About Operations Investors News Careers ESG & Responsibility Contact Menu Operations Crew’s operations are focused primarily in the Montney in Northeast British Columbia (“NEBC”), where we continue to execute on our strategy: Develop our world-class Montney resource, which offers scale and repeatability Control costs and generate high capital efficiencies Maintain operatorship and high working interest Conduct all of our activities responsibly with respect for the environment and the communities in which we operate and reside Crew’s capital has primarily been focused on continued Montney development of our liquids rich natural gas area at Septimus / West Septimus (“Greater Septimus”), and our light oil weighted asset at Tower, BC. This development focus is designed to provide a platform for long term, profitable corporate growth, and further delineate Crew’s NEBC Montney resource. We will also be well positioned to begin the next phase of infrastructure construction required to support continued production growth from our Montney lands. Montney resource play in Northeast British Columbia Lloydminster heavy oil property in Alberta / Saskatchewan The Montney: A World-Class Resource Play With Excellent Market Access The Montney resource play is a very large, siltstone gas reservoir that is situated in the northeast corner of the province of British Columbia in western Canada and ranks among the top natural gas basins in the world. Our operations in the Montney >1000 ft thick Montney formation that is predictable in size and thickness Core Operating Areas Crew’s focus is primarily on the development of our World Class Montney Resource, which offers us significant long-term potential to grow our production, reserves and cash flow. Our Lloydminster area in Alberta / Saskatchewan offers attractive development opportunities with excellent capital efficiencies from our Heavy Oil assets. Montney Area Lloydminster Montney Our Montney area assets include Septimus / West Septimus, Tower, Groundbirch, Attachie, Oak/Flatrock and Portage and are situated in northeast British Columbia. Our operations include liquids rich natural gas and light oil production from the siltstone Montney formation. At up to 300 metres thick, the Montney is developed with long-reach horizontal wells, completed with water-based fracture stimulations. Crew holds a large, contiguous land base of over 264,000 net acres (>225,000 net undeveloped acres) in the Montney with condensate, light oil, liquids-rich natural gas & dry gas, and only 19% of our Upper Montney lands and less than 1% of our Lower Montney lands have been assigned reserves to the end of 2020. Advisories Reserves 2020 Reserves Highlights The following is a summary of the independent reserve evaluation for the year ended December 31, 2020 as prepared by Sproule Associates Ltd. (“Sproule”)1,2. Please see Crew’s reserves press release issued on February 8, 2021 for further details. Highlights of our proved developed producing (“PDP”), total proved (“1P”) and total proved plus probable (“2P”) reserves from the Sproule Report are provided below. All finding, development and acquisition (“FD&A”)1,2 costs and finding and development (“F&D”)1,2 costs below include changes in future development capital (“FDC”) unless otherwise noted. Advisories In response to low commodity prices caused by a price war between OPEC+ members in the first half of the year coupled with global oil demand destruction related to the COVID-19 pandemic, Crew executed a modest capital program for the majority of 2020. After formulating our two-year asset development initiative, as first outlined in Crew’s December 10, 2020 news release, we began executing our plan designed to efficiently calibrate production to match infrastructure and transportation commitments and expand margins. As a result, Crew’s net capital expenditures3 for the year after the impact of the strategic infrastructure transactions (as announced Feb. 27 and Nov. 5, 2020) totaled $28.1 million ($86.3 million gross1), with 48% of the total gross capital invested during Q4/20. Capital was primarily allocated to the drilling of 12.0 net extended reach horizontal (“ERH”) wells and the completion of 7.0 net wells at Greater Septimus. Record Low PDP F&D and FD&A Costs1,2 Strong Capital Efficiencies and Recycle Ratios1,2 Significant PDP Reserves Growth 1P and 2P Reserves Stable Year-Over-Year Based on year end 2020 independent Reserves evaluation and using 2020 financial information. “Finding, Development and Acquisitions costs” or “FD&A costs”, “Finding and Development costs” or “F&D costs” and “recycle ratio” do not have standardized meanings. See statements on “Capital Program Efficiency” and “Information Regarding Disclosure on Oil and Gas Reserves, Operational Information and Non-IFRS measures” in the year end 2020 reserves release issued February 8, 2021. Non-IFRS Measure. “Operating netback” and “net capital expenditures” do not have standardized measures prescribed by International Financial Reporting Standards (“IFRS”), and therefore may not be comparable with the calculations of similar measures for other companies. See “Information Regarding Disclosure on Oil and Gas Reserves, Operational Information and Non-IFRS Measures” within this press release and the Company’s MD&A for details including reasons for use. Crew’s operating netback in fourth quarter 2020, used in the above calculations, averaged $12.08 per boe, while the Company’s full year 2020 operating netback averaged $9.03 per boe. See ‘Information Regarding Disclosure on Oil and Gas Reserves, Operational Information and Non-IFRS Measures’ in the advisories. Crew’s full NI 51-101 Reserves Disclosure for year ended December 31, 2020 are available within our 2020 Annual Information Form (and also available on SEDAR). Crew is a dynamic,growth-oriented exploration and production company, focussed on increasing our long-term production, reserves and cash flow through the development of our world-class Montney resource. Headquarters Suite 800, 250 5th Street SW Calgary, Alberta T2P 0R4 Canada Main (403) 266-2088 Fax (403) 266-6259 Emergency Contact British Columbia 24 Hour Emergency Number 1-866-384-6240 Heavy Oil (Alberta/Sask.) 24 Hour Emergency Number 1-780-872-5432 Quick Links About Operations Investors News Careers ESG & Responsibility Contact © Crew Energy Inc. Privacy Policy | Terms of Use | Advisories | Glossary linkedin