Jericho Oil Enters Anadarko Basin STACK Play September 6, 2017

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1 Jericho Oil Enters Anadarko Basin STACK Play September 6, 07

2 Forward Looking Statement Presentation and Reader Advisory This presentation includes certain statements that may be deemed forward-looking statements. All statements in this presentation, other than statements of historical facts, that address future events or developments that Jericho Oil Corporation ( JCO ) expects are forward-looking statements. Forwardlooking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking statements in this presentation include, but are not limited to, statements with respect to timing and completion of JCO s exploration and development program on its Kansas and Oklahoma oil and gas leases. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the oil and gas industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in oil and gas exploration, development and production operations; changes in tax laws and incentive programs relating to the oil and gas exploration industry; and the other factors described in our public filings available at Readers are cautioned that this list of risk factors should not be construed as exhaustive. Although JCO believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Other than as required under applicable securities laws, JCO does not assume a duty to update these forward-looking statements. For more information on JCO, Investors should review JCO s filings that are available at Information and facts included in this presentation have been obtained from publicly available and published sources and where appropriate those sources have been cited in this presentation. JCO does not assume a duty to independently verify publicly available and published sources of information provided by arms length third parties.

3 STACK Joint Venture Highlights Continues partnership with Family Office Partner Contiguous Core Position in STACK Oil Window Jericho has option to earn into Joint Venture with up to % ownership 8,600 net Mississippian acres in the normally pressured oil-window of the play (9,400 total net surface acres 00% HBP with high NRIs) High-quality resource potential with unrisked inventory of ~60 locations Implied acreage value of $,00 / net Mississippian acre adjusting for proved developed producing (PDP) reserves Acreage position surrounded by substantial drilling and pooling activity targeting the Meramec and Osage formations from Chesapeake, Sandridge, Alta Mesa, Gastar as well as multiple PEbacked operators Aligns with strategy to generate attractive returns at sub-$50 / bbl

4 Well Positioned Amongst Prominent Operators Key Attributes and Upside Potential Focused development on fractured Osage and Meramec targets Meramec cherty carbonate is an emerging focus area for several operators (CHK, SD) Osage delivering high performing results with Alta Mesa leading regional dev. and expanding position with proximate acquisition (> 50hz wells drilled to-date) Alta Mesa ( 7): 0k acre acquisition Significant upside in spacing density and recent completion evolution CHK ( 7): 5-well Meramec spacing pilot Alta Mesa ( 6): 6-well Osage spacing pilot Alta Mesa ( 6): 0-well Osage spacing pilot Alta Mesa ( 7): 8-Osage wells/section base case development plan - Large Cap E&P s: MRO, CHK, XEC, CLR, DVN, NFX - SMID Cap E&P s: Alta Mesa Resources, Chaparral Energy, Gastar, Linn Energy - PE-Backed E&P s: Council Oak (EnCap), Staghorn (EnCap), Carrera (EnCap), Chisolm (Apollo) 4

5 With Significant Adjoining Drilling Activities and Pooling Orders Source: IHS, Oseberg 5

6 Operator Activity Map Notable Well Results HOSKINS 5-H IP0:,85 boe/d 60% oil Legend CARRERA CHISHOLM CHK GORE H-X NEWFIELD IP0:,85 boe/d 87% oil HOSKINS 5-H IP0:,57 boe/d 65% oil COUNCIL OAK MRO NFX SYLVAN H- NEWFIELD IP0: 7 boe/d 68% oil SCHOEPPEL - IP0: 98 boe/d 46% oil PALMER H-6R NEWFIELD IP0: 77 boe/d 68% 4 5 OSMUS -H IP0: 890 boe/d 65% oil MOSAIC -H IP0: 98 boe/d 50% oil BIG HORN -H CHISHOLM IP0: 894 boe/d 50% oil HAIGLER -4H COUNCIL OAK IP0: 700 boe/d 40% oil 6 WILLAMETTE 0-H IP0:,67 boe/d 6% oil YORK 6-H SLO-POKE -H CARERRA CARERRA IP4hr:,846 boe/d IP4hr:,758 boe/d 68% oil 6% oil MARJORIE -5XH MARATHON IP0:,60 boe/d 79% oil LAU -4H COUNCIL OAK IP4hr:,76 boe/d 4% oil Source: IHS, Oseberg, Company presentations, financials; IP4hr where IP0 unavailable 6

7 Proximate STACK Peer Type Curves Public Osage Type Curves Alta Mesa Resources IP0 (Boepd) 746 D&C ($mm) $. EUR, Mboe 65 % oil 54% IRR¹ 7% Public Meramec Type Curves Sandridge Energy² IP0 (Boepd) n/a D&C ($mm) $. EUR, Mboe 450 % oil 40%+ IRR¹ % Chaparral Energy IP0 (Boepd) 79 D&C ($mm) $. EUR, Mboe 540 % oil 44% IRR¹ 65% Newfield Exploration² IP0 (Boepd) 600 D&C ($mm) $.5 EUR, Mboe 550 % oil 40%+ IRR¹ 50% STACK JV Operated HZ Locations (Unrisked)³ Well Count Approx. Rig Years 56 8 Source: Company Presentations and Equity Research ) IRR based on flat $50 / bbl and $.00 / mcf ) Figures normalized to 5,000 lateral ) Unrisked HZ location assumption based on 8 gross Osage wells per section and 4 gross Meramec wells per section 7

8 Valuation Benchmarking Precedent STACK Transactions Net STACK Production $ / Acre Date Seller Purchaser Deal Value ($mm) Acres (boe/d) Headline Prod. Adjusted¹ 8/8/07 Continental Resources Undisclosed $7 6,590 n/a $,00 $,00 /6/07 Staghorn Petroleum Chisholm Oil & Gas (Apollo) $6 4,86,800 $4,8 $,459 6/0/06 Payrock Energy Marathon Oil $888 6,000 8,600 $4,557 $,78 5/5/06 Chesapeake Energy Newfield Exploration $470 4,000,800 $,90 $9,8 /7/05 Felix Energy Devon Energy $,900 80,000 9,000 $,750 $,500 Min $,00 $9,8 Max $,750 $,500 Median $4,557 $,78 Average $5,06 $,46 8//07 Undisclosed Jericho Oil Joint Venture $ 8,590 n/a $,98 $,98 Public STACK Trading Comparables Net STACK Production $ / Acre Date Company / Ticker Firm Value ($mm) Acres (boe/d) Headline Prod. Adjusted¹ 8/8/07 Gastar / GST $667 6,00 6,000 $0,557 $8,658 Recently Announced Acquisition into Public Acquisition Vehicle 8/7/07 Alta Mesa Resources (Silver Run Acquisition II Corp.)² $,84 0,466 0,500 $, $7, n/a Alta Mesa Resources (Silver Run Acquisition II Corp.)³ $,506 0,466 0,500 $4,457 $0,456 Source: Company presentations, financials ) Adjusted for production valued at $0,000 per BOE/D ) Alta Mesa Resources Firm Value for Alta Mesa Holdings Upstream Assets; based on FV / 08E EBITDA of 6.x based on contribution to merger with Kingfisher Midstream ) Alta Mesa Resources Firm Value for Alta Mesa Holdings Upstream Assets; based on FV / 08E EBITDA of 7.0x representing the median EV / 08E EBITDA for the Mid-Cap Universe per Seaport Global Equity Research (8/8/7) Min $0,557 $8,658 Max $4,457 $0,456 Median $, $7, Average $8,775 $5,475 8

9 Illustrative Jericho Oil Net Asset Value Significant Upside in STACK JV JCO Asset Value ($mm) Precedent STACK Transactions Implied P / NAV³: 66% Implied: CAD $0.9 Current: CAD $0.60 JCO Proved plus Probable² (ex. STACK) STACK JV Illustrative Value (8,590 net acres x $,78 / acre) x % JV ownership* Total Gross Asset Value Net Debt¹ Net Asset Value JCO Asset Value ($mm) Public STACK Trading Comparables Implied P / NAV³: 55% Implied: CAD $.09 Current: CAD $0.60 JCO Proved plus Probable² (ex. STACK) STACK JV Illustrative Value (8,590 net acres x $7, / acre) x % JV ownership* Total Gross Asset Value Net Debt¹ Net Asset Value *Note: See Valuation Benchmarking Slide for $ / acre multiples backup; assumes Jericho fully exercises % option in the STACK Joint Venture ) Net debt based on cash of USD$.4mm and total debt of USD$.47mm as of 6/0/07 ) Proved plus Probable figures based on YE06 NI 5-0 Independent Reserves Report; excludes Garfield County acreage resource potential or undeveloped locations on approximately,945 net acres ) Implied Price / NAV based on August 9, 07 closing price of $USD 0.48 / share (CAD $0.60) and shares outstanding of 00.60mm inclusive of STACK equity raise announced 8//7; excludes recent equity raise announced 8/4/7 to exercise an option to acquire an additional 5% in assets held in Seminole and Pott. County, OK 9

10 Precedent STACK Transactions Locator Map Source: IHS, Oseberg 0