & CEO of Canadian Sub-Surface (was TSX listed)

Jeremy Krukowski, P.Eng – Chief Operating Officer• VP Operations for Rimfire Energy Inc. start-up to 600 boe/d,

Manager of Operations at Onyx (2006) Inc. – start-up to 600 boe/d, Manager of Operations at Onyx O&G Ltd. – start-up to 1,600 boe/d

Chris Martin, C.A. – VP Finance and CFO• VP Finance and CFO of Pure Energy Services, Canadian Sub-

Surface Energy Services, Jet Energy and Calvalley Petroleum

• Involved in numerous acquisitions and divestitures

Karen Genoway – Landman• VP Land at Onyx O&G Ltd. and Rimfire Energy Inc., VP Land at

Enerplus Corp.

Nabil Khouri, P. Geol – Geologist • Over 45 years experience in WCSB. Worked with Pan Canadian,

Amerada Hess, Onyx, Ascot and Rimfire

BOARD OF DIRECTORS

Kevin Adair – Executive Chairman – President & CEO of Petrus Resources

Hugh Ross – Director – President & CEO of Novus

Mark Shilling – Director

Stuart McDowall – Director

Allan King – Director

Kevin Delaney - Director

OPERATIONAL & EXECUTIVE TEAM

Ian Buchanan – Internal legal counsel and corporate secretary

Jeremy Yee – Land Manager

Jeff Lane, P.Eng – Operations & Production Manager

Bonnie Lamming CA - Controller

Gary Sveinson – Production manager

17

Investment highlights

•Little competition in microcap acquisition space – management has proven track record

•Top tier technical competence – demonstrated by recent optimization and recompletion programs

•Focused on capital efficiency – most accretive development

How we are different

•Relationships with financial institutions to access potential acquisition targets

•Additional prospects identified

•Environment remains rich with opportunities

Acquisition Pipeline

•Focus on consolidation of quality assets in core areas

•Maintain strong balance sheet

•Acquisition, low risk exploitation, and asset optimization

•Multi year inventory of drilling locations

Disciplined & Focused

June 2014Appendix

19

Options and Warrants

Options and Warrants

Stock Options Exercise Price Expiry Dates Proceeds

273,833 $0.60 Feb-17 $164,300

1,079,168 $1.08 Oct-18 $1,165,501

934,999 $1.36 Apr-19 $1,271,599

110,000 $1.42 May-19 $156,200

525,000 $1.69 Aug-19 $887,250

2,923,000 $3,644,850

Warrants Exercise Price Expiry Dates Proceeds

500,000 $0.60 Oct-14 & Feb-15 $300,000

3,775,571 $0.60 Sept-15 $2,822,155

575,481 $1.25 May-15 $719,351

8,489,254 $2.40 Mar-16 $20,215,716

13,340,306 $24,215,716

Totals 16,263,306 $27,862,566