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Cequence Energy Ltd
Corporate Acquisition of Open Range Energy
| Paul Wanklyn | Page 2 of 11 |
May 21, 2013
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"Cequence Energy Ltd "
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Pro Forma Corporate Profile Trading Symbol TSX: CQE Current production (1) 14,500 boe/d 52-week trading range $1.20-$4.70 Shares outstanding FD (2) 284 million Insider ownership 8% FD Market capitalization (2)(3) $340 million Estimated June 30, 2012 net debt (2)(4) $106 million Estimated Bank lines $175 million (1) Cequence currently has an additional 1,400 boe/d of shut-in production (2) Assuming the issue of a total 79.6 million Cequence common shares in connection with the acquisition of Open Range as well as a total of 28.7 million Cequence common shares for total gross proceeds of $36.1 in connection with the equity financings (see ‘Transaction terms’ slide). (3) Based on the closing price of Cequence shares on the TSX on May 30, 2012 of $1.26 (4) June 30, 2012 net debt is calculated as cash and net working capital less commodity contract assets and liabilities and demand credit facilities and excluding other liabilities. 2