Quarterly Update Q1 2020 Oilfield Services

Update

OILFIELD SERVICES QUARTERLY UPDATE Q1 2020 HOW OIL PRICES WENT SUBZERO FOR THE FIRST TIME IN HISTORY

On April 20, 2020, May 2020 West Texas Intermediate (WTI) crude oil futures went into negative territory, closing at a price of -$37.63. For the first time in the history, producers were willing to pay traders to take crude oil off their hands. There have been oil crashes in the past, but why and how did prices end up falling below zero?

At a macroeconomic level, it was due to failing supply and demand fundamentals. When supply and demand are in balance, one force counteracts the other to maintain an equilibrium. However, this equilibrium can fail if both demand and supply get shocked at the same time.

The COVID-19 pandemic has caused major travel shutdowns around the world cutting global demand by up to 33%. In addition, a mistimed price war between Saudi Arabia and Russia ensued after Russia walked out on a production cut agreement, causing Saudi Arabia to retaliate, leading to excess supply of discounted oil.

With both demand decreasing sharply and the supply glut widening, short-term crude oil futures contracts were treated as a “hot potato,” as no one wanted to be stuck taking delivery of the physical oil if they were unable to sell the contract to someone who could store it. This becomes quite an issue as it was estimated that the world’s available oil storage capacity was already at 76% in March. On top of this, record amounts of oil is being stored on tankers (160 million barrels vs. the normal 100 million barrels).

This storage issue created a massive imbalance of sellers to buyers of May WTI futures contracts and the price fell bellow zero for the first time ever. It remains to be seen how fast the transportation industry will recover after COVID-19.

February 15, 2020 China begins turning $70 away oil tankers, as March 8, 2020 lockdown intensifies Saudi offers $6-8 price $60 discounts to customers April 9, 2020 in Europe, Asia, and US Saudi Arabia and Russia finally agree on cuts, but $50 ) it’s too late. Oil prices hit D

S their lowest point since U

$ $40

( 1990s

e c i r $30 March 6, 2020 P

s OPEC+ talks collapse; e r

u Russia walks away

t $20

u from negotiations F March 11, 2020 $10 WHO declares COVID-19 a pandemic $0

Brent Crude WTI

Sources: Visual Capitalist (https://www.visualcapitalist.com/subzero-oil-price-crash-covid-19/) Page 2 MNP INSIGHTS ALBERTA OIL PATCH MARKET UPDATES

ALBERTA NOT ASKED TO CURTAIL WTI VERSUS WCS Q1 FURTHER BY OPEC $90

Alberta’s premier, Jason Kenny, has taken part in $80 negotiations among OPEC and other oil-producing countries about curbing bloated global supplies. $70 “We have not been asked to constrain Alberta energy output,” Kenney told reporters. “The main $60 concern in OPEC+ is that North American producers l b

not surge production to occupy the space created by b $50 / their own curtailment, should they do it.” S U $ $40 OPEC and its allies held talks on record output curbs of 15 million to 20 million barrels per day (bbl/d), or 15% to 20% of global supplies. $30

In the past month, Canadian oil producers have $20 curtailed another 325,000 bbl/d. This is among the most in the world, according to consultancy Rystad $10 Energy.

WCS WTI Spread Curtailment announced Curtailment takes effect

AVERAGE BARRELS OF PRODUCTION PER DAY IN ALBERTA (‘000’s)

4000 80%

70% t n

) 3750 u s ' 60% o 0 c s 0

3500 i 0

( 50% D

I s l T

e 3250 40% r W r

a 30% o t B 3000 S

20% C

2750 W 10% 2500 0% l l l t t r r r r c c y v y v i y g g e p n b p n b n n u c u c r a a p p e e a a a o o u a u a e e e e n u u J J J J p J J O O A A S F S F D D u A A N N M M M M M J A Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2020 Curtailment Limit Output WCS to WTI % Discount Curtailment announced Curtailment takes effect Sources: BOE Report (https://boereport.com/2020/04/09/alberta-not-asked-by-opec-to-curtail-premier/) Alberta Government (https://www.alberta.ca/oil-production-limit.aspx) and (https://www.alberta.ca/budget.aspx) Page 3 OPEC+ OIL PRODUCTION CUTS

KEY POINTS • OPEC+ finalized an agreement to cut production by 9.7 million bbl/d — the single largest output cut in history.

• OPEC+ initially proposed cutting production by 10 million bbl/d, but Mexico opposed the amount it was being asked to cut.

• Under OPEC+’s new agreement, Mexico will cut 100,000 bbl/d instead of the 400,000 it had initially been asked to cut.

On April 12, 2020, OPEC and its oil producing allies finalized a historic agreement to cut production by 9.7 million bbl/d, following days of discussions among the world’s largest energy producers. It is the single largest output cut in history.

On April 12, 2020 an emergency meeting came as oil-producing nations scrambled to reach an agreement in an effort to prop-up falling prices as the coronavirus outbreak impacted demand. In addition, the agreement ends a Saudi Arabian-Russian price war that broke out at the beginning of March and had pressured oil prices as each sought to gain market share.

The 9.7 million bbl/d cut begins on May 1, 2020 and will extend through the end of June. The cuts will then taper to 7.7 million bbl/d from July through the end of 2020, and 5.8 million bbl/d from January 2021 through April 2022. The 23-nation group will meet again on June 10, 2020 to determine if further action is needed.

Saudi Aramco has already begun to curtail production from about 12 million bbl/d to achieve the agreed level of 8.5 million bbl/d. The country joins fellow OPEC members Kuwait, Algeria, and Nigeria in kicking off cuts early.

Despite the record size of the cut, some fear it’s still not large enough to combat the drop in demand. Chris Midgley, S&P Global Platts’ global head of analytics, said that the cut isn’t enough “to plug the 15 to 20 million bbl/d near-term imbalance in the marketplace and avoid tank tops in May.” The cut “won’t be enough to bring sustainable, restorative support to oil prices, not unless OPEC goes further,” he added.

With that said, OPEC+ is hoping that nations outside of the group, including the US, Canada and Norway, will also cut production to shore up prices. This seems likely as US President Donald Trump said the US would cut production in an effort to get Mexico “over the barrel” when the deal was in jeopardy.

US Energy Secretary Dan Brouillette said at the G-20 meeting, “today’s crisis transcends the interests of any one nation and requires a swift and decisive response from us all. Failure to act has far reaching consequences to each of our economies.”

Sources: CNBC (https://www.cnbc.com/2020/04/12/opec-and-allies-finalize-record-oil-production-cut-after-days-of-discussion.html) Bloomberg (https://www.bloomberg.com/news/articles/2020-04-25/saudi-aramco-starts-cutting-output-ahead-of-may-1-opec-target) Page 4 PIPELINE Q1 UPDATE

KEYSTONE XL TO PROCEED WITH $7 BILLION COMMITMENT FROM ALBERTA GOVERNMENT

On March 31, 2020, TC Energy said it has decided to go ahead with the construction of its USD $8.0 billion Keystone XL pipeline, along with an announcement that the Alberta government will be making a “strategic investment” in the pipeline.

The Alberta government plans to make a USD $1.1 billion preferred equity investment in the project, covering planned construction costs through the end of 2020, as well as provide a $6.9 billion loan guarantee beginning in 2021.

TC ENERGY ANNOUNCES $1.3 BILLION OF SYSTEM EXPANSIONS

On February 13, 2020, TC Energy announced it has approved two new expansion projects totaling $1.3 billion on its wholly-owned natural gas pipeline systems.

The $0.9 billion 2023 NGTL Intra-Basin System Expansion will deliver natural gas from the Western Canadian Sedimentary Basin to markets within Alberta on the NOVA Gas Transmission Ltd. System.

The USD $0.3 billion Alberta XPress project will see the expansion of the ANR Pipeline to provide a seamless path for Canadian production to access growing LNG export and other markets along the U.S. Gulf Coast.

MPUC ACCEPTS / APPROVES LINE 3RP’S REVISED FEIS

On February 3, 2020, the Minnesota Public Utilities Commission (MPUC) ruled that the Line 3 Replacement Project (L3RP)'s second revised Final Environmental Impact Statement (FEIS) is adequate.

This was one of Enbridge’s last remaining hurdles before it could begin construction on replacing its $9 billion Line 3 pipeline project running from Edmonton to Superior in Wisconsin.

JORDAN COVE LNG PROJECT RECEIVES FEDERAL APPROVAL

On March 19, 2020, Pembina Pipeline Corporation announced it received approval from the US Federal Energy Regulatory Commission (FERC) for Pembina's proposed Jordan Cove liquified natural gas terminal and Pacific Connector Gas Pipeline (together known as Jordan Cove).

Jordan Cove is the first-ever US West Coast natural gas export facility to be approved by FERC. This federal approval is a significant milestone for the project and for Pembina. Sources: Company Websites Page 5 INDUSTRY OVERVIEW M&A TRANSACTIONS AND PERFORMANCE

CANADIAN E&P TRANSACTIONS ) s l ) a s 25 37 40 e n 21.9B o D i

l f l 32 32 i 35 o

30 B

20 29 r

28 e D 30 b A 32

C 24 m $ u ( 21 25 15 21 N e 19 (

u l 16 20 e a 15 m V

10 u l

n 15 o o i V

t 4.8B c 3.9B 3.7B 10 n a o

5 i s

2.2B t

n 1.7B 1.4B 5 c a 1.0B 1.0B a

r 0.3B 0.2B 0.3B 0.3B s T n

- - a r

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 T 2017 2018 2019 2020 Transaction value Transaction volume

AMERICAN E&P TRANSACTIONS ) s ) l s

100 120 a n e o

i 101 D l 90 95 l f i

93.2B 100 o B

80 85 85 r

D 80 e A 70 74 75 74 b

C 80 m $ ( u

60 60 60 N e (

l 50 60

47 e

a 38.6B m V

40 u l n 25.3B 27.4B 40 o o 23.3B i 30 22.7B 26 V t

14.6B 13 n a 20 10.8B 10.6B o s 6.4B 8.0B 20 i n t c a 10 0.9B r 7.7B a s T

- - n a r

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 T 2017 2018 2019 2020 Transaction value Transaction volume

Source: Capital IQ. Data as of March 31, 2020. Note: oilfield services transactions include companies with head offices in other countries. TRANSACTION HIGHLIGHTS

Q1 2020 saw both Canadian Exploration and Production (E&P) transaction volume and disclosed value decrease, similar to the levels in Q3 2019. Most of the CAD $0.3 billion total disclosed value was comprised of: • International Petroleum Corporation’s acquisition of Granite Oil Corp. for CAD $79 million. • Crew Energy Inc.’s sale of its Septimus gas processing facility and West Septimus gas processing facility located in Northeast British Columbia to a third-party midstream company for CAD $70 million.

American E&P transaction volume doubled compared to Q4 2019, but saw a drastic decrease from in total disclosed transaction value with most of the value coming from two transactions: • Värde Partners, Inc.’s CAD $477 million acquisition of Lilis Energy, Inc. • Kimbell Royalty Partners LP acquisition of the mineral and royalty interests held by Springbok Energy Partners LLC for CAD $177 million. Page 6 INDUSTRY OVERVIEW M&A TRANSACTIONS AND PERFORMANCE

CANADIAN OILFIELD SERVICES M&A TRANSACTIONS ) s l ) 1,400 9 a s 8 e n 8 D

o 8 i 8 f l l

1,200 7 7 o i 7 r M

1,196 e 1,288 7 6 b D 1,000 6 6 A 1,047 6 m C u

$ 5

5 N ( (

800 5 e e

u 4 l m a

518 4 u l

V 600

o n V

o 3 i 2 342 n t 400 c o

237 i a 2 t

s 185 156 c n a a

200 s

r 58 1 25 22 21 n T

1 a r

- - T Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 Transaction value Transaction volume TRANSACTION HIGHLIGHTS:

In Q1 2020, both total disclosed transaction value and transaction volume increased from Q4 2019, although they did not surpass Q1 levels from last year. The quarter’s most notable transaction was Strad Inc.’s announced sale to an Alberta numbered corporation for roughly CAD $126 million. AMERICAN OILFIELD SERVICES M&A TRANSACTIONS ) s l

) 100,000 30 a

s 28

27 e n 27

25 D o

i 90,000 f l 94,013 24 l

i 23 23 24 23 o

80,000 r M

e b D 70,000 19 19 19 A 18 20 m C u $

( 60,000 N

(

e e u

l 50,000 15 m a u V l 40,000 o n V o

25,728 10 i

t 30,000 21,956 n c o i a t s 20,000 c

n 5 7,644 a a s r 10,000 4,264 3,533 3,435 2,278 2,431 2,181 n T 623 42 558 a r

- - T Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 Transaction value Transaction volume TRANSACTION HIGHLIGHTS:

Transaction volume leveled out this quarter with a slight rebound in disclosed transaction value (total of CAD $558 million). Most of Q1 2020’s total transaction value came from CSL Capital Management LP and Bayou Well Holdings Co. LLC’s proposed transaction of Ranger Energy Services Inc. for roughly CAD $252 million.

Source: Capital IQ. Data as of March 31, 2020. Note: oilfield services transactions include companies with head offices in other countries. Note: Transaction data may not include all OFS related transactions due to database limitations. Page 7 INDUSTRY OVERVIEW RELEVANT Q1 M&A TRANSACTIONS

• Cougar Drilling Solutions Inc. (“Cougar Drilling”) was Announced Jan. 11, 2020 acquired by Saudi Arabia’s The Industrialization & Energy Services Company (“TAQA”). TEV Not disclosed • Cougar Drilling engages in designing, manufacturing, acquired and supplying downhole drilling tools to the oil, gas, TEV/EBITDA Not disclosed and geothermal exploration and development industry. • This is one of two acquisitions TAQA plans to make in TEV/Revenue Not disclosed the North American oilfield services technology and manufacturing sectors by the end of the year.

• 5J Trucking LLC (“5J”) was acquired by SMG Industries Announced Mar. 3, 2020 Inc., a rapidly growing oilfield services company that operates throughout the Southwest United States. TEV $8.0M • 5J provides midstream heavy haul infrastructure acquired logistics support for compressors and production TEV/EBITDA Not disclosed equipment transport. • 5J’s sales force will immediately be able to promote TEV/Revenue 0.4x SMG’s products and SMG’s customers will have instant access to 5J’s large fleet of assets.

• NexTier’s production operations, known as C&J Energy Announced Mar. 9, 2020 Services, Inc. (“C&J), was acquired by Basic Energy Services, Inc. (“Basic”). TEV $127.3M • C&J provides onshore well construction and acquired intervention, well completion, well support, and other TEV/EBITDA Not disclosed oilfield services and technologies. C&J Well • “This transaction solidifies Basic’s foundation to Services Inc. TEV/Revenue 0.21x become the leading and most trusted production services provider in the country,” said Keith L. Schilling, President and Chief Executive Officer of Basic.

• Banner Midstream Corp. (“Banner”), a subsidiary of Announced Mar. 31, 2020 Banner Energy Services Corp., was acquired by Ecoark Holdings, Inc. TEV $23.0M • Banner offers integrated oil field services, acquired transportation services, and equipment rentals. TEV/EBITDA Not disclosed • The acquisition reflects Ecoark’s first step in its strategy to strengthen its operations and long-term business TEV/Revenue Not disclosed viability. Subsidiary

Source: Capital IQ All numbers are in CAD unless otherwise stated. Page 8 . INDUSTRY OVERVIEW MACROECONOMIC INDICATORS OIL & GAS LAND SALES - ALBERTA, BC, AND SASKATCHEWAN 2,000 $3,000

1,800 $2,500 1,600 d

l 1,400

o $2,000 S

e 1,200 r a a t c H / e $1,500

1,000 $ H

g s v 0 A 0 800 0

n I $1,000 600

400 $500 200

0 $- 2014 2015 2016 2017 2018 2019 2020Q1 2020 YTD BC Saskatchewan Alberta BC Avg$/Ha SK Avg$/Ha AB Avg$/Ha

TOTAL RIG COUNT: CANADA VS. UNITED STATES Q1 1,200

1,000

800 s g i R

l 600 a t o T

400

200

Canada USA

Sources: Baker Hughes rig count report as at March 31, 2020. Government of Alberta, B.C., and Saskatchewan; Data as of March 31, 2020. Page 9 INDUSTRY OVERVIEW MACROECONOMIC INDICATORS

NATURAL GAS PRICES: HENRY HUB VS AECO Q1 6

4 u t B

M 3 M / D A

C 2

Henry Hub AECO Spread

Sources: GLJ Petroleum Consultants Commodity Price Forecasts as at March 31, 2020. Canadian Gas Association (Natural Gas Storage, Monthly) Page 10 INDUSTRY OVERVIEW MACROECONOMIC INDICATORS CANADIAN OILFIELD SERVICES - PRIVATE PLACEMENTS, PUBLIC OFFERINGS AND ) s n SHELF REGISTRATIONS ) s

o 80 4,500 i n t o c i l a l

4,000 i s 70 65 n M a

r 69

t 3,500 D

f 60

52 A o

C r

$150 3,000 $ ( e

50 b n i

m 2,500

$1,954 e u u

n 40 l (

34 $110 2,000 a e V

$589 m 30 n u o l 1,500 i t

o 19 $600 c V a 20 s

n $360 1,000 n

o $2,014 i a t r

c 10 $150 $315 500 T a 2 s $498 $469 $946 $1,723 $20 n

a - - r T 2015 2016 2017 2018 2019 Q1 2020 Precision Drilling Corporation Shawcor Ltd. CES Energy Solutions Corp. Trinidad Drilling Ltd. All other players Mullen Group Ltd. Transaction volume

• Q1 2020 saw more than 3x as much capital raised than Q4 2019, all of which came OFS Capital from Ambyint Inc.’s $19.9 million transaction. Raised • $19.9 million of total capital raised in Q1 2020 is lower than $57.2 million in Q1 2019.

CANADIAN E&P – PRIVATE PLACEMENTS, PUBLIC OFFERINGS AND SHELF REGISTRATION ) s 250 60 n 233 o

235 ) i s t n c a 202 o i s l

50 l n 200 i a B

$12.09 D f 166 A o

40 C r $ e

150 $3.75 (

b $0.95 n i m

u 30 $22.17 114 e n u ( l

$13.38 a

e 100 V

20 n u $16.53 l o i

o $15.62 t c V

$10.33 a

n 50 27 s

o 10

$19.93 n i $5.18 $1.00 t $1.00 $2.64 a r c $2.49 T a $4.46 $6.89 s $1.78 $6.99 $1.47 $1.00 $0.75 n - - a r

T 2015 2016 2017 2018 2019 2020Q1 2020 YTD Cenovus Energy Inc. Canadian Natural Resources Limited Suncor Energy Inc. Husky Energy Inc. All other players Encana Corporation Transaction volume

• The majority of capital raised in Q1 2020 was from MEG Energy Corp. with CAD E&P Capital $1,565.2 million and Baytex Energy Corp. with CAD $655.8 million. Raised • $2,491.7 million of total capital was raised in Q1 2020 compared to $1,946.9 million in Q1 2019. Source: CAPIQ. Data as of March 31, 2020. Note: Data does not contain share buy-backs. Page 11 PUBLIC COMPARABLE ANALYSIS PERFORMANCE ANALYSIS

40% OILFIELD SERVICE GROUP SHARE PRICES (TTM)

20%

-20% -23.03%

-40%

-67.10% -60% -73.36% -80% -73.70% -78.04% -100% -79.71% -87.25%

Oil and Gas Drilling Oil and Gas Field Services Oil and Gas Machinery and Equipment Oil and Gas Storage and Transportation Integrated Oilfield Services Camp Accomodations Oil and Gas Software Solutions

OILFIELD SERVICE GROUP TEV / EBITDA (TTM) 16.0x

14.0x

12.0x 10.43x 10.0x

8.0x 4.92x 6.0x 4.90x 4.15x 4.0x 3.91x 3.87x 2.0x 2.90x 0.0x

Source: Capital IQ. Data as of March 31, 2020. TTM: Trailing Twelve Months Page 12 PUBLIC COMPARABLE ANALYSIS GROWTH, MARGINS AND MULTIPLES

LTM REVENUE GROWTH NTM REVENUE GROWTH

4% -15% Software Solutions -3% Software Solutions -8% Camp Accomodation 13% Camp Accomodation 11% Storage and Transportation 3% Storage and Transportation 0% Integrated Oilfield Services -9% Integrated Oilfield Services -18% Machinery and Equipment 5% Machinery and Equipment -32% Field Services 4% Field Services -23% Drilling 14% Drilling -34%

-10% -5% 0% 5% 10% 15% 20% -40%-30%-20%-10% 0% 10% 20%

LTM EBITDA MARGIN NTM EBITDA MARGIN

20% 16% Software Solutions 38% Software Solutions 35% Camp Accomodation 20% Camp Accomodation 16% Storage and Transportation 32% Storage and Transportation 27% Integrated Oilfield Services 10% Integrated Oilfield Services 5% Machinery and Equipment 13% Machinery and Equipment 10% Field Services 13% Field Services 14% Drilling 13% Drilling 8%

0% 10% 20% 30% 40% 0% 10% 20% 30% 40%

LTM EV/EBITDA NTM EV/EBITDA

5.2x 5.8x Software Solutions 3.4x Software Solutions 5.5x Camp Accomodation 5.0x Camp Accomodation 4.7x Storage and Transportation 10.3x Storage and Transportation 9.0x Integrated Oilfield Services 4.3x Integrated Oilfield Services 4.9x Machinery and Equipment 3.1x Machinery and Equipment 5.4x Field Services 5.5x Field Services 5.2x Drilling 5.2x Drilling 5.9x

0x 2x 4x 6x 8x 10x 12x 0x 5x 10x 15x

Source: Capital IQ. Data as of March 31, 2020. Above noted oilfield service peer groups are market capitalization weighted indexes, including the constituents listed on page 21. LTM refers to last twelve months. NTM refers to next twelve months. Figures above are based on median peer group metrics. Page 13 PUBLIC COMPARABLE ANALYSIS PERFORMANCE ANALYSIS We have selected a group of publicly traded oil and gas entities for this high-level analysis.

(Figures in $CAD Millions, except percentages and ratios) LTM Operating Figures NTM Consensus Estimates Valuation Market Enterprise Revenue EBITDA Revenue EBITDA NTM LTM LTM Company Capitalization Value Revenue Growth EBITDA Margin Growth Margin EV/EBITDA EV/EBITDA EV/REV Oil and Gas Drilling Precision Drilling Corporation $120 $1,540 $1,541 0.0% $374 24.2% (35.3%) 23.6% 5.8x 4.1x 1.0x Ensign Energy Services Inc. $85 $1,663 $1,592 37.7% $352 22.1% (32.3%) 21.5% 6.4x 4.7x 1.0x Stampede Drilling Inc. $12 $23 $24 47.8% $4 15.6% N/A N/A 0.0x 6.3x 1.0x AKITA Drilling Ltd. $20 $108 $176 48.6% $19 10.9% (5.6%) 6.4% 5.9x 5.6x 0.6x PHX Energy Services Corp. $36 $93 $362 14.2% $45 12.3% (29.5%) 7.8% 2.7x 2.1x 0.3x Western Energy Services Corp. $18 $249 $196 (16.9%) $26 13.0% (35.8%) 7.0% 20.3x 9.7x 1.3x Cathedral Energy Services Ltd. $4 $23 $120 (25.2%) ($4) (3.2%) (55.1%) (9.9%) NM NM 0.2x Median $20 $108 $196 14.2% $26 13.0% (33.8%) 7.4% 5.9x 5.2x 1.0x Mean $42 $528 $573 15.2% $116 13.6% (32.3%) 9.4% 6.9x 5.4x 0.8x Oil and Gas Field Services Mullen Group Ltd. $430 $968 $1,277 (0.9%) $205 16.0% (14.4%) 13.3% 5.5x 4.7x 0.8x Calfrac Well Services Ltd. $35 $1,000 $1,621 (28.2%) $149 9.2% (39.1%) 4.1% 20.9x 6.7x 0.6x STEP Energy Services Ltd. $21 $270 $668 (14.5%) $72 10.7% (36.8%) 6.4% 7.0x 3.8x 0.4x Macro Enterprises Inc. $63 $49 $414 116.5% $60 14.5% (48.3%) 14.0% 1.6x 0.8x 0.1x Essential Energy Services Ltd. $20 $42 $141 (25.7%) $13 9.1% (23.3%) 5.0% 5.0x 3.2x 0.3x Vertex Resource Group Ltd. $20 $128 $174 24.7% $26 14.7% (3.8%) 14.0% 4.4x 5.0x 0.7x ENTREC Corporation $3 $251 $180 4.1% $27 15.1% N/A N/A 14.6x 9.2x 1.4x ClearStream Energy Services Inc. $3 $357 $464 22.7% $25 5.3% N/A N/A - 14.4x 0.8x Cordy Oilfield Services Inc. $3 $18 $16 3.5% $2 11.1% N/A N/A - 9.0x 1.1x Wolverine Energy and Infrastructure Inc. $42 $167 $106 91.9% $28 26.3% 25.2% 22.3% 4.2x 6.0x 1.6x Median $20 $209 $297 3.8% $27 12.8% (23.3%) 13.3% 5.2x 5.5x 0.7x Mean $64 $325 $506 19.4% $61 13.2% (20.1%) 11.3% 7.9x 6.3x 0.8x Oil and Gas Machinery and Equipment Enerflex Ltd. $523 $926 $2,045 20.1% $341 16.7% (40.1%) 14.3% 5.3x 2.7x 0.5x CES Energy Solutions Corp. $212 $620 $1,277 0.5% $147 11.5% (24.7%) 8.8% 5.5x 4.2x 0.5x Total Energy Services Inc. $83 $362 $757 (11.1%) $113 14.9% (36.1%) 11.3% 5.6x 3.2x 0.5x McCoy Global Inc. $11 $14 $53 8.8% $5 8.7% (28.8%) 3.4% 4.3x 3.0x 0.3x Median $148 $491 $1,017 4.6% $130 13.2% (32.5%) 10.1% 5.4x 3.1x 0.5x Mean $207 $480 $1,033 4.6% $151 12.9% (32.4%) 9.5% 5.2x 3.3x 0.4x Integrated Oilfield Services Secure Energy Services Inc. $146 $673 $3,072 4.6% $158 5.2% (10.5%) 4.4% 4.9x 4.3x 0.2x Trican Well Service Ltd. $120 $179 $636 (26.4%) $32 5.1% (34.2%) 2.8% 9.7x 5.6x 0.3x High Arctic Energy Services Inc $27 $29 $186 (8.8%) $19 10.2% (40.7%) 1.8% 4.1x 1.5x 0.2x Strad Inc. $106 $126 $130 8.6% $35 27.1% 4.8% 31.2% 3.2x 3.6x 1.0x CWC Energy Services Corp. $36 $76 $108 (25.1%) $12 10.7% (17.9%) 7.9% 7.6x 6.6x 0.7x Median $106 $126 $186 (8.8%) $32 10.2% (17.9%) 4.4% 4.9x 4.3x 0.3x Mean $87 $217 $827 (9.4%) $51 11.6% (19.7%) 9.6% 5.9x 4.3x 0.5x Oil and Gas Storage and Transportation Enbridge Inc. $82,977 $159,367 $50,069 8.0% $13,791 27.5% (1.8%) 27.2% 11.8x 11.6x 3.2x TC Energy Corporation $58,785 $113,373 $13,255 (3.1%) $9,276 70.0% 2.4% 69.1% 12.1x 12.2x 8.6x Pembina Pipeline Corporation $14,493 $28,351 $7,230 (1.6%) $2,658 36.8% 4.9% 41.6% 8.8x 10.7x 3.9x Inter Pipeline Ltd. $3,566 $10,395 $2,535 (2.2%) $1,052 41.5% (3.7%) 39.1% 10.8x 9.9x 4.1x Keyera Corp. $2,858 $5,872 $3,617 (19.0%) $895 24.7% 1.8% 23.3% 6.8x 6.6x 1.6x Gibson Energy Inc. $2,376 $3,704 $7,336 7.2% $443 6.0% (16.7%) 6.9% 8.6x 8.4x 0.5x Kinder Morgan Canada Limited $521 $1,778 $414 10.9% $231 55.7% N/A N/A 9.2x 7.7x 4.3x Tidewater Midstream and Infrastructure Ltd. $164 $1,088 $692 113.5% $84 12.1% 48.6% 18.4% 5.5x 13.0x 1.6x Median $3,212 $8,133 $5,423 2.8% $973 32.2% 1.8% 27.2% 9.0x 10.3x 3.6x Mean $20,718 $40,491 $10,644 14.2% $3,554 34.3% 5.1% 32.2% 9.2x 10.0x 3.5x Camp Accomodations Civeo Corporation $99 $721 $684 13.0% $140 20.4% 11.3% 16.4% 5.2x 4.7x 1.0x Horizon North Logistics Inc. $46 $181 $458 16.2% $26 5.8% 15.7% 7.3% 4.4x 6.9x 0.4x Black Diamond Group Limited $59 $182 $186 12.1% $37 19.6% (2.1%) 20.5% 4.7x 5.0x 1.0x Median $59 $182 $458 13.0% $37 19.6% 11.3% 16.4% 4.7x 5.0x 1.0x Mean $68 $361 $443 13.8% $68 15.3% 8.3% 14.7% 4.8x 5.5x 0.8x Oil and Gas Software Solutions Pason Systems Inc. $527 $381 $296 (3.5%) $112 38.0% (29.8%) 26.9% 4.7x 3.4x 1.3x Computer Modelling Group Ltd. $307 $313 $78 7.2% $36 46.5% (6.9%) 44.1% 9.8x 8.6x 4.0x ION Geophysical Corporation $26 $213 $227 (3.0%) $59 25.8% (7.1%) 19.3% 6.3x 3.3x 0.9x Dawson Geophysical Company $32 $8 $189 (5.4%) $9 4.9% N/A N/A - 0.7x 0.0x Pulse Seismic Inc. $54 $86 $24 137.1% $18 73.6% 11.8% 76.3% 4.2x 4.8x 3.6x Median $54 $213 $189 (3.0%) $36 38.0% (7.0%) 35.5% 5.5x 3.4x 1.3x Mean $189 $200 $163 26.5% $47 37.8% (8.0%) 41.6% 6.2x 4.2x 1.9x

Source: Capital IQ. Data as of March 31, 2020. LTM refers to last twelve months. NTM refers to next twelve months. Page 14 ABOUT US

MNP Corporate Finance (MNPCF) has a dedicated team of over 60 merger, acquisition, and transaction professionals RECENTLY CLOSED DEALS across Canada. MNPCF works with clients in virtually all (NATIONAL) industries as they prepare, plan and execute transactions.

Our typical transactions range in value between $3 million and $300 million.

LOCAL AND INTERNATIONAL REACH

MNP is a participating firm within Praxity, a unique global alliance of independent accounting/advisory firms created to answer global business needs. As a member of Praxity, we are able to offer access to corporate finance, accounting and tax advisory services worldwide. We are also affiliated with Corporate Finance Cross Border, which consists of 150+ M&A professionals in more than 25 countries.

SERVICES

• Divestitures • Due Diligence • Acquisitions • Transaction Advisory • Debt Financing Services

Page 15 ABOUT US

DEAL EXPERIENCE RECENTLY CLOSED DEALS Since our inception, our team has advised on hundreds of (NATIONAL) transactions, in a wide range of industries with diverse enterprise values. In the past five years alone we have completed over 120 transactions worth over $2 billion (not including due diligence engagements).

INDUSTRY EXPERIENCE

• Food & Beverage • Transportation • Retail & Distribution • Construction • Manufacturing • Software • Agriculture • Financial Services • Automotive • Technology • Materials • Energy • Health Care • Oilfield Services • Pharmaceutical • Real Estate

HANDS-ON APPROACH

Current M&A transactions require a hands-on approach from start to finish including the active engagement of senior resources. Our senior resources are dedicated to our clients and are available as necessary and appropriate. We keep our clients regularly informed of the engagement status, issues we are encountering, successes and overall progress.

INTEGRATED SERVICE OFFERING

We draw on the vast experience and deep specialist knowledge network of our partners locally, nationally and internationally as specialty issues arise, such as pre- transaction tax planning, transaction structuring, estate planning, valuation, due diligence, performance improvement and risk management.

Page 16 LEADERSHIP TEAM

TRANSACTION LEADERSHIP

Brett Franklin Aleem Bandali Dale Antonsen Mike Reynolds President Managing Director Managing Director Managing Director [email protected] [email protected] [email protected] [email protected] 204.336.6190 778.374.2140 250.979.2578 587.702.5909

Mark Regehr Erik St-Hilaire Dan Porter Stephen Shaw Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] [email protected] [email protected] 780.969.1404 204.336.6200 416.515.3877 416.515.3883

Kevin Tremblay Patrick Khouzam Craig Maloney Managing Director Managing Director Managing Director [email protected] [email protected] [email protected] 647.943.4051 514.228.7874 902.493.5430 DUE DILIGENCE LEADERSHIP

Johnny Earl John Caggianiello Managing Director Managing Director [email protected] [email protected] 604.637.1514 416.513.4177 Page 17