Disclaimer Regarding Forward Looking Statements:

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2 Disclaimer Regarding Forward Looking Statements: This presentation includes statements that contain forward looking information ( forward-looking statements ) in respect of Eagle Energy Trust s expected future operations, business strategy, drilling program, reserves, operating costs, capital expenditures, production, payout ratios, funds flow from operations, field netbacks, the amount and sustainability of distributions, the availability of credit, among other things. These forward looking statements involve estimates and assumptions that are subject to risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward looking statements. These assumptions necessarily involve known and unknown risks and uncertainties inherent in the oil and gas industry such as geological, technical, drilling, transportation and processing problems and other risks and uncertainties, as well as the business risks discussed in the Trust s annual information form dated March 29, 2011 under the headings Risk Factors and Forward-Looking Statements and Risk Factors. No assurance is given that the Trust s expectations or assumptions will prove to be correct. In addition, this presentation contains forward-looking statements attributed to third party industry sources. Accordingly, all such statements are qualified in their entirety by reference to, and are accompanied by, the information and factors discussed throughout this presentation. The forward-looking statements included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. Eagle s annual information form dated March 29, 2011 contains important detailed information about Eagle and its trust units. Copies of the annual information form may be viewed at and on Eagle s website. 2

3 Eagle Energy Trust is an energy trust created to provide investors with a publicly traded, oil and natural gas focused yield product, with favourable tax treatment relative to taxable Canadian corporations. Eagle pays out a portion of its available cash to unitholders on a monthly basis to provide attractive income. Eagle s strategy is to acquire on-shore producing assets in the United States that have predictable cash flows and low risk unexploited development and exploitation potential. Eagle is a mutual fund trust and is not a SIFT trust. 3

4 VISION To create wealth for our investors by combining innovation, expertise and opportunity. GROWTH A targeted 50% payout ratio that will allow us to sustain growth and distribute income. INCOME To deliver predictable monthly distributions. 4

5 Eagle team re-invented the Canadian energy trust structure using foreign assets. $150 million IPO closed November 24, 2010, participation by most banks and a number of independent firms. First new energy trust IPO in 5 years. Acquired the Salt Flat field (100% light oil) in south central Texas, a horizontal well (no frac) redevelopment of a 1930 s oil field. 5

6 BUSINESS STRATEGY To acquire and optimize US based petroleum assets which: have been adequately de-risked ( >20% PDP), and have attractive metrics for: potential production growth (>2x boepd in <24 months), return on capex (2:1 recycle ratio), and sustainability (targeted 50% payout ratio and multi-year drilling inventory). 6

7 PLAN FOR GROWTH Upon acquiring a new asset, Eagle intends to increase the historical rate of capital investment in the near term to grow production, optimize operations and maximize drilling inventory. After the ramp up, Eagle expects cash-flow from each asset to: sustainably support Eagle s targeted payout ratio of 50%, fund the capital to replace declines, and deliver 7-10% annual production growth on that asset. 7

8 DELIVERING ON VALUE CREATION Increased production 800% since June 1/10 effective date. Paid consistent distributions since inception. Met exit rate guidance each year. Extended drilling inventory to more than 4 years. Reserves replacement ratio was 312% in 2010 and 220% in Achieved a recycle ratio of 2:1. 8

9 DELIVERING ON VALUE CREATION 2012 guidance achieves our targeted payout ratio of 50% while growing production 7-10% with <60% of 2011 capex. At US$75 WTI, cash payment of distributions (before DRIP) sustainable for more than four years. Grew from 3 employees to 29, became a licensed operator in Texas. Salt Flat operations internalized and streamlined at reduced costs. Prepared for transformative growth. 9

10 During Q4 increased production from 1,000 bpd to 2,425 bpd to achieve 2011 guidance. Since taking over operations August 18, production has increased by 200%. Drilling program completed and all salt water disposal permits obtained. Completed construction of 7th battery. Increased funds flow by 250% over Q3. 10

11 Capital budget of US$14 million: 10 (8 net) horizontal oil wells. 2 (1.6 net) side track re-entry wells. 1 (0.8 net) salt water disposal well. 1 new battery and adding to an existing battery. Completing the electrification of balance of Salt Flat field. 11

12 Average 2012 working interest production of 2,600 bopd. Funds flow from operations of $40 million at US$88 WTI. Payout ratio of 50% at US$88 WTI. No debt and a $16.5 million credit facility (expected material redetermination of borrowing base, as PDP value has increased by 80% since mid-year loan determination). 12

13 Current hedges lock in 1,000 bopd at US$88 - $107 WTI. Operating costs of $ $11.75 per barrel. Field netbacks of approximately $48.00 per barrel at US$88 WTI. Existing drilling inventory and oil prices above US$75 WTI sustains distributions (below an 80% payout ratio) for over 4 years with 7-10% annual production growth. 13

14 Summary of Reserves and Values Proved Producing Total Proved Total Proved Plus Probable Light/Medium Oil (Mbbl) Total Company Interest 2,200 3,685 7,674 Before Tax Present Values (US M$) 0 % $87,765 $132,531 $277,985 5 % $76,894 $113,284 $219, % $68,916 $99,233 $181, % $62,792 $88,550 $153, Total PV10 2P reserves million bbls; 48% categorized as Proved. 2. 2P Reserve Life Index is 8.1 years based on 2012 average working interest production guidance of 2,600 bbls/day. 3. Independent engineers GLJ Petroleum Consultants Ltd. 14

15 After an initial decline period, during which time the capital cost of the well pays out, the production decline flattens out and provides a predictable forecast and cash flow stream. Eagle Rate/Cumulative Type Curve Feb 2012 Salt Flat Field - Edwards Actual Estimated EUR GLJ

16 Visible near-term growth from low risk development drilling from the Edwards formation, which is comprised of multiple and discrete prospective zones. All of Eagle s current production, reserves and remaining locations, are located exclusively in the Edwards A zone. The analogue fields considered by the independent engineering firms that evaluated the Salt Flat field are currently producing from multiple Edwards zones. 16

17 Future acquisition opportunities in the US Eagle has a dedicated Houston based Business Development team in place to continuously screen and evaluate accretive growth opportunities. Robert Cunningham (BBA Houston) - VP Business Development 27 years of oil and gas experience (Credit Suisse, ABN Amro, Marsh McLennan, Past President of Houston A&D Forum). Walt Hamilton (BSc Texas Tech, MSc Houston, MBA Duke) - Manager, Business Development 25 years of oil and gas experience (incl. Shell, Petrobridge, Chevron). 17

18 $20.00 $18.00 $16.00 $14.00 Source: IHS Herold Inc. Global Upstream Performance Review 2010 $12.00 $10.00 $8.00 Canada US $6.00 $4.00 $2.00 $ Source: IHS Herold Inc. Q to Q

19 Solid metrics: 100% light oil. Premium netbacks. Competitive operating costs. Excellent balance sheet - no debt. Experienced management team and Board. Demonstrated ongoing organic growth. Poised to transact. 19

20 CONTACT: Richard W. Clark, CEO Eagle Energy Inc. 900, th Avenue SW Calgary, AB T2P 0M9 Tel: (403) info@eagleenergytrust.com 20

21 The following slides are for information purposes. 21

22 Richard Clark, Director, President and Chief Executive Officer Nineteen years in the legal profession as a founding partner at a boutique oil and gas law firm, then ten years at a Canadian national law firm, specializing in corporate finance, securities, M&A and venture capital. Extensive experience in the royalty trust sector. Peter Churcher, M.Sc., Chief Operating Officer Former Global Head Upstream Business Development at TAQA with over twenty-five years E&P experience. Six years of experience working with PrimeWest and three years of on the ground US experience with Union Pacific Resources. Kelly Tomyn, CA, VP Finance and Chief Financial Officer Former VP Finance and CFO for numerous public & private companies with over twenty-two years of financial experience with E&P companies. Former controller for Shiningbank. Robert Cunningham, VP Business Development (Houston) Twenty-seven years experience in the oil and gas business involving business development, finance, energy banking and risk management. Former VP Finance and Business Development of Zone Energy, LLC, a privately held oil and gas company. Dusty Dumas, Controller (Houston) Twenty years experience in financial and reporting roles. Former VP Finance of a large privately held oil and gas company. 22

23 David Fitzpatrick, P.Eng., Chairman Former Chief Executive Officer, Shiningbank Bruce Gibson, CA, Chair of Audit Committee Former Chief Financial Officer, Shiningbank Warren Steckley, P.Eng., Chair of Reserves and Governance Committee President and Chief Operating Officer, Barnwell of Canada, Former Director Shiningbank Joseph Blandford, P.Eng., Chair of Compensation Committee Retired Oilman, Resides in Houston, TX Richard Clark, B.A. (Econ), LLB, Director President and Chief Executive Officer, Eagle Energy, Former Director Shiningbank 23

24 Salt Flat Field 24

25 Political and legal risks comparable to Canada. Comparable government take. Access to good services at competitive costs. Cost of doing business is competitive to Canada. Finding, development and operating costs are competitive to Canada. Larger percentage of reserves held privately and by non-industry investors offers consolidation potential. Acquisition metrics are competitive to Canada. 25

26 All hedges at WTI and in US dollars: 26 Bbl/d Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Hedging Summary 92 X 105 Costless Collar 91 Fixed Price 101 Fixed Price 88 X 107 Costless Collar 85 X 100 Costless Collar

27 Salt Flat field purchased for $127.1 MM including closing adjustments ($97,800/bbl/d at Dec. 31, 2010). Located in Caldwell County, Texas. Produces from the Edwards limestone formation at a depth of about 2,800 feet, with lateral legs of about 1,700 ft. Eagle s field working interest is about 80%. Effective August 18, 2011, Eagle assumed operatorship. Eagle has opened a fully staffed field office in Luling, Texas. 27

28 Eagle s targeted monthly distribution of $ per unit ($1.05 for 2011) Approximately 40-50% of 2011 distributions will be included in the income of Unitholders. Remainder is return of capital and reduces the adjusted cost base of the units. 28

29 Unit Market Entity Pre-tax After-tax Yield Price Cap Value Yield Ontario Alberta B.C. Quebec 2/9/2012 $MM $MM Current Marginal Dividend Tax Rate 29.5% 19.3% 26.1% 32.8% Marginal Income Tax Rate 46.4% 39.0% 43.7% 48.2% Crescent Point $46.36 $14,029 $15, % 4.2% 4.8% 4.4% 4.0% Baytex $56.47 $6,819 $7, % 2.7% 3.1% 2.8% 2.6% PetroBakken $15.36 $2,920 $4, % 4.4% 5.0% 4.6% 4.2% Vermilion $46.37 $4,521 $4, % 3.5% 4.0% 3.6% 3.3% NAL $7.03 $1,069 $1, % 6.0% 6.9% 6.3% 5.7% Bonterra $57.10 $1,173 $1, % 3.3% 3.7% 3.4% 3.1% Zargon $15.45 $460 $ % 5.5% 6.3% 5.7% 5.2% Parallel $7.49 $301 $ % 8.4% 9.0% 8.6% 8.2% Average 6.7% 4.7% 5.3% 4.9% 4.5% $1.05 Dist. $11.20 $223 $ % 7.2% 7.5% 7.3% 7.1% Yield Premium (based on Eagle at 9.4%) Average 2.6% 2.5% 2.2% 2.4% 2.6% Low -2.6% -1.2% -1.4% -1.3% -1.1% High 5.5% 4.5% 4.5% 4.5% 4.5% Notes: (1) Non-taxable (RRSP or TSFA) investors who hold Eagle (assuming 9.4% yield) are earning a yield premium of 260 bps against the average yield of the peer group. (2) Taxable investors in Ontario are earning a yield premium of 250 bps against the peer average (assuming 9.4% yield for Eagle) and a yield premium/discount range from a 120 bps discount to 450 bps premium. (3) Taxable investors in Alberta, B.C. and Quebec enjoy average yield premiums of 220 bps, 240 bps and 260 bps, respectively. (4) Pre-tax yield is calculated as total annual dividends per share divided by the current share price. (5) The tax deferred component of the Eagle distribution is assumed to be 50%. (6) Unlike fixed income securities, the Trust has no obligation to distribute any fixed amount, and reductions in, or suspensions of cash distributions may occur that would reduce future yield. Source: Scotiabank Global Banking & Markets 29

30 Redevelopment of abandoned field using conventional horizontal technology. No fracture or acid stimulation required. 54 horizontal wells have de-risked the development program. 8.1 year reserve life index based on 2012 guidance. GLJ report (Dec. 31, 2011) has: 7.7 MMbbls proved plus probable reserves (48% proved). P+P PV10 value of US$181 MM. 30

31 Further confidence in Salt Flat Field comes from recent successes at nearby fields. Analogue fields include: Darst Creek and Luling Branyon where over 154 horizontal wells have been drilled since (1) Darst Creek has attained 42% recovery factor to date (2) ; Salt Flat was shut-in in the 60 s is at 26% recovery. (1) Source: IHS Energy database, August 2010 (2) NRG Major Field Study, 1999 LOCATION MAP Darst Creek Field Luling Branyon Field Salt Flat Field 31

32 Investment in Units Investment in CT Notes and CT Units Unitholders Eagle Energy Trust (Alberta Trust) Distributions Interest on CT Notes and return of capital on CT Units Promoter EEI Holdings Inc. (Alberta Co) Structure: No exotic tax structures or offshore entities. Developed by Eagle management and leading tax experts. Investment in LP Units by CT CANADA UNITED STATES Eagle Energy Commercial Trust (Alberta Trust) Eagle Energy Acquisitions LP (Delaware LP) CT Trustee Partnership distributions to CT General Partner Eagle Energy Inc. (Alberta Co) Eagle Hydrocarbons LLC (Delaware LLC) The model is tax efficient: Deductions in the US and tax treaty protection will result in no material US income or withholding tax being paid in the medium term. Canadian investors do not have to file US tax returns. Salt Salt Fat Flat Field Field Interest Interest 32