Click to edit Master title style Great Western Oil & Gas Company Corporate Presentation Presented By Rich Frommer, President & CEO ENERCOM August 21, 2014 Great Western Oil & Gas Company Click to editHighlights Master title style Company Significant Wattenberg Field Position ~50,000 net acres in the Greater Wattenberg Field, Colorado. 1,000+ locations, 85 Mmboe of un-risked reserve potential. Horizontal permits through 2016 approved. Accelerating Wattenberg 2014 CAPEX 2014/2015 Plan of $500+ million Capex Non Op Participation Participating in horizontal wells with Noble, Anadarko, EnCana, PDC Operational Control Operate 80% of producing wells, with 67% of blocky acreage tracts HBP Favorable Operating Environment DJ Infrastructure and take away capacity continues to grow. GWOG leverages the Broe Group’s multi-billion dollar infrastructure assets in Northern Colorado Experienced Management Management team’s 30+ years average experience August 2014 Confidential 2 • • • • • Click to edit Master title style Diversified value investor focused on asset based companies for over 40 years Own/operate multi-billion dollar asset portfolio in Real Estate, Railroads, and Oil & Gas Over 1,000 associates across North America Multiple Joint Ventures with blue-chip institutional investors Own/manage multi-billion dollar infrastructure portfolio across Canada and the United States • 2,000 acre industrial park, Windsor, Co (heart of the Wattenberg) • Control 2,500 acre feet of water entitled for Oil and Gas development • Built North America’s largest frac sand terminal in the DJ, Partnership with Halliburton • Experienced Senior Management • 25+ year history as one of North America’s largest private railroad and transportation services firms • Rapidly growing oil-focused onshore U.S. exploration and production company • Provide rail services, terminal services, port operations, material handling, and industrial development • ~50,000 net acres in the Greater Wattenberg basin (Niobrara/Codell) • Over 350 industrial customers representing some of the largest Fortune 500 companies • 85 MMBoe un-risked net reserves (75% liquids) • Control DJ’s first crude-by-rail terminal in partnership with Musket Corporation • 1000+ horizontal development opportunities • Own/Operates Great Western Railroad, Northern Colorado’s regional rail system • Majors investing $10+ billion in the basin over the next 5 years • Control over 30% of frac sand movement in North America DJ Basin Click to edit Master titleTargets style Stacked Horizontal • Over 2,500 horizontal wells have been drilled or permitted in the basin • Niobrara formation – – • Codell Formation – – • Primarily targeting the B Bench with potential from the A & C Benches Depth 6,000’ – 8,000’ Over 200 horizontals drilled Equal or exceeds Niobrara results Additional upside – – – Niobrara 40-acre down spacing Codell 80-acre down spacing Greenhorn and other additional shale zones August 2014 Large inventory of future development locations from drill-ready formations and exploration targets Confidential 4 Drilling & Completion: What’s working in the DJ? Click to edit Master title style • Drilling – Longer Laterals • 1 mile to 2 miles – Drilling trajectory • Stay in zone • Toe Up • Completions – Stage spacing decreasing • 250 to 150 feet per stage – Frac stage size increasing • 500 lbs/ft to 1,000 lbs/ft – Frac proppant • 20/40 to 40/70 resin coated – Frac fluid • Hybrid to slick water August 2014 Confidential 5 DJ / Wattenberg Click to edit MasterMidstream title style Expansions Gas Processing MMcf/d Existing Capacity 2014 Additions 2015/2016 Additions Total Capacity DCP Midstream 520 50 460 1,030 Anadarko Midstream 540 300 300 1,140 1,060 350 760 2,170 Existing Capacity 2014 Additions 2015 Additions Total Capacity 75 80 ____ 155 ____ ____ 90 90 75 45 ____ 120 140 ____ 190 265 90 555 Capacity Mbo/d Destination Timing 150 Mt. Belvieu, TX Q2 2014 TOTAL Crude Pipelines & Rail Mbo/d White Cliffs Pipeline Platteville, CO Pony Express Pipeline Pawnee, CO Plains Rail Tampa & Carr, CO Cogent Energy Rail 50 Cheyenne, WY TOTAL Expandable to 280 Mbo/d 200 Additional NGL Capacity Operator Front Range Pipeline Enterprise Expandable to 230 Mbo/d August 2014 Confidential 6 DJ Basin: is the Basin Headed? Click to editWhere Master title style • Larger Operators focusing on core areas of development – Anadarko / Noble land swap • Eco Pad Development – Minimize cost and environmental impact • Longer Laterals – Optimal lateral length • Water recycling – Right technique to optimize cost and environmental impact August 2014 Confidential 7 Disclaimer Click to edit Master title style This presentation may contain forward-looking statements, within the meaning of the Private Securities Litigations Reform Act of 1995. The use of words such as “believes”, expect”, “anticipates’, “intends”, “plans,” ”estimates”, ”should”, “likely” or similar expressions indicates a forward-looking statement. These statements are subject to risks and uncertainties and are based on the beliefs and the assumptions of management, and information currently available to management. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information. The identification in this press release of factor that may affect the company's future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Factors that could cause the company’s actual results to differ materially from this expressed or implied by forward-looking statements include, but are not limited to: the success of the company’s exploration and development efforts; the price of oil and gas; the worldwide economic situation; changes in interest rates or inflation, the ability of the company to transport gas; willingness and ability of third parties to honor their contractual commitments; the company’s ability to raise additional capital as it may be affected by current conditions in the stock market and competition in the oil and gas industry for risk capital; the company's capital costs, which may be affected by delays or cost overruns; costs of production; environmental and other regulation, as the same presently exist or may later be amended; the company's ability to identify, finance and integrate any future acquisitions. August 2014 Confidential 8 Contacts Click to edit Master title style Rich Frommer President and CEO Great Western Oil & Gas Company 1801 Broadway, Suite 500, Denver CO 80202 [email protected] Tel: (303) 398-0325 Cell: (303) 884-3235 Tom Mandula CFO Great Western Oil & Gas Company 1801 Broadway, Suite 500, Denver CO 80202 [email protected] Tel: (303) 398-0416 Cell: (303) 618-7724 August 2014 Confidential 9