; Jamie Kubik, CPA, CA Dave Popowich EQUITY RESEARCH +1 403-216-3405 +1 403-216-3401 [email protected] [email protected] August 17, 2020 Earnings Revision Daine Biluk, CFA Dennis Fong, P.Eng. +1 403-260-8675 +1 403-216-3400 Rigs N’ Reserves: The Week Ahead In North [email protected] [email protected]

American Energy Sina Keivani, CFA Chris Thompson, MBA +1 403-221-5854 +1 403-216-3021 Industry Adaptation Underway As Consolidation Continues [email protected] [email protected]

Paul Ryu, CPA Christopher True +1 403-216-8518 +1 403-221-5865 [email protected] [email protected]

Camille MacBean Eeshwar Dutt +1 403-216-3402 +1 403-216-3007 [email protected] [email protected]

Sectors: Energy, Industrials

All figures in Canadian dollars unless otherwise stated.

For required regulatory disclosures please refer to "Important Disclosures" beginning on page 29. Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020 Key Energy Themes This Week Industry adaptation underway as consolidation continues. ‘Turbulent’ is a fitting description of the energy sector currently. There are numerous headwinds, but also crosswinds, and even tailwinds. Q2 was a good demonstration of this turbulence, with some companies printing challenging updates, some clearly faring fine, and others nearly excelling through the downturn. Consolidation is a theme which has come up frequently in our conversations with investors for some time, and for a space that has seen limited deal flow during the last couple of years, the recent volatility has driven a modest uptick in transactions in both Canada and the U.S. Although our conversations point to this as likely being a welcome event by the investment community, some of these transactions have been circumstantial due to liquidity considerations. While the two most recent Montney transactions in the WCSB (KEL/COP and PONY/CNQ) are likely seen as owing to unique circumstances, it would also be unsurprising to see consolidation further continue, particularly with commodity prices beginning to show some stability. Deal metrics of these two transactions are summarized in Exhibit 1, demonstrating a stronger premium paid for KEL’s Inga asset. This was likely a forgone conclusion, as Inga carries a higher liquids weighting, and carries synergies with ConocoPhillips’ nearby Blueberry position, which had long pegged the entity as a potential suitor. Both KEL and PONY announced numerous credit facility redetermination extensions during Q2/20, with PONY explicitly noting “potential near-term liquidity considerations” as a driving factor, thereby providing the opportunity for an acquiror with ample liquidity and long term focus to step in. It is also unsurprising that this has spurred interest in a handful of additional Montney names under coverage, including AAV, CR, LXE, NVA, POU, and SRX, which saw healthy share price performance over the course of the week. Although we are not forecasting any explicit sales at this point, each of these entities has a track record of transacting throughout various cycles, and LXE in particular has long been touted as a likely seller.

Exhibit 1: KEL & PONY Transaction Comparison KEL (Jul 23, 2020) PONY (Aug 10, 2020) Acquiror ConocoPhillips Canadian Natural Asset Inga/Fireweed Corporate Consideration $551MM (cash & financial obligations) $461MM (cash) EV/boed ~$39,000 ~$10,000 2021E EV/DACF 7.2x 2.8x 2P $1.83 $0.40 Gas Weighting (2020E) 44% 91%

Source: Company reports and CIBC World Markets Inc.

Company-specific Changes Included Within This Publication Following a deeper review of corporate disclosure and earnings calls, we have made the following estimate changes for companies under coverage:

 Ensign Energy Services (Neutral, $1.00 Price Target): Following the conference call and update (please find our First Look here), we have made minor tweaks to our 2020/21 estimates. The conference call provided good colour on expectations around the cadence of international activity as well as shortfall and contracted but idle revenue in H2/20, all of which we believe is accounted for in our updated estimates. Although we view Ensign’s open market debt repurchases for a fraction on the dollar as an attractive way to reduce debt, overall leverage ratios remain excessive related to current activity levels. As such we reiterate our Neutral rating and $1.00 price target.

 Peyto Exploration (Neutral; $3.00 Price Target): We have made minor changes to our estimates following Peyto’s Q2/20 earnings, which were largely in line with our expectations. We have bumped H2/20 production a bit higher to reflect the tie-in of new wells, and made some adjustment to forward cost assumptions.

2 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

 Painted Pony Energy (Neutral; $0.69 Price Target): Although Q2/20 cash flow was well below our expectations, the results are largely immaterial given that Painted Pony announced an agreement to be acquired by Canadian Natural Resources last Monday, in an all-cash deal that values the equity at $0.69/sh. Painted Pony has scheduled an shareholder vote for October 1, at which point we expect the acquisition of the company to be approved.

 STEP Energy Services (Neutral, $0.60 Price Target): Following the Q2/20 release (please find our First Look here), we have actualized for the quarter and lowered our forward estimates on the back of the tougher operating environment in the U.S. While we still see the company as in a better position with covenant relief secured, nonetheless the North American pressure pumping outlook is soft, which should translate to weak cash flow returns over the remainder of 2020 and 2021. As such we reiterate our Neutral rating and $0.60 price target.

3 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020 Macro Commodity Update – Natural Gas Liquids - Key Charts

Natural gas liquid (NGL) prices have been recovering steadily from the downdraft that began in March: Ethane prices in Mont Belvieu on the U.S. Gulf Coast, the largest NGL trading hub in North America, are currently at their year-to-date (YTD) highs as demand, almost entirely from petrochemicals, has remained resilient throughout the year (Exhibit 1). Similarly, propane pricing is also at YTD highs, even as demand remains muted in the summer and inventory levels are relatively high. Seasonality plays into propane pricing, with increased demand during the winter heating season. We also believe a component of Asian driven demand has helped provided some modest price support in the summer months, along with petrochemical demand for plastics through the pandemic. Butane and pentane- plus have underperformed the lighter counterparts (ethane and propane) as their primary source of demand (the energy sector), remains under pressure. Butane demand outside gasoline-blending has been relatively weak this year, but the seasonal blending starting in the fall should help strengthen pricing. For Western Canada, we believe producers could also look at blending butanes with condensate to help bolster revenues as diluent demand increases into the fall (at least to the allowable extent). Pentanes-plus inventory levels at the end of July were estimated at ~39.5 MMBbl, higher than the previous all-time high of ~26.2 MMBbl in late 2016, which will continue to weigh on pricing even as demand, mainly for gasoline blending, and exports to Canada (oil sands diluent) are likely to be resilient going forward.

Exhibit 2: U.S. NGL Balances & Pricing

300 7.70.0 Inventory FoFroerceacsatst PrPordoudcutciotinon FoFroerceacsatst 250 6.60.0 ) ) ) ) l l d d / / b b l l 5.50.0 B B b 200 b B M B M M M M M ( ( 4.40.0

M M y y ( (

r r 150 n n o o t t o o

i 3.0 i 3.0 n n t t e e c c v v u 100 u n n d d I I 2.20.0 o o r r P P 50 1.10.0

0 0.00.0

Etthane Propane//Propyllene Buttanes Penttanes Pllus EtEhtahnaene PrPorpoapnaen/eP/rPorpoyplyelneene BButuatnaenses PePnetnatnaense sP lPulsus

5.0 2.4 Consumption Forecast Net Exports Forecast 4.5 2.1 4.0 ) ) 1.8 d d / / l l 3.5 b b B

B 1.5

3.0 M M M M ( (

1.2 2.5 t r n o o i p t 2.0 0.9 x p E

m

1.5 t u e 0.6 s N n 1.0 o

C 0.3 0.5 0.0 0.0

Ethane Propane/Propylene Butanes Ethane Propane/Propylene Butanes Pentanes Plus Butanes - Refining Pentanes Plus Pentanes Plus - Refining

80 140% 130% 70 120% ) l ) b 110% S B 60 / L $

L 100% ( S

e U 50 90% ( d

u e 80% r c i C r 40

f 70% P

o

u 60% e e i

30 g v

a 50% l t e n

B 40% e

t 20 c r n 30% e o P

M 10 20% 10% 0 0% 6 7 8 9 0 6 6 7 7 8 8 9 9 0 6 7 8 9 0 6 7 8 9 0 6 6 7 7 8 8 9 9 0 6 7 8 9 0 1 1 1 1 2 1 1 1 1 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 1 1 1 1 2 1 1 1 1 2 ------l l l l l t t t t l l l l l r r r r r t t t t n n n n n r r r r r n n n n n c c c c u u u u u c c c c p p p p p u u u u u p p p p p a a a a a J J J J J a a a a a J J J J J A O A O A O A O A J J J J J A O A O A O A O A J J J J J Ethane Propane Butane Pentanes Plus Ethane Propane Butane Pentanes Plus

Note: Ethane rejection into the natural gas system prior to NGL Plant processing is excluded. Forecast is based on the latest EIA Short Term Energy Outlook. Source: Bloomberg, EIA and CIBC World Markets Inc.

4 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020 Recent Reports Aug 14 STEP Q2/20 First Look: In-line Print; Covenant Relief Secured

Aug 13 PEY Q2 First Look: Slight Cash Flow Miss, No Changes To Outlook

Aug 13 SRX Q2/20 Recap: Headwinds Shifting To Tailwinds As Nig Arrives

Aug 12 FRU Q2/20 Results As Expected - Remains A Favoured Stock

Aug 12 BIR Q2/20 Recap: Entering The Free Cash Flow Zone

Aug 12 TVE Q2/20 Recap: Solid Print, Remains Attractive Small-cap Pick

Aug 12 PRQ Q2/20 Recap: Steady Performance In A Tough Quarter

Aug 12 U.S. Petroleum Data Flash

Aug 12 The Natural Gas Guide

Aug 11 TOT First Look: Strong Q2 Beat; Upgrading To Outperformer

Aug 11 BNE Q2/20 Recap: Results Better Than Expected

Montney Consolidation Continues; Canadian Natural Steps In Aug 10 PONY With Cash Offer

Q2/20 First Look: Strong Headline Print On Shortfall Revenue; Aug 10 ESI Core Results Fall In Line

Aug 10 EFX After The Call: Post-quarter Thoughts

5 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 3: Index & Energy Benchmark Performance

TSX vs. S&P 500 TSX vs. TSX Capped Energy S&P 500 vs. S&P 500 Energy

2.00 2.00 2.00 TSX Composite TSX Composite S&P 500 S&P 500 TSX Capped Energy S&P 500 Energy

1.60 1.60 1.60

1.20 1.20 1.20

0.80 0.80 0.80

0.40 0.40 0.40

0.00 0.00 0.00 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 ------l l l l l ------l l l l l l l l l l n n n n n n n n n n u u u u u n n n n n u u u u u u u u u u a a a a a a a a a a J J J J J a a a a a J J J J J J J J J J J J J J J J J J J J J J J J J

Energy Indices - Canada Energy Indices - U.S.

2.00 2.00 TSX E&P TR S&P 500 E&P TSX Integrated TR S&P 500 Integrated TSX Oilfield Services & Equipment TR 1.60 1.60 S&P 500 Equipment & Services TSX Drillers TR S&P 500 Drillers

1.20 1.20

0.80 0.80

0.40 0.40

0.00 0.00 6 7 8 9 6 7 8 9 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 ------l l l l l l l l l l t t t t t t t t r r r r r r r r r r n n n n n n n n n n u u u u u u u u u u c c c c c c c c p p p p p p p p p p a a a a a a a a a a J J J J J J J J J J O O O O O O O O A A A A A A A A A A J J J J J J J J J J

Source: Bloomberg and CIBC World M arkets Inc.

6 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 4: Commodities And ETFs Funds Flow

WTI vs Brent Henry Hub vs AECO

$120 $5.00 WTI Brent Henry Hub AECO

$80 $4.00

$40 $3.00 u t l B b M B / M $ / S $ S U

$0 U $2.00

-$40 $1.00

-$80 $0.00 6 7 8 9 6 7 8 9 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 ------l l l l l l l l l l t t t t t t t t r r r r r r r r r r n n n n n n n n n n u u u u u u u u u u c c c c c c c c p p p p p p p p p p a a a a a a a a a a J J J J J J J J J J O O O O O O O O A A A A A A A A A A J J J J J J J J J J

Natural Gas Liquids Funds Flow by Sector for US Equity ETFs for the Week Ending August 13, 2020

$125 Financial $762 Alberta Condensate Texas Condensate Alberta Propane Texas Propane Energy -$37

$100 Materials $301

Technology $806

$75 Thematic $23 l b Communications Sector $30 B / $

S Real Estate -$139 U $50 Consumer Discretionary $202

Consumer Staples -$92 $25 Utilities $115

Industrials $854 $0 Health Care-$325 6 7 8 9 6 7 8 9 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 ------l l l l l r r r r r v v v v y y y y y n n n n n p p p p u u u u u a a a a a o o o o a a a a a a a a a a e e e e

J J J J J -400 -200 0 200 400 600 800 1,000 J J J J J M M M M M N N N N S S S S M M M M M US$ (Millions) Source: Bloomberg and CIBC World M arkets Inc.

7 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 5: CIBC Energy Indices

TSX E&P vs. CIBC Oil Weighted SMID Cap E&Ps TSX E&P vs. CIBC Gas Weighted SMID Cap E&Ps

2.50 2.50 TSX E&P TR TSX E&P TR

Oil Weighted SMID Cap E&Ps TR Index Gas Weighted SMID Cap E&Ps TR Index 2.00 2.00

1.50 1.50

1.00 1.00

0.50 0.50

0.00 0.00 6 7 8 9 6 7 8 9 0 6 7 8 9 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 ------l l l l l l l l l l t t t t t t t t r r r r r r r r r r n n n n n n n n n n u u u u u u u u u u c c c c c c c c p p p p p p p p p p a a a a a a a a a a J J J J J J J J J J O O O O A A A A A O O O O A A A A A J J J J J J J J J J

TSX O&G vs. Canadian Large Cap E&Ps TSX E&P vs. CIBC Royalty Corps

2.00 2.00 TSX E&P TR TSX E&P TR CIBC Large Cap. E&Ps TR Index CIBC Royalty Corps TR Index 1.60 1.60

1.20 1.20

0.80 0.80

0.40 0.40

0.00 0.00 6 7 8 9 6 7 8 9 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 ------l l l l l l l l l l t t t t t t t t r r r r r r r r r r n n n n n n n n n n u u u u u u u u u u c c c c c c c c p p p p p p p p p p a a a a a a a a a a J J J J J J J J J J O O O O O O O O A A A A A A A A A A J J J J J J J J J J

Source: Bloomberg and CIBC World M arkets Inc.

8 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 6: CIBC Energy Indices

TSX E&P vs. LatAm E&Ps TSX O&G-Equipment & Services, Drillers vs. CIBC Oilfield Services

3.00 2.50 TSX E&P TR TSX Oilfield Services & Equipment TR TSX Drillers TR LatAm E&Ps TR Index CIBC Oilfield Services Coverage 2.40 2.00

1.80 1.50

1.20 1.00

0.60 0.50

0.00 0.00 6 7 8 9 6 7 8 9 0 6 7 8 9 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 ------l l l l l l l l l l t t t t t t t t r r r r r r r r r r n n n n n n n n n n u u u u u u u u u u c c c c c c c c p p p p p p p p p p a a a a a a a a a a J J J J J J J J J J O O O O A A A A A O O O O A A A A A J J J J J J J J J J

STENRE Index vs. OSX Index vs. Oilfield Services Cos

2.50 STENRE Index OSX Index 2.00 CIBC Oilfield Services Coverage

1.50

1.00

0.50

0.00 6 7 8 9 6 7 8 9 0 6 7 8 9 0 6 7 8 9 0 1 1 1 1 1 1 1 1 2 1 1 1 1 2 1 1 1 1 2 ------l l l l l t t t t r r r r r n n n n n u u u u u c c c c p p p p p a a a a a J J J J J O O O O A A A A A J J J J J

Source: Bloomberg and CIBC World M arkets Inc.

9 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 7: Events Calendar

North American Oil & Gas Economic Calendar August 2020 Sunday Monday Tuesday Wednesday Thursday Friday Saturday Legend 2 3 4 5 6 7 8 Q2/20 Earnings: NVA, GTE EIA Crude Data E I A Natural Gas Inventories U . S . Baker Hughes Rig Count Q2/20 Earnings: PXT Q2/20 Earnings: AAV, CR, EFX, Q2/20 Earnings: ERF Earnings Release FEC, KEL, POU, PSI Ticker Before Market Open Civic Holiday Ticker After Market Close Ticker Timing Unavailable

BC AB, SK Futures Contract Expiries 9 10 11 12 13 14 15 CL WTI 1-Month Q2/20 Earnings: BDI, BNE, TOT EIA Crude Data E I A Natural Gas Inventories U.S. Baker Hughes Rig Count Q2/20 Earnings: PRQ, BIR, PEY, Q2/20 Earnings: STEP CO Brent 1-Month PONY, FRU, SRX, TVE NG HH 1-Month WCS WCS 1-Month

Canadian Crown Land Sales

EIA STEO OPEC MOMR IEA MOMR MB AB, BC, MB, SK 16 17 18 19 20 21 22 Holiday/Market Closed EIA Crude Data EIA Natural Gas Inventories U.S. Baker Hughes Rig Count Canadian Holiday

US Holiday

August Su M Tu W Th F Sa WCS AB CL 2 3 4 5 6 7 8 23 24 25 26 27 28 29 9 10 11 12 13 14 15 EIA Crude Data EIA Natural Gas Inventories U.S. Baker Hughes Rig Count 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1 2 3 4 5

September Su M Tu W Th F Sa NG 30 31 1 2 3 4 5 30 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3

Source: Company reports and CIBC World Markets Inc.

10 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Canadian SMID-cap Producers Valuation Metrics

11 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 8: Canadian SMID-cap Producers – Valuation Metrics (CIBC Base Deck)

Price Div. Yield Mkt Cap Net Debt Current EV P/CF D/CF EV/DACF EV/Boe/d Company Ticker Currency Analyst Rating 14-Aug-20 Target (%) (MM) (MM) (MM) 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E Oil-Weighted SMID Cap E&Ps Baytex Energy BTE CAD DP NT $0.73 $0.85 0.0% $409 $1,858 $2,267 1.6x 1.0x 0.7x 8.9x 4.5x 2.6x 6.3x 4.3x 2.9x $34,306 $29,228 $24,741 Bonterra Energy BNE CAD JK UN $1.50 $1.00 0.0% $50 $253 $303 1.4x 0.8x 0.7x 8.0x 4.2x 3.0x 6.4x 4.0x 3.2x $31,393 $29,763 $29,114 Crescent Point Energy CPG CAD DP NT $2.59 $2.50 0.4% $1,371 $2,394 $3,765 1.8x 1.8x 1.0x 3.3x 3.1x 1.5x 4.5x 4.3x 2.5x $33,125 $33,863 $28,403 Enerplus ERF CAD JK OP $4.07 $5.00 2.9% $926 $522 $1,447 2.4x 2.3x 1.8x 1.6x 1.3x 0.6x 3.7x 3.4x 2.3x $16,962 $17,535 $16,297 Surge Energy SGY CAD DP NT $0.33 $0.50 0.0% $109 $319 $428 1.3x 0.9x 0.6x 4.5x 2.6x 1.7x 4.6x 3.1x 2.1x $25,886 $21,257 $18,834 Tamarack Valley Energy TVE CAD DP OP $1.00 $1.75 0.0% $229 $144 $373 2.1x 1.5x 1.0x 1.7x 0.9x 0.1x 3.5x 2.3x 1.1x $19,460 $16,909 $10,810 TORC Oil & Gas TOG CAD JK OP $2.06 $2.50 0.0% $476 $225 $701 3.6x 2.3x 1.7x 2.5x 1.1x 0.1x 5.5x 3.1x 1.7x $30,586 $27,397 $19,992 Vermilion Energy VET CAD DP NT $5.99 $8.00 0.0% $948 $1,744 $2,692 2.0x 1.7x 1.3x 3.9x 3.1x 2.0x 5.1x 4.3x 3.1x $29,756 $30,567 $26,528 Whitecap Resources WCP CAD DP OP $2.74 $3.50 6.2% $1,118 $989 $2,107 2.8x 2.5x 1.7x 2.8x 2.2x 1.2x 5.0x 4.3x 2.8x $33,114 $34,279 $29,464 Yangarra Resources YGR CAD DP UN $0.63 $0.75 0.0% $54 $174 $228 1.2x 1.1x 0.7x 4.0x 3.6x 2.6x 4.4x 4.1x 3.0x $22,774 $25,029 $23,627 Oil-Weighted SMID Cap E&Ps Average 1.0% 2.0x 1.6x 1.1x 4.1x 2.7x 1.5x 4.9x 3.7x 2.5x $27,736 $26,583 $22,781 Gas-Weighted SMID Cap E&Ps Advantage Oil & Gas AAV CAD JK NT $2.00 $2.00 0.0% $376 $331 $707 3.4x 2.7x 2.5x 3.1x 2.3x 2.1x 5.8x 4.7x 4.3x $15,852 $15,639 $15,278 ARC Resources ARX CAD JK OP $6.53 $8.50 3.7% $2,374 $497 $2,871 4.0x 3.1x 2.6x 1.4x 0.7x 0.1x 5.0x 3.6x 2.6x $20,230 $17,917 $14,860 Birchcliff Energy BIR CAD DP OP $1.44 $2.00 1.4% $383 $677 $1,060 2.0x 1.2x 0.8x 3.8x 2.1x 1.0x 5.2x 3.0x 1.7x $14,696 $13,086 $8,985 Crew Energy CR CAD DP UN $0.41 $0.25 0.0% $65 $366 $431 2.3x 1.3x 0.7x 13.6x 7.0x 6.4x 8.8x 5.8x 5.8x $20,154 $20,512 $33,864 Kelt Exploration KEL CAD JK OP $1.72 $3.25 0.0% $324 -$45 $280 5.1x 2.9x 2.1x (0.5x) (0.4x) (0.6x) 3.9x 2.5x 1.5x $11,182 $13,877 $11,152 Leucrotta Exploration LXE CAD JK NT $0.60 $0.60 0.0% $127 $1 $128 nm 19.2x 22.1x 6.0x 0.2x (0.1x) nm 19.4x 22.0x $41,502 $52,770 $66,441 NuVista Energy NVA CAD JK NT $0.83 $1.25 0.0% $189 $646 $835 1.2x 0.9x 0.7x 4.7x 3.0x 1.9x 5.0x 3.4x 2.3x $18,080 $16,142 $13,988 Painted Pony Energy PONY CAD DP NT $0.68 $0.69 0.0% $110 $392 $502 23.3x 1.8x 0.6x 80.4x 6.4x 2.6x 17.1x 5.8x 2.8x $9,860 $10,544 $11,394 Paramount Resources POU CAD JK UN $2.60 $1.75 0.0% $348 $779 $1,127 3.0x 1.4x 1.0x 7.2x 3.1x 1.9x 7.5x 3.8x 2.6x $16,864 $16,212 $14,611 Petrus Resources PRQ CAD DP NT $0.23 $0.20 0.0% $11 $106 $117 0.5x 0.4x 0.3x 4.7x 3.8x 2.6x 4.0x 3.4x 2.5x $18,101 $15,699 $13,540 Peyto Exploration PEY CAD DP NT $2.52 $3.00 2.4% $415 $1,125 $1,541 2.1x 1.5x 1.4x 5.9x 4.0x 3.7x 6.3x 4.6x 4.3x $20,474 $19,826 $19,915 Seven Generations VII CAD JK OP $4.37 $5.50 0.0% $1,479 $1,729 $3,208 1.7x 1.4x 1.3x 2.5x 1.6x 1.1x 3.7x 2.8x 2.2x $19,608 $18,019 $15,828 Storm Resources SRX CAD JK OP $1.66 $2.75 0.0% $202 $102 $304 3.5x 2.0x 1.6x 2.2x 1.0x 0.2x 5.1x 2.8x 1.8x $13,814 $10,691 $8,150 Tourmaline Oil TOU CAD DP OP $16.68 $20.00 3.2% $4,513 $1,347 $5,860 4.3x 3.3x 3.1x 1.5x 1.0x 0.7x 5.5x 4.1x 3.7x $20,072 $18,224 $16,829 Gas-Weighted SMID Cap E&Ps Average 0.8% 4.3x 3.1x 2.9x 9.8x 2.6x 1.7x 6.4x 5.0x 4.3x $18,606 $18,511 $18,917 Royalty Co's Freehold Royalties FRU CAD JK OP $4.60 $6.50 3.9% $552 -$16 $535 7.5x 5.4x 4.9x 0.9x (0.2x) (1.0x) 8.0x 5.2x 3.9x $63,648 $59,245 $52,794 PrairieSky Royalty PSK CAD JK OP $9.61 $12.00 2.5% $2,234 -$152 $2,082 14.7x 12.7x 11.8x (0.3x) (0.9x) (1.5x) 14.4x 12.1x 10.7x $111,149 $111,967 $112,774 Royalty Co's Average 3.2% 11.1x 9.1x 8.3x 0.3x (0.5x) (1.2x) 11.2x 8.6x 7.3x $87,398 $85,606 $82,784 SMID Cap LatAM Producers Frontera FEC CAD DP NT $2.89 $8.00 38.9% $282 $534 $816 1.1x 0.7x 0.4x 2.5x 1.9x 1.8x 3.2x 2.5x 2.2x $15,878 $18,224 $22,822 Gran Tierra Energy GTE CAD DP UN $0.40 $0.50 0.0% $147 $1,107 $1,254 1.9x 0.9x 0.4x 15.0x 6.6x 2.5x 9.0x 5.3x 2.5x $54,842 $44,783 $31,527 Parex Resources PXT CAD DP OP $19.11 $22.00 0.0% $2,658 -$708 $1,950 7.1x 5.1x 3.7x (1.3x) (1.4x) (1.6x) 5.7x 3.7x 2.1x $46,957 $38,588 $26,197 SMID Cap LatAM Producers Average 13.0% 3.4x 2.2x 1.5x 5.4x 2.4x 0.9x 6.0x 3.8x 2.2x $39,226 $33,865 $26,849 Notes: 1) nm = not meaningful, NT = Neutral, OP = Outperformer, UN = Underperformer, OP-S = Outperformer-Speculative, R = restricted, N/A = not available; 2) DP – Dave Popowich, JK – Jamie Kubik 3) Price targets are 12 to 18 months.

Pricing Assumptions Brent (US$/bbl) WTI (US$/bbl) WCS Diff (US$/bbl) Ed. Par Diff. (US$/bbl) Ed. C5 (US$/bbl) NYMEX (US$/MMBtu) AECO (C$/Mcf) FX (US$/C$) 2020 $42.26 $39.03 ($13.74) ($5.67) $36.21 $1.95 $2.13 $0.73 2021 $52.50 $47.50 ($15.00) ($5.00) $45.01 $2.50 $2.32 $0.73

Source: Company reports, FactSet and CIBC World Markets Inc.

12 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 9: Canadian SMID-cap Producers – Operating Metrics (CIBC Base Deck)

Production (MBoe/d) % Gas PPSG (%) DAPPS Growth (%) CapEx ($MM) Total Payout (%) Free Cash Flow Yield (%) Company Ticker Currency Analyst Rating 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E Oil-Weighted SMID Cap E&Ps Baytex Energy BTE CAD DP NT 80 78 78 18% 19% 20% -18% -4% 1% -70% -4% 19% $257 $283 $250 98% 69% 42% 2% 31% 84% Bonterra Energy BNE CAD JK UN 11 10 9 34% 35% 36% -13% -5% -10% -64% -9% 2% $27 $25 $25 78% 42% 35% 18% 70% 94% Crescent Point Energy CPG CAD DP NT 116 111 117 9% 9% 6% -26% -5% 6% -52% -12% 21% $695 $644 $839 93% 84% 64% 4% 9% 35% Enerplus ERF CAD JK OP 90 83 76 44% 41% 41% -9% -9% -8% -32% -7% 10% $303 $290 $290 87% 79% 60% 8% 12% 25% Surge Energy SGY CAD DP NT 18 20 22 15% 16% 17% -17% 10% 9% -55% 5% 13% $46 $75 $130 70% 61% 71% 33% 44% 49% Tamarack Valley Energy TVE CAD DP OP 21 22 24 41% 40% 37% -12% 2% 9% -37% 110% 217% $97 $103 $113 89% 66% 50% 5% 23% 51% TORC Oil & Gas TOG CAD JK OP 26 26 26 11% 12% 12% -12% -3% 0% -15% 7% 24% $83 $110 $100 75% 52% 35% 10% 21% 39% Vermilion Energy VET CAD DP NT 95 88 88 46% 45% 45% -7% -7% 0% -30% -4% 11% $351 $406 $434 111% 71% 61% 13% 17% 29% Whitecap Resources WCP CAD DP OP 68 61 65 16% 15% 14% -4% -9% 6% -38% -9% 19% $202 $228 $378 67% 66% 69% 18% 20% 24% Yangarra Resources YGR CAD DP UN 10 9 11 56% 59% 55% -18% -11% 16% -61% -19% 6% $36 $43 $98 80% 88% 129% 17% 11% -41% Oil-Weighted SMID Cap E&Ps Average 54 51 52 -13% -4% 3% -45% 6% 34% 85% 68% 62% 13% 26% 39% Gas-Weighted SMID Cap E&Ps Advantage Oil & Gas AAV CAD JK NT 45 45 45 90% 90% 87% 1% 0% 0% -7% 1% 2% $142 $130 $130 130% 92% 88% -9% 3% 5% ARC Resources ARX CAD JK OP 157 160 164 77% 77% 75% 11% 1% 2% 4% 14% 26% $302 $350 $400 70% 57% 53% 12% 17% 22% Birchcliff Energy BIR CAD DP OP 77 81 96 77% 77% 75% -1% 5% 19% -42% 11% 47% $280 $237 $277 149% 75% 58% -22% 23% 56% Crew Energy CR CAD DP UN 21 21 21 72% 72% 72% -7% -5% -3% -59% -7% -41% $78 $53 $68 289% 103% 69% -81% -2% 47% Kelt Exploration KEL CAD JK OP 26 20 21 57% 57% 52% -14% -24% 3% 51% -17% 37% $161 $95 $110 253% 86% 70% -30% 5% 15% Leucrotta Exploration LXE CAD JK NT 3 2 2 73% 73% 72% -2% -23% -22% -5% -21% -20% $13 $4 $4 1959% 61% 70% -10% 2% 1% NuVista Energy NVA CAD JK NT 50 52 51 61% 61% 60% -1% 2% -1% -58% -11% 16% $174 $135 $165 114% 62% 58% -12% 43% 63% Painted Pony Energy PONY CAD DP NT 49 48 49 91% 90% 91% 1% -4% 4% -54% -6% -8% $49 $75 $89 1040% 122% 51% -40% -13% 79% Paramount Resources POU CAD JK UN 70 70 68 61% 57% 55% -17% 0% -2% -61% -17% 13% $168 $185 $185 145% 74% 55% -15% 19% 44% Petrus Resources PRQ CAD DP NT 7 7 8 72% 67% 65% -18% 10% 3% -64% 6% 17% $13 $22 $22 56% 78% 60% 92% 52% 124% Peyto Exploration PEY CAD DP NT 78 78 76 86% 87% 88% -3% -1% -2% -43% 3% 0% $211 $210 $255 112% 78% 90% -2% 18% 11% Seven Generations VII CAD JK OP 182 178 173 43% 43% 43% -7% -3% -3% -42% 10% 15% $650 $675 $700 76% 64% 60% 14% 26% 31% Storm Resources SRX CAD JK OP 24 28 28 81% 81% 81% 18% 19% 0% 6% 32% 39% $55 $75 $50 95% 74% 41% 2% 13% 36% Tourmaline Oil TOU CAD DP OP 306 322 331 79% 80% 80% 6% 5% 3% -1% 12% 10% $834 $942 $1,027 92% 79% 80% 5% 10% 10% Gas-Weighted SMID Cap E&Ps Average 78 79 81 -2% -1% 0% -27% 1% 11% 327% 79% 64% -7% 15% 39% Royalty Co's Freehold Royalties FRU CAD JK OP 10 9 8 45% 43% 42% -10% -7% -7% -13% 10% 19% $0 $0 $0 47% 21% 19% 13% 18% 20% PrairieSky Royalty PSK CAD JK OP 20 19 17 50% 47% 45% -9% -6% -7% -7% 0% 0% $0 $0 $0 57% 32% 29% 7% 8% 8% Royalty Co's Average 15 14 13 -9% -6% -7% -10% 5% 9% 52% 26% 24% 10% 13% 14% SMID Cap LatAM Producers Frontera FEC CAD DP NT 47 45 56 4% 3% 2% -31% -5% 25% -50% -19% -13% $152 $234 $426 135% 119% 99% 12% 19% 41% Gran Tierra Energy GTE CAD DP UN 24 28 36 0% 0% 0% -28% 18% 29% -58% 22% 40% $84 $90 $200 150% 74% 70% -5% 53% 131% Parex Resources PXT CAD DP OP 46 51 57 3% 3% 2% -6% 9% 13% -3% 18% 34% $141 $200 $240 51% 52% 46% 9% 12% 18% SMID-cap LatAM Producers Average 39 41 50 -22% 7% 22% -37% 7% 20% 112% 82% 72% 5% 28% 63% Notes: 1) nm = not meaningful, NT = Neutral, OP = Outperformer, UN = Underperformer, OP-S = Outperformer-Speculative, R = restricted, N/A = not available; 2) DP – Dave Popowich, JK – Jamie Kubik 3) Price targets are 12 to 18 months.

Source: Company reports, FactSet and CIBC World Markets Inc.

13 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 10: CIBC SMID-cap Producers Valuation Metrics Vs. Other Sectors

Small/Mid-Cap E&P: D/CF 2020E & 2021E Small/Mid-Cap E&P: EV/DACF 2020E & 2021E

8x 8x

6x 6x

4x 4x

2x 2x

0x 0x Gas Weighted Oil Weighted Marcellus / Bakken Permian / Eagle Rockies / Gas Weighted Oil Weighted Marcellus / Bakken Permian / Eagle Rockies / Utica Ford Niobrara Avg Utica Ford Niobrara Avg

2020E 2021E 2020E 2021E

Source: Company reports, FactSet and CIBC World Markets Inc.

Note: averages for non-covered groupings included in grey are based on consensus averages. Company groupings included for Marcellus/Utica: Antero Resources (AR-US), Cabot Oil & Gas (COG-US), Chesapeake Energy (CHK- US), EQT Corp (EQT-US), Gulfport Energy (GPOR-US), Range Resources (RRC-US), Southwestern Energy (SWN-US); Bakken: Continental Resources (CLR-US), Oasis Petroleum (OAS-US), PetroShale Inc. (PSH-US), QEP Resources (QEP-US), Whiting Petroleum (WLL-US); Permian/Eagle Ford: Apache (APA-US), Callon (CPE-US), Centennial Resources (CDEV-US), Cimarex (XEC-US), Concho Resources (CXO-US), Devon (DVN-US), Diamondback Energy (FANG-US), EOG Resources (EOG-US), Laredo (LPI-US), Marathon Oil (MRO-US), Matador Resources (MTDR-US), Murphy Oil (MUR-US), Parsley (PE-US), Pioneer Natural Resources (PXD-US), SM Energy (SM-US), WPX Energy (WPX-US); Rockies/Niobrara: Extraction Oil & Gas (XOG-US), HighPoint Resources (HPR-US), Noble Energy (NBL-US), PDC Energy (PDCE-US). Exhibit 11: 2021E EV/DACF On Recent Strip With Historical Trading Range

Royalty Peers Oil Peers Gas Peers Gas Peers

25x 10x 10x

20x 8x 8x

15x 6x 6x F C A

D 4x / 10x 4x V E 2x 5x 2x

0x

0x I L I V Y

0x Y X A X U R U R Q I T T F Y E E E E P R C V E G G V A E N K R R C U O O R B T T X V E R E K N C P G A P O G A N S T S P P R O B P T V E F B G S C T Y P F P W Note: Historical NTM EV/DACF since Aug 15, 2018. Excludes LXE. Priced as of Aug 13, 2020 Strip Strip Pricing Assumptions Liquids (US/Bbl) Natural Gas ($/Mcf) 2020 WTI $39.69; WCS Diff: -$13.90; Ed Par Diff: -$5.74; Ed C5 Diff: -$5.46. NYMEX US$2.03; AECO C$2.08. 2021 WTI $44.43; WCS Diff: -$14.95; Ed Par Diff: -$5.90; Ed C5 Diff: -$3.06. NYMEX US$2.81; AECO C$2.16.

Source: Company reports, FactSet and CIBC World Markets Inc.

14 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 12: E&P Leverage Metrics

D/CF (CIBC Base Deck) EV/DACF (CIBC Base Deck) 2020E 2021E

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Baytex Energy (BTE-CA) Baytex Energy (BTE-CA)

P Bonterra Energy (BNE-CA) Bonterra Energy (BNE-CA) P & & E E

Surge Energy (SGY-CA) Surge Energy (SGY-CA) p p

a Yangarra Resources (YGR-CA) Yangarra Resources (YGR-CA) a c c - - D D

I Vermilion Energy (VET-CA) Vermilion Energy (VET-CA) I M M

S Crescent Point Energy (CPG-CA) Crescent Point Energy (CPG-CA) S

d d

e Whitecap Resources (WCP-CA) Whitecap Resources (WCP-CA) e t t h h

g TORC Oil & Gas (TOG-CA) TORC Oil & Gas (TOG-CA) g i i e e

W Tamarack Valley Energy (TVE-CA) Tamarack Valley Energy (TVE-CA) W

l l i i Enerplus (ERF-CA) Enerplus (ERF-CA) O O

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Painted Pony Energy (PONY-CA) Painted Pony Energy (PONY-CA)

Crew Energy (CR-CA) Crew Energy (CR-CA)

Paramount Resources (POU-CA) Paramount Resources (POU-CA)

P Leucrotta Exploration (LXE-CA) Leucrotta Exploration (LXE-CA) P & & E E Peyto Exploration (PEY-CA) Peyto Exploration (PEY-CA) p p a a

c NuVista Energy (NVA-CA) NuVista Energy (NVA-CA) c - - D D I Petrus Resources (PRQ-CA) Petrus Resources (PRQ-CA) I M M S S

Birchcliff Energy (BIR-CA) Birchcliff Energy (BIR-CA) d d e e

t Advantage Oil & Gas (AAV-CA) Advantage Oil & Gas (AAV-CA) t h h g g

i Seven Generations (VII-CA) Seven Generations (VII-CA) i e e W W

Storm Resources (SRX-CA) Storm Resources (SRX-CA) s s

a Tourmaline Oil (TOU-CA) Tourmaline Oil (TOU-CA) a G G ARC Resources (ARX-CA) ARC Resources (ARX-CA)

Kelt Exploration (KEL-CA) Kelt Exploration (KEL-CA)

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x y t l

a Freehold Royalties (FRU-CA) Freehold Royalties (FRU-CA) y

o PrairieSky Royalty (PSK-CA) PrairieSky Royalty (PSK-CA) R

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Gran Tierra Energy (GTE-CA) Gran Tierra Energy (GTE-CA)

M Frontera (FEC-CA) Frontera (FEC-CA) A t

a Parex Resources (PXT-CA) Parex Resources (PXT-CA) L

D/CF (Consensus) EV/DACF (Consensus) 2020E 2021E

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Whiting Petroleum (WLL-US) Whiting Petroleum (WLL-US)

n PetroShale Inc. (PSH-CA) PetroShale Inc. (PSH-CA) e k

k Oasis Petroleum (OAS-US) Oasis Petroleum (OAS-US) a B

Continental Resources (CLR-US) Continental Resources (CLR-US) . S . QEP Resources (QEP-US) QEP Resources (QEP-US) U

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Chesapeake Energy (CHK-US) Chesapeake Energy (CHK-US)

Range Resources (RRC-US) Range Resources (RRC-US)

Gulfport Energy (GPOR-US) Gulfport Energy (GPOR-US) s u l

l Southwestern Energy (SWN-US) Southwestern Energy (SWN-US) e c

r Antero Resources (AR-US) Antero Resources (AR-US) a

M EQT Corp (EQT-US) EQT Corp (EQT-US)

Cabot Oil & Gas (COG-US) Cabot Oil & Gas (COG-US)

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Centennial Resources (CDEV-US) Centennial Resources (CDEV-US)

Apache (APA-US) Apache (APA-US)

Callon (CPE-US) Callon (CPE-US)

Matador Resources (MTDR-US) Matador Resources (MTDR-US)

Marathon Oil (MRO-US) Marathon Oil (MRO-US)

SM Energy (SM-US) SM Energy (SM-US) d r

o Laredo (LPI-US) Laredo (LPI-US) F

e l Murphy Oil (MUR-US) Murphy Oil (MUR-US) g a

E Diamondback Energy (FANG-US) Diamondback Energy (FANG-US)

/

n Parsley (PE-US) Parsley (PE-US) a i

m WPX Energy (WPX-US) WPX Energy (WPX-US) r e

P Cimarex (XEC-US) Cimarex (XEC-US)

Devon (DVN-US) Devon (DVN-US)

Concho Resources (CXO-US) Concho Resources (CXO-US)

Pioneer Natural Resources (PXD-US) Pioneer Natural Resources (PXD-US)

EOG Resources (EOG-US) EOG Resources (EOG-US)

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Extraction Oil & Gas (XOG-US) Extraction Oil & Gas (XOG-US)

s Noble Energy (NBL-US) Noble Energy (NBL-US) e i

k HighPoint Resources (HPR-US) HighPoint Resources (HPR-US) c o PDC Energy (PDCE-US) PDC Energy (PDCE-US) R

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Cenovus Energy (CVE-CA) Cenovus Energy (CVE-CA) p

a MEG Energy (MEG-CA) MEG Energy (MEG-CA) C

e Husky Energy (HSE-CA) Husky Energy (HSE-CA) g r

a Imperial Oil (IMO-CA) Imperial Oil (IMO-CA) L

n Canadian Natural Resources (CNQ-CA) Canadian Natural Resources (CNQ-CA) a i

d Ovintiv (OVV-US) Ovintiv (OVV-US) a n

a Suncor Energy (SU-CA) Suncor Energy (SU-CA) C

Source: Company reports, FactSet and CIBC World Markets Inc.

15 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 13: E&P Valuation Metrics

EV/DACF (CIBC Base Deck) 2020E 2021E

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Bonterra Energy (BNE-CA) Bonterra Energy (BNE-CA)

P Baytex Energy (BTE-CA) Baytex Energy (BTE-CA) & E

TORC Oil & Gas (TOG-CA) TORC Oil & Gas (TOG-CA) p

a Vermilion Energy (VET-CA) Vermilion Energy (VET-CA) c - D

I Whitecap Resources (WCP-CA) Whitecap Resources (WCP-CA) M

S Surge Energy (SGY-CA) Surge Energy (SGY-CA)

d

e Crescent Point Energy (CPG-CA) Crescent Point Energy (CPG-CA) t h

g Yangarra Resources (YGR-CA) Yangarra Resources (YGR-CA) i e

W Enerplus (ERF-CA) Enerplus (ERF-CA)

l i Tamarack Valley Energy (TVE-CA) Tamarack Valley Energy (TVE-CA) O

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Painted Pony Energy (PONY-CA) Painted Pony Energy (PONY-CA)

Crew Energy (CR-CA) Crew Energy (CR-CA)

Paramount Resources (POU-CA) Paramount Resources (POU-CA) P

& Peyto Exploration (PEY-CA) Peyto Exploration (PEY-CA) E

p Advantage Oil & Gas (AAV-CA) Advantage Oil & Gas (AAV-CA) a c - Tourmaline Oil (TOU-CA) Tourmaline Oil (TOU-CA) D I

M Birchcliff Energy (BIR-CA) Birchcliff Energy (BIR-CA) S

d Storm Resources (SRX-CA) Storm Resources (SRX-CA) e t

h ARC Resources (ARX-CA) ARC Resources (ARX-CA) g i e NuVista Energy (NVA-CA) NuVista Energy (NVA-CA) W

s

a Petrus Resources (PRQ-CA) Petrus Resources (PRQ-CA) G Kelt Exploration (KEL-CA) Kelt Exploration (KEL-CA)

Seven Generations (VII-CA) Seven Generations (VII-CA)

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x y t l

a PrairieSky Royalty (PSK-CA) PrairieSky Royalty (PSK-CA) y

o Freehold Royalties (FRU-CA) Freehold Royalties (FRU-CA) R

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Gran Tierra Energy (GTE-CA) Gran Tierra Energy (GTE-CA)

M Parex Resources (PXT-CA) Parex Resources (PXT-CA) A t

a Frontera (FEC-CA) Frontera (FEC-CA) L

EV/DACF (Consensus) 2020E 2021E

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Whiting Petroleum (WLL-US) Whiting Petroleum (WLL-US)

n PetroShale Inc. (PSH-CA) PetroShale Inc. (PSH-CA) e k

k Continental Resources (CLR-US) Continental Resources (CLR-US) a B

Oasis Petroleum (OAS-US) Oasis Petroleum (OAS-US) . S . QEP Resources (QEP-US) QEP Resources (QEP-US) U

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Cabot Oil & Gas (COG-US) Cabot Oil & Gas (COG-US)

Chesapeake Energy (CHK-US) Chesapeake Energy (CHK-US)

Range Resources (RRC-US) Range Resources (RRC-US) s u l

l Southwestern Energy (SWN-US) Southwestern Energy (SWN-US) e c

r Gulfport Energy (GPOR-US) Gulfport Energy (GPOR-US) a

M Antero Resources (AR-US) Antero Resources (AR-US)

EQT Corp (EQT-US) EQT Corp (EQT-US)

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Apache (APA-US) Apache (APA-US)

Pioneer Natural Resources (PXD-US) Pioneer Natural Resources (PXD-US)

Centennial Resources (CDEV-US) Centennial Resources (CDEV-US)

EOG Resources (EOG-US) EOG Resources (EOG-US)

Marathon Oil (MRO-US) Marathon Oil (MRO-US)

Diamondback Energy (FANG-US) Diamondback Energy (FANG-US) d r

o Concho Resources (CXO-US) Concho Resources (CXO-US) F

e l Parsley (PE-US) Parsley (PE-US) g a

E Cimarex (XEC-US) Cimarex (XEC-US)

/

n Devon (DVN-US) Devon (DVN-US) a i

m Callon (CPE-US) Callon (CPE-US) r e

P Matador Resources (MTDR-US) Matador Resources (MTDR-US)

WPX Energy (WPX-US) WPX Energy (WPX-US)

Murphy Oil (MUR-US) Murphy Oil (MUR-US)

SM Energy (SM-US) SM Energy (SM-US)

Laredo (LPI-US) Laredo (LPI-US)

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Noble Energy (NBL-US) Noble Energy (NBL-US) s e

i PDC Energy (PDCE-US) PDC Energy (PDCE-US) k c

o HighPoint Resources (HPR-US) HighPoint Resources (HPR-US) R

0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x

Imperial Oil (IMO-CA) Imperial Oil (IMO-CA) p

a Cenovus Energy (CVE-CA) Cenovus Energy (CVE-CA) C

e Suncor Energy (SU-CA) Suncor Energy (SU-CA) g r

a Husky Energy (HSE-CA) Husky Energy (HSE-CA) L

n Canadian Natural Resources (CNQ-CA) Canadian Natural Resources (CNQ-CA) a i

d MEG Energy (MEG-CA) MEG Energy (MEG-CA) a n

a Ovintiv (OVV-US) Ovintiv (OVV-US) C

Source: Company reports, FactSet and CIBC World Markets Inc.

16 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Global Oilfield Services – Valuation Metrics

17 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 14: Oilfield Services & Equipment – Valuation Metrics

Share Basic Market Dividends EPS P/E CFPS P/CF EBITDA EV/EBITDA BV/ Net Debt/EBITDA Company Name Ticker Price S/O Cap $ Yield 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E Share P/B 2019A 2020E 2021E Rating Target s o Oilfield Services & Equipment Black Diamond Group BDI-T $1.69 55.6 $94 - - ($0.06) ($0.06) $0.07 nm nm 25.0x $0.48 $0.52 $0.68 3.5x 3.3x 2.5x $34 $34 $42 6.5x 6.5x 5.1x $4.04 0.4x 3.6x 3.7x 2.8x NT $2.25 Calfrac Well Services CFW-T $0.14 145.6 $20 - - ($0.98) ($2.07) ($0.02) nm nm nm $0.21 ($0.03) $0.01 0.7x nm 26.8x $144 $2 $46 6.9x nm 20.7x -$0.23 -0.6x 6.7x nm 7.7x NT $0.05 Enerflex EFX-T $5.11 89.7 $458 $0.08 1.6% $1.87 $0.60 $0.40 2.7x 8.6x 12.9x $3.01 $1.51 $1.43 1.7x 3.4x 3.6x $345 $176 $160 2.7x 4.8x 5.3x $15.90 0.3x 1.2x 1.8x 2.1x OP $9.00 Ensign Energy Services ESI-T $0.72 162.7 $117 - - ($0.97) ($1.17) ($1.27) nm nm nm $1.44 $0.61 $0.41 0.5x 1.2x 1.7x $405 $221 $193 4.2x 7.3x 8.2x $8.98 0.1x 3.9x 6.7x 7.6x NT $1.00 Mullen Group MTL-T $8.69 99.6 $866 $0.36 4.1% $0.60 $0.51 $0.51 14.4x 17.0x 17.1x $1.38 $1.61 $1.48 6.3x 5.4x 5.9x $202 $209 $202 7.7x 6.9x 7.1x $9.05 1.0x 2.7x 2.4x 2.4x OP $12.50 North American Construction Group NOA-T $7.87 29.3 $230 $0.16 2.0% $1.55 $1.69 $1.80 5.1x 4.6x 4.4x $5.17 $4.92 $5.63 1.5x 1.6x 1.4x $173 $165 $181 4.0x 4.3x 3.6x $8.01 1.0x 2.5x 2.4x 1.9x OP $15.00 Pason Systems PSI-T $6.98 84.1 $587 $0.20 2.9% $0.80 $0.07 $0.04 8.8x nm nm $1.11 $0.39 $0.39 6.3x 17.9x 17.8x $130 $39 $31 3.0x 9.8x 12.6x $4.05 1.7x nm nm nm NT $10.00 Precision Drilling PD-T $0.86 275.4 $237 - - ($0.02) ($0.48) ($0.60) nm nm nm $0.94 $0.49 $0.31 0.9x 1.7x 2.8x $405 $247 $171 4.3x 6.5x 9.2x $5.43 0.2x 3.5x 5.2x 7.4x OP $1.25 Secure Energy Services SES-T $1.73 158.5 $274 $0.03 1.7% $0.12 ($0.16) ($0.09) 14.0x nm nm $0.97 $0.63 $0.67 1.8x 2.7x 2.6x $180 $130 $131 4.2x 5.8x 5.4x $4.83 0.4x 2.7x 3.7x 3.3x NT $2.50 STEP Energy Services STEP-T $0.40 67.5 $27 - - ($0.57) ($0.97) ($0.73) nm nm nm $0.83 $0.17 $0.13 0.5x 2.3x 3.0x $79 $25 $17 3.5x 9.7x 15.9x $3.61 0.1x 3.2x 8.5x 14.1x NT $0.60 Source:Tervita Cor pCompanyoration reports,T BloombergEV-T $3.40 and1 1CIBC3.1 $World385 Markets- Inc.- ($0.14) ($0.13) $0.13 nm nm 25.5x $1.09 $0.62 $1.14 3.1x 5.5x 3.0x $230 $181 $203 5.4x 6.9x 5.9x $1.74 2.0x 3.7x 4.6x 3.9x OP $6.00 Total Energy Services TOT-T $2.23 45.1 $101 - - $0.25 ($0.82) ($0.34) 9.0x nm nm $2.08 $1.16 $1.17 1.1x 1.9x 1.9x $111 $62 $59 3.4x 4.7x 4.7x $11.62 0.2x 2.5x 3.0x 3.0x OP $4.00 Trican Well Service TCW-T $0.91 264.7 $241 - - ($0.20) ($0.37) ($0.16) nm nm nm $0.10 $0.04 $0.08 9.0x 21.3x 11.6x $28 $18 $23 12.9x 16.1x 13.4x $2.09 0.4x 2.1x 0.1x 0.7x NT $1.10 Average 9.0x 10.1x 17.0x 2.8x 5.7x 6.5x 5.3x 7.4x 9.0x 0.5x 3.2x 3.8x 4.7x Note: Book value based on most recent financial statements available Note: Return calculations exclude applicable costs, including commissions and interest.

Source: Company reports and CIBC World Markets Inc.

18 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 15: Energy Services Valuation Metrics

Energy Services: EV/EBITDA 2020E Energy Services: EV/EBITDA 2021E 0.0x 5.0x 10.0x 15.0x 20.0x 0.0x 5.0x 10.0x 15.0x 20.0x

Weatherford (WFT-US) s Weatherford (WFT-US) r o

Halliburton (HAL-US) j Schlumberger (SLB-US) a

Schlumberger (SLB-US) M Halliburton (HAL-US) Baker Hughes (BKR-US) Baker Hughes (BKR-US)

Helmerich & Payne (HP-US) Ensign Energy Services (ESI-CA)* s Precision Drilling (PD-CA)* r Precision Drilling (PD-CA)* e l l

Nabors Industries (NBR-US) i Nabors Industries (NBR-US) r

Ensign Energy Services (ESI-CA)* D Patterson UTI (PTEN-US) Patterson UTI (PTEN-US) Helmerich & Payne (HP-US)

ProPetro Holdings Corp. (PUMP-US) ProPetro Holdings Corp. (PUMP-US) U.S. Well Services (USWS-US) U.S. Well Services (USWS-US) s r

STEP Energy Services (STEP-CA)* e NexTier Oilfield Solutions (NEX-US) NexTier Oilfield Solutions (NEX-US) p m Trican Well Service (TCW-CA)* Trican Well Service (TCW-CA)* u P Liberty Oilfield Services (LBRT-US)

e

Liberty Oilfield Services (LBRT-US) r STEP Energy Services (STEP-CA)* u

RPC (RES-US) s Calfrac Well Services (CFW-CA)* s

FTS International (FTSI-US) e r RPC (RES-US) Quintana Energy Services (QES-US) P FTS International (FTSI-US) Calfrac Well Services (CFW-CA)* Quintana Energy Services (QES-US)

Total Energy Services (TOT-CA)* Natural Gas Services Group (NGS-US) n

Enerflex (EFX-CA)* o Total Energy Services (TOT-CA)* i s

Natural Gas Services Group (NGS-US) s Exterran Corporation (EXTN-US) e Exterran Corporation (EXTN-US) r Enerflex (EFX-CA)* p

Archrock, Inc. (AROC-US) m Archrock, Inc. (AROC-US) Compressco Partners (CCLP-US) o C Compressco Partners (CCLP-US) USA Compression Partners (USAC-US) USA Compression Partners (USAC-US)

Secure Energy Services (SES-CA)* Secure Energy Services (SES-CA)* d e l t

Tervita Corporation (TEV-CA)* e s

i Tervita Corporation (TEV-CA)* f a l Clean Harbors (CLH-US) i Clean Harbors (CLH-US) W Republic Services (RSG-US) O Republic Services (RSG-US)

Civeo (CVEO-US) Horizon North Logistics (HNL-CA) Rem ote Horizon North Logistics (HNL-CA) Black Diamond Group (BDI-CA)* Accom mo- Black Diamond Group (BDI-CA)* Civeo (CVEO-US) dations Target Hospitality (TH-US) Target Hospitality (TH-US)

FMC Technologies (FTI-US) FMC Technologies (FTI-US) North American Construction (NOA-CA)* North American Construction (NOA-CA)* Mullen Group (MTL-CA)* Aegion Corporation (AEGN-US) Canadian Energy Services (CEU-CA) Shawcor (SCL-CA) r

Aegion Corporation (AEGN-US) e Canadian Energy Services (CEU-CA) h Pason Systems (PSI-CA)* t

O Newpark Resources (NR-US) /

U.S. Silica Holdings (SLCA-US) s

e Mullen Group (MTL-CA)* c Computer Modelling Group (CMG-CA) i

v ChampionX Corporation (CHX-US) r

ChampionX Corporation (CHX-US) e U.S. Silica Holdings (SLCA-US) S National Oilwell Varco (NOV-US) d Computer Modelling Group (CMG-CA) l e Shawcor (SCL-CA) i Pason Systems (PSI-CA)* Solaris Oilfield Infrastructure (SOI-US) F Solaris Oilfield Infrastructure (SOI-US) Newpark Resources (NR-US) Select Energy Services (WTTR-US) Select Energy Services (WTTR-US) National Oilwell Varco (NOV-US) DistributionNOW (DNOW-US) DistributionNOW (DNOW-US) Covia Holdings (CVIA-US) Covia Holdings (CVIA-US)

Source: FactSet, Company reports and CIBC World Markets Inc.

Note: * Denotes CIBC Estimates; Non-covered companies based on FactSet consensus estimates.

19 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 16: Drilling, Field Services, Infrastructure, & Fabrication, Geological & Geophysical – Valuation Metrics

Share Basic Market Dividend EPS P/E CFPS P/CF EBITDA EV/EBITDA (1) Company Name Ticker Price S/O Cap $ Yield 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E BVPS P/B Contract Drilling, Drilling Services and Well Completions Akita Drilling AKT.A-T $0.37 39.6 $15 - - ($0.50) ($1.65) ($0.47) nm nm nm $0.28 $0.40 $0.22 1.3x 0.9x 1.7x $19 $20 $14 5.2x 4.4x 6.9x $6.40 0.1x Calfrac Well Services CFW-T $0.14 145.6 $20 - - ($0.98) ($2.07) ($0.02) nm nm nm $0.21 ($0.03) $0.01 0.7x nm 26.8x $144 $2 $46 6.9x nm 20.7x -$0.23 -0.6x CES Energy Solutions CEU-T $1.01 263.3 $266 - - $0.11 ($1.01) ($0.09) 9.2x nm nm $0.48 $0.18 $0.21 2.1x 5.7x 4.7x $165 $76 $84 4.1x 7.2x 6.6x $2.61 0.4x Cathedral Energy Services CET-T $0.16 49.5 $8 - - ($0.39) ($0.40) ($0.17) nm nm nm ($0.04) ($0.04) $0.04 nm nm 4.0x $4 $0 $3 6.7x nm 8.0x $1.52 0.1x Ensign Energy Services ESI-T $0.72 162.7 $117 - - ($0.97) ($1.17) ($1.27) nm nm nm $1.44 $0.61 $0.41 0.5x 1.2x 1.7x $405 $221 $193 4.2x 7.3x 8.2x $8.98 0.1x High Arctic Energy Services HWO-T $0.62 49.6 $31 - - ($0.18) ($0.46) ($0.33) nm nm nm $0.27 ($0.05) $0.18 2.3x nm 3.4x $19 ($1) $9 1.6x nm 2.2x $4.28 0.1x Pason Systems PSI-T $6.98 84.1 $587 $0.20 2.9% $0.80 $0.07 $0.04 8.8x nm nm $1.11 $0.39 $0.39 6.3x 17.9x 17.8x $130 $39 $31 3.0x 9.8x 12.6x $4.05 1.7x PHX Energy Services PHX-T $1.05 53.3 $56 - - ($0.04) ($0.28) ($0.23) nm nm nm $0.81 $0.52 $0.39 1.3x 2.0x 2.7x $49 $26 $21 2.3x 3.1x 3.2x $2.81 0.4x Precision Drilling PD-T $0.86 275.4 $237 - - ($0.02) ($0.48) ($0.60) nm nm nm $0.94 $0.49 $0.31 0.9x 1.7x 2.8x $405 $247 $171 4.3x 6.5x 9.2x $5.43 0.2x STEP Energy Services STEP-T $0.40 67.5 $27 - - ($0.57) ($0.97) ($0.73) nm nm nm $0.83 $0.17 $0.13 0.5x 2.3x 3.0x $79 $25 $17 3.5x 9.7x 15.9x $3.61 0.1x Total Energy Services TOT-T $2.23 45.1 $101 - - $0.25 ($0.82) ($0.34) 9.0x nm nm $2.08 $1.16 $1.17 1.1x 1.9x 1.9x $111 $62 $59 3.4x 4.7x 4.7x $11.62 0.2x Trican Well Service TCW-T $0.91 264.7 $241 - - ($0.20) ($0.37) ($0.16) nm nm nm $0.10 $0.04 $0.08 9.0x 21.3x 11.6x $28 $18 $23 12.9x 16.1x 13.4x $2.09 0.4x Western Energy Services WRG-T $0.25 90.9 $23 - - ($0.88) ($0.47) ($0.46) nm nm nm $0.13 $0.00 ($0.10) 1.9x nm nm $24 $13 $6 10.6x 19.3x nm $3.51 0.1x Group Average 9.0x nm nm 2.3x 6.1x 6.9x 5.3x 8.8x 9.3x nm

Production and Field Services Badger Daylighting BAD-T $29.45 34.9 $1,026 $0.60 2.0% $1.67 $1.23 $1.79 17.6x 23.9x 16.5x $3.32 $3.92 $4.10 8.9x 7.5x 7.2x $158 $136 $174 7.6x 8.3x 6.3x $9.64 3.1x Black Diamond Group BDI-T $1.69 55.6 $94 - - ($0.06) ($0.06) $0.07 nm nm 25.0x $0.48 $0.52 $0.68 3.5x 3.3x 2.5x $34 $34 $42 6.5x 6.5x 5.1x $4.04 0.4x CWC Well Services CWC-V $0.12 505.9 $61 - - $0.00 ($0.02) $0.00 nm nm nm $0.02 $0.01 $0.02 6.0x 12.0x 6.0x $12 $9 $11 8.4x 10.2x 8.3x $0.36 0.3x Essential Energy Services ESN-T $0.14 141.9 $20 - - ($0.01) ($0.10) ($0.05) nm nm nm $0.08 $0.07 $0.05 1.8x 2.2x 2.8x $17 $8 $7 2.7x 4.0x 4.1x $1.08 0.1x Horizon North Logistics HNL-T $3.55 64.9 $230 $0.30 8.5% ($2.55) $0.16 $0.27 nm 22.0x 13.3x $0.79 $0.93 $0.75 4.5x 3.8x 4.7x $31 $56 $68 11.9x 6.1x 4.9x $4.92 0.7x Mullen Group MTL-T $8.69 99.6 $866 $0.36 4.1% $0.60 $0.51 $0.51 14.4x 17.0x 17.1x $1.38 $1.61 $1.48 6.3x 5.4x 5.9x $202 $209 $202 7.7x 6.9x 7.1x $9.05 1.0x North American Construction Group NOA-T $7.87 29.3 $230 $0.16 2.0% $1.55 $1.69 $1.80 5.1x 4.6x 4.4x $5.17 $4.92 $5.63 1.5x 1.6x 1.4x $173 $165 $181 4.0x 4.3x 3.6x $8.01 1.0x Secure Energy Services SES-T $1.73 158.5 $274 $0.03 1.7% $0.12 ($0.16) ($0.09) 14.0x nm nm $0.97 $0.63 $0.67 1.8x 2.7x 2.6x $180 $130 $131 4.2x 5.8x 5.4x $4.83 0.4x Source Energy Services SHLE-T $0.10 59.7 $6 - - ($1.47) ($1.69) ($0.68) nm nm nm $0.29 ($0.10) ($0.19) 0.3x nm nm $47 $17 $21 4.9x 13.0x 12.2x $3.50 0.0x Tervita Corporation TEV-T $3.40 113.1 $385 - - ($0.14) ($0.13) $0.13 nm nm 25.5x $1.09 $0.62 $1.14 3.1x 5.5x 3.0x $230 $181 $203 5.4x 6.9x 5.9x $1.74 2.0x Terravest Capital TVK-T $15.60 18.7 $291 $0.40 2.6% nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm $5.38 2.9x Group Average 12.8x 16.9x 17.0x 3.8x 4.9x 4.0x 6.3x 7.2x 6.3x 1.1x

Infrastructure and Fabrication Enerflex EFX-T $5.11 89.7 $458 $0.08 1.6% $1.87 $0.60 $0.40 2.7x 8.6x 12.9x $3.01 $1.51 $1.43 1.7x 3.4x 3.6x $345 $176 $160 2.7x 4.8x 5.3x $15.90 0.3x McCoy Global MCB-T $0.41 27.6 $11 - - $0.01 nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm $1.42 0.3x ShawCor SCL-T $2.86 70.4 $201 - - $0.36 ($1.22) ($0.24) 7.9x nm nm $1.02 ($0.14) $1.04 2.8x nm 2.8x $127 $35 $94 4.9x 17.3x 6.5x $14.90 0.2x Group Average 5.3x 8.6x 12.9x 2.2x 3.4x 3.2x 3.8x 11.0x 5.9x 0.3x

Geophysical and Geological Computer Modelling Group (2) CMG-T $4.83 80.2 $388 $0.20 4.1% $0.29 $0.22 $0.25 16.7x 22.2x 19.5x $0.36 $0.31 $0.33 13.4x 15.6x 14.6x $36 $30 $33 10.7x 12.5x 11.4x $0.52 9.2x Pulse Seismic PSD-T $0.90 53.8 $48 - - ($0.06) nm nm nm nm nm nm nm nm nm nm nm $18 $8 $21 4.4x 9.8x 3.7x $0.61 1.5x Group Average 16.7x 22.2x 19.5x 13.4x 15.6x 14.6x 7.6x 11.2x 7.6x 5.4x Notes: (1) Based on most recent Financial Statements available. (2) Computer Modelling Group has a March 31st fiscal year-end. As such, comparative figures shown are offset (i.e., 2016 figures are for the 12 months ended March 31, 2017 (FY2017)). (3) Estimates for companies not under coverage by CIBC World Markets are from Bloomberg. (4) Net debt figures for companies not under coverage by CIBC World Markets and not available using consensus data on Bloomberg use current net debt figures on forward years. (5) Return calculations exclude applicable costs, including commissions and interest. Source: Company reports, Bloomberg, FactSet and CIBC World Markets Inc.

Source: Company reports, Bloomberg, FactSet and CIBC World Markets Inc.

20 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 17: Drilling, Field Services, Infrastructure, & Fabrication, Geological & Geophysical – Valuation Metrics, Page 2

Share Basic Market Total Net EBITDA Net Debt Net Debt/EBITDA Book Goodwill & Tangible Price/ Net Fixed Price/ Company Name Ticker Price S/O Cap Debt Cash Debt 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E Value (1) Intangibles Book Value TBV Assets NFA Contract Drilling, Drilling Services and Well Completions Akita Drilling AKT.A-T $0.37 39.6 $15 $83 $10 $73 $19 $20 $14 $85 $73 $78 4.5x 3.7x 5.8x $253 $0 $253 0.1x $258 0.1x Calfrac Well Services CFW-T $0.14 145.6 $20 $943 $88 $855 $144 $2 $46 $965 $292 $355 6.7x 187.9x 7.7x ($34) $0 ($34) -0.6x $707 0.0x CES Energy Solutions CEU-T $1.01 263.3 $266 $427 $0 $427 $165 $76 $84 $409 $286 $292 2.5x 3.7x 3.5x $686 $118 $568 0.5x $378 0.7x Cathedral Energy Services CET-T $0.16 49.5 $8 $26 $5 $21 $4 $0 $3 $19 $17 $16 4.8x nm 5.3x $75 $3 $72 0.1x $57 0.1x Ensign Energy Services ESI-T $0.72 162.7 $117 $1,574 $103 $1,471 $405 $221 $193 $1,573 $1,485 $1,465 3.9x 6.7x 7.6x $1,461 $0 $1,461 0.1x $2,812 0.0x High Arctic Energy Services HWO-T $0.62 49.6 $31 $20 $28 ($8) $19 ($1) $9 ($1) ($23) ($11) nm 23.0x nm $213 $0 $213 0.1x $181 0.2x Pason Systems PSI-T $6.98 84.1 $587 $7 $176 ($169) $130 $39 $31 ($146) ($157) ($153) nm nm nm $340 $49 $292 2.0x $111 5.3x PHX Energy Services PHX-T $1.05 53.3 $56 $41 $15 $26 $49 $26 $21 $57 $26 $10 1.2x 1.0x 0.5x $150 $18 $132 0.4x $115 0.5x Precision Drilling PD-T $0.86 275.4 $237 $1,517 $175 $1,342 $405 $247 $171 $1,420 $1,289 $1,262 3.5x 5.2x 7.4x $1,494 $30 $1,464 0.2x $2,704 0.1x STEP Energy Services STEP-T $0.40 67.5 $27 $219 $15 $204 $79 $25 $17 $249 $209 $232 3.2x 8.5x 14.1x $244 $1 $243 0.1x $411 0.1x Total Energy Services TOT-T $2.23 45.1 $101 $267 $21 $246 $111 $62 $59 $278 $186 $180 2.5x 3.0x 3.0x $524 $4 $520 0.2x $682 0.1x Trican Well Service TCW-T $0.91 264.7 $241 $18 $26 ($8) $28 $18 $23 $59 $3 $16 2.1x 0.1x 0.7x $552 $29 $523 0.5x $457 0.5x Western Energy Services WRG-T $0.25 90.9 $23 $219 $5 $214 $24 $13 $6 $230 $234 $251 9.6x 17.4x 39.0x $319 $0 $319 0.1x $480 0.0x Group Average 4.0x 23.7x 8.6x 0.3x 0.6x Production and Field Services Badger Daylighting BAD-T $29.45 34.9 $1,026 $181 $26 $155 $158 $136 $174 $171 $103 $77 1.1x 0.8x 0.4x $336 $35 $301 3.4x $427 2.4x Black Diamond Group BDI-T $1.69 55.6 $94 $143 $10 $133 $34 $34 $42 $122 $125 $117 3.6x 3.7x 2.8x $224 $21 $204 0.5x $349 0.3x CWC Well Services CWC-V $0.12 505.9 $61 $26 $0 $26 $12 $9 $11 $40 $31 $31 3.3x 3.4x 2.8x $184 $0 $184 0.3x $189 0.3x Essential Energy Services ESN-T $0.14 141.9 $20 $15 $6 $9 $17 $8 $7 $25 $13 $10 1.5x 1.6x 1.3x $154 $0 $154 0.1x $108 0.2x Horizon North Logistics HNL-T $3.55 64.9 $230 $150 $0 $150 $31 $56 $68 $134 $113 $102 4.4x 2.0x 1.5x $319 $122 $197 1.2x $216 1.1x Mullen Group MTL-T $8.69 99.6 $866 $629 $112 $517 $202 $209 $202 $538 $507 $488 2.7x 2.4x 2.4x $902 $309 $593 1.5x $943 0.9x North American Construction Group NOA-T $7.87 29.3 $230 $457 $41 $416 $173 $165 $181 $424 $402 $353 2.5x 2.4x 1.9x $234 $3 $231 1.0x $629 0.4x Secure Energy Services SES-T $1.73 158.5 $274 $504 $17 $486 $180 $130 $131 $494 $478 $434 2.7x 3.7x 3.3x $766 $32 $734 0.4x $1,240 0.2x Source Energy Services SHLE-T $0.10 59.7 $6 $227 $0 $227 $47 $17 $21 $226 $220 $255 4.8x 12.8x 12.0x $209 $0 $209 0.0x $211 0.0x Tervita Corporation TEV-T $3.40 113.1 $385 $911 $31 $880 $230 $181 $203 $841 $836 $795 3.7x 4.6x 3.9x $197 $370 nm nm $1,005 0.4x Terravest Capital TVK-T $15.60 18.7 $291 $141 $17 $124 nm nm nm $124 $124 $124 nm nm nm $101 $36 $64 4.5x $109 2.7x Group Average 3.0x 3.7x 3.2x 1.3x 0.8x Infrastructure and Fabrication Enerflex EFX-T $5.11 89.7 $458 $528 $79 $450 $345 $176 $160 $401 $323 $337 1.2x 1.8x 2.1x $1,426 $614 $812 0.6x $844 0.5x McCoy Global MCB-T $0.41 27.6 $11 $14 $10 $4 nm nm nm $4 $4 $4 nm nm nm $39 $9 $31 0.4x $12 1.0x ShawCor SCL-T $2.86 70.4 $201 $525 $104 $421 $127 $35 $94 $415 $396 $408 3.3x 11.4x 4.3x $1,049 $470 $579 0.3x $487 0.4x Group Average 2.2x 6.6x 3.2x 0.4x 0.6x Geophysical and Geological Computer Modelling Group (2) CMG-T $4.83 80.2 $388 $42 $51 ($9) $36 $30 $33 $2 ($7) ($17) 0.1x nm nm $42 $0 $42 9.2x $51 7.7x Pulse Seismic PSD-T $0.90 53.8 $48 $30 $0 $30 $18 $8 $21 $30 $30 $30 1.7x 3.8x 1.4x $33 $52 nm nm $1 nm Group Average 0.9x 3.8x 1.4x 9.2x 7.7x

Notes: (1) Based on most recent Financial Statements available. (2) Computer Modelling Group has a March 31st fiscal year-end. As such, comparative figures shown are offset (i.e., 2016 figures are for the 12 months ended March 31, 2017 (FY2017)). (3) Estimates for companies not under coverage by CIBC World Markets are from Bloomberg. (4) Net debt figures for companies not under coverage by CIBC World Markets and not available using consensus data on Bloomberg use current net debt figures on forward years. (5) Return calculations exclude applicable costs, including commissions and interest.

Source: Company reports, Bloomberg, FactSet and CIBC World Markets Inc.

21 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 18: U.S. Oilfield Services Comparables – Valuation Metrics

Share Basic Market Dividends EPS P/E CFPS P/CF EBITDA EV/EBITDA Net Debt Net Debt/EBITDA (1) Company Name Ticker Price S/O Cap $ Yield 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E 2019A 2020E 2021E BVPS P/B Current 2019E 2020E 2021E Diversified Services Baker Hughes, a GE Company BKR $17.12 656.3 $11,236 $0.72 4.2% $0.83 $0.20 $0.46 20.6x nm nm $2.79 $1.53 $2.30 6.1x 11.2x 7.4x $3,022 $2,083 $2,278 9.0x 13.2x 11.9x $33.33 0.5x $3,568 1.1x 1.8x 1.5x Halliburton HAL $16.65 878.5 $14,627 $0.18 1.1% $1.24 $0.49 $0.47 13.4x nm nm $2.89 $1.64 $1.56 5.8x 10.2x 10.7x $3,683 $2,288 $2,097 6.2x 9.7x 10.4x $11.09 1.5x $9,006 2.2x 3.3x 3.4x Schlumberger SLB $19.87 1,388.1 $27,582 $0.50 2.5% $1.47 $0.53 $0.65 13.5x nm nm $3.80 $2.14 $2.35 5.2x 9.3x 8.5x $6,609 $4,096 $4,125 6.2x 10.2x 9.9x $17.23 1.2x $15,904 2.0x 3.4x 3.1x Group Average 15.9x nm nm 7.0x 10.2x 8.2x 6.1x 9.5x 9.4x 1.1x 1.9x 3.2x 3.2x Contract Drilling Helmerich & Payne HP $18.50 107.5 $1,988 $1.00 5.4% $1.75 ($1.23) ($2.68) 10.6x nm nm $6.90 $3.98 $1.03 2.7x 4.6x 18.0x $784 $332 $72 2.7x 5.9x nm $37.33 0.5x $52 0.1x -0.1x 0.8x Nabors Industries NBR $45.93 7.3 $335 $2.00 4.4% ($63.63) ($93.39) ($98.05) nm nm nm $83.53 $47.57 $31.33 0.5x 1.0x 1.5x $805 $546 $395 4.6x 6.7x 9.4x $308.63 0.1x $2,802 3.6x 5.1x 7.3x Parker Drilling PKD $3.50 15.0 $53 - - nm nm nm nm nm nm nm nm nm nm nm nm $129 nm nm 1.2x nm nm $23.58 0.1x $102 0.8x nm nm Patterson-UTI PTEN $4.42 187.4 $828 $0.08 1.8% ($0.94) ($2.27) ($2.35) nm nm nm $2.82 $1.12 $0.62 1.6x 3.9x 7.1x $583 $200 $94 2.8x 7.8x 16.6x $15.70 0.3x $753 1.4x 3.6x 7.8x Group Average 10.6x nm nm 1.6x 3.2x 8.9x 2.8x 6.8x 13.0x 0.3x 1.5x 2.9x 5.3x Drilling Services, Workovers & Well Completions FTS International FTSI $6.33 5.4 $34 - - ($2.37) ($18.31) ($19.73) nm nm nm nm nm nm nm nm nm $125 ($2) $9 2.3x nm nm $8.64 0.7x $265 2.0x nm 31.2x Liberty Oilfield Services LBRT $7.29 84.9 $619 - - $0.53 ($1.26) ($0.88) 13.8x nm nm $2.78 $0.78 $0.74 2.6x 9.4x 9.8x $275 $36 $67 3.2x nm 14.2x $6.24 1.2x $82 0.0x 1.1x 0.8x Mammoth Energy Services TUSK $1.61 45.8 $74 - - ($0.85) ($1.46) ($0.95) nm nm nm nm $2.30 $0.87 nm 0.7x 1.9x $77 $12 $47 2.4x 11.0x 2.3x $15.92 0.1x $109 1.4x 5.0x 0.7x NexTier Oilfield Solutions NEX $3.02 214.3 $647 - - ($0.20) ($1.30) ($1.01) nm nm nm $1.42 $0.25 $0.27 2.1x 11.9x 11.2x $446 $65 $61 1.7x 11.5x 12.1x $2.20 1.4x $55 0.2x 1.4x 1.5x ProPetro Holdings Corp. PUMP $6.44 100.9 $650 - - $1.57 ($0.84) ($0.71) 4.1x nm nm $4.17 $1.29 $1.08 1.5x 5.0x 6.0x $519 $126 $97 1.2x 4.7x 5.9x $9.36 0.7x ($36) 0.0x -0.4x -0.8x RPC RES $3.46 215.1 $744 - - ($0.12) ($0.34) ($0.20) nm nm nm $0.88 $0.56 $0.13 3.9x 6.2x 26.5x $135 ($7) $16 5.1x nm nm $3.98 0.9x ($112) -0.4x 24.1x -8.4x Superior Energy Services SPN $1.09 14.8 $16 - - ($8.27) ($9.24) ($8.00) nm nm nm $1.26 ($2.59) $0.52 0.9x nm 2.1x $251 $98 $98 4.2x 10.4x 10.4x $9.65 0.1x $1,084 4.2x 10.2x 10.2x Group Average 8.9x nm nm 2.2x 6.6x 9.6x 2.9x 9.4x 9.0x 0.7x 1.0x 6.9x 5.0x Production and Field Services ChampionX Corporation CHX $11.12 199.8 $2,222 - - $0.99 ($0.35) $0.18 11.2x nm nm $1.50 $1.40 $0.70 7.4x 7.9x 16.0x $251 $225 $354 10.9x 13.8x 8.3x $5.20 2.1x $1,082 2.1x 3.9x 2.0x Archrock, Inc. AROC $7.18 152.9 $1,098 $0.58 8.1% $0.70 $0.26 $0.20 10.3x 27.1x nm $2.03 $1.70 $1.84 3.5x 4.2x 3.9x $417 $399 $380 7.0x 7.2x 7.3x $6.91 1.0x $1,824 4.3x 4.4x 4.4x Compressco CCLP $1.25 47.3 $59 $0.04 3.2% ($0.44) ($1.27) ($1.13) nm nm nm $1.13 $0.50 $0.33 1.1x 2.5x 3.8x $128 $99 $92 5.8x 7.5x 8.1x $1.07 1.2x $685 5.3x 6.9x 7.4x Exterran Corporation EXTN $5.70 33.1 $189 - - ($3.18) ($2.64) ($1.99) nm nm nm $3.81 $1.90 $2.91 1.5x 3.0x 2.0x $201 $123 $144 3.3x 5.6x 4.8x $14.76 0.4x $495 2.3x 4.1x 3.5x KLX Energy Services KLXE $10.08 8.3 $84 - - ($0.55) ($15.23) ($8.82) nm nm nm nm nm nm nm nm nm $78 $10 $65 2.6x 21.5x 3.1x $47.72 0.2x $118 1.5x 13.5x 1.8x Natural Gas Services NGS $6.82 13.5 $92 - - $0.00 ($0.54) ($0.34) nm nm nm nm nm nm nm nm nm $24 $16 $18 3.4x 5.0x 4.5x $18.61 0.4x ($12) -0.5x -0.8x -0.7x Newpark Resources NR $2.07 90.7 $188 - - $0.07 ($0.63) ($0.16) nm nm nm nm ($0.08) $0.49 nm nm 4.2x $80 ($0) $40 3.8x nm 6.8x $6.17 0.3x $113 1.4x nm 2.1x Ranger Energy Services RNGR $3.16 8.5 $27 - - $0.45 ($1.47) ($1.29) 7.0x nm nm $4.72 $1.60 $1.87 0.7x 2.0x 1.7x $51 $18 $20 3.0x 7.8x 6.0x $13.44 0.2x $31 0.7x 1.4x 0.4x Select Energy Services WTTR $5.53 86.9 $480 - - $0.42 ($0.84) ($0.67) 13.2x nm nm $1.56 $0.00 $0.22 3.5x nm 25.7x $183 $14 $29 3.3x nm 17.2x $10.65 0.5x ($85) -0.4x -12.4x -6.4x Solaris Oilfield Infrastructure SOI $8.00 42.4 $339 $0.42 5.3% $1.10 ($0.26) ($0.02) 7.3x nm nm $3.18 $0.63 $0.64 2.5x 12.7x 12.5x $122 $20 $25 3.4x 21.4x 17.1x $6.00 1.3x ($55) -0.5x -2.6x -1.7x Tetra Technologies TTI $0.60 125.8 $76 - - ($0.05) ($0.29) ($0.34) nm nm nm nm nm nm nm nm nm $187 $137 $127 5.7x 7.8x 8.4x $1.14 0.5x $864 4.6x 6.3x 6.8x USA Compression Partners USAC $12.11 96.9 $1,173 $2.10 17.3% ($0.10) ($6.60) ($0.25) nm nm nm $2.61 $0.25 $2.28 4.6x nm 5.3x $420 $404 $391 8.3x 9.4x 9.8x $17.67 0.7x $1,926 4.4x 5.3x 5.5x Group Average 9.8x 27.1x nm 3.1x 5.4x 8.3x 5.0x 10.7x 8.5x 0.7x 2.1x 2.7x 2.1x

Manufacturing & Fabrication DMC Global BOOM $33.52 14.8 $495 - - $3.75 ($0.14) $0.25 8.9x nm nm nm nm nm nm nm nm $94 $16 $24 5.4x nm 21.4x $11.31 3.0x $8 0.1x 0.5x 0.3x Dril-Quip, Inc. DRQ $35.91 35.1 $1,259 - - $0.08 ($0.42) ($0.17) nm nm nm $0.62 $0.21 $1.40 nm nm 25.7x $54 $29 $31 15.9x nm nm $31.17 1.2x ($341) -7.4x -13.9x -13.6x Forum Energy Technologies FET $0.47 111.3 $52 - - ($0.19) ($0.76) ($0.54) nm nm nm $0.81 nm nm 0.6x nm nm $73 ($30) $3 6.0x nm nm $4.36 0.1x $348 5.3x -9.8x 116.4x Frank's International FI $2.56 226.1 $579 - - ($1.05) ($0.36) ($0.23) nm nm nm nm nm nm nm nm nm $58 $7 $20 7.2x nm nm $4.32 0.6x ($164) -2.8x 32.5x 12.2x Helix Energy Solutions HLX $4.27 150.1 $641 - - $0.38 ($0.12) ($0.30) 11.2x nm nm $0.56 $0.60 $0.56 7.7x 7.1x 7.6x $180 $132 $98 4.4x 5.5x 6.8x $11.19 0.4x $344 0.8x 0.7x 0.2x MRC Global MRC $6.17 82.1 $506 - - $0.45 ($0.46) ($0.41) 13.8x nm nm $2.79 $2.70 $0.18 2.2x 2.3x nm $201 $62 $61 6.9x 19.7x 20.6x $12.50 0.5x $645 2.6x 5.7x 6.5x National Oilwell Varco NOV $13.03 388.3 $5,059 - - $0.43 ($0.18) ($0.36) nm nm nm $1.81 $1.14 $0.79 7.2x 11.4x 16.5x $885 $369 $273 6.7x 15.0x 19.8x $20.75 0.6x $1,334 0.9x 1.1x 1.0x NCS Multistage Holdings NCSM $0.68 47.2 $32 - - ($0.26) ($0.85) ($0.43) nm nm nm $0.17 ($0.27) ($0.04) 4.0x nm nm $26 ($16) ($5) 2.0x nm nm $3.02 0.2x ($3) 0.1x 0.0x -1.0x NOW Inc. DNOW $9.09 109.4 $994 - - $0.23 ($0.70) ($0.48) nm nm nm $1.99 $1.16 ($0.01) 4.6x 7.8x nm $87 ($58) ($34) 9.3x nm nm $11.58 0.8x ($222) -2.1x 5.4x 8.7x Oceaneering International OII $6.04 99.3 $600 - - ($0.84) ($0.54) ($0.70) nm nm nm $1.26 $0.97 $0.62 4.8x 6.2x 9.7x $165 $150 $116 6.2x 6.6x 8.1x $13.06 0.5x $651 2.6x 2.6x 2.9x Oil States International OIS $5.20 61.0 $317 - - ($0.62) ($1.16) ($0.99) nm nm nm $1.81 ($0.91) $0.64 2.9x nm 8.2x $102 $25 $33 5.5x 19.1x 14.4x $22.72 0.2x $241 2.4x 6.5x 4.8x TechnipFMC plc FTI $8.58 449.3 $3,855 $0.13 1.5% $0.74 $0.47 $0.70 11.6x 18.3x 12.2x $1.81 ($0.07) $1.35 4.7x nm 6.4x $1,529 $1,010 $1,008 2.1x 3.4x 3.3x $22.43 0.4x $694 -0.5x -0.5x -0.6x Group Average 11.4x 18.3x 12.2x 4.3x 9.2x 12.3x 6.5x 11.6x 13.5x 0.7x 0.3x 2.7x 11.5x

Offshore Diamond Offshore DO $0.21 138.1 $29 - - ($2.64) ($2.78) ($2.82) nm nm nm ($0.22) ($0.05) ($0.32) nm nm nm $74 $39 $34 24.9x nm nm $23.94 0.0x ($511) 24.5x 50.6x 62.8x Noble Corp NE $0.03 251.1 $8 - - ($1.52) ($1.66) ($1.96) nm nm nm $0.47 ($0.12) ($0.58) 0.1x nm nm $329 $206 $183 11.8x 19.4x 23.1x $14.31 0.0x $3,761 11.4x 18.8x 22.4x Seadrill SDRL $0.41 100.3 $41 - - ($10.39) ($17.68) ($7.03) nm nm nm ($2.60) ($4.50) ($3.90) nm nm nm $251 $113 $141 23.2x nm nm $18.54 0.0x $5,773 22.3x 53.4x 45.3x Tidewater TDW $7.52 40.4 $304 - - ($2.39) ($1.62) ($1.28) nm nm nm nm nm nm nm nm nm $61 $42 $47 6.1x 8.8x 8.2x $26.64 0.3x $60 1.1x 1.5x 1.7x Transocean RIG $2.18 614.6 $1,340 - - ($1.45) ($0.99) ($1.12) nm nm nm $0.71 $0.53 $0.35 3.1x 4.2x 6.3x $948 $911 $745 9.3x 9.8x 13.1x $19.42 0.1x $7,110 7.9x 8.3x 11.3x Group Average nm nm nm 1.6x 4.2x 6.3x 15.0x 12.7x 14.8x 0.1x 7.7x 19.4x 19.6x Notes: (1) Based on most recent Financial Statements available. (2) Estimates for companies not under coverage by CIBC World Markets are from Bloomberg. (3) Net debt figures for companies not under coverage by CIBC World Markets and not available using consensus data on Bloomberg use current net debt figures on forward years. Source: Company reports, Bloomberg, FactSet and CIBC World Markets Inc.

Source: Company reports, Bloomberg, FactSet and CIBC World Markets Inc.

22 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

CIBC Vs. Consensus

23 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 19: CIBC Vs. Consensus – SMID-cap Producers

2021E Capex ($MM) 2022E Capex ($MM) 2021E Production (Mboe/d) 2022E Production (Mboe/d) 2021E DAPPS Growth 2022E DAPPS Growth Company Ticker Analyst Rating CIBC Consensus Difference CIBC Consensus Difference CIBC Consensus Difference CIBC Consensus Difference CIBC Base Consensus Difference CIBC Base Consensus Difference Oil-Weighted SMID Cap E&Ps Baytex Energy BTE DP NT $283 $287 -2% $250 $423 -41% 77.6 75.7 2% 78.3 76.9 2% -4% -32% 87% 19% -1% nm Bonterra Energy BNE JK UN $25 $33 -23% $25 $43 -41% 10.2 10.4 -2% 9.1 10.3 -11% -9% -30% 72% 2% 8% -69% Crescent Point Energy CPG DP NT $644 $585 10% $839 $700 20% 111.2 112.4 -1% 117.4 112.0 5% -12% -12% 1% 21% 5% 368% Enerplus ERF JK OP $290 $313 -7% $290 $348 -17% 82.5 84.2 -2% 76.1 84.1 -10% -7% -12% 46% 10% 0% nm Surge Energy SGY DP NT $75 $51 47% $130 $61 113% 20.1 17.2 17% 21.9 17.0 29% 5% -38% 112% 13% 6% 133% Tamarack Valley Energy TVE DP OP $103 $100 3% $113 $150 -25% 22.0 21.3 3% 23.6 23.1 2% 110% -6% nm 217% 8% nm TORC Oil & Gas TOG JK OP $110 $110 0% $100 $110 -9% 25.6 25.1 2% 25.7 26.0 -1% 7% 6% 26% 24% 20% 23% Vermilion Energy VET DP NT $406 $403 1% $434 $424 2% 88.1 93.9 -6% 88.4 91.9 -4% -4% -30% 87% 11% 6% 72% Whitecap Resources WCP DP OP $228 $238 -4% $378 $310 22% 61.5 61.5 0% 65.1 62.3 5% -9% -6% -40% 19% 3% nm Yangarra Resources YGR DP UN $43 $45 -6% $98 nm nm 9.1 10.3 -12% 10.6 nm nm -19% -17% -9% 6% nm nm Oil-Weighted SMID Cap E&Ps Average 2% 3% 0% 2% 42% 105% Gas-Weighted SMID Cap E&Ps Advantage Oil & Gas AAV JK NT $130 $149 -13% $130 $168 -22% 45.2 45.1 0% 45.1 48.4 -7% 1% 6% -80% 2% 11% -79% ARC Resources ARX JK OP $350 $396 -12% $400 $414 -3% 160.2 158.6 1% 164.0 167.4 -2% 14% 13% 9% 26% 7% 274% Birchcliff Energy BIR DP OP $237 $200 19% $277 $253 10% 81.0 80.8 0% 96.1 87.5 10% 11% 22% -47% 47% nm nm Crew Energy CR DP UN $53 $49 9% $68 $55 24% 21.0 21.5 -2% 20.7 21.1 -2% -7% 27% -126% -41% -10% -319% Kelt Exploration KEL JK OP $95 $90 6% $110 $98 13% 20.2 17.5 15% 20.8 19.1 9% -17% -30% 42% 37% 10% 292% Leucrotta Exploration LXE JK NT $4 $6 -33% $4 nm nm 2.4 2.9 -17% 1.9 nm nm -21% 0% nm -20% nm nm NuVista Energy NVA JK NT $135 $135 0% $165 $185 -11% 51.7 50.3 3% 51.4 52.2 -2% -11% -28% 62% 16% -2% nm Painted Pony Energy PONY DP NT $75 $50 50% $89 $73 23% 47.6 44.6 7% 49.3 43.8 13% -6% 39% -114% -8% 3% nm Paramount Resources POU JK UN $185 $180 3% $185 $230 -20% 69.5 67.3 3% 68.0 74.0 -8% -17% -23% 28% 13% 2% nm Petrus Resources PRQ DP NT $22 $21 3% $22 $22 -2% 7.5 6.9 8% 7.7 8.0 -4% 6% 7% -15% 17% nm nm Peyto Exploration PEY DP NT $210 $250 -16% $255 $285 -11% 77.7 81.3 -4% 75.9 85.1 -11% 3% 22% -86% 0% nm nm Seven Generations VII JK OP $675 $670 1% $700 $700 0% 178.0 180.9 -2% 173.4 179.1 -3% 10% 7% 58% 15% 6% nm Storm Resources SRX JK OP $75 $74 1% $50 $70 -29% 28.4 26.2 8% 28.3 28.3 0% 32% 39% -19% 39% 22% 74% Tourmaline Oil TOU DP OP $942 $901 5% $1,027 $995 3% 321.6 320.0 0% 330.9 338.8 -2% 12% 24% -49% 10% 8% 20% Gas-Weighted SMID Cap E&Ps Average 2% -2% 1% -1% -26% 44% SMID Cap LatAM Producers Gran Tierra Energy GTE DP UN $90 $154 -42% $200 $159 26% 28.0 28.3 -1% 36.0 31.7 14% 22% -41% 154% 40% 14% 180% Frontera FEC DP NT $234 $185 27% $426 $251 70% 44.8 43.0 4% 56.0 41.0 37% -19% -42% 54% -13% 10% nm Parex Resources PXT DP OP $200 $258 -23% $240 $330 -27% 50.5 51.9 -3% 57.0 55.1 3% 18% 12% 50% 34% 6% nm SMID Cap LatAM Producers Average -13% 23% 0% 18% 86% 180% Royalty Co's Freehold Royalties FRU JK OP $0.2 $0.0 0% $0.2 $1.0 -80% 9.0 9.2 -2% 8.4 8.3 1% 10% 3% 243% 19% -5% -463% PrairieSky Royalty PSK JK OP $0.0 $0.0 0% $0.0 $0.0 0% 18.6 19.0 -2% 17.3 17.4 -1% 0% -4% -91% 0% -8% -96% Royalty Co's Average 0% -40% -2% 0% 76% -279%

Source: Company reports, FactSet and CIBC World Markets Inc.

24 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 20: CIBC Vs. Consensus – Oilfield Services Companies

2020E Revenue ($MM) 2021E Revenue ($MM) 2020E EBITDA ($MM) 2021E EBITDA ($MM) 2020E EV/EBITDA (x) 2021E EV/EBITDA (x) Company Name Ticker Analyst Rating CIBC Consensus ∆% CIBC Consensus ∆% CIBC Consensus ∆% CIBC Consensus ∆% CIBC Consensus ∆% CIBC Consensus ∆% Oilfield Services & Equipment Black Diamond Group BDI DB NT $151 $162 -7% $176 $184 -4% $34 $38 -10% $42 $42 0% 6.5x 6.1x 7% 5.1x 5.5x -6% Calfrac Well Services CFW DB NT $657 $673 -2% $848 $732 16% $2 ($0) -689% $46 $29 61% nm nm nm 20.7x 30.6x -32% Enerflex EFX DB OP $1,157 $1,171 -1% $1,091 $1,073 2% $176 $179 -2% $160 $154 4% 4.8x 5.4x -13% 5.3x 6.3x -16% Ensign Energy Services ESI DB NT $927 $953 -3% $807 $921 -12% $221 $221 0% $193 $187 3% 7.3x 7.2x 1% 8.2x 8.6x -4% Mullen Group MTL DB OP $1,103 $1,130 -2% $1,210 $1,196 1% $209 $202 3% $202 $202 0% 6.9x 7.5x -8% 7.1x 7.5x -6% Pason Systems PSI DB NT $152 $151 0% $151 $153 -1% $39 $33 19% $31 $29 5% 9.8x 11.6x -16% 12.6x 12.9x -3% Precision Drilling PD DB OP $870 $922 -6% $813 $873 -7% $247 $241 3% $171 $183 -7% 6.5x 6.8x -5% 9.2x 8.9x 3% Secure Energy Services SES DB NT $1,495 $1,685 -11% $1,793 $2,036 -12% $130 $117 11% $131 $136 -4% 5.8x 6.9x -16% 5.4x 5.9x -8% Total Energy Services TOT DB OP $362 $390 -7% $434 $401 8% $62 $60 2% $59 $52 14% 4.7x 5.8x -19% 4.7x 6.7x -29% STEP Energy Services STEP DB NT $348 $390 -11% $375 $395 -5% $25 $24 1% $17 $24 -32% 9.7x 11.5x -16% 15.9x 11.6x 37% Trican Well Service TCW DB NT $331 $338 -2% $334 $364 -8% $18 $9 101% $23 $20 17% 16.1x 32.7x -51% 13.4x 15.2x -12% North American Construction Group NOA DB OP $510 $509 0% $628 $652 -4% $165 $157 5% $181 $178 2% 4.3x 4.9x -12% 3.6x 4.3x -15% Tervita Corporation TEV DB OP $1,671 $1,453 15% $1,844 $1,829 1% $181 $181 0% $203 $195 4% 6.9x 7.2x -5% 5.9x 6.7x -11% Oilfield Services & Equipment Average -3% -2% -43% 5% -13% -8%

Source: Company reports, FactSet and CIBC World Markets Inc.

25 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 21: Ratings & Price Target Summary

Price Price Target Upside Downside Company Ticker Analyst Rating 14-Aug-20 Current Prior ∆ Current Prior ∆ Current Prior ∆ Advantage Oil & Gas AAV JK NT $2.00 $2.00 $2.00 = $3.50 $3.50 = $0.50 $0.50 = ARC Resources ARX JK OP $6.53 $8.50 $8.50 = $10.00 $10.00 = $2.00 $2.00 = Baytex Energy BTE DP NT $0.73 $0.85 $0.85 = $1.75 $1.75 = $0.01 $0.01 = Birchcliff Energy BIR DP OP $1.44 $2.00 $2.00 = $5.25 $5.25 = $0.01 $0.01 = Black Diamond Group BDI DB NT $1.78 $2.25 $2.25 = $4.50 $4.50 = $0.75 $0.75 = Bonterra Energy BNE JK UN $1.50 $1.00 $1.00 = $6.00 $6.00 = $0.01 $0.01 = Calfrac Well Services CFW DB NT $0.15 $0.05 $0.05 = $0.50 $0.50 = $0.01 $0.01 = Crescent Point Energy CPG DP NT $2.59 $2.50 $2.50 = $4.75 $4.75 = $0.01 $0.01 = Crew Energy CR DP UN $0.41 $0.25 $0.25 = $1.50 $1.50 = $0.01 $0.01 = Enerflex EFX DB OP $5.76 $9.00 $9.00 = $12.50 $12.50 = $3.00 $3.00 = Enerplus ERF JK OP $4.07 $5.00 $5.00 = $7.00 $7.00 = $0.25 $0.25 = Ensign Energy Services ESI DB NT $0.75 $1.00 $1.00 = $5.25 $5.25 = $0.30 $0.30 = Freehold Royalties FRU JK OP $4.60 $6.50 $6.50 = $8.00 $8.00 = $2.50 $2.50 = Frontera FEC DP NT $2.89 $8.00 $8.00 = $10.00 $10.00 = $0.01 $0.01 = Gran Tierra Energy GTE DP UN $0.40 $0.50 $0.50 = $1.50 $1.50 = $0.01 $0.01 = Kelt Exploration KEL JK OP $1.72 $3.25 $3.25 = $5.00 $5.00 = $0.50 $0.50 = Leucrotta Exploration LXE JK NT $0.60 $0.60 $0.60 = $1.50 $1.50 = $0.01 $0.01 = Mullen Group MTL DB OP $9.67 $12.50 $12.50 = $15.00 $15.00 = $4.00 $4.00 = North American Construction NOA DB OP $10.35 $15.00 $15.00 = $20.00 $20.00 = $3.50 $3.50 = NuVista Energy NVA JK NT $0.83 $1.25 $1.25 = $3.50 $3.50 = $0.01 $0.01 = Painted Pony Energy PONY DP NT $0.68 $0.69 $0.69 = $2.25 $2.25 = $0.01 $0.01 = Paramount Resources POU JK UN $2.60 $1.75 $1.75 = $8.00 $8.00 = $0.01 $0.01 = Parex Resources PXT DP OP $19.11 $22.00 $22.00 = $25.00 $25.00 = $7.00 $7.00 = Pason Systems PSI DB NT $6.41 $10.00 $10.00 = $14.50 $14.50 = $3.75 $3.75 = Petrus Resources PRQ DP NT $0.23 $0.20 $0.20 = $1.50 $1.50 = $0.01 $0.01 = Peyto Exploration PEY DP NT $2.52 $3.00 $3.00 = $7.00 $7.00 = $0.01 $0.01 = PrairieSky Royalty PSK JK OP $9.61 $12.00 $12.00 = $14.00 $14.00 = $6.00 $6.00 = Precision Drilling PD DB OP $1.04 $1.25 $1.25 = $3.25 $3.25 = $0.25 $0.25 = Secure Energy Services SES DB NT $1.73 $2.50 $2.50 = $4.50 $4.50 = $0.75 $0.75 = Seven Generations VII JK OP $4.37 $5.50 $5.50 = $10.00 $10.00 = $0.01 $0.01 = STEP Energy Services STEP DB NT $0.45 $0.60 $0.60 = $4.50 $4.50 = $0.05 $0.05 = Storm Resources SRX JK OP $1.66 $2.75 $2.75 = $4.00 $4.00 = $0.01 $0.01 = Surge Energy SGY DP NT $0.33 $0.50 $0.50 = $1.50 $1.50 = $0.01 $0.01 = Tamarack Valley Energy TVE DP OP $1.00 $1.75 $1.75 = $2.75 $2.75 = $0.01 $0.01 = Tervita Corporation TEV DB OP $3.66 $6.00 $6.00 = $12.00 $12.00 = $1.50 $1.50 = TORC Oil & Gas TOG JK OP $2.06 $2.50 $2.50 = $4.00 $4.00 = $0.50 $0.50 = Total Energy Services TOT DB OP $2.25 $4.00 $4.00 = $6.50 $6.50 = $1.25 $1.25 = Tourmaline Oil TOU DP OP $16.68 $20.00 $20.00 = $25.00 $25.00 = $6.00 $6.00 = Trican Well Service TCW DB NT $1.11 $1.10 $1.10 = $2.75 $2.75 = $0.25 $0.25 = Vermilion Energy VET DP NT $5.99 $8.00 $8.00 = $13.00 $13.00 = $3.00 $3.00 = Whitecap Resources WCP DP OP $2.74 $3.50 $3.50 = $4.75 $4.75 = $0.01 $0.01 = Yangarra Resources YGR DP UN $0.63 $0.75 $0.75 = $1.00 $1.00 = $0.01 $0.01 = Notes: 1) nm = not meaningful, NT = Neutral, OP = Outperformer, UN = Underperformer, OP-S = Outperformer-Speculative, R = restricted, N/A = not available; 2) DP – Dave Popowich, JK – Jamie Kubik, DB - Daine Biluk.

Source: Company reports and CIBC World Markets Inc.

26 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Exhibit 22: SMID-cap E&P Quarterly Estimates (CIBC Base Deck)

Production (Mboe/d) Capex ($MM) CFPS ($/sh) 2020E 2020E 2020E Company Ticker Q1A Q2E Q3E Q4E Q1A Q2E Q3E Q4E Q1A Q2E Q3E Q4E Oil-Weighted E&P Bonterra BNE 12.0 10.2 10.4 10.3 $21.7 $0.1 $3.0 $2.2 $0.44 $0.13 $0.22 $0.28 Baytex BTE 98.5 72.5 74.9 76.2 $176.8 $9.9 $25.2 $45.2 $0.24 $0.03 $0.07 $0.12 Crescent Point CPG 141.3 120.8 103.5 100.2 $331.5 $82.9 $110.0 $170.2 $0.58 $0.20 $0.33 $0.32 Enerplus ERF 98.2 87.4 88.1 85.3 $165.5 $41.0 $50.0 $46.0 $0.51 $0.31 $0.38 $0.48 Gran Tierra GTE 29.5 20.2 20.0 25.0 $44.3 $4.7 $10.0 $25.0 $0.06 $0.02 $0.03 $0.04 Frontera FEC 58.3 39.5 38.6 38.4 $64.7 $15.7 $15.2 $15.2 $0.49 $0.37 $0.26 $0.31 Parex PXT 54.3 40.9 43.3 47.6 $71.2 $5.0 $30.0 $35.0 $0.69 $0.28 $0.44 $0.55 Surge SGY 20.4 17.1 17.4 18.6 $32.5 $3.5 $4.0 $5.5 $0.09 $0.03 $0.08 $0.05 TORC TOG 28.5 24.9 24.9 25.4 $65.6 $2.7 $5.0 $10.0 $0.21 $0.03 $0.16 $0.18 Tamarack Valley TVE 23.5 21.0 20.6 19.7 $73.9 $6.2 $12.0 $4.7 $0.18 $0.09 $0.11 $0.10 Vermilion VET 97.2 100.4 94.4 90.1 $233.7 $42.3 $37.4 $49.9 $1.09 $0.52 $0.67 $0.75 Whitecap WCP 73.5 70.8 65.8 61.8 $138.8 $21.3 $20.0 $22.0 $0.32 $0.20 $0.23 $0.23 Yangarra YGR 12.1 9.9 8.9 10.2 $25.0 $1.1 $5.0 $5.0 $0.18 $0.09 $0.10 $0.15 Gas-Weighted E&P Advantage AAV 46.5 45.3 44.8 44.1 $93.6 $10.7 $20.0 $17.5 $0.17 $0.09 $0.13 $0.19 ARC ARX 151.8 166.5 150.1 158.5 $169.8 $44.1 $60.0 $28.0 $0.46 $0.42 $0.34 $0.44 Birchcliff BIR 73.6 75.0 80.1 79.9 $132.8 $84.0 $45.5 $18.0 $0.14 $0.08 $0.20 $0.31 Crew CR 23.9 22.1 18.5 20.3 $18.0 $5.3 $22.1 $32.1 $0.08 $0.03 $0.01 $0.05 Kelt KEL 30.8 30.4 27.0 17.4 $93.2 $27.8 $20.0 $20.0 $0.15 $0.06 $0.08 $0.05 Leucrotta LXE 2.9 3.4 3.2 2.9 $12.0 $0.3 $0.3 $0.3 $0.00 -$0.01 $0.00 $0.00 NuVista NVA 52.1 50.9 49.6 49.0 $128.7 $20.8 $15.0 $10.0 $0.23 $0.07 $0.15 $0.23 Peyto PEY 78.5 78.1 77.5 78.4 $68.6 $37.0 $47.5 $57.5 $0.33 $0.20 $0.26 $0.43 Painted Pony PONY 53.1 50.8 45.9 48.0 $20.9 $5.3 $13.5 $9.2 $0.03 -$0.08 $0.00 $0.08 Paramount POU 70.0 68.8 69.0 70.5 $63.8 $40.8 $30.5 $32.5 $0.20 $0.10 $0.19 $0.37 Petrus PRQ 7.3 6.3 6.5 7.0 $8.7 $0.3 $0.7 $3.4 $0.14 $0.12 $0.10 $0.11 Storm SRX 23.9 23.9 20.5 27.2 $26.4 $2.4 $13.0 $13.0 $0.14 $0.09 $0.07 $0.18 Tourmaline TOU 308.3 299.4 295.0 322.1 $314.8 $103.9 $215.1 $200.1 $1.07 $0.83 $0.88 $1.12 Seven Generations VII 193.5 183.2 169.9 182.9 $265.8 $69.4 $185.0 $130.0 $0.82 $0.42 $0.57 $0.73 Royalty Co's PrairieSky PSK 22.2 18.7 19.0 19.3 $0.0 $0.0 $0.0 $0.0 $0.20 $0.09 $0.17 $0.19 Freehold FRU 11.0 9.3 9.1 9.1 $0.0 $0.0 $0.0 $0.0 $0.17 $0.09 $0.17 $0.18

Source: Company reports and CIBC World Markets Inc.

27 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Changes To CIBC Estimates

Ticker Earnings Type FYE 2019 Prior 2019 Current 2020 Prior 2020 Current 2021 Prior 2021 Current ESI-CA Adj. EBITDA Dec C$405.21 C$405.21 C$217.17 C$220.92 C$189.74 C$193.22 PONY-CA CFPS Dec C$0.47 C$0.47 C$0.07 C$0.03 C$0.55 C$0.38 PEY-CA CFPS Dec C$1.96 C$1.96 C$1.23 C$1.22 C$1.64 C$1.72 STEP-CA Adj. EBITDA Dec C$78.81 C$78.81 C$28.85 C$24.70 C$25.88 C$16.51

Source: Company notes and CIBC World Markets Inc. All figures in Canadian dollars, unless otherwise stated. Important disclosure footnotes that correspond to the footnotes in this table may be found in the ‘Key to Important Disclosure Footnotes’ section of this report

28 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

Important Disclosures

Analyst Certification: Each CIBC World Markets Inc. research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst's personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

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In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.

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Rating Abbreviation Description Stock Ratings Outperformer OP Stock is expected to outperform similar stocks in the coverage universe during the next 12-18 months. Neutral NT Stock is expected to perform in line with similar stocks in the coverage universe during the next 12-18 months. Underperformer UN Stock is expected to underperform similar stocks in the coverage universe during the next 12-18 months. Not Rated NR CIBC World Markets does not maintain an investment recommendation on the stock. Restricted R CIBC World Markets is restricted (due to potential conflict of interest) from rating the stock.

Sector Ratings (note: Broader market averages refer to S&P 500 in the U.S. and S&P/TSX Composite in Canada.) Overweight O Sector is expected to outperform the broader market averages. Marketweight M Sector is expected to equal the performance of the broader market averages. Underweight U Sector is expected to underperform the broader market averages. None NA Sector rating is not applicable. "Speculative" indicates that an investment in this security involves a high amount of risk due to volatility and / or liquidity issues.

29 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

CIBC World Markets Inc. Price Chart

For price and performance charts, please visit CIBC on the web at https://researchcentral.cibcwm.com/rcportal/pricecharts or write to CIBC World Markets Inc., 161 Bay Street, 4th Floor, Toronto, ON M5H 2S8, Attn: Research Disclosure Chart Request.

Important Disclosure Footnotes

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Companies mentioned in the report but not listed are not covered by fundamental research at CIBC.

Ratings Distribution*: CIBC World Markets Inc. Coverage Universe (as of 17 Aug 2020) Count Percent Inv. Banking Relationships Count Percent Outperformer 155 48.4% Outperformer 155 100.0% Neutral 145 45.3% Neutral 144 99.3% Underperformer 13 4.1% Underperformer 13 100.0% Restricted 7 2.2% Restricted 7 100.0% Important disclosures required by applicable rules can be obtained by visiting CIBC World Markets on the web at https://researchcentral.cibcwm.com/rcportal/legaldisclaimer. Important disclosures for each issuer can be found on Research Central Website by navigating through the following path: Company & Industry Research < Companies Listing < Ticker < Company page. Access to the system for our dissemination policy can be found at the bottom of each page on the Research Central website. These important disclosures can also be obtained by writing to CIBC World Markets Inc., 161 Bay Street, 4th Floor, Toronto, ON M5H 2S8, Attention: Research Disclosures Request.

30 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

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31 Rigs N’ Reserves: The Week Ahead In North American Energy - August 17, 2020

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