CORPORATE PRESENTATION March, 2015

SHARPENING OUR FOCUS

CAUTIONARY STATEMENT Forward Looking Statements This presentation contains certain forward–looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends“, “forecast” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this presentation contains forward-looking information and statements pertaining to the following: the volumes and estimated value of Crew's oil and gas reserves; resource estimates and volumes in respect of Crew’s Montney lands in N.E.B.C.; the volume and product mix of Crew's oil and gas production; production estimates including 2014 forecast average and exit productions; the recognition of significant resources in the Montney region of northeast British Columbia; future oil and natural gas prices and Crew's commodity risk management programs; future liquidity and financial capacity; future results from operations and operating metrics; future costs, expenses and royalty rates; future interest costs; the exchange rate between the $US and $Cdn; future development, exploration, acquisition and development activities and related capital expenditures and the timing thereof; the amount and timing of capital projects; operating costs; the total future capital associated with development of reserves and resources; methods of funding our capital program including possible non-core asset divestitures; and forecast reductions in operating expenses. In this presentation reference is made to the Company's long range Montney growth scenario. All information derived therefrom are not estimates or forecasts of metrics that may actually be achieved. Such information reflects internal projections used by management for the purposes of making capital investment decisions and for internal long range planning and budget preparation. Accordingly, undue reliance should not be placed on same. The recovery, reserve and resources estimates of Crew's reserves and resources provided herein are estimates only and there is no guarantee that the estimated reserves or resources with be recovered. In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of Crew which have been used to develop such statements and information but which may prove to be incorrect. Although Crew believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Crew can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which Crew operates; the timely receipt of any required regulatory approvals; the ability of Crew to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Crew has an interest in to operate the field in a safe, efficient and effective manner; the ability of Crew to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; risks associated with the degree of certainty in resource assessments; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Crew to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Crew operates; and the ability of Crew to successfully market its oil and natural gas products. There are a number of assumptions associated with the potential of resource volumes assigned to the Evaluated Areas in Crew's Montney area of operations in northeast British Columbia, including the quality of the Montney reservoir, future drilling programs and the funding thereof, continued performance from existing wells and performance of new wells, the growth of infrastructure, well density per section and recovery factors and discovery and development of the Evaluated Areas necessarily involves known and unknown risks and uncertainties, including those identified in this presentation and including the business risks discussed in Crew's annual and quarterly MD&A and other continuous disclosure documents.

The forward-looking information and statements included in this presentation are not guarantees of future performance and should not be unduly relied upon. Such information and statements; including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; the potential for variation in the quality of the Montney formation; changes in the demand for or supply of Crew's products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Crew or by third party operators of Crew's properties, increased debt levels or debt service requirements; inaccurate estimation of Crew's oil and gas reserve and resource volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of inadequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Crew's public disclosure documents, (including, without limitation, those risks identified in this presentation and Crew's Annual Information Form). The forward-looking information and statements contained in this presentation speak only as of the date of this presentation, and Crew does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

2

INVESTMENT HIGHLIGHTS MONTNEY FOCUS

LONG-TERM GROWTH

• Exposure to world-class Montney resource (109 TCFE)

• Massive resource in early stages of development (1.0 TCFE 2P reserves booked)

• Large, contiguous land base (487 net sections) with light oil, liquids-rich natural gas & dry gas • Multiple egress options • Strong balance sheet and 2015 hedge position lends financial flexibility to support ongoing development

• 5 TCFE best estimate contingent resource with NPV10 of $3.518 Billion1

• Technology enhancements continuously improve production rates, recoverable reserves & returns

Focused Asset Base 1April

3

30, 2014

CORPORATE SNAPSHOT Estimated as at, or for the year ended March 3, 2015

TSX trading symbol Basic shares outstanding (mm) Trading range (52 week) Average daily trading volume (m)

CR

140.1 $4.73 - $12.74 1,169

Market capitalization @ $5.55/sh (mm)

$778

Enterprise value (mm) Proforma1 Net debt (mm)

$937 $159

Total debt capacity (mm)

$430

Employee/Director ownership – diluted 1December

4

TSX:CR

31, 2014 net debt proforma the equity financing closed March 3, 2015

9%

2014: A TRANSFORMATIONAL YEAR 2014 Highlights • Sold 10,600 boe per day of Alberta assets for $372MM plus 400 bbl/d heavy oil • Increased B.C. production by 44% to 14,900 boe per day • Increased resource estimate by 30% to 109 TCFE TPIIP1 • Increased Montney acreage to 487 net sections • Increased 2P reserves to 1 TCFE • Reduced net debt by $130MM to $254 MM at year end

• Advanced infrastructure at Tower, Septimus and West Septimus • Improving initial production rates, EURs and costs have lead to superior economics 1Total

5

Petroleum Initially in Place

2014 RESERVES Highlights • 362% 2P reserves replacement • 12% increase in 2P reserves after selling 83MM boe

• 25% increase in debt adjusted reserves per share

Crew P+P Reserve Growth 250000

• $9.64 2P F&D costs including future development capital

• $11.65 per share NPV10 2P reserve value • Only 9% of Montney land has reserves assigned (41.6 sections)

197.3

200000

153.0 Mboe

137.3

150000 100000 50000

59.1

65.7

2008

2009

74.7

33.5

0 2007

6

220.4

Natural Gas (Mboe)

− 2P recycle ratio of 2.5x − 3 year average 2P recycle ratio of 2.2x

Oil and NGL (Mbbl)

2010

2011

2012

2013

2014

2015 CAPITAL BUDGET HIGHLIGHTS $185MM – Maintain Balance Sheet Strength with Montney Growth • Complete & tie-in 12 wells at W. Septimus & tie-in 2 wells at Groundbirch, 1 at Attachie • Drill and complete 8 new wells at Septimus & drill 2 new wells & complete 4 wells at Tower • Commission West Septimus facility in Q3 • Meaningful cost reduction initiatives underway:  Installation of LACT (Lease Automatic Custody Transfer) unit at Septimus to reduce trucking and increase netbacks by ~$4/bbl  Consolidate well testing to reduce the number of testers  Alternate fracking and flowback on pad drills to reduce water usage and trucking costs  Enhanced frac design and spacing to optimize productivity / returns 7

World-Class

Montney Resource

8

NEBC MONTNEY: A GLOBALLY COMPETITIVE PLAY “Not a shale: It‟s a siltstone”

Montney Competitive Attributes: • • • •

Exceptionally thick: up to 1,000 feet Permeability 20-80 times greater than comparable resource plays in North America Excellent fracability Lowest Royalty regime in North America

Montney and US shale play comparables – Key attributes

Source: RBC Rundle, Company Reports, NEB, U.S. Department of Energy and RBC Capital Markets

9

SEPTIMUS: SWEET SPOT OF THE MONTNEY Crew‟s 487 sections of land are situated in the „sweet spot‟ of the play (Area 4)

Highest IRR & IP30

MONTNEY SUB-GROUP REGIONS

2 3

at Parkland / Septimus / Tower1

Altares/Caribou/Farrell/Kobes/Town/ Lily Groundbirch/Sundown/Swan /Tupper Dawson/Monias/Saturn/Sunrise/ Sunset Glacier/Pouce Coupe Elmworth/Gold Creek/Wapiti Kakwa/Karr/Resthaven/Simonette Bigstone/Fir/Kaybob

IP 30 (mmcf/d)

6

60%

5

50% IRR – BTAX

5 6 7 8

BTax IRR

70%

4 Parkland/ Septimus/ Tower

4

40% 3 30% 2

20% 10%

1

0%

0

 Parkland / Septimus / Tower

Kicking Horse Energy

10

1See Source: AccuMap and RBC Capital Markets, Aug. 2014





Kakwa / Elmworth/ Karr / Gold Creek/ Resthaven/ Wapiti Simonette





Dawson/ Monias/ Saturn/ Sunrise/ Sunset

Bigstone/ Fir/ Kaybob

 Groundbirch/ Sundown/ Swan/ Tupper

Appendix for detailed comparative of Montney sub-group areas (page 31)

 Altares/ Caribou/ Farrell/ Kobes/ Town/ Lily

 Glacier/ Pouce Coupe

IP 30 rates (mmcf/d)

1

GROWING MONTNEY ACREAGE Sharpens Focus Montney (2007)

Montney (2010)

CREW ACREAGE BREAKDOWN: Oil/Condensate Sections: Wet Gas Sections: Dry Gas Sections: Total Sections: 11

138 239 110 487

Montney (2015)

SUCCESSFUL EXECUTION P+P Montney Reserves Growth (MMBOE) 250.0

Growth in Resource & Reserves Montney Resource Estimate

200.0

Liquids mmbbls Gas mboe

201.9

150.0

99.2 100.0

120

Liquids tcfe

Gas tcf

109 TCFE

15.3

21.6

27.7

2008

2009

2010

46.7

48.1

2011

2012

-

100

80

50.0

76 TCFE

48.3

2013

Montney Area Production Growth (BOE/D) 16,000

60

14,000

42.0

12,000

40

Forecast

Light oil bopd NGLs boepd Gas boepd

10,000

60.6 20

2014

8,000 6,000

33.7

4,000

0

2,000

2013

12

2014

0 2009

2010

2011

2012

2013

2014

2015

MONTNEY RESERVES: EARLY STAGES – 9% OF MONTNEY LAND HAS RESERVES ASSIGNED Flatrock Goose

Attachie

Portage

Groundbirch

Crew Montney Well Tests Crew 2014 Drilled Unbooked Location Sproule 2014 Yearend Booked Reserve Lands Crew Montney Rights

13

Septimus

Tower

ABUNDANT AND GROWING INFRASTRUCTURE •

Acreage is optimally situated to feed potential long term demand

•

Multiple egress options diversify markets and mitigate risk

•

•

Three pipeline options running West, East and South to reach Canadian, US and international markets Crew has negotiated 200 mmcf/d of long term takeaway capacity Source: RBC Capital Markets, TD Securities, NEB and CEPA

14

Crew Montney Lands

Proposed Canadian LNG Ports

STN 2

AECO Gas Storage Hub

Kingsvale

Spectra P/L TCPL Nova P/L Pacific Northern Gas P/L Alliance P/L Spectra Gas Plant Septimus Gas Plant Crew‟s Montney Lands

DELIVERY OPTIONS

To Eastern CND & NE US

Jordan Cove LNG

GTN

TCPL Spectra Alliance

Huntington/ Sumas Export Point to US

Kingsgate Export Point to US

Opal

PROPOSED INFRASTRUCTURE LNG P/L North Montney Mainline LNG Port

Malin Hub Ruby

ACREAGE PROXIMAL TO INFRASTRUCTURE

Flatrock

Multiple infrastructure options and growing processing capacity

Goose Attachie

Portage Tower Groundbirch

Septimus

• >300,000 acres of Montney rights close to numerous gas plant and pipeline options 15

Crew Operated Pipeline Proposed North Montney Mainline Project Alliance Operated Pipeline Spectra Westcoast Pipelines Spectra McMahon Gas Plant Crew Operated Septimus Gas Plant Planned West Septimus Gas Plant Q3/15 Planned Groundbirch Gas Plant 2016 Crew Montney Rights

CREW MONTNEY “STRATIGRAPHIC STACK” West Portage

Attachie

Groundbirch

West Septimus

Goose

Septimus

Tower

1 2

1

3

19

A

11

36

B

1

AA

7 1

2 2

Monias High

Lower Montney

1,000 Feet

C

2

Upper Montney

Doig

# of Crew wells drilled to YE 2014 Belloy

16

• Crew recognizes four major clinoform units in the Upper Montney (AA, A, B, C) • The majority of Crew horizontals (65%) have been drilled in the “B” clinoform • The “Lower B” and “C” clinoforms are still basically undrilled • The Lower Montney unit also has excellent prospectivity, especially at Tower and Attachie

SEPTIMUS Initial Montney Development Area • Active drilling and development program • Adoption of new technology

57 wells drilled to date Crew Operated Pipeline Spectra Westcoast Pipelines

• Existing 60 mmcf/d gas plant currently at capacity from area production (including Tower)

• Long-range plan features 180 mmcf/d capacity in the area • Economies of scale leads to superior returns 17

Crew Septimus plant 60 mmcf/d capacity

SEPTIMUS: EXCELLENT RETURNS & IMPROVING EURs EUR per well

>500 boe/d IP365

• Attractive well economics at current commodity price levels – CDN$2.50/gj gas and US$50 WTI Oil → 34% IRR • Positive results in Septimus to date support expansion into other areas of the Montney: West Septimus, Tower & Groundbirch

Septimus Type Wells Cumulative Gas Prod. (mmcf)

5.0 bcf

2,500 2,000 1,500

1,000 500 0

• Improved efficiencies have lead to 1 BCF of production in one year versus three years in 2011 18

0.0

10.0

20.0

30.0

40.0

Time (Months) 2014 2P Avg Booking (5.0Bcf) 2013 2P Avg Booking (4.3 Bcf EUR) 2012 2P Avg Booking (3.2 Bcf EUR)

2011 2P Avg Booking (2.8 Bcf EUR) 2012 to Present Frac Port Average (24 Wells)

Greater porosity, permeability and liquids than Septimus

WEST SEPTIMUS Continuation of Septimus Trend • Step-out area - Montney expansion

• Over pressured area with proven liquids-rich gas

00/8-22

− Up to 220 bbls condensate / mmcf provides strong economics

02/7-5

• Building 60 mmcf/d plant with start-up expected Q3 „15

• Full 3D seismic coverage

1.00

Permeability (mD)

− Existing and future pad drills will supply production to new plant

Site of planned West Septimus 60 mmcf/d capacity plant – Q3 ‟15 expected completion

0.10

0.01

0.00 0%

1%

2%

3%

4%

102/07-05-082-19W6/0

19

5% Porosity

6%

7%

100/08-22-082-20W6/0

Core sample data from Septimus 102/07-05-082-19W6 and 100/ 08-22-082-20W6

8%

9%

10%

TOWER Emerging Montney Light Oil Play • First of several light oil weighted areas in Crew‟s portfolio to be developed

51 net sections Near to mid-term growth potential

• EURs/well ↑ 175% to 440 mboe • Light oil/condensate support higher netbacks • 2P reserves ↑ 1,675% to 14.2 mmboe in 2014 (4 section development)

Q4/14 wells

Crew Septimus facility

Crew 5,000 bopd oil facility Phase 1 Q4/2014 operational

Crew 1-24 (2014) 13 day test: 861 boepd (71% oil) Crew B9-30 (2014) 25 day test: 695 boepd (63% oil) Recently drilled wells

20

TOWER Light Oil/Condensate Supports Higher Netbacks

12-15 wells / section drilling plan

• Able to benefit from industry experience to optimize efficiencies • Adoption of new technology will reduce costs + enhance performance

21

45 m

• 2015 first half – drill 2 wellbores to build inventory of wells that can be quickly completed as prices recover

90 m

• Tighter spacing using pad drilling enhances efficiencies, lowers costs and reduces environmental footprint 200 m 1600 m

Montney Next Steps:

Future Growth

22

NEXT STEPS: GROUNDBIRCH Delineation Area with Long-Term Upside

Planned gas plant and pipeline infrastructure supports area growth

• Offsetting vertical + horizontal development • Over-pressured with liquids-rich natural gas

• Large pay thickness (500 ft. – Upper Montney)

• Drilled 2 wells that tested at 3.5 and 4.5 mmcf/d with confirmed bottom-hole pressures of >4,000 psi (1.5x normal pressure)

• Next step is 3D seismic shoot 23

Crew 2-4 Pad - recent wells drilled 3D seismic shoot Proposed North Montney Mainline Site of planned Groundbirch 60 mmcf/d plant (2016)

NEXT STEPS: ATTACHIE Proof of Concept Stage • Several prolific offsetting producers in Upper and Lower Montney

• Over-pressured with liquids-rich natural gas • Large pay thickness (500 ft. – Upper Montney)

• Crew 10-22 well tested at 10.5 mmcf/d @ 1,230 psi FCP (after 4 days flow) • Crew 15-36 well tested at 7.9 mmcf/d @ 1,250 psi FCP (after 2.5 days flow) 24

Excellent test rates from exploration wells Crew 10-22 well

Crew 15-36 well Recently drilled wells Proposed North Montney Mainline

Lloydminster Heavy Oil Low-Risk Funding Source 25

LLOYDMINSTER HEAVY OIL Lloydminster

• Current production 4,500-5,000 boe/d

SASKATCHEWAN

ALBERTA

BRIGHTSAND

SWIMMING

• Low capex and strong capital efficiencies drive stable production • 97,219 net acres of land in the area; average working interest of 94%

LLOYD Lloydminster LOW LAKE FOREST BANK WILDMERE

VIKING/ KINSELLA

LASHBURN

UNWIN/EPPING NEILBURG

• 2015 capital program to focus on low-cost work-overs and recompletions which optimize production efficiencies 26

BALDWINTON

Crew 100% W.I. Dulwich Heavy Oil Facility UNITY

UNIQUE INVESTMENT OPPORTUNITY MONTNEY FOCUS • 4th largest Montney land owner in B.C. • Estimated 109 TCFE TPIIP Resource offers significant long-term growth potential • Expanding NGL rich gas at Septimus and W. Septimus with emerging light oil play at Tower

• Access to multiple markets, growing egress and potential to feed long- term demand

POSITIONED FOR SUCCESS • Adoption of evolving technologies increases EURs, IP‟s and rates of return while reducing costs • Financial flexibility provided by $150MM high yield bond due 2020 and undrawn $280MM revolving facility post equity closing on March 3, 2015 • Strong hedge position through 2015 supports cash flows

• >20% increase in production forecasted in 2015 27

Contact Info: Suite 800, 250 - 5th Street SW Calgary, Alberta T2P 0R4 Telephone: (403) 266-2088 Email: [email protected]

28

Dale O. Shwed, President & CEO John G. Leach, Senior Vice President & CFO Rob J. Morgan, Senior Vice President & COO

APPENDIX

29

COMPARATIVE: MONTNEY VS OTHER NORTH AMERICAN RESOURCE PLAYS – ECONOMICS Montney half-cycle per-well economics are strong and comparable to many key US shale plays even when including prevailing FX / basis 70%

Illustrative half cycle economics of Montney and US gas/liquids plays

IRR – Half Cycle

60% 50% 40%

30% 20% 10% 0%

Note: Assumes US$4.00/mcf for US gas plays, $0.92 $US/$CDN, US $0.35/mmbtu AECO basis, CDN $4.00/mcf for Montney gas plays, $100 WTI Source: RBC Capital Markets estimates

30

SEPTIMUS MONTNEY: SWEET SPOT OF THE BASIN EQUALS LEADING ECONOMICS Montney Well Economics by Area Fields

Capex/ well (mm)

IP 30 (mmcf/d)

Recovery (bcfe)

Liquids Yield (bbl/mmcf)

BTax IRR

BTax NPV 8.5% (mm)

Area 4

Parkland, Septimus, Tower

$5.3

5.0

7.6

30

63%

$8.5

Area 7

Kakwa, Karr, Resthaven, Simonette

$9.5

5.0

8.6

110

54%

$13.9

Area 6

Elmworth, Gold Creek, Wapiti

$8.8

4.9

8.6

60

49%

$12.0

Area 3

Dawson, Monias, Saturn, Sunrise, Sunset

$5.0

4.5

9.1

6

43%

$6.2

Area 8

Bigstone, Fir, Kaybob

$5.0

5.0

4.0

30

37%

$4.4

Area 2

Groundbirch, Sundown, Swan, Tupper

$5.3

5.0

7.3

6

33%

$4.3

Area 1

Altares, Caribou, Farrell, Kobes, Town, Lily

$6.5

4.0

6.3

20

31%

$4.9

Area 5

Glacier, Pouce Coupe

$5.3

3.5

5.4

14

27%

$3.9

Source: Company Reports and RBC Capital Markets estimates, Aug. 2014 ($100/bbl and $4.00/mcf)

31

2015 CAPITAL PROGRAM AND BUDGET 2015 Cash Flow (CF) (mm) CF/diluted share

2014

$89

$172

$0.64

$1.39

E&D Capex (mm)

$185

$307

Well Count (net)

10

73

$256

$254

Year-end bank debt (mm) Debt to annualized Q4 CF

2.46x

1.92x

Production guidance (boepd)

21,000

24,205

Exit production (boepd)

24,500

22,000

$2.65

$4.49

$61.00

$102.49

25%

21%

FX ($US/$CDN)

$0.82

$0.91

Interest rate-Bank debt

6.0%

5.4%

Interest rate-High yield

8.4%

8.4%

Royalties

17%

19%

$10.00

$10.77

Transportation ($/boe)

$2.10

$1.51

G&A ($/boe)

$2.30

$2.15

Interest Expense ($/boe)

$2.05

$2.32

Assumptions:

Pricing

Period

Derivative

Reference

2014

Swap

AECO

Price

Natural Gas 33,781 GJ/Day (39% of budget volume)

$3.71/GJ $3.92/mcf

Oil

Gas

(AECO-C$/mcf)

Oil

(WTI-C$/bbl)

WTI to WCS diff.

Op. costs ($/boe)

32

2014 Hedging Summary Volume

2,122 bopd (27% of budget liquids volume)

2014

Swap

C$WTI

$102.82

2,000 bopd (43% of budgeted WCS volume)

2014

Swap

C$WCS-WTI

-$21.59

RESERVES SUMMARY 2014

2013

%∆

220

197

12%

Per share (mboe/mmshares)

1,786

1,622

10%

Per debt adjusted share (mboe/mmshares)

1,330

1,063

25%

107

115

(7%)

Per share (mboe/mmshares)

863

947

(9%)

Per debt adjusted share (mboe/mmshares)

643

621

4%

Reserve value – 10% discount (2P - $mm)

$1,481

$1,818

(19%)

Finding, development and acquisitions costs (2P$/boe)

$11.09

$9.65

15%

$9.64

$9.05

7%

2.5x

2.4x

4%

Proved plus probable (mmboe)

Proved (mmboe)

Finding and development costs (2P$/boe) Recycle Ratio – Operating Netback/F,D&A 2P

33

NE BC MONTNEY RESOURCE EVALUATION Natural Gas Resource Categories

(1)(2)(3)

Total Petroleum Initially In Place (TPIIP) Discovered Petroleum Initially In Place (DPIIP) Undiscovered Petroleum Initially In Place (UPIIP) (1) (2) (3)

(1)(2)(3)(4)

Total Petroleum Initially In Place (TPIIP) Discovered Petroleum Initially In Place (DPIIP) Undiscovered Petroleum Initially In Place (UPIIP)

(4)

60.6 26.1 34.5

All volumes in table are company gross and raw gas volumes. Sproule‟s analysis identified four intervals in the Montney consisting of one interval in the Upper Montney and three intervals in the Lower Montney. Crew‟s acreage was divided into six (6) areas in the “gas window”. Crew owns 276 net sections in the gas window at April 30, 2014.

Oil Resource Categories

(1) (2) (3)

Tcf

Mmbbls 8,052 1,363 6,689

All volumes in table are company gross. The oil volumes are quoted as Stock Tank Barrels (“STB”). Sproule‟s analysis identified four intervals in the Montney consisting of one interval in the Upper Montney and three intervals in the Lower Montney. Crew‟s acreage was divided into five (5) areas in the “oil window”. Crew owns 138 net sections in the oil window at April 30, 2014

Reserves and Contingent Resources

(1)(2)(3)(6)(7)

Best Estimate

Natural Gas (Tcf) Reserves (3) Contingent Resources

1.0 4.0

Natural Gas Liquids (mmbbls) (4)(5) Reserves (3) Contingent Resources

33.1 160.7

Oil (mmbbls) Reserves (3) Contingent Resources (1) (2) (3) (4) (5) (6) (7)

5.9 10.9

All DPIIP other than cumulative production, reserves, and Contingent Resources has been categorized as unrecoverable at this time. All volumes in table are company gross and sales volumes. For reserves, the volume under the heading Best Estimate are proved plus probable reserves as at December 31, 2014. The liquid yields are based on average yield over the producing life of the property. Liquid yields are unique to each area. They are estimated based on gas composition of gas samples in the area and expected plant recoveries. There is no certainty that it will be commercially viable to produce an of the resources. Contingent Resources includes 85% development factor.

Prospective Resources (1)(2)(5)(6)

Best Estimate

Natural gas (Tcf) Natural gas liquids (mmbbls) Oil (mmbbls) (1) (2) (3) (4) (5) (6)

34

All UPIIP other than Prospective Resources has been categorized as unrecoverable at this time. All volumes in table are company gross and sales volumes. The liquid yields are based on average yield over the producing life of the property. Liquid yields are unique to each area. They are estimated based on gas composition of gas samples in the area and expected plan recoveries. There is no certainty that it will be commercially viable to produce an of the resources. Prospective Resources includes an 85% development factor.

6.3 254.4 14.4

DEFINITIONS OF OIL & GAS RESOURCES AND RESERVES Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates as follows: • Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. • Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. • Possible Reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. Cumulative Production is the cumulative quantity of petroleum that has been recovered at a given date. Resources encompasses all petroleum quantities that originally existed on or within the earth's crust in naturally occurring accumulations, including Discovered and Undiscovered (recoverable and unrecoverable) plus quantities already produced. "Total resources" is equivalent to "Total Petroleum Initially-In-Place". Resources are classified in the following categories: • Total Petroleum Initially-In-Place ("TPIIP") is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered. • Discovered Petroleum Initially-In-Place ("DPIIP") is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum initially in place includes production, reserves, and contingent resources; the remainder is unrecoverable. • Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include such factors as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as Contingent Resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. • Undiscovered Petroleum Initially-In-Place ("UPIIP") is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered petroleum initially in place is referred to as "prospective resources" and the remainder as "unrecoverable." • Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. • Unrecoverable is that portion of DPIIP and UPIIP quantities which is estimated, as of a given date, not to be recoverable by future development projects. A portion of these quantities may become recoverable in the future as commercial circumstances change or technological developments occur; the remaining portion may never be recovered due to the physical/chemical constraints represented by subsurface interaction of fluids and reservoir rocks. • Uncertainty Ranges are described by the Canadian Oil and Gas Evaluation Handbook as low, best, and high estimates for reserves and resources. The Best Estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. • BOE equivalent Barrel of oil equivalents or BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value. • Test Results and Initial Production Rates a pressure transient analysis or well test interpretation has not been carried out thus certain of the test results provided herein should be considered to be preliminary until such analysis or interpretation has been completed. Test results and initial production rates disclosed in this presentation may not be necessarily indicative of long-term performance or of ultimate recovery.

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INFORMATION ON RESERVES, RESOURCES AND OPERATIONAL INFORMATION All amounts in this presentation are stated in Canadian dollars unless otherwise specified. Throughout the presentation, the terms Boe (barrels of oil equivalent), Mmboe (millions of barrels of oil equivalent), and Tcfe (trillion cubic feet of gas equivalent) are used. Such terms when used in isolation, may be misleading. Where applicable, natural gas has been converted to barrels of oil equivalent ("BOE") based on 6 Mcf:1 BOE and oil and liquids have been converted to natural gas equivalent on the basis of 1 bbl:6 mcfe. The BOE rate is based on an energy equivalent conversion method primarily applicable at the burner tip, and given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value. The BOE rate is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalent at the wellhead. In accordance with Canadian practice, production volumes and revenues are reported on a company gross basis, before deduction of Crown and other royalties, unless otherwise stated. Unless otherwise specified, all reserves volumes in this news release (and all information derived therefrom) are based on "company gross reserves" using forecast prices and costs. Our oil and gas reserves statement for the year-ended December 31, 2013 includes complete disclosure of our oil and gas reserves and other oil and gas information in accordance with NI 51-101, and is contained within our Annual Information Form which is available on our SEDAR profile at www.sedar.com.

This presentation contains references to estimates of proved plus probable reserves attributed to the assets acquired by the Company pursuant to the Montney Acquisition. Such reserves reflect Company internally estimated "gross" reserves prepared by a qualified reserves evaluator effective December 31, 2013 in accordance with the definitions and provisions contained in the COGE Handbook. Estimates of proved plus probable reserves contained herein attributed to the assets being disposed of pursuant to the Alberta Gas Disposition reflect "gross" reserves assigned by the Company's independent reserves evaluator, Sproule Associates Limited, effective December 31, 2013. This presentation contains reference to Crew's updated independent Montney resource evaluation prepared by Sproule Associates Limited effective as of April 30, 2014, prepared in accordance with the Canadian oil and gas evaluation handbook (the "Montney Resource Evaluation"). Sproule was engaged to conduct an updated independent Montney Resource Evaluation of Crew's 452 net Montney sections located in northeast British Columbia (the "Evaluated Areas"). This presentation contains references to estimates of oil and gas classified as TPIIP, DPIIP, UPIIP, Contingent Resources and Prospective Resources in the Montney region in northeastern British Columbia which are not, and should not be confused with, oil and gas reserves. See "Definitions of Oil and Gas Resources and Reserves". TPIIP, DPIIP and UPIIP have been estimated using a zero percent porosity cutoff. The Prospective Resources have not been risked for chance of discovery. There is no certainty that any portion of the Prospective Resources will be discovered. There is no certainty that it will be commercially viable to produce any portion of the Prospective (if discovered) or Contingent Resources. The Contingent Resource contingencies are identified as economic or non-technical; there are no technical contingencies. It should not be assumed that the estimate of net present value associated with the Contingent Resources disclosed in this presentation represents fair market value. Such estimate is based on certain assumptions and there are no assurances that such assumptions including forecast prices and costs, will be attained and variances could be material. Significant positive factors are historical drilling success and production history on the more fully developed Montney acreage, abundant well log and production test data. Potential negative factors include lack of long-term production history over the majority of the Evaluated Areas, lack of infrastructure, potential for variations in the quality of the Montney formation where minimal well data currently exists, access to the substantial amount of capital which would be required to develop the resources, low commodity prices that would curtail the economics of development and the future performance of wells, regulatory approvals, access to the required services at the appropriate cost and topographic or service restrictions. Projects have not been defined to develop the resources in the Evaluated Areas as at the evaluation date. Such projects, in the case of the Montney resource development, have historically been developed sequentially over a number of drilling seasons and are subject to annual budget constraints, Crew's policy of orderly development on a staged basis, the timing of the growth of third party infrastructure, the short and long-term view of Crew on gas prices, the results of exploration and development activities of Crew and others in the area and possible infrastructure capacity constraints. As with any resource estimates, the evaluation will change over time as new information becomes available. Crew's belief that it will establish significant additional reserves over time with the conversion of Prospective Resource into Contingent Resource, Contingent Resource into probable reserves and probable reserves into proved reserves is a forward looking statement and is based on certain assumptions and is subject to certain risks, as discussed below under the heading "Forward Looking Information and Statements".

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