ENERCOM Denver ConferenceAugust, 2019

RZE – TSX Venture

Financial Strength

Disciplined Yield Growth

Oil Weighted Producing Assets

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FORWARD-LOOKING STATEMENTS

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Certain information included in this presentation constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate”, “believe”,“expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this presentation may include, but is not limited to, (i)potential development opportunities and drilling locations, expectations and assumptions concerning the success of future drilling and development activities, the performance of existing wells, the performance of new wells, decline rates,recovery factors, the successful application of technology and the geological characteristics of properties, (ii) cash flow, (iii) oil & natural gas production growth, (iv) debt and bank facilities, (v) primary and secondary recovery potentialsand implementation thereof, (vi) potential acquisitions, (vii) drilling, completion and operating costs, and (viii) realization of anticipated benefits of acquisitions.Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although the proposed management believes that the expectationsreflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because there can be no assurance that such expectations will prove to be correct. In addition to otherfactors and assumptions which may be identified in this presentation, assumptions have been made regarding and are implicit in, among other things, expectations and assumptions concerning the performance of existing wells and successobtained in drilling new wells, anticipated expenses, cash flow and capital expenditures and the application of regulatory and royalty regimes. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptionswhich have been used.Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factorsand risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration ordevelopment projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity priceand exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the proposedmanagement and described in the forward-looking information. The forward-looking information contained in this presentation is made as of the date hereof and the proposed management undertakes no obligation to update publicly orrevise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward looking information contained in this presentation is expresslyqualified by this cautionary statement.This presentation contains the term “net backs” which is not a term recognized under IFRS. This measure is used by the proposed management to help evaluate corporate performance as well as to evaluate acquisitions. Managementconsiders net backs as a key measure as it demonstrates its profitability relative to current commodity prices. Operating net backs are calculated by taking total revenues and subtracting royalties, operating expenses and transportationscosts on a per BOE basis.BOE DisclosureThe term barrels of oil equivalent (“BOE”) may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energyequivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in the report are derived from converting gas to oil in the ratio mix of six thousandcubic feet of gas to one barrel of oil.In this presentation: (i) mcf means thousand cubic feet; (ii) mcf/d means thousand cubic feet per day (iii) mmcf means million cubic feet; (iv) mmcf/d means million cubic feet per day; (v) bbls means barrels; (vi) mbbls means thousandbarrels; (vii) mmbbls means million barrels; (viii) bbls/d means barrels per day; (ix) bcf means billion cubic feet; (x) mboe means thousand barrels of oil equivalent; (xi) mmboe means million barrels of oil equivalent and (xii) boe/d meansbarrels of oil equivalent per day.This presentation is not an offer of the securities for sale in the United States. The 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 absentregistration or an exemption from registration. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or salewould be unlawful.

RZE – TSX-V

INTRODUCTION

3RZE – TSX-V

Advanced liability

management

Responsible oil and gas production

Power generation

We are an evolving energy company

Razor is an Alberta-based upstream oil & gas, oilfield services and power generation conglomerate traded under symbol RZE on the TSX Venture Exchange

CORPORATE STRUCTURE

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Razor is evolving as a full cycle, full service, technologically-focused oil and gas entity providing energy solutions for a changing social and economic environment

Razor intends to capitalize on the evolution of energy production in Alberta and beyond

Razor EnergyCorp.

Blade Energy Services Corp.

Oilfield services & environmental

management

Razor Power Corp.

Natural gas power projects

Geothermal project

Razor Resources Corp.

Water projects

Conventional oil & gas upstream operations

RAZOR ENERGY

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DIVIDEND/GROWTH MODEL

6RZE – TSX-V

Capital EfficienciesLight oil focused development plan has demonstrated capital efficiencies of under $10,000 per boepd.

Production Decline RatesNatural base decline rates are between 10 and 12 percent. Production-enhancing development activities

include reactivations, stimulations and other reservoir optimization initiatives.Hedging Program

Over the following 12 months, 25 to over 100 percent of our forecasted light oil production is hedged at floor prices ranging from US$40 to US$50/bbl.

Debt PositionTerm debt with Alberta Investment Management Corporation (“AIMCo”) due to be repaid January, 2021.

AIMCo is also a major shareholder owning approximately 14 percent of Razor’s outstanding common shares.

Rationale, Benefits & Sustainability of our 7+% Dividend

3,07

5

3,16

3 4,20

7

4,53

4

4,35

3 5,02

3

5,26

0

4,90

7

4,35

5

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

CORPORATE TIMELINE

7RZE – TSX-V

Feb/Mar 2017Closed AIMCo financing and Swan Hills

Acquisition, completed go

public transaction. Negotiated

Kaybob Acquisition.

Q2 2017Closed Kaybob

Acquisition and equity financing.

Q3 2017Focused efforts

reactivating shut-in wells in

both Swan Hills and Kaybob.

Q4 2017Closed 1st

Kaybob Triassic Unit

consolidation acquisition. Continued

efforts reactivating

shut-in wells in both Swan Hills

and Kaybob.

Q1 2018Closed 2nd

Kaybob Triassic Unit consolidation acquisition. Continued

efforts reactivating shut-in wells in both Swan

Hills and Kaybob.

Q2 2018Continued efforts reactivating shut-in wells in both Swan Hills and Kaybob. Plant turnarounds temporarily affects

production in Kaybob.

Q3 2018Continued

efforts reactivating shut-in wells in both Swan

Hills and Kaybob.

Q4 2018 & Q1 2019Deferred capital and

workover spending as a result of widening light oil

differentials

Production by Quarter(boepd using 6:1 natural gas equivalent)

CORPORATE PROFILE

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Shares outstanding - basic equals fully diluted (MM) 15.1

** No options, warrants or other derivatives outstanding**

Market capitalization ($MM @ $2.00/share) ~30

Net debt - March 2019 ($MM)Term debt (due January, 2021)Cash on handLong term leasesWorking capital deficit/(surplus)Net Debt

45.0(6.2)3.717.059.5

Enterprise Value ($MM) ~90

Light oil & natural gas liquidsNatural gas

87%13%

2019 capital budget including decommissioning ($MM) $13.5

RZE – TSX-V

Unlocking value from an abundance of PDP value drives a growth and dividend model

Annual dividend of $0.15 (or $.0125 monthly) per

common share equates to 7+% yield at current

share price

2018YE RESERVES & NET ASSET VALUE

9RZE – TSX-V

NPV(before tax)

Net Asset Value

Company Gross Reserves(less $59.5MM

net debt)

Oil Natural Gas NGL Total 10% 10% Per Share

Mbbl MMcf Mbbl MBOE (‘000s) (‘000s)

Proved Developed Producing 8,363 7,682 2,551 12,194 $149 $89 $5.87

Total Proved 10,881 9,054 3,007 15,397 $198 $138 $9.10

Proved Plus Probable 14,291 11,897 3,949 20,223 $256.5 $197 $12.97

Notes:• Utilizes Sproule’s price forecast as at December 31, 2018 (WTI USD/FX $63/0.77 2019, $67/0.80 2020, $70/0.80 2021)• NPV(bt) is before income tax discounted at 10% per year based upon net reserves• NAV per share values calculated from 15.2MM shares outstanding at December 31, 2018• NPV10bt values are net of all corporate ARO and IWC (inflated at 2% per annum then discounted at 10%) of $28.6MM and $21.1MM • Estimates of future net revenue do not represent fair market value

Reserves at December 31, 2018

• Razor’s 2018YE Reserves Report incorporates the Society of Petroleum Evaluation Engineers best-practices guidelines recommended in revised 2018 Canadian Oil and Gas Evaluations Handbook (COGEH) to include all Abandonment, Decommissioning and Reclamation (“ADR”) and Inactive Well Costs (“IWC”)

• Razor’s total discounted ARO & IWC are compliant with Alberta Energy Regulator’s rules and regulations, matched to economic reserves timeline, inflated at 2% per annum, totaled and then discounted at 10% ($28.1MM and $21.1MM respectively)

SWAN HILLS/KAYBOB CORE REGION

• 459 (322 net) sections, or 293,760 (206,080 net) acres, of land (held by production) with majority-owned infrastructure

• Production and development is focused on light oil in the Swan Hills Beaverhill Lake and Kaybob Triassic Montney formations

• Organic growth through reactivations, downhole operations, water shut-offs, waterflood optimization and pipeline & facility enhancements

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South Swan Hills Unit No. 1

(Op'd 90% wi)

Calgary

Edmonton

SwanHills/Kaybob

30 miles x

30 miles

RZE – TSX-V

East Swan Hills Unit(Op'd 100% wi)

KaybobS Triassic Units No. 1 & 2(Op'd 100% wi)

Virginia Hills BHL Units No. 1 & 2

(Op’d 100% and 75%)

LOW DECLINE REACTIVATIONS

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Razor has added ~1,850boepd for $15.8MM by reactivating 72 (66 net) wells since 2016

events(# gross/net)

current production(boepd net)

Swan Hills 54 / 48 1,301

Kaybob 18 / 18 535

Total 72 / 66 1,836

RZE – TSX-V

• Average expenditure per event ~ $239,000• Average production per event ~ 28 boepd• Average capital efficiency ~ 8,600 / boepd

Low risk operations such as reactivations accommodate both growth and dividend models

2018Q4 voluntary production curtailment &

2019Q1 severe deep-freeze

Production down due to plant fuel-gas supply

& composition

SOUTH SWAN HILLS UNIT EXAMPLE

12RZE – TSX-V

Ongoing Development

• Continue with well & pipeline reactivations• Re-perforations and stimulation of new and

existing zones • Over 25 opportunities identified• Reconfigure and optimize existing waterflood

Sustainable growth profile of low decline production with predictable lower capital spend

OOIP 1.1 billion barrelsCum 395 million barrelsRec Factor 36 percentDiscovery 1961

High quality conventional reservoir at 2,400m (8,000 ft) depth vertically-drilled at 4 to 5 wells per section (120 -160 acre spacing)

Razor reactivation

upswing

8 percent annual base decline

RAZOR POWER

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NATURAL GAS POWER GENERATIONPower is Razor Energy’s single largest operating cost

• In July 2018, Razor invested $10MM in the design, construction and commissioning of 9.5MW of natural gas reciprocating engine power generation at South Swan Hills main battery

• Energy Efficiency Alberta awarded a $1.5MM grant and the project is anticipated to payout in ~ 4 years

Razor is currently in FEED-level development for two additional 15MW natural gas power generation projects

• Behind-the-fence power lowers operating costs materially

• Greener-than-coal grid power lowers Razor’s emissions

• Grid-connected power provides stable risk-adjusted revenue stream

• Power projects convert low-cost, cleaner-burning natural gas to higher revenue power

Natural gas power generation at Razor South Swan Hills main battery

GEOTHERMAL POWER - SOUTH SWAN HILLS

15RZE – TSX-V

South Swan Hills geothermal advantage

• 84 producing wells including 14 wells with temperature >100oC

• 108 km of operating pipelines

• Hot water produced at surface flows through legacy production/injection pipeline loop

• Current fluid rate at battery is ~120,000 barrels per day

• Bottom-hole reservoir temperatures are favorable and located in “hot spot” of Western Canadian Sedimentary Basin

• Northwest Alberta location proximal to city of Edmonton and town of Swan Hills

Utilizes existing brownfield oil & gas wells, pipeline and infrastructure – no need to re-create or “build from scratch”

GEOTHERMAL POWER PROJECT

The “best, first test” of geothermal power co-production in Canada

Strong Federal and Provincial support based on technical merit• Awarded $2MM from Alberta Innovates & $5MM from NRCan• Six decades of data from legacy oilfield operations • Active water highway in high reservoir quality hot rock• Extends the useful life of oil and gas assets

Refining for spark spreadCreate hybrid Alberta power solution combining natural gas and renewable earth heat resulting in economic & commercial baseload power project• Establish +/- 25 MW grid-connected power (~30%

renewable)• Improve emissions on Alberta power grid by lowering overall

emissions• Capture spark spread through renewable co-produced earth

heat and natural gas power generation in a “refining process”

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turbine exhaust heat

recovery

Existing produced water injection loop • 120,000 bbls per day of 90-95oC produced water

• 3–5 MW geothermal energy potential

~15 MW turbine

natural gas

~23-27 MW electricity

output(~30%

renewable)

Power revenuefrom grid-connect

RZE – TSX-V

Razor envisions leading development of the “complete energy model” for the future

South Swan Hills Field

water injection system

Hot water from

South Swan Hills Field(2,500m depth)

Organic Rankine Cycle turbine

captures heat from water & turbine exhaust

to produce5 – 7 MW

BLADE ENERGY SERVICES

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Proudly Serving West Central

Alberta

Blade Energy Service Ltd. is a wholly-owned subsidiary of Razor.

Blade has been established to enable Razor to become the top proactive environmental liability manager in Western Canada.

Blade’s mandate is to provide Razor and future clients with premium service including:

• Environmental reclamation, fluid hauling and road maintenance

• Decommissioning & closure with environmental assessment services

• Cut & cap (water jet pump and cutting tool)

• Reclamation (hydrovac)• Soil contamination (ECO-pit)• Remediation (heavy equipment)

Blade intends to become a formal service provider to the Alberta Energy Regulator “Area Based Closure” program.

Water Jet Intensifier Pump & Water Jet Cutting ToolFor well casing and pipeline abandonment.

Compliance and Regulatory

BLADE ENERGY SERVICES

RAZOR & THE ROAD AHEAD

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Increase oil and gas asset value• Increase light oil production

• Reduce consolidated operating costs through vertically-integrated solutions utilizing Blade Energy Services and Razor Power

• Proactively and cost-efficiently work the liability portfolio to emerge as the best-in-class liability manager in Western Canada

• Execute on accretive corporate amalgamations and asset acquisitions and divestitures

Develop Razor Power into a leader in natural gas-to-electricity and renewable electricity generation• Continue execution of current internal natural gas power projects

• Conclude FEED study on geothermal project and initiate construction and commissioning

• Study the operational and economic merits of mobile compressed natural gas

• Investigate other under-serviced grid, wholesale and retail electricity opportunities

Build Blade Energy Services into a full-service oilfield and environmental liability management provider• Utilize Razor Energy and associated empirical activity and costs to wisely enter into new assets and activities

• Source and attract external work from other oil and gas operating companies

• Seek opportunities to expand into new subsectors of oilfield services and environmental liability management

RZE – TSX-V

CONTACT INFO

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Doug Bailey President & Chief Executive Officer

1.403.262.0242dbailey@razor-energy.com

RZE – TSX-V

Corporate OfficeRazor Energy Corp.

800, 500 - 5th Ave. S.W.Calgary, Alberta T2P 3L5

Investor RelationsAlliance Capital Partners

Gordon Aldcorn1.403.618.6507

www.alliancecapitalpartners.ca

PARTNERS

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• AIMCo Principal Lender & Largest Shareholder

• Sproule and Associates Independent Reserves Evaluator

• Stikeman Elliot Legal Services

• KPMG Independent Financial Auditor

• Alliance Trust Transfer Agent

RZE – TSX-V

MANAGEMENT

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• Doug Bailey President, Chief Executive Officer and Director

Doug Bailey is a designated accountant with over 20 years of commercial experience from heavy infrastructure construction to oil and gas exploration and production. Mr. Bailey has been engaged in the oil and gas industry since the early 2000’s. Starting with various restructuring mandates, Mr. Bailey evolved into a founder of Canadian Phoenix, which sold to Renegade Petroleum, and Hyperion Exploration. Most recently, Mr. Bailey co-founded Striker Exploration Corp. (“Striker”), which amalgamated with Gear in 2016. Mr. Bailey is a member of the Chartered Professional Accountants of Alberta.

• Frank Muller Senior Vice President, Chief Operating Officer and Director

Frank Muller is a professional geoscientist with over 30 years of experience in Western Canada. Mr. Muller’s technical foundation was built while employed with Chevron Canada, Hillcrest Resources and Jordan Petroleum. Mr. Muller reinvigorated Real Resources and co-founded WestFire Energy where he held increasingly senior managerial and executive roles. Most recently, Mr. Muller co-founded Striker, which amalgamated with Gear in 2016. Mr. Muller is a member of APEGA and CSPG.

• Kevin Braun Chief Financial Officer

Kevin Braun is a Chartered Professional Accountant with 23 years of experience in financial management including financial reporting, corporate accounting, budgeting and forecasting as well as stewardship of internal controls. Mr. Braun began his career with Coopers & Lybrand prior to moving into the upstream oil and gas sector. He has held the Controller position at Athabasca Oil and most recently was the Controller of Brion Energy. Mr. Braun is a member of the Chartered Professional Accountants of Alberta.

• Marc Bergevin Vice President, Engineering

Marc Bergevin is a professional engineer with 23 years of experience in Western Canada and the international arena. Mr. Bergevin has a strong background in reservoir, exploitation and development engineering all leading to extracting more oil from the reservoir. Mr. Bergevin began his career at Talisman and has progressed though roles of increasing technical and managerial responsibility with Shell Canada, Encana/Cenovus, PennWest and Cardinal. Mr. Bergevin is a member of APEGA.

• Lisa Mueller Vice President, New Ventures

Lisa Mueller is a mechanical engineer with over 20 years of technical and business development experience. Ms. Mueller began her career with a role in the space sciences on a NASA project then moved into the commercial arena by founding and growing a manufacturing company. Most recently she served as Senior Business Development Manager of Infrastructure at Shell Canada and President & CEO at Epoch Energy Development.

• Devin Sundstrom Vice President, Production

Devin Sundstrom is a professional engineer with 23 years of experience in Western Canada. Mr. Sundstrom has developed a strong background in production, exploitation and acquisitions and divestitures. Mr. Sundstrom began his career at Northstar Energy and then progressed through roles of increasing responsibility while at Renaissance, Pengrowth and Hunt. Most recently, Mr. Sundstrom was at Long Run, as Vice President, Production, and its predecessors dating back to Galleon. Mr. Sundstrom is a member of APEGA.

• Steve Sych Vice President, Operations

Steve Sych is a certified engineering technologist with 25 years of experience in Western Canada. Mr. Sych has developed a strong background in production and operations management. Mr. Sych began his career in the field and has held increasingly managerial roles with various oil and gas companies, including MGV, Zargon, and most recently with Arsenal, which amalgamated with Lone Pine in 2016. Mr. Sych is a member of ASET.

RZE – TSX-V

BOARD OF DIRECTORS

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• Sony Gill Chairman

Sanjib (Sony) Gill is a partner at Stikeman Elliot LLP and is a member of the Business Law Group in Calgary. Mr. Gill has dealt with all aspects of a public and private company’s creation, growth, restructuring and value maximization. Mr. Gill has extensive experience in the negotiation, structuring and documentation of a broad range of corporate finance, securities and M&A transactions, including public offerings, private placements, debt financings, recapitalizations, tax-motivated restructurings, takeover bids, reverse takeovers, asset and share transactions, plans of arrangement, stock exchange listings and other forms of business combinations and corporate activity. Mr. Gill also acts as corporate secretary for numerous public and private oil and gas companies. Mr. Gill is a member of the Law Society of Alberta and the Canadian Bar Association

• Sonny Mottahed Director

Shahin (Sonny) Mottahed has over 20 years of Oil & Gas and Finance experience and is currently the Chief Executive Officer and Managing Partner of Black Spruce Merchant Capital. Prior thereo, Mr. Mottahed was the Managing Director, Investment Banking & Head of International Oil & Gas at Raymond James in Calgary where he created the International Exploration & Production practice and grew it in three years to #1 ranked in Canada by market share. In four years at Raymond James, Mr. Mottahed was involved with $4 billion of capital raised, 75 financings and 34 lead mandates. Mr. Mottahed’s direct oil & gas experience includes business development at Nexen, management consulting at Offshore Management Solutions, business analyst at El Paso and business development at Integrated Logistic Services.

• Vick Saxon Director

Vick Saxon is a professional engineer and serves as a Director for VZFOX Canada Group of Companies. Mr. Saxon also serves on the Board of Directors for a boutique venture capital firm and is a co-founder of V’NS Limited (an oil field equipment supply company). Mr. Saxon has extensive experience in facilities, subsurface engineering and environmental & industry regulations in Western Canada. Mr. Saxon is an entrepreneur with a Bachelor of Science degree in Mechanical Engineering (Summa Cum Laude) from the University of North Carolina. Mr. Saxon has been enlisted in many engineering honor societies in the United States and is a member of APEGA.

• Stan Smith Director

Stan Smith is a designated accountant with over 39 years of public accountant experience, most recently as an Audit Partner with KPMG LLP (1984 – 2016). Mr. Smith’s focus of practice was public company auditing and advising primarily in the oil and gas exploration & production and service industry. Since retiring from KPMG LLP in 2016, Mr. Smith has been carrying out activities as an independent businessman. Mr. Smith is a member of the Chartered Professional Accountants of Alberta and Institute of Corporate Directors.

• Doug Bailey President, Chief Executive Officer and Director

• Frank Muller Senior Vice President, Chief Operating Officer and Director

RZE – TSX-V