CORPORATE

PRESENTATION

February, 2015

SHARPENING OUR FOCUS

2

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.

CAUTIONARY STATEMENT

3

MONTNEY FOCUS LONG-TERM GROWTH

• Exposure to world-class

Montney resource (109 TCFE)

• 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

• Massive resource in early

stages of development (0.6 TCFE 2P reserves booked)

• 5 TCFE best estimate

contingent resource with

NPV101 of $3.518 Billion

• Technology enhancements

continuously improve

production rates, recoverable

reserves & returns

INVESTMENT HIGHLIGHTS

1April 30, 2014

4

Estimated as at, or for the year ended Dec 31, 2014 TSX:CR

TSX trading symbol CR

Basic shares outstanding (mm) 123.4

Trading range (52 week) $4.84 - $12.74

Average daily trading volume (m) 1,153

Market capitalization @ $5.90/sh (mm) $728

Enterprise value (mm) $978

Net debt (mm) $250

Total debt capacity (mm) $430

Employee/Director ownership – diluted 9%

CORPORATE SNAPSHOT

5

Montney (Core focus)

Resource play with long-term

growth potential

Lloydminster Heavy Oil

Low maintenance capex

generates free cash flow to

support Montney development

Montney

Lloydminster

Oil / Liquids rich

natural gas / dry gas

Heavy Oil

Edmonton

Calgary

Fort St. John

FOCUSED OPERATIONS

6

2015 CAPITAL BUDGET HIGHLIGHTS

$185MM – MAINTAIN BALANCE SHEET STRENGTH

WITH MONTNEY GROWTH

• Commission West Septimus facility mid-year; on-stream in Q3

• Install necessary infrastructure at Septimus to replace trucking of

condensate; adds $4 per bbl to the netback

• Complete & tie-in 12 wells at W. Septimus

• Tie-in 2 wells at Groundbirch and 1 at Attachie

• Drill and complete 8 new pad wells at Septimus

• Drill 2 new wells & complete 4 wells at Tower

• 2015 Q4 average volumes forecast at >13% increase over 2014 Q4 average

− ‘15 exit: 24,000–25,000 boe/d; ‘15 annual avg: 20,000–22,000 boe/d

− Attractive capital efficiencies of ~$20,000 per flowing boe; a result of significant infrastructure and drilling capex in 2014

7

BALANCE SHEET STRENGTH

• Borrowing capacity: $430MM

$150MM high yield bond termed out to Oct. 2020

Covenant light with no material financial covenants

$280MM revolving facility, ~$180MM available capacity at year end 2014

Borrowing base review and renewal in spring 2015 to be completed prior to June 8, 2015

Financial covenants; debt to EBITDA of 4:1 or less (1.0:1 – Sept. 30, 2014), secured debt to EBITDA of 3:1 or less

(0.0:1 – Sept. 30, 2014)

• Strong hedge position through 2015 reduces volatility and supports cash flows

Budgeted volumes hedged: 39% natural gas (C$3.92/mcf) and 27% oil (C$103/bbl)

• 2015 Budget structured to manage and preserve the balance sheet and provide

development and growth in our Montney resource

Financial Flexibility

8

FIRST HALF 2015 OPERATIONAL FOCUS

Optimize Capital Efficiencies and Control Costs

• Drill wellbores with improved costs; build inventory of wells that can be

completed & tied-in when economics warrant

• 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

Stagger fraccing and flowback on pad drills to reduce water usage and trucking costs

Enhanced frac port location and frac design to optimize productivity / returns

9

World-Class

Montney Resource

10

Montney and US shale play comparables – Key attributes

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

• 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

“Not a shale: It’s a siltstone” Montney Competitive Attributes:

NEBC MONTNEY: A GLOBALLY COMPETITIVE PLAY

11

0

1

2

3

4

5

6

0%

10%

20%

30%

40%

50%

60%

70% BTax IRR IP 30 (mmcf/d)

Crew’s 487 sections of land are situated in

the ‘sweet spot’ of the play (Area 4)

Highest IRR & IP30 MONTNEY SUB-GROUP REGIONS

1 Altares/Caribou/Farrell/Kobes/Town/

Lily

2 Groundbirch/Sundown/Swan /Tupper

3 Dawson/Monias/Saturn/Sunrise/

Sunset

4 Parkland/ Septimus/ Tower

5 Glacier/Pouce Coupe

6 Elmworth/Gold Creek/Wapiti

7 Kakwa/Karr/Resthaven/Simonette

8 Bigstone/Fir/Kaybob

at Parkland / Septimus / Tower1

IRR

– B

TA

X

IP 3

0 r

ate

s (

mm

cf/d)

Parkland /

Septimus /

Tower

Kakwa /

Karr /

Resthaven/

Simonette

Elmworth/

Gold Creek/

Wapiti

Dawson/

Monias/

Saturn/

Sunrise/

Sunset

Bigstone/

Fir/

Kaybob

Groundbirch/

Sundown/

Swan/

Tupper

Altares/

Caribou/

Farrell/

Kobes/

Town/ Lily

Glacier/

Pouce Coupe

Source: AccuMap and RBC Capital Markets, Aug. 2014

1See Appendix for detailed comparative of Montney sub-group areas (page 33)

SEPTIMUS: SWEET SPOT OF THE MONTNEY

12

Montney (2007) Montney (2010) Montney (2015)

Sharpens Focus

CREW ACREAGE BREAKDOWN:

Oil Sections: 138

Wet Gas Sections: 239

Dry Gas Sections: 110

Total Sections: 487

GROWING MONTNEY ACREAGE

13

0

2,000

4,000

6,000

8,000

10,000

12,000

2009 2010 2011 2012 2013 2014

Light oil bopd NGLs boepd

Gas boepd

Montney Resource Estimate

33.7

60.6

42.0

48.3

0

20

40

60

80

100

120

2013 2014

-

20.0

40.0

60.0

80.0

100.0

120.0

2008 2009 2010 2011 2012 2013

Liquids mmbblsGas mboe

P+P Montney Reserves Growth (MMBOE)

109 TCFE

76 TCFE

99.2

48.1 46.7

27.7 21.6

15.3

Growth in Resource & Reserves

Liquids tcfe

Gas tcf

Montney Area Production Growth (BOE/D)

Forecast

SUCCESSFUL EXECUTION

14

Crew 2014 Drilled Unbooked Location

Sproule 2013 Yearend Booked Reserve Lands

Crew Montney Gas Tests

Tower

Goose

Attachie

Portage

Groundbirch

Flatrock

Septimus

MONTNEY RESERVES: EARLY STAGES –

92% UNDEVELOPED

Crew Montney Rights

15

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

AECO Gas

Storage Hub

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 TCPL

Spectra

Alliance

PROPOSED

INFRASTRUCTURE

LNG P/L

North Montney Mainline

LNG Port

To Eastern CND

& NE US

GTN

Kingsgate Export

Point to US

Kingsvale

Proposed

Canadian LNG

Ports

Ruby

Crew Montney

Lands

Jordan Cove

LNG

Opal

Huntington/

Sumas Export

Point to US

STN 2

Malin Hub

16

• >300,000 acres of Montney rights close to numerous gas plant

and pipeline options

Tower

Goose

Attachie

Portage

Septimus Groundbirch

Flatrock

Planned West Septimus Gas Plant Q3/15

Crew Operated Septimus Gas Plant

Crew Montney Rights

Crew Operated Pipeline

Proposed North Montney Mainline Project

Alliance Operated Pipeline

Spectra Westcoast Pipelines

Spectra McMahon Gas Plant

Planned Groundbirch Gas Plant Q3/16

Multiple infrastructure options

and growing processing capacity

ACREAGE PROXIMAL TO INFRASTRUCTURE

17

West Portage Attachie Goose Groundbirch West Septimus Septimus Tower

Monias High

50

0 F

ee

t

AA

A

C

B

Up

pe

r M

on

tne

y

Lo

we

r M

on

tne

y

Belloy

Doig

• 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

2

1

1

2

3

11

19

36

2

1

2

7

# of Crew wells drilled to date

CREW MONTNEY “STRATIGRAPHIC STACK”

1

18

• Active drilling and development

program

• Adoption of new technology

• Existing 60 mmcf/d gas plant

currently at capacity from area

production

• Long-range plan features

180 mmcf/d capacity in the area

• Superior returns

Initial Montney Development Area

57 wells drilled to date

SEPTIMUS

Crew Septimus plant 60 mmcf/d capacity

Crew Operated Pipeline Spectra Westcoast Pipelines

19

0

500

1,000

1,500

2,000

2,500

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0

Cu

mu

lative

Ga

s P

rod

uctio

n (

mm

cf)

Months on Production

Septimus Type Wells

Q4 2013 Onward Frac Port Avg (8 wells) 2013 2P Avg Booking (4.3 Bcf EUR)

Frac Port Forecast (4.6 Bcf EUR) 2012 2P Avg Booking (3.2 Bcf EUR)

2012 to Present Frac Port Average (18 Wells) 2011 2P Avg Booking (2.8 Bcf EUR)

1On 239 sections in Upper Montney liquids rich window

SEPTIMUS: EXCELLENT RETURNS &

IMPROVING EURs

• Attractive well economics at current commodity

price levels – continued development planned

through 2015

• Positive results in Septimus to date support

expansion into other areas of the Montney:

West Septimus, Tower & Groundbirch

• Improved efficiencies have lead to 1 BCF of

production in one year versus three years in

2011

4.3 bcf EUR per well

>500 boe/d IP365

20

• Step-out area - Montney expansion

• Over pressured area with proven

liquids-rich gas

− Up to 220 bbls condensate / mmcf provides

strong economics

• Building 60 mmcf/d plant with start-up

expected Q3 ‘15

− Existing and future pad drills will supply production

to new plant

• Full 3D seismic coverage

Continuation of Septimus Trend

0.00

0.01

0.10

1.00

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%

Pe

rme

ab

ilit

y (

mD

)

Porosity 102/07-05-082-19W6/0 100/08-22-082-20W6/0

Greater porosity, permeability

and liquids than Septimus

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

Site of planned West Septimus

60 mmcf/d capacity plant – Q3 ’15 expected completion

02/7-5

00/8-22

WEST SEPTIMUS

21

• First of several light oil weighted areas in

Crew’s portfolio to be developed

• 4 recently drilled wells brought on

production in early Q4 ‘14 at ~3,975 boe/d

(67% liquids)

• Light oil/condensate support higher

netbacks

• Significant future upside; end of 2013

only 5 wells booked at 160 mboe / well

Crew 1-24 (2014) 13 day test: 861 boepd (71% oil)

51 net sections Emerging Montney Light Oil Play

Recently drilled wells

Crew B9-30 (2014) 25 day test: 695 boepd (63% oil)

TOWER

Crew 5,000 bopd oil facility

Phase 1 Q4/2014 operational

Crew Septimus

facility

Q4/14 wells

Near to mid-term growth potential

22

12-15 wells / section drilling plan

90

m

45

m

1600 m

200 m

TOWER

• Able to benefit from industry experience to

optimize efficiencies

• Adoption of new technology will reduce

costs + enhance performance

• Tighter spacing using pad drilling

enhances efficiencies, lowers costs and

reduces environmental footprint

• 2015 first half – drill wellbores to build

inventory of wells that can be quickly

completed as prices recover

Light Oil/Condensate Support

Higher Netbacks

23

Montney Next Steps:

Future Growth

24

Delineation Area with Long-Term

Upside

• 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

Planned gas plant and

pipeline infrastructure

supports area growth

NEXT STEPS: GROUNDBIRCH

Site of planned Groundbirch 60 mmcf/d plant (2016)

Proposed North Montney Mainline

Crew 2-4 Pad - recent wells drilled

25

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)

Excellent test rates from

initial wells

NEXT STEPS: ATTACHIE

Crew 10-22 well

Crew 15-36 well

Recently drilled wells

Proposed North Montney Mainline

26

• Technology advancements lead to enhanced recovery factors

and lower costs over time

• Unique access to infrastructure – able to reach multiple

potential markets

• Opportunity to feed potential LNG demand longer-term

TPIIP =

109 TCFE

Achieving our 5 year plan requires

‘…A DROP IN THE BUCKET’

5.0 TCFE Contingent Resource Remaining2

0.6 TCFE 2P Reserves Currently Booked

1 Includes 86 locations booked as 2P Undeveloped 2 Based on Sproule April 30, 2014 resource reports with 5.0 TCFE Contingent Resource

<1% of TPIIP (~1 TCFE) be produced (241 locations1);

SIGNIFICANT MONTNEY RESOURCE UPSIDE

27

Lloydminster Heavy Oil

Low-Risk Funding Source

28

• Current production 5,000-5,500

boe/d

• Low capex and strong capital

efficiencies drive stable production

• 97,219 net acres of land in the area;

average working interest of 94%

• 2015 capital program to focus on

low-cost work-overs and

recompletions which optimize

production efficiencies

LLOYDMINSTER HEAVY OIL

ALBERTA SASKATCHEWAN

SWIMMING

BRIGHTSAND

WILDMERE

LLOYD

Lloydminster

LOW LAKE

LASHBURN

NEILBURG

BALDWINTON

UNWIN/EPPING VIKING/ KINSELLA

FOREST

BANK

UNITY

Crew 100% W.I. Dulwich

Heavy Oil Facility

Lloydminster

29

MONTNEY FOCUS • Large, high-quality Montney land base with growing infrastructure;

flexibility in capital allocation

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

term demand

• Emerging light oil play at Tower, one of several light oil areas

• Estimated 109 TCFE TPIIP Resource offers significant long-term

growth potential

UNIQUE INVESTMENT OPPORTUNITY

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

$280MM revolving facility, ~$180MM available capacity at end of 2014

• Strong hedge position through 2015 supports cash flows

• >13% increase in volumes forecast for Q4 2014 to Q4 2015

30

Contact Info: Suite 800, 250 - 5th Street SW

Calgary, Alberta T2P 0R4

Telephone: (403) 266-2088

Email: investor@crewenergy.com

Dale O. Shwed, President & CEO

John G. Leach, Senior Vice President & CFO

Rob J. Morgan, Senior Vice President & COO

31

APPENDIX

32

0%

10%

20%

30%

40%

50%

60%

70%Illustrative half cycle economics of Montney and US gas/liquids plays

IRR

– H

alf C

ycle

Montney half-cycle per-well economics are strong and comparable to many key US shale plays even

when including prevailing FX / basis

COMPARATIVE: MONTNEY VS OTHER NORTH

AMERICAN RESOURCE PLAYS – ECONOMICS

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

Areas in which Crew has acreage

33

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)

Montney Well Economics by Area

SEPTIMUS MONTNEY: SWEET SPOT OF THE

BASIN EQUALS LEADING ECONOMICS

34

2015 Hedging Summary

Volume Period Derivative Reference Price

Natural Gas

33,781 GJ/Day 2015 Swap AECO $3.71/GJ

$3.92/mcf

Oil

2,122 bopd 2015 Swap C$WTI $102.82

2,000 bopd 2015 Swap C$WCS-WTI -$21.59

2015 CAPITAL PROGRAM AND BUDGET

Forecast: Fiscal 2015

Average daily production (boe per day) 20,000 – 22,000

Exit production (boe per day) 24,000 – 25,000

Capital expenditures ($millions) 185

Total debt capacity ($millions) 430

High yield debt (2020 maturity) ($millions) 150

Bank credit facility borrowing limit ($millions) 280

35

Natural Gas Resource Categories (1)(2)(3) Tcf

Total Petroleum Initially In Place (TPIIP)

Discovered Petroleum Initially In Place (DPIIP)

Undiscovered Petroleum Initially In Place (UPIIP)

60.6

26.1

34.5

(1) All volumes in table are company gross and raw gas volumes.

(2) Sproule’s analysis identified four intervals in the Montney consisting of one interval in the Upper Montney

and three intervals in the Lower Montney.

(3) 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)(4) Mmbbls

Total Petroleum Initially In Place (TPIIP)

Discovered Petroleum Initially In Place (DPIIP)

Undiscovered Petroleum Initially In Place (UPIIP)

8,052

1,363

6,689

(1) All volumes in table are company gross.

(2) The oil volumes are quoted as Stock Tank Barrels (“STB”).

(3) Sproule’s analysis identified four intervals in the Montney consisting of one interval in the Upper Montney

and three intervals in the Lower Montney.

(4) 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

0.5

4.0

Natural Gas Liquids (mmbbls) (4)(5)

Reserves (3)

Contingent Resources

14.7

160.7

Oil (mmbbls)

Reserves (3)

Contingent Resources

0.4

10.9

(1) All DPIIP other than cumulative production, reserves, and Contingent Resources has been categorized as unrecoverable at

this time.

(2) All volumes in table are company gross and sales volumes.

(3) For reserves, the volume under the heading Best Estimate are proved plus probable reserves as at December 31, 2013.

(4) The liquid yields are based on average yield over the producing life of the property.

(5) Liquid yields are unique to each area. They are estimated based on gas composition of gas samples in the area and

expected plant recoveries.

(6) There is no certainty that it will be commercially viable to produce an of the resources.

(7) Contingent Resources includes 85% development factor.

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

Natural gas (Tcf)

Natural gas liquids (mmbbls)

Oil (mmbbls)

6.3

254.4

14.4

(1) All UPIIP other than Prospective Resources has been categorized as unrecoverable at this time.

(2) All volumes in table are company gross and sales volumes.

(3) The liquid yields are based on average yield over the producing life of the property.

(4) Liquid yields are unique to each area. They are estimated based on gas composition of gas samples in the area and

expected plan recoveries.

(5) There is no certainty that it will be commercially viable to produce an of the resources.

(6) Prospective Resources includes an 85% development factor.

NE BC MONTNEY RESOURCE EVALUATION

36

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.

DEFINITIONS OF OIL & GAS RESOURCES AND

RESERVES

37

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".

INFORMATION ON RESERVES, RESOURCES

AND OPERATIONAL INFORMATION