Granite Oil Corp. - cormark.com

PROCESS OVERVIEWSNAPSHOTP roduction (March 2018)2,210 boe/d (97% oil)Operating Netback (2017)$ +P Reserves(3) MMboe (83% oil)AER Estimated OOIP(1) MMbblsEstimated EOR Pool OOIP(2) MMbblsDeveloped/Undeveloped Land(5)74,382/64,915 acresLMR (April 2018) Oil Alternatives Process | Overview MemorandumApril 2018 Granite Oil Corp. ( Granite or the Company ) has initiated a formal process to review potential strategic alternativesin an effort to enhance shareholder value. Such strategic alternatives may include, but are not limited to, a sale ormerger of the Company or other form of business combination; a sale or joint venture involving all or a portion of theassets; a recapitalization of the Company or other form of strategic investment; or the purchase of assets Granite has retained Cormark Securities Inc. and National Bank Financial Inc. as its co-financial advisors (individually,or collectively, the Financial Advisors ) to assist in this processOPPORTUNITY HIGHLIGHTS Significant, Delineated Bakken Oil Resource with an Early-Stage Enhanced Oil Recovery ( EOR ) Project Alberta Energy Regulator ( AER ) estimated MMbbls of original oil-in-place ( OOIP )(1)within a 30 mile, 80section delineated oil fairway(2) Proved + Probable Reserves of MMbbls of Bakken oil(3)booked, representing a recovery factor of MMbbls of OOIP()

• Granite’s early life-cycle Alberta Bakken pool has transitioned into a sustainable, long-life EOR project • EOR project implemented in 2015 has resulted in significant improvements to capital and oil recovery efficiencies(1):

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