Cuda Oil and Gas Inc.A Pure Play - Powder River, Light Oil Focused CompanySeptember 2019

TSX.V – CUDAwww.cudaoilandgas.com

COMPANY SNAPSHOT

2

➢ Market Capitalization (TSX.V – CUDA @ $0.485/share) $17.6 MM

➢ Net Debt1,2 $34.4 MM

➢ Enterprise Value $52.0 MM

➢ Basic Shares Outstanding 36.3 MM

➢ Production – YTD3 625 boe/d (60% liquids)

➢ Total Proved (“1P”) Reserves4 4.9 MM BOE

➢ Total Proved (“1P”) Net Present Value (BT10%)4 $77.8 MM

➢ Proved and Probable (“2P”) Reserves4 14.6 MM BOE

➢ Proved and Probable (“2P”) Net Present Value (BT10%)4 $191.6 MM

➢ Lands5 20,375 net acres

1. Includes short- and long-term liabilities and debt net of cash and cash equivalents2. After closing Quebec transaction (Cash proceeds of C$ 4.3 million closed on September 4, 2019 and dedicated to acquisition facility repayment)3. Year to date to June 30, 20194. Based on Ryder Scott Reserve Report effective December 31, 20185. Lands include Alberta (7,875 acres) and Wyoming (12,500 acres)

PURE PLAY - POWDER RIVER FOCUSED COMPANY

3

Southern Alberta- Low Cost, High Impact Oil

Prospects - Drill Ready

Wyoming – Powder River – Growth Asset- Shannon1 : Miscible Gas Flood Project (Incremental RF = 40%-50%) - Shannon2 : 50 Gross Booked Vertical Locations- Frontier 22 : 30 Gross Booked HZ Locations - Dakota 2 : 18 Gross Booked HZ Locations - Additional Stacked HZ Opportunities (Niobrara, Frontier 1)

Cuda is focusing significant capital resources to development

opportunities in the Powder River Basin.

➢ The Powder River Basin Offers Multiple Scalable Opportunities focused on Oil Exploration and Production

➢ Wyoming – High Impact “One-off” Acquisition completed in August 2018 delivers low risk organic growth with visible upside

1. Source: Wyoming Oil and Gas Conservation Commission – Barron Flats Shannon Unit – Enhanced Recovery Project Feasibility Report 2. Ryder Scott Reserve Report effective December 31, 2018

TRACK RECORD OF SUCCESS

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Team of proven company builders with a track record of:

a) Establishing focused, high quality growth assets and

b) Maximizing investor returns through opportune exit strategies.

Corporate Accomplishments

➢ NuLoch: Grew from 0 boe/d to 1,500 boe/d and sold to Magnum Hunter for $327 million in 2011 (249% ROI to initial investors)

➢ Forge: Grew from 70 boe/d to ~2,000 boe/d and sold to Whitecap Resources for $161 million in 2014 (265% ROI to initial investors in 2.5 years on $45 million raised)

➢ TriLoch: Grew from 0 boe/d to 1,500 boe/d and sold to Enerplus Corporation for $87 million in 2005 (199% ROI to initial investors)

➢ PanAtlas: Grew from 1,000 boe/d to 3,000 boe/d and sold to Velvet – El Paso Corporation for $77.9 million in 2001

➢ Summit: Grew from 200 boe/d to 14,000 boe/d, sold to Paramount Resources for $332 million in 2002

POWDER RIVER BASIN: PERMIAN OF THE ROCKIES

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Converse County Activity Trending Higher

Early Stages of Multiple Zone Opportunities

➢ Large Independents including EOG, Devon, Anadarko, Chesapeake, Samson Energy, and now Vermillion have large positions in the play with over

10,000 licensed wells to test multiple horizons.

➢ Recent M&A transactions land valued at US$ 2500 – US$ 3700 per acre.

Chesapeake• 5 active rigs• 213,000 net acres• 40,000 boe/d• 580 licenses

Samson• 1 active rig• 150,000+ net acres• 2,700 boe/d• 1,000+ licenses

Anadarko/OXY• 1 active rig• 485,000 net acres• 17,000 boe/d• 2,200+ licenses

EOG• 2 active rigs• 400,000 net acres• 1,500 licenses

Devon• 4 active rigs• 300,000+ net acres• 21,000 boe/d• 900 licenses

Wold• 1 active rig• 146,000 net acres• 2,000+ licenses

➢ Latest area production results indicate over 600 wells have IP30 > 500 bbls/d of oil1 with multiple IP24 reported test rates ranging from 1,000 to > 3,000 bbls/d of oil.2

1. Source: Wyoming Oil and Gas Commission2. Operators Public Disclosure

Panther Energy III• 1 active rig• 498 licenses

Formation

Powder River Basin Coal

Lance

Lewis Shale

MeaverdeTeapot

Parkman

Steele ShaleSussex

Shannon

Cody Shale

Niobrara

Carlile Shale

Frontier 1

2

3

Mowry Shale

Muddy

Dakota

Lakota

Cole Creek

Barron Flats Unit

Anschutz: Remi State 3571-16-21-9

IP24: 3,123 bbls/d oil

Wold 3874-326-23-14-3FHFrontier 1 HZ

IP30: 4,535 boe/d(60% Oil)

Wold #3675-16-9-2Frontier 1 HZ

Peak Rate: 1,446 bbls/d oilIP90:1089 boe/d (85% oil)

Anschutz: Theo Fed 3571-17-5IP24: 3,193 bbls/d oil

Converse County = 10,000 licenses

Wells: IP30 > 500 bbls/d

POWDER RIVER BASIN: COMPETITOR ACTIVITY

6

Recent Horizontal Producers > 500 bbls/d By Zone

Renos Land & MineralsSpillman Draw Unit 35-72 8-1NH

Peak Rate: 712 bbls/dC: 132,000 bbls

Renos Land & MineralsSpillman Draw Unit 35-72 8-5NH

Peak Rate: 1024 bbls/dC: 160,000 bbls

SamsonSpearhead Federal 11-2635

Peak Rate: 2,332 bbls/dC: 327,000 bblsNorthwoods Operating

Gneiss Fed 4075-27-34Peak Rate: 1,411 bbls/d

C: 329,000 bbls

ImpactHornbuckle 13W-32-19HPeak Rate:1,000 bbls/d

C: 125,000 bbls

WoldState 3675-16-9-2 2FHPeak Rate: 1,045 bbls/d

C: 176,000 bbls

WoldTuesday Draw 3874-26-23

Peak Rate: 2477 bbls/dC: 400,000 bbls

DevonSDU Tillard 17-203771Peak Rate: 961 bbls/d

C: 197,000 bbls

Anschutz Theo Fed 3571-17-5

Peak Rate: 1,477 bbls/dC: 432,000 bbls

AnschutzRemi State 3671-16-21Peak Rate: 1,550 bbls/d

C: 346,000 bbls

ChesapeakeRRC 5-34-70 USA B TR 23H

Peak Rate: 1,943 bbls/dC: 80,000 bbls

WYOMING PROVIDES MARKET ACCESS & LOW DIFFERENTIAL

7

WYO Base + Infill

➢ PRB oil pipelines have significant capacity to move additional crude to many markets

➢ Cuda anticipates continued low differential due to proximity to Cushing

➢ 2018 differential at BFU averaged ~ -2.50/bbl to WTI.

Powder River Basin Crude Takeaway Network 1

1. Source: Imperial Capital – Equity and Industry Research – October 3, 2018

Barron Flats Unit

Guernsey Benchmark Closely Tracks WTI Cushing 1

Barron Flats & Cole Creek Area Map

WYOMING – STACKED LIGHT OIL PLAYS

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➢ 1,000 bbls/d (280 net) light oil producing asset1

➢ 12,500 net acres in a contiguous block

➢ 27.75 % to 33.33% working interest

➢ Low risk high netback conventional plays with multiple horizontal drilling horizons identified and booked

➢ Approved Shannon Secondary Recovery Unit2: gas injection to start Nov/2019

➢ 10,000+ HZ wells licensed in Greater Converse3

Stacked Pay

1. Based on field estimates for June 20192. SSRU: Shannon Secondary Recovery Unit approved September 12, 20193. Source: Wyoming Oil and Gas Conservation Commission

Formation

Powder River Basin Coal

Lance

Lewis Shale

MeaverdeTeapot

Parkman

Steele ShaleSussex

Shannon

Cody Shale

Niobrara

Carlile Shale

Frontier 1

2

3

Mowry Shale

Muddy

Dakota

Lakota

SSRU-Gas Flood

Cole CreekF2/Dak

OOIP = 120 MMbblsBarron Flats Unit

ShannonOOIP = 93 MMbbls

Case Assumptions

• DCET: $1.25 MM USD• Ryder Scott FC = $55 WTI in 2019• Diff: -$2.2/bbl• OpEx: $7,500/W/M + 1.50/bbl

($4/bbl Yr1)• Royalty = 21.5% • Prod Tax = 6.0%• Ad Val Tax: 6.0%• Soln Gas = 500 scf/bbl• NGL Yield: 125 bbls/mmcf

BARRON FLATS UNIT –SHANNON DEVELOPMENT(PRIMARY)

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Ryder Scott Type Curves: IP30 = 150 and 125 bbls/d 2Future Booked Locations = 50 on Cuda Lands1

1. Gross booked locations based on Ryder Scott Reserve Report effective December 31, 20182. Type curves based on Ryder Scott Reserve Report effective December 31, 2018

Price Deck Ryder Scott_Dec31’18

Ryder Scott Type Curve A B

IP30 150 bbls/d 125 bbls/d

Cas

e P

aram

eter

s

DCET ($mUS) $1,250 $1,250Prod (IP30) (bopd) 150 125

Prod (IP30) (boepd) 172 145

Prod (IP365) (boepd) 112 92

Reserves (mboe) 172 143

% Liquids (%) 93% 93%

Eco

no

mic

Ind

icat

ors NPV10% ($mUS) $2,600 $1,890

ROR (%) 137% 91%PIR (x) 2.1 1.5

Payout (yrs) 1.0 1.3Netback Yr1 ($US/boe) $33 $33

F&D ($US/boe) $7.25 $8.75

Recycle Ratio (x) 4.6x 3.7x

25: Producers29: Proven Locations21: Probable Locations

Parkerton Ranch 13-23 Log

BARRON FLATS UNIT – GAS FLOOD PROJECT

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Gas Flood Project Timeline

BFU - Shannon OOIP = 93 MMbbls2

➢ WOGCC has approved the Shannon Secondary Recovery and Unitization application allowing full scale up of the miscible gas flood project. 1

➢ Construction of a 9-mile, high pressure, natural gas pipeline is underway to provide a long-term supply of make-up gas for the project

➢ The cyclic gas stimulation injection test started in June at the William Valentine discovery well

1. SSRU: Shannon Secondary Recovery Unit approved September 12, 20192. Gross OOIP and EURs are based on Ryder Scott Reserve Report effective December 31, 20183. Source: WOGCC - Barron Flats (Shannon) Unit – Enhanced Recovery Project Feasibility Report

➢ Ryder Scott YE2018 reserves report assigned 7.3 MM bbls of gross reserves in the probable category for the gas flood project area.

➢ A total of 6 injectors are planned for year-end 2019. William Valentine Injection Test

Pool OOIP = 93 MMbbls 2

Ryder Scott YE2018 2 Feasibility Study RF = 38% 3 Feasibility Study RF = 50% 3

MMbbls EUR RF EUR RF EUR RF

Primary 9.4 10% 9.4 10% 9.4 10%

Gas Flood Prjt 7.3 8% 26.1 28% 37.1 40%

Total 16.7 18 % 35.5 38% 46.5 50%

FRONTIER/DAKOTA HORIZONTAL UPSIDE

11

WYO Base + Infill

➢ Cole Creek Acquisition➢ Land: 11,000 acres (3,667 Net)➢ Dakota and Frontier2 HZ potential

➢ Historical legacy Frontier and Dakota production and well control indicates large OOIP with low recoverable oil to date.1

➢ Deep BFU well control defines bypassed unconventional opportunities in Frontier 1.

➢ Niobrara, Frontier 3, Mowry, and Muddy Formations provide additional opportunities.

➢ Permitting is underway on 2 horizontal locations planned for 2020.

Horizontal Drilling Potential

1. Source: Wyoming Oil and Gas Commission2. Original Oil in Place and booked locations based on Ryder Scott Reserve Report effective December 31, 2018

Booked HZ Locations- Frontier 2:- Dakota:

Barron Flats Unit27.75 %

Cole Creek33.33%

Frontier 1 HZ Potential on Cuda Lands

Ryder Scott OOIP and Booked Locations (Gross) 2

Deep Control Wells

Frontier 1 Licences

Wold #3675-16-9-2Frontier 1 HZ

Peak IP30: 1040 bbls/dCum: 176 mbbls

Derrick Draw 33-35Frontier 1 Vertical

Peak IP30: 510 bbls/dCum: 395 mbbls

OOIPProven

HZ LocationsProbable

HZ LocationsTotal HZ

LocationsNet Pay1 Porosity1 Cum Prod

Cuda W.I. %

MMbbls 2 mile 1 mile 2 mile 1 mile MMbbls

Frontier 2 83.0 4 5 13 8 30 14’ 15% 0.5 33

Dakota 34.0 2 6 4 6 18 8’ 13.5% 0.4 33

Frontier 1 - - - - 50’ 10% 0 28

Total 117.0 6 11 17 14 48

0

200

400

600

800

1000

0 6 12 18 24 30 36 42 48

Oil

Pro

du

ctio

n, b

op

d

Time, Months

Ryder Scott HZ_2 mile_700bopd_440mbbls

Ryder Scott HZ_1 mile_500bopd_320mbbls

1_Cole Creek_ Frontier 2_Vertical Average_17 Wells

2_COLE CREEK 44-22H: Frontier HZ Length = 1000'

3_COLE CREEK 31-17H: Dakota HZ Length = 1600'

4_WOLD-STATE 3675-16-9-2 2FH_ 2018

1

2

3

RYDER SCOTT HORIZONTAL TYPE CURVES - USD

12

Price Deck Ryder Scott_Dec31’18

RS F2 & Dakota Type Curve 1 mile HZ 2 mile HZ

Cas

e P

aram

eter

s Capital ($mUS) $4,000 $6,000

Prod (IP30) (bopd) 500 700

Prod (IP30) (boepd) 500 795

Prod (IP365) (boepd) 220 350

Reserves (mboe) 305 495

% Liquids (%) 100% 93%

Eco

no

mic

Ind

icat

ors

NPV10% ($mUS) $3,360 $5,190

ROR (%) 52% 52%

PIR (x) 0.9 0.9

Payout (yrs) 2.0 1.8

Netback (Yr1) ($US/boe) $36 $34

F&D ($US/boe) $13 $14

Recycle Ratio (x) 2.8x 2.8x

Graph Legend1. Frontier Vertical Average_17 Wells2. 2007 Cole Creek Frontier HZ(On Prod -2007) only 1000’ of HZ

and 1 frac: Cum = 61 mbbls 1

3. 2007 Cole Creek Dakota HZ (On Prod – 2007) only 1600’ of HZ and 1 frac: Cum = 145 mbbls 1

4. 2018 Wold – State 3675-16-9-2FH on production Jan 2018. Peak Rate = 147 bbls/d per 1000’ with a horz section of 9800’. Stimulated with 31 stages, 330,000 lbs/stage, and 118,000 bblsof fluid 2 : Cum = 175 mbbls.

Ryder Scott HZ Type Curves (1 mile and 2 mile)

1. Source: Wyoming Oil and Gas Commission2. Operators Public Disclosure

Case Assumptions• DCE&T: $4 MM(1mile) & $6 MM(2 mile) USD• Ryder Scott FC = $55 WTI in 2019• Diff: -$2.2/bbl• OpEx: $7,500/w/m, $1.5/bbl• Royalty = 21.5% • Prod Tax = 6.0%• Ad Val Tax: 6.0%• Soln Gas = 500 scf/bbl• NGL Yield: 125 bbls/mmcf

4

➢ Cuda believes modern stimulation and drilling bit technology is far superior to the 2007 vintage methods used previously in Cole Creek and anticipates improved economic results.

RYDER SCOTT YE 2018 RESERVES & NET ASSET VALUE

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Ryder Scott Oil and Gas Reserves at YE 2018

Notes▪ NPV is before tax discounted at 10% and net of royalties (Estimates of NPV do not represent fair market value) ▪ Price forecast based on Ryder Scott Escalated Deck dated December 31, 2018 with 2019 WTI = $55.50 US/bbl▪ NAV per Share based on basic shares outstanding of 36,245,316 at July 31, 2019▪ Land Value is based on the Wyoming lands only of 12,500 acres at a price of $1000 USD /acre and FX = 1.33 Cdn/US = $C 16.6 MM▪ Net Debt is $C 34.4 MM

➢ The 2018 Reserve Report is prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51 - 101") by Ryder Scott

➢ Net Asset Value which includes land and less the net debt:o Total Proved (“1P”) is $C 1.66 / shareo Total Proved plus Probable (“2P”) is $C 4.80 / share

Company Gross Reserves - before Royalties NPVNet Asset Value

(add land, less net debt)

Natural Natural Gas Total BOE

10% 10% per Share

Reserves Category Oil Gas Liquids

(Mbbl) (MMcf) (Mbbl) (Mboe) (M$) (M$)

Proved Developed Producing 723 2,638 85 1,248 24,168 6,393 0.18

Total Proved 3,853 4,831 292 4,950 77,806 60,031 1.66

Probable 6,904 9,121 1,197 9,621 113,783 96,008 2.65

Total Proved Plus Probable 10,757 13,952 1,489 14,571 191,589 173,814 4.80

PIPECO – A MIDSTREAM COMPANY

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WYO Base + Infill

➢ A gas source line will connect to the Tallgrass system and provide make up gas for the miscible gas flood project in 2019.

➢ The right of way is surveyed and currently being acquired.

➢ The Company(Cuda 33.33%) is also negotiating an oil pipeline connection(2020) to an existing pipeline at Glenrock Junction just outside of Casper, WY.

2 Lines: An Oil Sales Line and A Gas Source Line 1

Barron Flats Unit

Gas Source Line (8”) via the Tallgrass System

Oil Sales Line(6”)

➢ The oil pipeline will deliver Barron Flats Unit crude oil to Casper.

➢ High Demand for Diesel Rich Shannon Oil will increase price differential to a projected +$2 Differential to WTI (+$4/bbl gain to current price at BFU).

Source Map: CAPP -CANADIAN AND U.S. CRUDE OIL PIPELINES AND REFINERIES –Capacities at June 1, 2018 (mbbls/d)

1. Johnson & Rice Oct2/18

SUMMARY

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➢ Large Oil in Place validated by Ryder Scott Independent Petroleum Consultants

➢ Conventional Vertical Drilling offers high growth, high IRR, and low decline production

➢ Miscible Gas Flood Project underway (WOGCC approved September 12, 2019)

➢ Large Inventory of Booked Horizontal Development in the Frontier 2 and Dakota Formations

➢ Powder River horizons are being de-risked by many industry players including the Frontier 1

and Niobrara just offsetting Cuda lands.

Large OOIP

Gas Flood Project

High IRR Conventional

Targets

Horizontal Inventory

Industry De-Risking Lands

16

Appendix

SUCCESSFUL GAS FLOOD ADJACENT TO BFU

17

Adjacent to the BFU Shannon Pool

➢ The Sand Dunes Muddy Unit, immediately next to the Barron Flats Unit is a gas flood analogue for the Shannon project.

➢ The oil production responded (increasing from 3,500 bbls/d to 12,500 bbls/d) to gas flood within 3 months of initial gas injection.

Gas Injection Start

Sep ‚91

Dec ‚91 12,500 bbls/d

Oil Rate increased 3,500 bbls/d to 12,500

bbls/d in <6 months

Sand Dunes Muddy Unit – Cum Oil = 24 MMbbls

➢ Current cumulative oil recovered is 24 MMbbls which is estimated at 50% of the OOIP of 48 MMbbls.1

1. Source: Wyoming Oil and Gas Commission

BFU – GAS FLOOD PROCESS AND INJECTION PLANT

18

22-27 Gas Processing and Injection Plant➢ The 22-27 Gas Flood Process plant will

➢ process all the field solution gas,

➢ compress the source gas, and

➢ combine the additional natural gas liquid injectant into the stream to prepare the final “miscible cocktail” for injection.

➢ 2 Injection Compressors, currently in the prefabrication stage, are scheduled for installation in Q3 at the 22-27 Gas Plant site.

➢ Electrification and solution gas gathering build out is now complete to all 25 producers.

Refrigeration PlantNGL Storage Bullet

Injection Compressor Future Site

COLE CRK: FRONTIER 2 – BOOKED LOCATIONS

19

Ryder Scott YE Report 1

MMbbls Gross EUR

Cum 0.9

PUD: 9 wells 3.3

PROB: 21 wells 8.2

Total 12.4

2 Mile HZ 1 Mile HZ

PUDs 4 5

PROBs 13 8

1. Gross EURs are based on Ryder Scott Reserve Report effective December 31, 2018

COLE CRK: DAKOTA – BOOKED LOCATIONS

20

Ryder Scott YE Report 1

MMbbls Gross EUR

Cum 0.4

PUD: 8 wells 2.7

PROB: 10 wells 3.9

Total 7.0

2 Mile HZ 1 Mile HZ

PUDs 2 6

PROBs 4 6

Cole Creek 31-17 Log

1. Gross EURs are based on Ryder Scott Reserve Report effective December 31, 2018

RYDER SCOTT NI 51-101 – 2P DEVELOPMENT CASE (CAD)

21

10 Year Production and Capital Forecast 1

10 Year Cashflow Forecast 1

➢ The Long-term Development Plan demonstrates increasing cashflow stream. ($27.4 MM by 2021)

➢ Future Development Capital is $141 MM and includes drilling 98 (30 net) wells over 10 years including:

➢ 50 (14 net) Shannon Vertical Wells

➢ 30 (10 net) Frontier 2 Horz Wells

➢ 18 (6 net) Dakota Horz Wells

➢ In addition, the plan includes gas flood over 8 sections

➢ 20 wells and 11 injections

➢ + 7 MMbbls (2.0 net)

➢ 8.1 MM Net Capital

1. $CAD and based on Ryder Scott Reserve Report effective December 31, 2018

-$24 -$22

-$9 -$9 -$10 -$12 -$12 -$13 -$14 -$16

-$13.1 $5.9

$27.4 $28.3 $28.9 $29.4 $32.2 $32.5 $31.9 $31.0

-30

-20

-10

0

10

20

30

40

50

60

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

$M

M

P+P Capital P+P NOI P+P Cashflow

0

5

10

15

20

25

30

35

40

45

0

500

1,000

1,500

2,000

2,500

3,000

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Gro

ss W

ells

Net

Pro

du

ctio

n (

bo

e/d

)

P+P TP PD Vertical Drills Gross HZ Drills Gross

2021 Summary

$CAD $MM Per boe

Revenue 62.4 65.54

Royalty 13.0 13.70

Operating 8.2 8.61

Prod Tax - Ad Val 5.3 5.52

NOI 35.9 37.71

Capital 8.5

Cashflow 27.4

Probable Wedge • Gas Flood @ 3.8 MMBoes Net • 21 Vert + 31 HZ

MANAGEMENT TEAM

22

R. Glenn Dawson – President and CEO• Geologist, BSc, MSc with over 35 years of oil and gas exploration and management experience across North America• Most recently President of Williston Hunter Canada and Bakken Hunter North Dakota, subsidiaries of Magnum Hunter Resources• President of NuLoch Resources until sale to Magnum Hunter Resources in 2011• VP Exploration and President of TriLoch Resources until sale to Enerplus in 2005• Prior to TriLoch, VP Exploration at PanAtlas / Summit Resources, Sundance Oil and Gas, and Golden Eagle Oil and Gas (Ultramar)

Ron Purvis – CFO• Chartered Accountant with over 25 years of experience including public and private entities.• Experience includes IFRS conversion, financial reporting, financial management and operations for assets in Canada and U.S. • Held increasingly senior roles at Northern Blizzard Resources, TransCanada, Maxim Power Corp, Williams Energy Canada, and Ernst &

Young

Tim Bushell – VP, Exploration• Geologist, BSc with over 35 years of oil and gas exploration experience spanning Alberta, Saskatchewan and North Dakota• Senior Geologist at NuLoch and Magnum Hunter growing production by over 5,000 bbl/d through the successful drilling of over 200

wells in the Williston Basin• Prior to NuLoch, held increasingly senior geologist roles at Landcruiser Resources, Tailwind Resources, Summit Resources, and

Chevron

Chad Gutor – VP, Engineering• P. Eng, MBA with over 20 years of progressive experience in operations, exploitation and evaluations with private and public

companies • VP Engineering at Forge Petroleum• Prior to Forge, held increasingly senior roles at Petrobakken, Highpine, True Energy, Ultima Energy Trust, Enerplus, Crestar Energy,

Numac Energy

Mathieu Lavoie – VP, Quebec Operations• P. Eng, with over 15 years of experience in operations and evaluations throughout North America.

• VP Operations at Junex until 2008, with key role in assembling Quebec Land Position and building operational capability

• Director of Foragaz, an Oil and Gas drilling division working in Eastern Canada (Qc, NB, NS and NF) until 2005

BOARD OF DIRECTORS

23

Edward (Ted) Hirst - Managing Director, Head of Global Investment Banking, Canaccord Genuity Corp.Mr. Hirst was Head of North American Mining at CIBC World Markets prior to founding Genuity Capital Markets in late 2004. Genuity Capital Markets merged with Canaccord Financial in 2010 becoming Canaccord Genuity Corp. He joined CIBC World Markets in 1996 and built the team into the #1 ranked global mining M&A team. Mr. Hirst has been involved in a wide variety of mining financings as well as over 50 completed mergers and acquisition advisory assignments since 1996, including in 2014 the joint acquisition of Osisko Gold Inc. for Yamana Gold, the acquisition by B2Gold of Papillon Resources, and the acquisition by Agnico Eagle of Cayden Resources. Prior to CIBC, he was Co-Head of Corporate Finance for Bankers Trust Canada. Mr. Hirst graduated from the Schulich Business School in 1985 with a B.B.A.

Rich Frommer, P.Geol. - President and CEO, Great Western Oil and Gas.Rich has an extensive history in the Oil & Gas Industry and has worked within organizations such as Samson Resources Company and HS Resources. Rich held the position of Senior Vice President in the Rocky Mountain division at Samson Resources Company. This is where he built and developed a team and organization from a four man start up with an initial $200 million acquisition into a $4 billion asset that was part of the largest private equity oil and gas buyout by KKR. He was responsible for the planning and implementation of annual capital budgets of up to $450 million structured to provide maximum rate of return. Rich did this while managing an office staff of 125 people and four field offices of approximately 65 personnel. Rich is currently working to cultivate and expand Great Western Oil & Gas Company. Great Western is a rapidly growing domestic exploration and production company in the Rocky Mountain Region that holds roughly $3 billion in assets. Rich earned his Bachelor Degree in Geology from New York State University; in addition he has completed executive programs through the SMU Cox School of Business.

Scott Dawson, P.Eng – Independent BusinessmanMr. Dawson is a Professional Engineer with nearly 30 years of extensive experience in Western Canadian oil and natural gas engineering. As co-founder, President and CEO of Tempest Energy Corp. from June 2000 to November 2005, Mr. Dawson led the company to a plan of arrangement with Daylight Energy Trust and the formation of Open Range Energy Corp. Previously Mr. Dawson was co-founder, President and CEO of Tier One Energy Corp., a public oil and gas company, which commenced operations in 1996 and was sold in 1999. Prior to that Mr. Dawson was Engineering Manager from 1989 to March 1996 at HCO Energy Ltd., a public oil and gas company. From 1983 to 1988, Mr. Dawson was a production engineer for Westmin Resources Ltd. and its predecessor Sundance Oil Canada Ltd. Mr. Dawson is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta (APEGGA). Graduate of Haileybury School of Mines and Michigan Tech. B.Sc. Geological Engineering.

Jean-Yves Lavoie, President and CEO, JunexMr. Lavoie is a co-founder of the Company, Chairman of the Board since June 2013 and President and Chief Executive Officer from March 2017 to August 2018. He was previously the President of Junex from April 2006 to October 2011 and Chief Executive Officer from April 2006 to June 2013. He had also previously served as President and Chief of Operations since the creation of the Company in 1999 and its listing on the exchange in 2001. He was employed by SOQUIP as a petroleum engineer from 1974 to 1980, after which he remained active as a technical consultant and drilling engineer on several oil and gas projects in Québec and overseas. The different experiences acquired through various positions and projects, both prior to and following the production process, have permitted him to refine his entrepreneurship qualities. As president of Jaltin Inc. he has, among other things, initiated the realization of the natural gas underground storage of Pointe-du-Lac. This was a first in Québec and worldwide as regards nonconsolidated sediments. Mr. Lavoie is a member of the Ordre des ingénieurs du Québec, the American Association of Petroleum Geologists (AAPG), as well as the Association of Engineers, Geologists and Geophysicists of Alberta.

BOARD OF DIRECTORS – CONT.

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Guylaine Saucier – Former Chair of the Board of Directors of the CBC.Guylaine Saucier is a director of companies. She is a former Chair of the Board of Directors of the Canadian Broadcasting Corporation, a former director of the Bank of Canada, a former Chair of the Canadian Institute of Chartered Accountants (CICA), a former director of the International Federation of Accountants, and was Chair of the Joint Committee on Corporate Governance established by the CICA, the Toronto Stock Exchange, and the Canadian Venture Exchange and is a director of Wendel. Mrs. Saucier was the first woman to serve as President of the Québec Chamber of Commerce. She serves as a director of the Fondation du Musée des Beaux Arts. Mrs. Saucier obtained a B.A. from Collège Marguerite-Bourgeoys and a B.Comm. from the École des Hautes Études Commerciales, Université de Montréal. She is a Fellow of the Institute of Chartered Accountants and a Member of the Order of Canada. In 2004, she received the Fellowship Award from the Institute of Corporate Directors, in 2007, she obtained the Institute Certified Designation from the Institute of Corporate Directors, and in 2010, she received the designation Administrateur de société émérite from the Collège des administrateurs de sociétés.

Bruce Lawrence – BLG LLP Partner – Corporate Secretary, Cuda Oil and Gas Inc.Bruce Lawrence is a Partner at Borden Ladner Gervais LLP in the Securities and Capital Markets Group, and is the Regional Chair of their Oil and Gas Focus Group. Based in Calgary, Bruce has practiced in the corporate/commercial area since 1982, with an emphasis on clients involved in the natural resources sector. The bulk of his practice involves corporate and securities transactions with exposure to numerous public and private financings, mergers, acquisitions, take-over bids and plans of arrangement. Bruce is also involved in oil sands and off-shore oil and gas development. Bruce graduated from the University of Calgary with a B.Comm. in 1979 and obtained a LL.B. from the University of Alberta in 1982.

R. Glenn Dawson – President and CEO, Cuda Oil and Gas Inc.Mr. Dawson is an Exploration Geologist with 35 years of Oil and Gas exploration experience across multiple hydrocarbon basins in North America. A company builder with the visibility to recognize corporate growth opportunities and define strategies to fund and execute organic exploration and development programs. Founder of several TSX listed oil and gas companies, successfully built and vended to larger entities at significant multiples to invested capital. Technical background, manager of multi-discipline Geoscience oriented exploration teams with E&P budgets up to $200MM per year. Glenn earned a Bachelor Degree in Geology from Weber State University – Utah, and attended the Masters Degree program from the University of Calgary.

FORWARD LOOKING STATEMENTS

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This presentation contains forward-looking statements. All statements other than statements of historical fact included in this presentation, are forward-looking statements that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. In particular, forward-looking information included in this presentation includes (i) Cuda’s exploration and development plans(including injection and gas flood plans), proposed drilling and exploration programs, production estimates, production growth rates and recovery factors, which assume accuracy of technical and geological information and analysis and the ability to achieve similar results to analogous case studies and industry involvement in prospective areas and may be impacted by unscheduled maintenance, labour and contractor availability; (ii) capital expenditures and other cash costs, which assume foreign exchange rates and accuracy of production estimates, and may be impacted by unexpected maintenance, the need to hire external resources and accelerated capital plans; (iii) forecasted cashflow, profits, operating netbacks, payouts and rates of return, which assume production and expenditure estimates and may be impacted by energy prices, production estimates, and the timing of payments; (iv) reserves and resources which are forward-looking statements by their nature involving the implied assessment that the reserves and resources can be profitably produced, and may be impacted by energy prices, future drilling results and operating costs; (v) potential acquisitions and other corporate development activities and the anticipated benefits therefrom, and (vi) future pipeline connections and the anticipated impact on price differentials. Risk factors that could prevent forward looking statements relating to Cuda and its operating activities from being realized include ongoing permitting requirements, the actual results of current exploration and development activities, operational risks, risks associated with drilling and completions, uncertainty of geological and technical data, market conditions, the availability and nature of alternative sources of energy, conclusions of economic evaluations, and changes in project parameters as plans continue to be refined as well as future prices of energy. Although Cuda has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cuda disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

OIL AND GAS ADVISORIES

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ResourcesOriginal Oil In Place ("OOIP") is used by Cuda in this news release as an equivalent to Discovered Petroleum Initially-In-Place ("DPIIP"). DPIIP, as defined in the Canadian Oil and Gas Evaluation Handbook (COGEH), is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of DPIIP includes production, reserves and contingent resources; the remainder is unrecoverable. The OOIP/DPIIP set forth in this news release has been provided for the sole purpose of highlighting the recovery factors used by Cuda's independent engineers in attributing reserves to Cuda effective as of December 31, 2018. It should not be assumed that any portion of the OOIP/DPIIP set forth in the news release is recoverable other than the portion which has been attributed reserves by Cuda's independent engineers. There is uncertainty that it will be commercially viable to produce any portion of the OOIP/DPIIP other than the portion that is attributed reserves. For information relating to the reserves attributed to Cuda, refer to the Statement of Reserves Data and Other Oil and Gas Information (Form 51-101F1) dated March 31, 2019 available at www.sedar.com.

Analogous InformationThis presentation provides certain information on the production rate of wells, land values and the impact of gas flood projects on properties in proximity to the Wyoming properties which is “analogous information” as defined by applicable securities laws. This analogous information is derived from publicly available information sources which Cuda believes are predominantly independent in nature. Some of this data may not have been prepared by qualified reserves evaluators or auditors and the preparation of any estimates may not be in strict accordance with the Canadian Oil & Gas Evaluation Handbook. Regardless, estimates by engineering and geotechnical practitioners may vary and the differences may be significant. Cuda believes that the provision of this analogous information is relevant to its activities and forecasting, given its interest in properties in the area; however, readers are cautioned that there is no certainty that the forecasts provided herein based on analogous information will be accurate.

Future Drilling Locations Unless otherwise specified, the information in this presentation pertaining to future drilling locations or drilling inventories is based solely on internal estimates made by management and such locations have not been reflected in any independent reserve or resource evaluations prepared pursuant to NI 51-101. Similarly, unless otherwise specified, the information in this presentation pertaining to targeted reserve volumes from future drilling is intended to indicate that in making its internal drilling decisions, Cuda seeks to target drilling locations that, based on previous drilling results and its own internal assessments, it believes will on average ultimately generate the indicated volumes. This presentation discloses drilling locations which are unbooked locations and are internal estimates based on Cuda's prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources and have been identified by management as an estimation of multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that Cuda will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which Cuda actually drills wells will ultimately depend upon the availability of capital, regulatory approvals, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the unbooked drilling locations have been de-risked by drilling existing wells in relative close proximity to such unbooked drilling locations, other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.

OIL AND GAS ADVISORIES CONT.

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Type Well Production and EconomicsThis presentation contains references to type well production and economics, which are derived, at least in part, from available information respecting the well economics of other companies and, as such, there is no guarantee that Cuda will achieve the stated or similar results, capital costs and return costs per well.Any reference in this presentation to initial, early and/or test or production/performance rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. Additionally, such rates may also include recovered “load oil” fluids used in well completion stimulation.While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Cuda. The initial production or test rates may be estimated based on other third-party estimates or limited data available at this time. In all cases in this presentation initial production or test rates are not necessarily indicative of long-term performance of the relevant well or fields or of ultimate recovery of hydrocarbons. Well-flow test result data should be considered preliminary until a pressure transient analysis and/or well-test interpretation has been carried out.

Oil and Gas MetricsThis presentation contains metrics commonly used in the oil and natural gas industry, as set forth below. These terms do not have a standardized meaning and the calculation of such metric set forth herein may not be comparable to the calculation method used or presented by other companies for the same or similar metrics, and therefore should not be used to make such comparisons.“bbls/d” means barrels of oil per day. “Mcf/d” means one thousand (1000) standard cubic feet of gas per day. “BOE” means barrels of oil equivalent. Natural gas volumes have been converted to a barrels of oil equivalent or boe using six thousand cubic feet equal to one barrel unless otherwise stated. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Boe may be misleading, particularly if used in isolation.F&D means finding and development costs which are calculated by dividing the identified capital expenditures by the applicable reserves additions. F&D costs can include or exclude changes to future development capital costs.IRR means internal rate of return and is the discount rate required for the net present value to equal zero.Operating netback(or Netback) equals total petroleum and natural gas sales less royalties and operating costs calculated on a boe basis. Net Present Value (NPV10) means the anticipated net present value of the future net cash flow (before tax), after capital expenditures discounted at a rate of 10%. Estimates of NPV of future net revenue do not represent fair market value.Payout means the anticipated years of production from a well or facility required to fully pay for the development well capital or other capital of such well or facility. PIR means profit to investment ratio and is equal to the present value of future adjusted funds flow divided by the investment capital (a value lower than 0 would indicate that the projects present value is less than the initial investment).Recycle ratio is a measure for evaluating the effectiveness of a company’s re-investment program. The ratio measures the efficiency of capital investment by comparing the operating netback per BOE to F&D cost per BOE.