OIL AND GAS

opportunities in a GROWING

Indonesia

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FORWARD LOOKING STATEMENT This presentation has been prepared for informational purposes only. This presentation is not, and under no circumstances is to be construed as, a public offering of securities or an offering of securities (or a solicitation of an offer) in any jurisdiction in which such offering would be unlawful, including to U.S. persons in the United States. No securities commission or similar regulatory authority in Canada has in any way passed on the merits of the securities of the company or has reviewed this presentation, nor have the securities referred to in this presentation been registered under the U.S. Securities Act of 1933, as amended, or been approved or disapproved by the U.S. Securities and Exchange Commission, any state securities commission or any other securities regulatory authority in the United States. Any representation to the contrary is an offence. No person is authorized to give any information or make any representation not contained in this presentation in connection with an offering of securities of the company and, if given or made, any such information or representation may not be relied upon. The information in this presentation is confidential and is intended for use only by the recipient. It should not be reproduced or disclosed to any other person without the consent of the company. This presentation remains the property of the company and must be returned on request and any copies you have made must be destroyed.

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BUKIT ENERGY INC. INDONESIA

Private Company founded in 2010 •  •  •  • 

Calgary Corporate office Jakarta Operations office 34.5 million outstanding shares $9 million in cash

Bukit is recognized as the leading company in the emerging unconventional business •  First unconventional PSC award expected May-14 •  5 Joint Studies complete giving Bukit a right of first refusal on additional PSCs

Four production sharing contracts in Indonesia

•  Kisaran PSC (22.5%): Appraised oil field progressing for 2015 first oil •  Mahato PSC (37.5%): Drilling of oil field extensions planned for end 2014 •  Bohorok PSC (45%): Seismic acquisition ongoing to support 2015 drilling •  Palmerah Baru PSC (54%): new award Q1/14

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SUMATRA – A WORLD-CLASS HYDROCARBON PROVINCE

Medan

•  Globally competitive fiscal terms •  Increasing gas shortfall, expansion of domestic LNG import yields high domestic gas prices •  Extensive gas infrastructure connecting major SEA population centers – 100+ million people

Kuala Lumpur

•  Major O&G companies operating in area: Chevron, ExxonMobil, CNOOC, Conoco-Phillips, Talisman, PetroChina

Singapore

•  Technology under-applied on existing fields •  25 BBOE discovered to-date •  18 BBOE Produced •  Producing > 1 million BOEPD •  Unconventional Potential

SUMATRA

0

•  Oil: 8 Billion bbl risked UR (EIA 2013) •  Gas: 51 Tcf risked UR (CERA 2012) 500 km

Jakarta

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BUILDING VALUE BY APPLYING PROVEN TECHNOLOGY IN A WORLD CLASS HYDROCARBON PROVINCE •  Grow production & cash flow by applying proven technologies to under-exploited assets in a world-class hydrocarbon province – asset acquisition and organic growth •  Position Bukit for significant value multiples by being the leading holder of acreage with unconventional potential

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Establish production to generate cash flows

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Near-term production increases via field optimization, new field developments and step-out exploration

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Material position in emerging unconventional business

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MANAGEMENT TEAM

SUCCESSFUL TRACK RECORD IN INDONESIA & SEA EXECUTIVE MANAGEMENT

BOARD OF DIRECTORS

Dr. Sean Guest CEO*

Donald Hansen Chairman

•  CEO of Pexco – Private O&G (>$1/2 Billion EV) operating in Indonesia, Malaysia & Australia •  Previous Experience in Shell and Woodside - SEA, Australia, and North Africa •  Successful track record in developing production & building value in Sumatra

Jerry Sykora President*

•  30+ years E&P experience in Canada, Indonesia, and Yemen •  Specialized in commercializing new ventures in SE Asia & Indonesia

Gordon Begg COO & Managing Director - Indonesia

•  25 years E&P experience (17 yrs. Talisman) in Canada, Indonesia, UK , Norway •  Operations experience in both conventional and unconventional assets •  8 years Indonesian experience managing production optimization – 100+ frac operations

•  Founder and Director of Black Gold Energy •  Founder and Managing Director of SW Energy Capital fund •  Former President and CEO of Northrock Resources Ltd. •  Former VP International Energy Operations Unocal responsible for ‘new venture’ initiatives

Paul Gilleran Director

•  Founder and business developer of Black Gold Energy •  30+ years experience in onshore and offshore geophysical industries, 20 years in SEA region

Dean Callaway CFO

•  25 years of International E&P, utility and investment banking experience •  Former CFO of TSXV and private E&P companies with Asian operations

Dr. Tim England EVP Exploration & Production*

•  30+ years E&P experience based in Canada, USA, UK, Norway •  Former Talisman VP Exploration, international new ventures including SE Asia •  Extensive experience in conventional and unconventional exploration

Black Gold Energy – $6 million in 2006 seed capital sold in 2009 for US$ 300 million

Eamon Hurley EVP and General Counsel* •  Founder, Director and officer Black Gold Energy •  Former officer of Unocal Indonesia * Also on Board of Directors

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BUKIT ENERGY – PAST 12 MONTHS •  Successful 2 well appraisal of the Parit-Minyak Oil Field in Kisaran PSC – Development Plan progressing for 2015 first oil •  Successful flow of wet-gas from the tight “unconventional” formations below the PM Oil Field – Appraisal planned in 2015 •  Award of Palmerah Baru PSC within Talisman/ConocoPhilips production area •  First Unconventional Contract Terms released by government – best contractor terms ever offered in Indonesia •  First Unconventional Bid Round in January 2014 – Bukit expects award of PSC at Indonesian Petroleum Association Convention in May •  Strengthened Bukit Executive team – new CEO in February 2014 •  Private financing raised $13.2 million @ $1.25/share in Q3 2013

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STRONG SUMATRA ACREAGE POSITION COMPANY

Bohorok

Medan

Pertamina (NOC) Energi MP Chevron Medco BUKIT Talisman PetroChina ConocoPhillips CNOOC

Kuala Lumpur

Kisaran Singapore

Mahato

NET ACRES

6.40 MM 2.07 MM 1.59 MM 1.48 MM 1.26 MM 1.08 MM 0.59 MM 0.50 MM 0.47 MM

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Expect to add four additional PSCs in 2014 - 800,000 net acres (at cost of $8/acre)

Palmerah Baru

0

500 km

Jakarta

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KISARAN PSC •  Parit-Minyak Field ready for development •  2 successful appraisal wells in 2013 - tested up to 400 bopd, no water •  Recoverable Oil estimated 22 MMbbl (gross) •  Peak production up to 5000 BOPD (gross) •  First Oil in 2015 •  Single well-based returns >60%

•  Follow up exploration with 87MMboe (Net) unrisked potential •  Synergies between conventional and unconventional development •  Planned wet-gas appraisal in 2015

WI

22.5% Non-operated

NET ACRES

48,425

0

20 km

9

•  With PM-3 forms the basis of a commercial development

Sequence D

PM-1 2006

PM-2 2013

1.6 km

Oil Shows

80 to 265 bpd 37o API oil; 0% water

125 mmboe

•  Existing infrastructure to Medan •  gas prices $10+/mscf •  Benggala gas/condensate field producing 1 year after discovery

•  Pertamina (NOC) investing significant funds after recent discoveries

Wampu Benggala

Medan

•  $70 million on 3D seismic •  Field extension drilling on Benggala

Near-term activity •  2014 2D seismic •  2015 1-2 exploration wells

WI

45% Operated

NET ACRES

588,391

0

40 km

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BOHOROK Step-out Drilling On-trend exploration: •  Large under-drilled area (1,300 km2 ) •  Low to medium risk step out exploration •  12 leads and prospects with > 75 mmboe resource potential

Basilam

B

PPT

A’

Prospect D

A Batmundi

Wampu

B’ Benggala Diski

0

20 km

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PALMERAH BARU PSC •  Offsets producing Jambi Merang and Corridor PSC’s (Talisman and ConocoPhillips) •  1,500 MMBOE discovered •  Currently producing 200,000 BOEPD

•  Located in Bukit focus Area •  Bukit has right of first refusal for 2 unconventional blocks in this area

BUDI Oil Field

2013 Development

WI

54% Operated

NET ACRES

131,966

0

20 km

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BUDI OIL FIELD (AREA CASE STUDY) •  Developed in 2013 •  12 months from approval to first oil •  Phased development to increase sub-surface understanding created capital efficiencies Phase 1 •  Low cost development- US$15 mil capex •  5 development wells •  Fraccing used to increase production •  Production 1,300 bbl/d: 60% above plan •  Current P+P reserves: 10MMbbl Phase 2 (2014) •  6 well infill program (US$14) •  Planned production of 2,500+ bbl/d

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VALUE UPSIDE FROM EMERGING UNCONVENTIONAL IN SUMATRA •  Unconventional Oil – 8 Bbbl risked rec. (EIA 2013)

Medan

•  Unconventional Gas – 50 TCF risked rec. (Cambridge Energy Research 2012)

Kuala Lumpur

•  Unconventional PSC terms released in 2013 – best fiscal terms ever in Indonesia

Singapore

•  First unconventional bid round occurred Q1-2014 – Bukit expects award in Q2-2014 •  Large PSCs with low-cost holding for 10 year exploration period •  Bukit internal technical work mapped potential sweet-spots to focus acreage acquisitions •  Bukit flow tested tight wet gas in 2013 – appraisal planned for 2015

Jakarta

0

500 km

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UNTAPPED POTENTIAL IN SUMATRA ALBERTA

•  Mature •  661,185 Km2 •  $142 / Acre capture cost (2012) •  90,000 boe/km2 conventional resource density •  Highly fragmented land position •  >50% of wells drilled in 2012 were Horizontal

% 492 INCREASE

IN HORIZONTAL / UNCONVENTIONAL DRILLING OVER LAST DECADE

SUMATRA

•  Under-exploited •  473,481 Km2 •  $8 / Acre capture cost (Bukit) •  360,000 boe/km2 conventional resource density •  Large contiguous blocks •