INVESTOR PRESENTATION TRANSFORMATIONAL ACQUISITION

Return Energy Inc. (RTN: TSXV) through its wholly-owned subsidiary, Winslow Resources Inc. has acquired substantially all the assets of Bellatrix Exploration Ltd. on June 1, 2020. Concurrently, Return Energy Inc. has been renamed Spartan Delta Corp. (SDE: TSXV).

June 4, 2020 SPARTAN DELTA CORPORATE STRATEGY Building a Differentiated Energy Company for Global Investors

Spartan intends to acquire a diversified portfolio of quality assets that can be restructured, optimized and rebranded, financially or operationally to yield lower payout ratios and generate material free cash flow.

Thoughtful opportunistic consolidation of undercapitalized and undervalued assets is the clearest path to accretion of corporate metrics, now more than ever in this depressed environment.

Proper capital structure and liquidity matter, not Post-Redwater, inactive liability must be viewed as only for passive index linked capital (>50% of public first lien debt and part of the enterprise value of equity held passively), but also for globally managed target companies. Lending banks have already discretionary investment funds. adopted this approach for new loans. Target company size within 24-36 months: Target Assets Cash Flow must deliver: MANAGEABLE ▪ >100,000 boepd SCALE & ▪ Maintenance Capital (1) LIQUIDITY ENVIRONMENTAL ▪ >$3 Billion Market Cap LIABILITY ▪ Proactive Asset Retirement Capital ▪ Liquidity of >$30MM/day ▪ Free Cash Flow

An embedded sustainability & ESG culture is critical Investors are indicating continued prioritization of RETURN to long-term value creation. Spartan strives through ESG returns in the form of yield over growth, thus decline CULTURE OF our day to day decision-making to be a responsible CAPITAL and macro risk management become critical. and ethical steward of assets and investor capital. Target Return of Capital when prudent: Target industry leadership in ESG through culture ▪ >5% Dividend Yield and strategy alignment with best practices ▪ Excess Free Cash Flow for per share growth through acquisitions (1)

June 4, 2020 2 1. See “Non-IFRS Measures” in Disclaimers. PRO FORMA COMPANY Spartan Delta Corp.

Capitalization (estimated as at June 1, 2020 ) prior to 100:1 cons. post cons. Spartan Delta Corp. TSX-V RTN SDE Basic Shares Outstanding MM 5,811 58.1 Fully Diluted Shares Outstanding MM 7,768 77.7 (1) Peace River Arch $/sh Share Price $0.03 $3.00 • Charlie Lake Oil Focus (1) Market Capitalization (basic) $MM $174.3 • 250 boe/d with growth aspirations and (2) consolidation opportunities Bank Debt, net of working capital $MM $28.1 • Upper and Lower Charlie Lake drilling upside Credit Facility Limit $MM $100.0 Insider Ownership (basic) % 26%

Guidance (2020)

Production (June 1 - Dec 31, 2020) boe/d 24,000 - 26,000 boe/d Production (FY 2020) boe/d 13,500 - 15,500 boe/d Oil and Condensate % 6 - 9% NGLs (C2, C3 & C4) % 19 - 22% Gas % 70 - 73% Central Alberta • Cretaceous Oil and Liquids- Rich Gas Focus • BXE deal as entry point • Additional consolidation opportunities • ~25,000 boe/d (3) • Spirit River and Cardium drilling upside

June 4, 2020 3 1. Share price as at closing on May 28, 2020. 2. Estimated as at June 1, 2020. 3. Estimated production for June 2020. DEAL SUMMARY Acquisition of Substantially all Assets of Bellatrix Exploration Ltd. (“BXE”) from CCAA

Asset Summary

▪ ~25,000 boe/d (30% liquids) of Spirit River and Cardium oil and gas production. Drayton ▪ Decline rate of 19%; low maintenance capital required. (1) Valley Pembina ▪ Proved reserves of 186 million boe with an inventory of 637 Spirit River and Cardium locations. (2) ▪ Extensive infrastructure footprint of >90 mmcf/d of W.I. gas plant capacity, >200 mmcf/d in W.I. compressor capacity and 550 kms of gas gathering lines positions the Company well for low cost operations and further consolidation in Central Alberta. Alder Flats ▪ Clean asset base with a low Asset Retirement Obligation (7.0LMR (3)). ▪ Includes a successful Indigenous joint venture with the O’Chiese First Nation.

Deal Summary Brazeau Ferrier Willesden Green ▪ $87.6MM cash and $21.2MM estimated assumed liabilities for all assets through court monitored restructuring process. ▪ This high-quality asset base, which was fatally burdened by its pre-CCAA capital and cost structure will be revitalized under Spartan’s management. Baptiste ▪ Restructured over $70 million per year out of the cost base through CCAA and Deep Basin BXE Lands WI Gas Plant Spartan direct negotiations. Gas Plant BXE Comp/Battery ▪ Under current commodity prices, the assets generate positive free cash flow and BXE Cardium Wells BXE Spirit River/Other Wells provide tremendous upside to improved prices. Industry Wells (750)

June 4, 2020 4 1. See ‘Non-IFRS Measures’ in Disclaimers. 2. See ‘Reserves Disclosure’ ‘Drilling Locations / Inventory’ Disclaimer in Appendix. 3. LMR as of May 2020. TRANSACTION METRICS 2.0x NOI Acquisition Multiple on Strip Pricing

Transaction Summary Cash Consideration $87.6 million Liabilities Assumed (est.) $21.2 million Total Net Consideration ("TV") $108.8 million Effective Date June 1, 2020

Production (1) Oil & Condensate 7% 1,758 bbl/d (2) NGLs 23% 5,796 bbl/d Gas 70% 105 mmscf/d Total 25,000 boe/d (3) Pricing Scenario Strip (2020-05-26) Low Mid "Back to Normal" Cash Metrics 12mo fwrd ave ($35/bbl & C$1.75/GJ) ($48/bbl & C$1.85/GJ) ($55/bbl & C$2.00/GJ) Operating Netback (12 mo fwrd.) $/boe $6.10 $3.33 $5.47 $7.03 (4) Net Operating Income (12 mo. run rate) $MM $55.7 $30.4 $49.9 $64.1 Acquisition Multiple x 2.0x 3.6x 2.2x 1.7x

Reserve Metrics (5) Insite (YE2019) Low Mid "Back to Normal" Proved Producing NPV10 $MM $419 $100 $156 $208 Percent of PDP NPV10 % 26% 108% 70% 52%

Other Metrics TV / boe/d $/boe/d $4,352 TV / PDP $/boe $1.56 TV / TP $/boe $0.59 TV / TPP $/boe $0.41

June 4, 2020 5 1. Estimated production for June 2020. 4. See “Non-IFRS Measures” in Disclaimers. 2. NGL split for June is forecasted to be: 45% C2, 36% C3 & 18% C4. 5. Reserves are as per the company’s year-end 2019 report prepared by InSite Petroleum Consultants Ltd. (“InSite”) with the Dec 31, 2019 InSite price deck. 3. Price deck details are shown on slide 33. The Low, Mid and Base case are run with the same database with a flat price deck as per slide 16. The PDP reserves do not include significant CCAA. ACQUISITION RESERVES & INVENTORY Identified and Verified Greater than 10 years of Economic Drilling Inventory

Reserves Summary (1) Reserve Volumes Reserve Value (BTax) ▪ Bellatrix reserves evaluated by InSite Petroleum Gas NGLs Oil Total Insite Dec 31, 2019 Consultants Ltd. (“InSite”) with the Dec 31, 2019 bcf mbbl mbbl mboe C$ MM NPV10 InSite price deck. Proved Developed Producing 320 15,523 899 69,831 419 ▪ Reserves evaluated prior to the completion of the Total Proved 842 42,004 3,119 185,536 990 CCAA restructuring and thus certain cost savings Total Proved + Probable 1,215 60,601 4,956 267,983 1,419 achieved through that process are not captured in the evaluation.

Inventory Summary (2) ▪ Spartan has verified over 135 locations which are economic (>60% IRR) at current strip pricing. Zone Booked Unbooked Total % Crown Cardium (3) 140 113 253 69% ▪ Spirit River includes Notikewin, Falher A, Falher B, Falher D/E and Wilrich. Spirit River 156 227 383 58% ▪ Inventory ties into a variety of available infrastructure. Total 296 340 637 62% ▪ Main near-term drilling planned for Falher B and Notikewin (Spirit River) (4) 61% Other 2 250 253 and, if oil prices recover, Cardium oil. ▪ Best economics at current prices are on Falher B and Notikewin. Sample well economics are shown below, full economics are shown in the appendix.

Falher B Crown Example Single Well Economics Notikewin Crown Example Single Well Economics Inputs Inputs EUR (% liq) mboe 1,141 (31% liq.) EUR (% liq) mboe 806 (19% liq.) DCET $M $3,750 DCET $M $3,750 Strip (2020-04-14) "Back to Normal" Strip (2020-04-14) "Back to Normal" Outputs 12mo fwrd ave ($55/bbl & C$2.00/GJ) Outputs 12mo fwrd ave ($55/bbl & C$2.00/GJ) NPV 10 C$ M $4,144 $5,187 NPV 10 C$ M $3,600 $4,509 IRR % 109% 149% IRR % 61% 75% Payout Years 1.0 0.8 Payout Years 1.4 1.4

June 4, 2020 6 1. See ‘Reserves Disclosure’ in Appendix. 3. Inventory represents 1.0-mile laterals in both oil and gas prone areas except for 5.5 net 2.0-mile booked wells. 2. See ‘Drilling Locations / Inventory’ Disclaimer in Appendix. All location numbers are net 4. Includes Belly River, Second White Specs, Viking, Glauconite, Ellerslie/Rock Creek, and Duvernay locations. wells, rounded to the nearest whole number. SPIRIT RIVER GEOLOGY Favorable Geologic Conditions with High Certainty and Robust Inventory

Notikewin Falher A Falher B • Thick channel sands (>25m) • Stacked channels up to 40m thick • Stacked channels up to 50m thick • 6-18% porosity; 1 – 3mD permeability • 6-18% porosity; 1 – 3mD permeability • 6-18% porosity; 1 – 3mD permeability • 30 bcf/Section OGIP w/ 30-70 bbls/mmcf • 30 Bcf/Section OGIP w/ ~70 bbls/mmcf • 50 Bcf/Section OGIP w/ 60-100 bbls/mmcf • 2,300m TVD • 2,325m TVD • 2,350m TVD • 29 producing HZs • 15 producing HZs • 109 producing HZs • 55 net (75 gross) booked locations (1) • 27 net (32 gross) booked locations (1) • 64 net (84 gross) booked locations (1) (2) • 35 net (28 gross) unbooked locations (1) • 66 net (82 gross) unbooked locations (1) • 72 net (121 gross) unbooked locations (1) (2)

Unbooked Unbooked Unbooked Booked Booked Booked

100/13-23-044-10W5/00 100/03-04-045-09W5/00 GR 100/13-23-044-10W5/00 Pe Neut Dens GR Pe Neut Dens FLHR B GR Pe Neut Dens

FLHR A NTWN

June 4, 2020 7 1. See ‘Drilling Locations / Inventory’ Disclaimer in Appendix. 2. Includes both Upper and Lower Falher B target wells FALHER B TYPE CURVE & ECONOMICS Crown Land

Summary: ▪ Falher B Spirit River Liquids-Rich Gas. ▪ Economics shown for 1.0 mile wells based on drilling to date. Optimization opportunities to drill 2.0 mile location. ▪ Frac optimization opportunities exist and will be further evaluated. ▪ Main development opportunity with current commodity prices.

• Includes 22 BXE operated wells drilled from 2017-2019 (Brazeau, Ferrier, and Alder Flats)

Inputs Economic Results IP90 boe/d 1,500 Pricing Scenario (Flat) (1) Liquids % 34% Strip (2020-04-14) Low Mid "Back to Normal" Gas bcf 4.5 12mo fwrd ave ($35/bbl & C$1.75/GJ) ($48/bbl & C$1.85/GJ) ($55/bbl & C$2.00/GJ) NPV 10 C$ MM $4,144 $2,283 $4,039 $5,187 NGLs mbbl 328 EUR IRR % 109% 58% 108% 149% Condensate mbbl 61 Payout Years 1.0 1.4 1.0 0.8 BOE mboe 1,141 F&D $/boe $3.30 $3.30 $3.30 $3.30 bbl/mmscf Liquids Yield 86 Recycle Ratio x 2.6 1.9 2.5 2.9 DCET $M $3,750 Profit / Investment (10%) x 1.1 0.6 1.1 1.4 Opex & Trans (year 1) $/boe $5.80 Capital Efficiency $/boe/d $3,506 $3,506 $3,506 $3,506 Royalties (year 1 - mid case) $/boe $0.70 Netback (yr. 1) $/boe $9.30 $7.30 $9.40 $11.20

June 4, 2020 8 1. Price deck details show on slide 33. Note: Management type curve and economics. NOTIKEWIN TYPE CURVE & ECONOMICS Crown Land

Summary: ▪ Notikewin Spirit River Liquids-Rich Gas. ▪ Economics shown for 1.0 mile wells based on drilling to date. Optimization opportunities to drill 2.0 mile location. ▪ Frac optimization opportunities exist and will be further evaluated. ▪ Opportunities exist across the land base with a variety of infrastructure option.

• Includes 10 BXE operated wells drilled from 2017-2019 (Brazeau, Ferrier, Willesden Green, and Alder Flats)

Inputs Economic Results IP90 boe/d 1,394 Pricing Scenario (Flat) (1) Liquids % 19% Strip (2020-04-14) Low Mid "Back to Normal" Gas bcf 3.9 12mo fwrd ave ($35/bbl & C$1.75/GJ) ($48/bbl & C$1.85/GJ) ($55/bbl & C$2.00/GJ) NPV 10 C$ MM $3,600 $2,416 $3,698 $4,509 NGLs mbbl 78 EUR IRR % 61% 45% 63% 75% Condensate mbbl 71 Payout Years 1.4 1.7 1.5 1.4 BOE mboe 806 F&D $/boe $4.6 $4.60 $4.70 $4.60 Liquids Yield bbl/mmscf 38 Recycle Ratio x 2.4 2.0 2.4 2.7 DCET $M $3,750 Profit / Investment (10%) x 1.0 0.6 1 1.2 Opex & Trans (year 1) $/boe $5.10 Capital Efficiency $/boe/d $3,590 $3,590 $3,590 $3,590 Royalties (year 1 - mid case) $/boe $0.90 Netback (yr. 1) $/boe $11.8 $10.0 $12.1 $13.5

June 4, 2020 9 1. Price deck details show on slide 33. Note: Management type curve and economics. INDIGENOUS PARTNERSHIP – O’CHIESE FIRST NATION First Nation Joint Venture – Partners in Development and Day to Day Operations

▪ Spartan is pleased to begin what it hopes to be a long and prosperous relationship with the O'Chiese First Nation based on trust and mutual respect.

▪ Spartan is committed to building a company that is respectful to First Nations, the environment, and the communities in which it operates.

▪ Spartan will use qualified and market competitive O’Chiese First Nation businesses and business partners to conduct field operations.

▪ O’Chiese First Nation also has a 5% WI in Alder Flats deep cut plant (Spartan operated).

▪ O’Chiese First Nation is a joint venture partner in the SDE O’Chiese Nees-Opawganu’ck 230mmscf/d Deep Cut Plant (10-9) development of oil and gas resources that reside on O’Chiese First Nation lands.

June 4, 2020 10 INFRASTRUCTURE & MARKETING Operated and Modern Infrastructure Footprint with Capacity to Grow Volumes

Infrastructure in Central Alberta Marketing & Hedging

▪ Working interest in three area gas plants (Alder Flats Plant is operated ▪ Spartan is uniquely positioned with 100% exposure to AECO and a deep cut). Working interest capacity of 90mmcf/d. Available pricing, and no economic burden of transport to under capacity of 96mmscf/d in the Alder Flats plant. New infrastructure. performing markets. ▪ Working interest in seven operated compressor stations (WI capacity ▪ Alberta gas pricing has demonstrated significant fundamental of 208mmcf/d). supply & demand improvement over the past few months. ▪ Connected to significant 3rd party area processing with excess capacity. ▪ Alberta gas egress coupled with increasing WCSB gas demand paints an attractive story for AECO versus other markets. ▪ Ownership provides lower costs and guaranteed access. ▪ Spartan has hedged approximately 60% of its gas volume for ▪ Significant capital invested by previous operator into developing the remainder of 2020 and approximately 45% of its current facilities. forecasted gas volume for 2021 to preserve the acquisition value and ensure sustainable cash flow. Details are shown in the appendix.

Current Hedge Positions Natural Gas Price Volume Period (C$/GJ) (GJ/d) Reference April 1, 2020 to October 31, 2020 $1.54 750 AECO June 5, 2020 to June 30, 2020 $1.87 60,000 AECO July 1, 2020 to March 31, 2021 $2.23 60,000 AECO April 1, 2021 to March 31, 2022 $2.25 35,000 AECO

▪ Spartan intends to develop a strategic hedging and marketing policy to optimise revenue while mitigating underlying commodity and egress risk.

June 4, 2020 11 CARDIUM CONSOLIDATION OPPORTUNITIES Low Risk, Repeatable, and Economic Drilling Inventory

▪ Spartan now holds a core operating foothold in close proximity to future oil weighted targets which yields incremental G&A and operational synergies to follow-on deals. ▪ The Cardium is one of the largest oil accumulations in North America, estimated West Pembina between 10-13 billion barrels of original oil in place. Pembina ▪ The Spartan team has built two successful Cardium energy companies in the fairway.

▪ Over 85,000 acres (132 sections) of Cardium rights (~70% WI) acquired.

▪ Variable but consistent hydrocarbon charged reservoir with both conventional and unconventional attributes. Alder Flats

▪ Low risk, repeatable results from five main Brazeau producing areas.

▪ Significant future upside with application of Ferrier 2.0mi laterals, cemented liner with higher Willesden Green frac intensity, and customized completions; this yields higher capital efficiencies, higher recoveries, and improved economics.

Spartan Delta Corp InPlay Oil Baptiste Arc Resources Cenovus Energy Bonterra Energy Ridgeback Resources Westbrick Energy Entrada Resources Vermilion Energy Tamarack Energy Obsidian Energy Whitecap Resources

June 4, 2020 12 PEACE RIVER ARCH ASSETS Consolidation Opportunities in the Charlie Lake Oil Play

Charlie Lake Light Oil Play Acreage Position

▪ Located in prolific Peace River Arch light oil fairway

▪ The Charlie Lake is a semi-conventional light oil play delivering top-tier well economics (at US$50/bbl WTI or higher) through horizontal drilling and multi-stage fracturing

▪ Over 24,000 acres (~17,500 net) of Charlie Lake rights

▪ Highly prospective acreage position adjacent to proven trend

▪ 60+ Upper and Lower Charlie Lake unrisked drilling locations identified at both Rycroft and Gordondale (1)

▪ 100% WI Gas Plant with 16 mmcf/d capacity Legend (Charlie Lake Rights)

Spartan Delta Corp. Longshore Resources Upr CHLK HZ Upr CHLK Fairway ▪ Asset amenable to SPARTAN industry-leading, low-cost Tourmaline Oil Rising Star Resources Lwr CHLK HZ Lwr CHLK Fairway Canadian Natural Resources Kelt Exploration CHLK Prod/Inj operating model and high capital efficiency Anegada Oil Held Charlie Lake Rights Surge Energy

June 4, 2020 13 1. See ‘Reserves Disclosure’ ‘Drilling Locations / Inventory’ Disclaimer in Appendix. VALUE PROPOSITION Compelling Canadian Energy Equity: Free Cash Flow on Strip, Accretive Valuation and a Strong Balance Sheet

(1) (2) ▪ Spartan provides a best in class value proposition for energy equity, in addition the macro opportunity to enter at the bottom of the cycle.

▪ Spartan is positioned with material and expanding free cash flow on strip pricing.

▪ Low corporate decline of 19% and <$30MM/year of sustaining capital required to hold volumes flat.

▪ Spartan will be positioned with one of the strongest relative balance sheets in the North American (2) upstream market.

▪ Compelling equity returns on strip with significant additional torque and drill ready inventory should commodity prices strengthen.

(2)

Notes: ▪ Comparisons shown as per National Bank Research (NBF) on Strip pricing as of May 22, 2020. Spartan metrics are internal management estimates using consistent calculation methodology with NBF also on strip pricing. ▪ Comparison companies are: AAV, ARX, BIR, CPG, KEL, NVA, VII, TOG, TOU, TVE & WCP. Companies with liquidity challenges or negative cash flow on strip were excluded from the peer group. ▪ FCF and EV/DACF metrics shown for FY2021 as it is representative of the pro forma company.

Peer Group: AAV, ARX, BIR, CPG, KEL, NVA, VII, TOG, TOU, TVE & WCP

June 4, 2020 14 1. FCF calculated as Cash Flow less capital expenditures (prior to dividend). FCF yield is FCF per share divided by the share price. 2. See “Non-IFRS Measures” in Disclaimers. SUMMARY Platform for Acquisitive Growth with Assets in Two Top-Tier Play Fairways

▪ Experienced management team that has repeatedly created shareholder value across all variations of the commodity cycle.

▪ Sustainable, low decline production base (19%) provides Free Cash Flow at current strip prices.(1)

▪ One of the strongest relative balance sheets in the upstream space.

▪ Brand new company with a clean operating platform and minimal ARO overhang.

▪ A deep inventory of economic drilling on strip pricing.

▪ West Central infrastructure footprint provides the baseline for consolidation in Pembina and Willesden Green.

▪ Charlie Lake asset provides a toehold in the Peace River Arch for Charlie Lake and Montney consolidation.

June 4, 2020 15 1. See “Non-IFRS Measures” in Disclaimers. Appendix A: Supplemental Information

June 4, 2020 16 MANAGEMENT TEAM & BOARD OF DIRECTORS

MANAGEMENT TEAM

Richard McHardy ➢ Former President, CEO and co-founder of Spartan Energy, Spartan Oil and Spartan Exploration Executive Chairman & Director Fotis Kalantzis ➢ Former SVP and co-founder of Spartan Energy, Spartan Oil and Spartan Exploration President, CEO & Director Geri Greenall ➢ Former CFO and co-founder, Camber Capital Corp., former Portfolio Manager & Chief Compliance Officer, Canoe Financial CFO Thanos Natras ➢ Former Geoscience Manager, Spartan Energy, former VP Exploration, Arcan Resources VP Exploration Craig Martin ➢ Former Manager D&C, Spartan Energy and Spartan Oil VP Operations Randy Berg ➢ Former VP Land, Spartan Energy, former VP Business Development & Land, Renegade Petroleum VP Land Mark Hodgson ➢ Former VP Operations, Obsidian Energy, former VP New Ventures & Country Manager, Bankers Petroleum VP Corporate Development Brendan Paton ➢ Director, Canoe Point Energy, former Production Engineer, Shell Canada Manager, Engineering Ashley Hohm ➢ Former VP Finance, Kelt Exploration, former Manager Financial Reporting, Celtic Exploration Controller BOARD OF DIRECTORS

➢ Former Director of Spartan Energy and Spartan Oil  Chairman, Cequence Energy  former: President & CEO, Cypress Energy; Donald Archibald Chairman & CEO, Cyries Energy; President & CEO, Cequel Energy ➢ Former Director of Spartan Energy, Spartan Oil and Spartan Exploration  former: Chairman, President & CEO, Big Horn Reg Greenslade Resources, Enterra Energy, Enterra Energy Trust, JED Oil; President & CEO, Tuscany International Drilling ➢ Founder and a principal of KO Capital Advisors  former Vice Chairman and Co-Head Energy Investment Banking, GMP Kevin Overstrom FirstEnergy ➢ Former SVP, Corporate and Business Development, Crescent Point Energy  Director of Southern Energy Corp., and Equinor Tamara MacDonald Canada Sony Gill ➢ Partner, Stikeman Elliott LLP Corporate Secretary

June 4, 2020 17 HISTORICAL PERFORMANCE OF ACQUIRED ASSETS Assets Have Significant Leverage to Gas Price Recovery

Bellatrix's Production Volumes Remained Robust Despite a Cyclical Low in Commodity Prices

(1) Daily Production (boe/d) Net Operating Income (C$mm) AECO (C$/mcf) $4.27 41,441

$3.78 $3.78 38,065 36,872 $3.45 35,677 35,635 33,341 $3.01

$2.57 $2.26 21,829 $2.07 $2.11

16,686 $1.69 $1.45 11,954 $306 8,426 8,519

$167 $161 $131 $110 $96 $116 $105 $73 $40 $51

2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A

The assets generated significant net operating income historically and offer significant leverage to a gas price recovery.

June 4, 2020 18 1. See “Non-IFRS Measures” in Disclaimers. Source: Bloomberg, Canoils CONCENTRATED MULTI-ZONE LAND BASE Key Asset Attributes of the Acquisition

▪ Stacked Liquids-Rich Gas and Light Oil Opportunities

▪ Over 130,000 acres (>200 sections) within the Alberta Deep Basin

▪ Multiple stacked hydrocarbon saturated reservoirs in a concentrated land base SWS

▪ Main target zones are Cardium and Spirit River (Notikewin & Upper Falher)

▪ Sweet gas and oil (no H2S) with high API crude oil

▪ Majority of lands are over-pressured with low water saturation (i.e. low water cut)

▪ 600+ net drilling locations identified across multiple horizons

▪ High geological certainty driven by extensive seismic inventory and well control

▪ >100 bcf per section of stacked OGIP along defined geological trends

▪ Liquids yields ranging from 30-100+ bbls/mmscf

June 4, 2020 19 CARDIUM Low Risk, Repeatable, and Economic Drilling Inventory

▪ Over 85,000 acres (132 sections) of Cardium rights (~70% WI).

▪ Large resource in place with oil and liquids-rich gas targets: Estimated gross recoverable resource of 507 Bcf with 19 MMboe oil and 45 MMboe of NGLs.

Wilson Creek ▪ Variable but consistent hydrocarbon charged reservoir with both Brazeau conventional and unconventional attributes. Alder Flats A ▪ Low risk, repeatable results from five main producing areas. A’

▪ Spartan has identified >50 gross 2.0mi extended reach horizontal wells. Ferrier

▪ Significant future upside with application of 2.0mi laterals, cemented liner Willesden Green with higher frac intensity, and customized completions; this yields higher capital efficiencies, higher recoveries, and improved economics. Baptiste

A Brazeau Ferrier Baptiste Alder Flats Willesden Green A’ Spartan Pro Forma Cardium lands

June 4, 2020 20 CARDIUM OIL TYPE CURVE & ECONOMICS Crown Land

Summary: ▪ Oil prone Cardium present in Brazeau and Baptiste development areas.

▪ Historical development on Bellatrix lands did not utilize extended reach horizontals with most recent completion techniques. ▪ Executing 2.0mi horizontals with modern completion technologies results in significantly more robust economics (as shown here).

▪ Conservative cost and type curve estimate based on proved results and current capital costs under Bellatrix.

• Includes five industry wells drilled from 2017-2019 using NCS Multi-stage slickwater fracs w/ 30m stage spacing • Well production data was normalized to 3,000m, representing 2.0mi lateral • All production data is Calendar Day Rate; wells experienced poor run time in first few months Inputs Economic Results IP90 boe/d 535 Pricing Scenario (Flat) (1) Liquids % 60% Strip (2020-04-14) Low Mid Base Gas bcf 0.7 12mo fwrd ave ($35/bbl & C$1.75/GJ) ($48/bbl & C$1.85/GJ) ($55/bbl & C$2.00/GJ) NPV 10 C$ MM $1,630 - $1,599 $2,193 NGLs mbbl 46 EUR IRR % 71% 5% 72% 104% Oil & Cond mbbl 114 Payout Years 1.1 3.4 1.1 0.9 BOE mboe 269 F&D $/boe $13.90 $13.90 $13.90 $13.90 DCET $M $3,850 Recycle Ratio x 1.6 1.1 1.6 1.7 Opex & Trans (year 1) $/boe $7.60 Profit / Investment (10%) x 0.4 0.1 0.4 0.6 Royalties (year 1 - mid case) $/boe $1.80 Capital Efficiency $/boe/d $11,263 $11,263 $11,263 $11,263 Netback (yr. 1) $/boe $26.7 $21.1 $27.2 $30.4

June 4, 2020 21 1. Price deck details show on slide 33. Note: Management type curve and economics. Appendix B: Spartan Track Record

June 4, 2020 22 SPARTAN ENERGY – SPARTAN OIL – SPARTAN EXPLORATION Western Canada’s Best-in-Class Performer: Proven Low-Cost Operator

▪ From 2010 through 2018, Spartan assembled and developed multiple high-quality assets throughout Central & Southern Alberta and Southeast Saskatchewan

▪ Through infill horizontal development drilling and its application of multi-stage frac technology, Spartan unlocked significant resource potential in both light and tight oil plays

▪ Developed a deep inventory of highly economic light oil drilling locations and waterflood projects capable of delivering sustainable growth and free cash flow

▪ Focused capital on high quality, long life, operated, multi-zone potential with existing infrastructure and capacity

▪ Spartan Exploration: grew production from ~400 boe/d to ~2,500 boe/d and sold to Penn West, outperforming the TSX Energy Index by ~90%

▪ Spartan Oil: sold to Bonterra for ~$480 million in 2013 after growing production to >4,000 boe/d

▪ Spartan Energy: sold to Vermilion Energy for C$1.4 billion in 2018 at a production of level of 23,000 boe/d and independently evaluated P+P reserves of 113.5 MMBoe

June 4, 2020 23 THE SPARTAN DOMESTIC ADVANTAGE Domestic Operational Track Record

From 2014 to its sale to Vermilion Energy, Spartan Energy Management’s ability to acquire and efficiently integrate assets established itself as the lowest cost operator in the Southeast has been proven through past transaction activity Saskatchewan area

▪ Average DCET costs for Mississippian wells below area peers at ▪ Management steadily reduced operating costs following two $750k separate “acquisition cycles”

▪ Strong relationships with key service providers are intact and ▪ Spartan Energy completed 11 transactions (asset and corporate) ensure efficiencies through preferential rates and pre-existing in just under a four-year time frame, more than any other personnel corporate in the basin

Mississippian DCET Capex ($000’s)(1) Spartan Energy - Operating Costs ($/boe)

$1,200 $22.00 $1,000 Acquisition OPEX $1,000 $900 $920 $20.00

$800 $750 $18.00

$600 $16.00

$400 $14.00

$200 $12.00

$0 $10.00 Spartan Energy Company 1 Company 2 Company 3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

(1) Peer group includes Vermilion, TORC, and Crescent Point 2014 2015 2016 2017 2018

June 4, 2020 24 SPARTAN ENERGY 263% Total Return and 33% CAGR | December 2013 – May 2018

Overview Relative Performance (Indexed to 100)

300 • Spartan Energy completed the recapitalization of Alexander Energy Spartan in December 2013 and shortly after acquired Renegade Petroleum TSX Energy Post-recapitalization, in March 2014 250 Spartan consistently outperformed the TSX Energy Index • Over a 4-year period, management grew production from ~650 200 boe/d to ~22,750 boe/d through an acquisition and development strategy 150

• During a period of significant uncertainty in the energy markets, management stewarded capital efficiently and delivered above 100 market shareholder returns 50 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

Production Growth Cash Flow Growth

$60.0 $0.60

25,000 150.0 ($/mmsh.) Share Per Flow Cash

20,000 120.0 Share Per Production (boe/d/mmsh.) $40.0 $0.40 15,000 90.0

10,000 60.0

$20.0 $0.20 Cash Flow Cash Flow ($mm)

Production Production (boe/d) 5,000 30.0

0 0.0 $0.0 $0.00 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Total Production Production per Share Cash Flow Cash Flow per Share

June 4, 2020 25 HISTORICAL EV/DACF MULTIPLE COMPARISON Spartan Energy Corp. vs Premium Light Oil Peers (1)

16.0x Spartan Energy Corp.

Light Oil Peer Avg. (2) 14.0x The Spartan management team has historically traded at, or above, the premium light oil company average multiple (1).

12.0x

10.0x

8.0x Fwd EV/NTMFwd DACF Multiple (x) 6.0x

Light Oil Peer Avg.

4.0x

2.0x

Source: Factset Consensus Estimates (-) June 4, 2020 26 1. Light Oil Peer Avg. includes: CPG, ERF, RRX, SGY, TOG, TVE, WCP 2. Comparable EV/NTM DACF period subject to Factset broker estimate availability (May 9, 2014 to the close of the acquisition of Spartan Energy Corp. by Vermilion Energy Inc. on May 28, 2018). SPARTAN OIL 268% Total Return and 128% CAGR | June 2011 – January 2013

Overview Relative Performance (Indexed to 100)

250 • Formed through the spin-out of certain Cardium assets and SE Spartan As a public company, Spartan Saskatchewan assets from Spartan Exploration TSX Energy outperformed the TSX Energy Index by ~130% • Spartan continued to consolidate its position in the Pembina 200 Cardium, where it successfully built a large contiguous land position and drilled 80 gross wells with 100% success rate 150 • In less than two years, Spartan Oil grew production per share >500% and cash flow per share >1,000% 100 • Announced its sale to Bonterra in December 2012 at top decile metrics 50 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

Production Growth Cash Flow Growth

5,000 60.0 $25.0 $0.30 ($/mmsh.) Share Per Flow Cash

4,000 48.0 Share Per Production $20.0 $0.24 (boe/d/mmsh.)

3,000 36.0 $15.0 $0.18

2,000 24.0 $10.0 $0.12 Cash Flow Cash Flow ($mm) Production Production (boe/d) 1,000 12.0 $5.0 $0.06

0 0.0 $0.0 $0.00 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 2011 2012

Production Production per Share Cash Flow Cash Flow per Share

June 4, 2020 27 SPARTAN EXPLORATION 573% Total Return and 80% CAGR | January 2010 – May 2011

Overview Relative Performance (Indexed to 100)

250 • Spartan Exploration was formed in Q1-2008 with a view of Spartan targeting tight oil resources plays in western Canada TSX Energy As a public company, Spartan outperformed the 200 • Spartan accumulated Cardium, Bakken and Shaunavon assets TSX Energy Index by ~90% throughout 2008 and 2010 followed by a reverse takeover (RTO) recap transaction of a TSX listed shell company 150

• From the RTO transaction in Q1-2010 to its sale in Q1-2011, Spartan grew production from ~400 boe/d to ~2,500 boe/d 100 delivering production per share growth of >425% and cash flow per share growth of >650%

50 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11

Production Growth Cash Flow Growth

3,000 90.0 $14.0 $0.35 ($/mmsh.) Share Per Flow Cash

2,500 75.0 Share Per Production $12.0 $0.30

(boe/d/mmsh.) $10.0 $0.25 2,000 60.0 $8.0 $0.20 1,500 45.0 $6.0 $0.15 1,000 30.0

$4.0 $0.10

Cash Flow ($mm) Production Production (boe/d) 500 15.0 $2.0 $0.05

0 0.0 $0.0 $0.00 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2010 2011 2010 2011

Production Production per Share Cash Flow Cash Flow per Share

June 4, 2020 28 DISCLAIMER

Forward Looking Statements. Certain information included in this presentation constitutes of estimates and projections relating to production, costs and expenses and health, safety and forward-looking information under applicable securities legislation. Forward looking information environmental risks), incorrect assessment of the value of acquisitions, failure to complete or typically contains statements with words such as "anticipate", "believe", "expect", "plan", realize the benefits of acquisitions, constraint in the availability of services, commodity price and "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or exchange rate fluctuations, actions of OPEC and OPEC+ members, changes in legislation (including statements regarding an outlook. Forward-looking information in this presentation may include, but not limited to tax laws, royalty regimes and environmental legislation), adverse weather or but is not limited to, statements about: corporate strategy, objectives, strengths and focus of the break-up conditions and uncertainties resulting from potential delays or changes in plans with recapitalized company ("Spartan"); proposed name change of Return Energy Inc. to Spartan Delta respect to exploration or development projects or capital expenditures. Production forecasts are Corp. (the “Name Change”); proposed credit facility (the “Facility”) and private placement directly impacted by commodity prices and the actual timing of our capital expenditures. Actual financing (the “Private Placement”) and the size, terms and completion thereof and use of results may vary materially from forecasts due to changes in interest rates, oil differentials, proceeds therefrom; proposed acquisition (the “Acquisition”) of the assets (the “Assets”) of exchange rates and the timing of expenditures and production additions. In addition, Spartan Bellatrix Exploration Ltd. (“Bellatrix”) pursuant to an asset purchase agreement (the “APA”); future cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its performance of the management team and board; insider ownership; development, exploitation, effect on the broader global economy may have a significant negative effect on Spartan. While the drilling and drilling locations, including in respect of the Charlie Lake asset and the Assets; precise impact of the COVID-19 virus on Spartan remains unknown, rapid spread of the COVID-19 waterfloods; future acquisition and development opportunities, including the Acquisition; virus may have a material adverse effect on global economic activity, and can result in volatility realization of anticipated benefits of acquisitions, including future production levels, cash flow, and disruption to global supply chains, operations, mobility of people and the financial markets, decline rates, economics and payouts of wells in respect of such acquisitions and future which could affect interest rates, credit ratings, credit risk, inflation, business, financial conditions, commodity prices and exchange rates; anticipated amendments to the terms of the common results of operations and other factors relevant to Spartan. share purchase warrants; hedging strategy; dividend policy; and ESG and sustainability measures. Statements relating to "reserves" are also deemed to be forward looking statements, as they The forward-looking information contained in this presentation is made as of the date hereof and involve the implied assessment, based on certain estimates and assumptions, that the reserves Spartan undertakes no obligation to update publicly or revise any forward-looking information, described exist in the quantities predicted or estimated and that the reserves can be profitably whether as a result of new information, future events or otherwise, unless required by applicable produced in the future. securities laws. The forward looking information contained in this presentation is expressly qualified by this cautionary statement. The forward-looking statements contained in this presentation are based on certain key expectations and assumptions made by Spartan, including expectations and assumptions FOFI: This presentation contains future-oriented financial information and financial outlook concerning the performance of Spartan’s management team and board, satisfaction or waiver of information (collectively, "FOFI") about Spartan's prospective results of operations, production, the closing conditions in the APA; receipt of required legal and regulatory approvals for the working capital, pro forma capitalization, enterprise value, recycle ratio, payout, operating completion of the Acquisition (including approval of the TSXV and receipt of the Approval and netback, share price, investment yield, net debt, cash flow, free cash flow, NPV10, IRR, EUR, return Vesting Order from the CCAA Court), the Private Placement, Name Change and establishment of of capital, operating costs, cost reductions and components thereof, all of which are subject to the the Credit Facility; the ability to acquire the Assets, the success of future drilling, development and same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. completion activities, the performance of existing wells, the performance of new wells, the FOFI contained in this presentation was approved by management of the date of this presentation availability and performance of facilities and pipelines, the geological characteristics of Spartan’s and was provided for the purpose of providing further information about Spartan's anticipated properties, the successful application of drilling, completion and seismic technology, prevailing future business operations. Spartan disclaims any intention or obligation to update or revise any weather and break-up conditions and access to drilling locations, commodity prices, price FOFI contained in this presentation, whether as a result of new information, future events or volatility, price differentials and the actual prices received for products, royalty regimes and otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI exchange rates, the application of regulatory and licensing requirements, the availability of contained in this presentation should not be used for purposes other than for which it is disclosed capital, labour and services, Spartan’s ability to complete planned capital expenditures within herein. budgeted cost estimates, the ability to market oil and gas successfully, Spartan’s ability to integrate assets and employees acquired through acquisitions and the creditworthiness of Third Party Information: Certain information contained herein has been obtained from published industry partners. sources prepared by independent industry analysts and third-party sources (including industry publications, surveys and forecasts). While such information is believed to be reliable for the Although Spartan believes that the expectations and assumptions on which the forward-looking purpose used herein, none of the directors, officers, owners, managers, partners, consultants, statements are based are reasonable, undue reliance should not be placed on the forward-looking shareholders, employees, affiliates or representatives assumes any responsibility for the accuracy statements because Spartan can give no assurance that they will prove to be correct. Since of such information. Some of the sources cited in this presentation have not consented to the forward-looking statements address future events and conditions, by their very nature they inclusion of any data from their reports, nor has Spartan sought their consent. involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, stock market volatility, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty

June 4, 2020 29 DISCLAIMER CONT’D

Oil and Gas Advisories all unbooked drilling locations and if drilled, there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which we BOE Disclosure. The term barrels of oil equivalent (“BOE”) may be misleading, particularly if used actually drill wells will ultimately depend upon the availability of capital, regulatory approvals, in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to barrels of oil seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir equivalence is based on an energy equivalency conversion method primarily applicable at the information that is obtained and other factors. While certain of the unbooked drilling locations burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in this being de‐risked by drilling existing wells in relative close proximity to such unbooked drilling presentation are derived from converting gas to oil in the ratio mix of six thousand cubic feet of locations, other unbooked drilling locations are farther away from existing wells where gas to one barrel of oil. management has less information about the characteristics of the reservoir, and therefore, there is more uncertainty whether wells will be drilled in such locations. If these wells are drilled, there Reserves Disclosure. All reserves information in this presentation was prepared by InSite for is more uncertainty that such wells will result in additional oil and gas reserves, resources or Bellatrix effective December 31, 2019 using InSite’s December 31, 2019 forecast prices and costs in production. accordance with National Instrument 51-101 – Standards of Disclosure of Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook (the “COGE Handbook”). All Private Placement. The securities described herein will be offered on a private placement basis in reserve references in this press release are “Company gross reserves”. Company gross reserves reliance upon prospectus and registration exemptions under applicable securities legislation. are the Company’s total working interest reserves before the deduction of any royalties payable Resale of the securities offered hereby will be subject to restrictions under the applicable by the Company and before the consideration of the Company’s royalty interests. It should not be securities legislation, which will vary depending on the relevant jurisdiction. Generally, such assumed that the present worth of estimated future cash flow of net revenue presented herein securities may be resold only pursuant to an exemption from the prospectus and registration represents the fair market value of the reserves. There is no assurance that the forecast prices and requirements of applicable securities legislation or pursuant to an exemption order granted by costs assumptions will be attained and variances could be material. The recovery and reserve appropriate securities regulatory authorities. estimates of Spartan’s crude oil, NGLs and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural US Disclaimer. This presentation is not an offer of the securities for sale in the United States. The gas and NGLs reserves may be greater than or less than the estimates provided herein. securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. Type Curves. Certain type curves disclosure presented herein represent estimates of the This presentation shall not constitute an offer to sell or the solicitation of an offer to buy nor shall production decline and ultimate volumes expected to be recovered from wells over the life of the there be any sale of the securities in any state in which such offer, solicitation or sale would be well. The type curves represent what management thinks an average well will achieve. Individual unlawful. wells may be higher or lower but over a larger number of wells, management expects the average to come out to the type curve. Over time type curves can and will change based on achieving more production history on older wells or more recent completion information on newer wells.

Drilling Locations / Inventory. This presentation discloses drilling inventory in three categories: (a) proved locations; (b) probable locations; and (c) unbooked/potential locations. Proved locations and probable locations are derived from: (a) the reserves evaluation prepared by InSite for Bellatrix effective December 31, 2019; and (b) the reserves evaluation prepared by Sproule Associates Limited for Spartan effective December 31, 2019, both in accordance with NI 51-101 and the COGE Handbook and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal estimates based on the prospective acreage of the Assets and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources. Of the 637 identified net drilling locations identified within the Assets (slide 2, 5 & 7), 220.6 are net proved locations, 74.9 are net probable locations and 340 are net potential unbooked locations. Vertical locations in the Cardium, Edmonton, McLaren, Rock Creek, along with 2.0 net Rock Creek horizontal locations have been removed from the booked well count due to Spartan having uncertainty of their economic viability. Of the 60+ identified locations on slide 26, 6.0 net are proved locations, 5.0 net are probable locations and 49.0 net are unbooked potential locations. Unbooked locations have been identified by management as an estimation of our multi‐year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill

June 4, 2020 30 DISCLAIMER CONT’D

Rights of Action. In certain circumstances, purchasers resident in certain provinces of Canada, are hereto contains a misrepresentation, Spartan hereby grants to such purchasers contractual rights provided with a remedy for rescission or damages, or both, in addition to any other right they may of action that are equivalent to the statutory rights of action set forth above with respect to have at law, where an offering memorandum (such as this presentation) and any amendment to it purchasers resident in Ontario. contains a misrepresentation. Where used herein, “misrepresentation” means an untrue statement of a material fact or an omission to state a material fact that is required to be stated or In Manitoba, the Securities Act (Manitoba), in Newfoundland and Labrador the Securities Act that is necessary to make any statement not misleading in light of the circumstances in which it (Newfoundland and Labrador), in Prince Edward Island the Securities Act (PEI), in Yukon, the was made. These remedies, or notice with respect to these remedies, must be exercised or Securities Act (Yukon), in Nunavut, the Securities Act (Nunavut) and in the Northwest Territories, delivered, as the case may be, by the purchaser within the time limits prescribed by applicable the Securities Act (Northwest Territories) provide a statutory right of action for damages or securities legislation. rescission to purchasers resident in Manitoba, Newfoundland, PEI, Yukon, Nunavut and Northwest Territories respectively, in circumstances where this presentation or an amendment hereto The following summary is subject to the express provisions of the applicable securities laws, contains a misrepresentation, which rights are similar, but not identical, to the rights available to regulations and rules, and reference is made thereto for the complete text of such provisions. Ontario purchasers. Such provisions may contain limitations and statutory defenses not described here on which Spartan and other applicable parties may rely. Purchasers should refer to the applicable provisions The statutory right of action described above is in addition to and without derogation from any of the securities legislation of their province for the particulars of these rights or consult with a other right or remedy at law. legal adviser.

The following is a summary of rights of rescission or damages, or both, available to purchasers resident in the province of Ontario, New Brunswick, Nova Scotia and Saskatchewan. If there is a misrepresentation herein and you are a purchaser under securities legislation in Ontario, New Brunswick, Nova Scotia and Saskatchewan you have, without regard to whether you relied upon the misrepresentation, a statutory right of action for damages, or while still the owner of the securities, for rescission against Spartan. This statutory right of action is subject to the following: (a) if you elect to exercise the right of action for rescission, you will have no right of action for damages against Spartan; (b) except with respect to purchasers resident in Nova Scotia, no action shall be commenced to enforce a right of action for rescission after 180 days from the date of the transaction that gave rise to the cause of action; (c) no action shall be commenced to enforce a right of action for damages after the earlier of (i) 180 days (with respect to purchasers resident in Ontario) or one year (with respect to purchasers resident in Saskatchewan and New Brunswick) after you first had knowledge of the facts giving rise to the cause of action and (ii) three years (with respect to purchasers resident in Ontario) or six years (with respect to purchasers resident in Saskatchewan and New Brunswick) after the date of the transaction that gave rise to the cause of action; (d) with respect to purchasers resident in Nova Scotia, no action shall be commenced to enforce a right of action for rescission or damages after 120 days from the date on which payment for the securities was made by you; (e) Spartan will not be liable if it proves that you purchased the securities with knowledge of the misrepresentation; (f) in the case of an action for damages, Spartan will not be liable for all or any portion of the damages that it proves do not represent the depreciation in value of the securities as a result of the misrepresentations; and (g) in no case will the amount recoverable in such action exceed the price at which the securities were sold to you. The foregoing is a summary only and is subject to the express provisions of the Securities Act (Ontario), the Securities Act (New Brunswick), the Securities Act (Nova Scotia) and the Securities Act (Saskatchewan), and the rules, regulations and other instruments thereunder, and reference is made to the complete text of such provisions contained therein. Such provisions may contain limitations and statutory defenses on which Spartan may rely.

Notwithstanding that the Securities Act (British Columbia), the Securities Act (Alberta), and the Securities Act (Québec) do not provide, or require Spartan to provide, to purchasers resident in these jurisdictions any rights of action in circumstances where this presentation or an amendment

June 4, 2020 31 DISCLAIMER CONT’D & KEY PERFORMANCE INDICATORS

Non-IFRS Financial Measures and Other Key Performance Indicators Other Key Performance Indicators This Presentation contains certain financial measures, as described below, which do not have standardized meanings prescribed by IFRS. In addition, this Presentation contains other key Capital Efficiency: Capital efficiency is the amount spent to add an additional barrel a day of performance indicators (“KPI”), financial and non-financial, that do not have standardized production to a company’s annual exit production. meanings under the applicable securities legislation. As these non-IFRS financial measures and KPI are commonly used in the oil and gas industry, the Company believes that their inclusion is useful EUR: Estimated Ultimate Recovery (“EUR”) is an approximation of the quantity of oil or gas that is to investors. The reader is cautioned that these amounts may not be directly comparable to potentially recoverable or has already been recovered from a reserve or well. EUR is not a defined measures for other companies where similar terminology is used. term within the COGE Handbook and therefore any reference to EUR in this Presentation is not deemed to be reported under the requirements of NI 51-101. Readers are cautioned that there is Non-IFRS Financial Measures no certainty that the Company will ultimately recover the estimated quantity of oil or gas from “Net Operating income (NOI)” is calculated by deducting royalties, production expenses and such reserves or wells. transportation expenses from oil and gas revenue, before realized gains or losses on associated financial instruments. The Company refers to net operating income expressed per unit of EV/DACF: is the enterprise value divided by the debt adjusted cash flow and is used as a production as an “Operating Netback”. measurement of the value of the company. “Funds Flow (FF)” is calculated as cash provided by operating activities before changes in non-cash Finding and development (“F&D”) cost: is the sum of capital expenditures incurred in the period operating working capital. Funds Flow per common share is calculated on a consistent basis with and the change in future development capital (“FDC”) required to develop reserves. F&D cost per net income (loss) per common share, using basic and diluted weighted average common shares as BOE is determined by dividing current period net reserve additions into the corresponding determined in accordance with IFRS. period’s F&D cost. Readers are cautioned that the aggregate of capital expenditures incurred in “Free Cash Flow (FCF)” is calculated as the Funds Flow less exploration and development capital the year, comprised of exploration and development costs and acquisition costs, and the change expenditures. “Free Cash Flow per Share” is calculated as the Free Cash Flow divided by the in estimated FDC generally will not reflect total FD&A costs related to reserves additions in the number of common shares outstanding divided by the current share price. year. Funds flow, net operating income or netbacks and Free Cash Flow are used by the Company as key IRR: Internal rate of return (“IRR”) is the discount rate required to arrive at an NPV equal to zero. measures of performance and are not intended to represent operating profits nor should they be Rates of return set forth in this Presentation are for illustrative purposes. There is no guarantee viewed as an alternative to cash provided by operating activities, net income (loss) or other that such rates of return will be achieved in the future. measures of financial performance calculated in accordance with IFRS. IP90: The initial production from a well for the first 2,160 hours (90 days) based on operating/producing hours. “Net debt” is used synonymously with, and is equal to, “bank debt, net of working capital”. “Net NPV10: the anticipated net present value of the future net operating income after capital debt” is calculated by adding the working capital deficiency to bank debt. The working capital expenditures, discounted at a rate of 10% (before tax). deficiency is equal to total current assets net of total current liabilities. The Company uses a “net debt to trailing adjusted funds from operations ratio” as a benchmark on which management Recycle Ratio: is a measure for evaluating the effectiveness of a company’s re-investment monitors the Company’s capital structure and short-term financing requirements. Management program. The ratio measures the efficiency of capital investment by comparing the operating believes that this ratio, which is a non-IFRS financial measure, provides investors with information netback per BOE to F&D cost per BOE. to understand the Company’s liquidity risk. The “net bank debt to trailing adjusted funds from operations ratio” is also indicative of the “debt to cash flow” calculation used to determine the Sustaining / Maintenance Capital: is the estimated capital required to bring on new production applicable margin for a quarter under the Company’s Credit Facility agreement (though the which offsets the natural decline of the existing production and keeps the year-over-year calculation may not always be a precise match, it is representative). production flat. Production per common share (PPS): is calculated by dividing total production by the basic “Enterprise value” is calculated as the market capitalization of the company plus net debt, where weighted average number of common shares outstanding, as determined in accordance with IFRS. market capitalization is defined as the total number of shares outstanding multiplied by the price per share at a given point in time.

“Debt Adjusted Cash Flow “(“DACF”) is calculated as the net operating income less general and administrative expense.

June 4, 2020 32 PRICE DECK DETAILS

Price Scenario Strip (2020-04-14) Strip (2020-05-26) Low Mid "Back to Normal" 12mo fwrd ave 12mo fwrd ave Flat Flat Flat WTI US$/bbl $35.00 $36.33 $35.00 $47.50 $55.00 Edm. Condensate C$/bbl $34.54 $45.08 $44.48 $58.73 $66.00 FX US$/C$ 1.39 1.38 1.39 1.35 1.32 AECO Gas C$/GJ $2.13 $2.24 $1.75 $1.85 $2.00

Additional Commodity Price Assumptions: Ethane priced at AECO + 1.65$/GJ premium (excl. frac & trans) Propane priced on Conway Strip with 0.2 US$/Gal differential to Edm. Butane priced at 45% of WTI. Edm Light Diff of 5, 5.5, 6.5 $/bbl for Low, Mid & Normal case respectively. Edm. Cond Diff of 3, 4, 5 $/bbl for Low, Mid & Normal case respectively.

June 4, 2020 33 ABBREVIATIONS

AECO Alberta Energy Company “C” Meter Station of the NOVA Pipeline System ARO Asset Retirement Obligations b Basic shares outstanding bbl; bbl/d barrel; barrels per day bcf; bcf/d Billion cubic feet of natural gas; billion cubic feet per day of natural gas boe; boe/d Barrels of oil equivalent; barrels of oil equivalent per day BXE Bellatrix Exploration Ltd. CCAA Companies' Creditors Arrangement Act (Canada) cf/d cubic feet per day of natural gas DCET Drill, complete, equip and tie-in capital cost ESG Environmental, Social and Governance EUR Estimated ultimate recovery (see disclaimers) EV/DACF Enterprise value divided by the debt adjusted cash flow (see disclaimers) F&D Finding and development cost per barrel of oil equivalent (see disclaimers) f.d. Fully diluted shares outstanding FCF Free Cash Flow (see disclaimers) FX Exchange rate: US Dollars divided by Canadian Dollars G&A General and administrative expense GJ Gigajoules IFRS International Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB’) IP90 The average hydrocarbon production rate for the first 90 days of a wells life IRR Internal rate of return percentage (see disclaimers) LMR Liability Management Rating (Alberta) M or m Thousand MM or mm Million NGLs Natural Gas Liquids NOI Net Operating Income (see disclaimers) NPV10 Net Present Value with a discount rate of 10% (see disclaimers) PDP Proved Developed Producing Reserves TP Total Proved Reserves TV Total Value or Total Net Consideration WTI West Texas Intermediate Oil Price (US$/bbl)

June 4, 2020 34 [email protected] www.SpartanDeltaCorp.com