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G L O B A L C A P I TA L M A R K E T S • G L O B A L C O R P O R AT E C R E D I T P R O D U C T S • G L O B A L I N V E S T M E N T B A N K I N G Vi...
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G L O B A L C A P I TA L M A R K E T S • G L O B A L C O R P O R AT E C R E D I T P R O D U C T S • G L O B A L I N V E S T M E N T B A N K I N G

Virtual Data Room open week of: March 4, 2013 Technical Presentations begin week of: March 11, 2013 Proposals due: April 18, 2013

CIBC CONTACTS Mark Horsfall Managing Director, Head of Global Energy 403-260-0501 [email protected] Chris Rutherford Executive Director 403-260-0507 [email protected] Bryan Berg Director 403-216-6621 [email protected] Denise Poley Head Acquisitions & Divestitures 403-260-0502 [email protected]

SASKATCHEWAN OIL OPPORTUNITIES

TABLE OF CONTENTS Cenovus Advisory..................................................................page 2 Executive Summary Highlights.................................................................................page 3 Properties Production and Land Summary.................................page 3 Shaunavon Overview Shaunavon Highlights...............................................................page 4 Shaunavon Production and Land Summary...............................page 4 Shaunavon Property Overview...................................................page 5 Estevan Bakken Overview Estevan Bakken Highlights........................................................page 8 Estevan Bakken Production and Land Summary.........................page 8 Estevan Bakken Property Overview............................................page 9 Sale Procedure......................................................................page 12 Abbreviations.......................................................................page 13

CENOVUS ADVISORY The sole purpose of this document is to provide to prospective purchasers an introduction to the Company’s oil producing assets in the Shaunavon and Estevan Bakken areas of Saskatchewan (the “Assets”). Forward-looking Information. This document contains forward-looking information and other internal data prepared by Cenovus for the sole purpose of facilitating an evaluation of the Assets in furtherance of submitting a proposal. The forwardlooking statements may be identified by words such as “expect”, “potential”, “scheduled”, “promising”, “believes” or similar expressions suggesting future outcomes including statements about expected production, planned phases, drilling expectations, potential for increased recovery, location of production, success of waterflood techniques and tertiary recovery, and transportation and sale of production associated with the Assets. The forward-looking statements involve assumptions, risks and uncertainties that are not discussed in this document. As a result, this document is not to be relied upon for the purpose of purchasing the Assets or making an investment in Cenovus. Readers are cautioned not to place undue reliance on forward-looking information as the actual results or estimates associated with the Assets could differ materially from the information disclosed herein. The forward-looking information contained in this document, including the underlying assumptions, risks and uncertainties, are made as of the date of this document. Developing forward-looking information involves reliance on assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. These factors and assumptions are described in our most recent Annual Information Form (AIF) and our most recent Management’s Discussion and Analysis, all of which are available on our website at www.cenovus.com.

Barrels of Oil Equivalent. Certain natural gas volumes have been converted to barrels of oil equivalent (boe) on the basis of one barrel (bbl) to six thousand cubic feet (Mcf). Boe may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the well head.

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

Cenovus Energy Inc. (“Cenovus” or the “Company”) has engaged CIBC Griffis & Small (“CIBC”) to assist with the sale of its oil producing assets in the Shaunavon and Estevan Bakken areas of Saskatchewan (the “Assets”). Cenovus will consider all proposals for either of the individual properties or the total package. However, the Company reserves the right to evaluate offers according to select criteria, at its sole discretion.

B.C. 94-O

SASKATCHEWAN T120

94-J

94-I

94-G

Opportunity Highlights u Large ‘resource play’ oil assets in the Lower Shaunavon and Bakken u High working interest (WI) and operated production (Avg. WI 97%) u Large land base u Current production of 5,766 boe/d (98% oil) u Upper Shaunavon play extension upside u Significant horizontal infill drilling opportunities u Secondary and tertiary development potential u Additional prospective zones include the Midale and Torquay

ALBERTA

94-P

T110

94-H

T100

94-B

93-O

93-J

T90

Ft. McMurray

T80

93-P

Grande Prairie

T70

93-I

T60

Edmonton

T50

Lloydminster

T40

T30

Calgary

Current Net Production Summary*

T10

W2M

R10

R20

Estevan Bakken W3M

R10

R20

W4M

R10

R20

W5M

R10

R20

Shaunavon W6M

Oil Gas Boe Oil (bbl/d) (Mcf/d) (boe/d) (%) 5,017 - 5,017 100 644 632 749 86 5,661 632 5,766 98

R10

Area Shaunavon Estevan Bakken Total

T20

Regina

* Monthly average January 2013 - Lease Operating Statements

Land Summary Developed (Hectares) Gross Net Shaunavon 8,299 8,169 Estevan Bakken 1,618 1,507 Total 9,917 9,676

Undeveloped Total Land Gross Net Gross Net Avg. WI 5,872 5,745 14,171 13,914 98% 3,970 3,726 5,588 5,233 94% 9,842 9,471 19,759 19,147 97%

CIBC Griffis & Small - 3

SHAUNAVON OVERVIEW

SHAUNAVON OVERVIEW

Opportunity Highlights u High quality, large Original Oil In Place (OOIP) resource play asset with production and reserves upside - Large, focused land base consisting of 14,171 gross hectares - 5,017 bbl/d net (~23° API) from 138 producing Hz wells - Current production exclusively from the Lower Shaunavon - 100% operated with high WI (averaging ~98%) - Low-risk, predictable production and reserve base u New exploration area in Upper Shaunavon - Significant uphole horizontal development opportunity u Significant growth opportunities and upside through optimization, infill drilling, waterflood development - Early stage development with

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