BUILDING

OUR FUTURE
IN THE
MONTNEY
 CAUTIONARY STATEMENT
Forward Looking Statements
This presentation contains certain forwardlooking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project",
"should", "believe", "plans", "intends, forecast and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this presentation contains forward-
looking information and statements pertaining to the following: the volumes and estimated value of Crew's oil and gas reserves; resource estimates and volumes in respect of Crews Montney lands in northeast British
Columbia (NEBC); the volume and product mix of Crew's oil and gas production; production estimates including 2017 forecast average and exit productions and production per share growth; the recognition of significant
resources in the Montney region of NEBC; future oil and natural gas prices and Crew's commodity risk management programs; future liquidity and financial capacity; future results from operations and operating metrics;
forecast 2017 net debt; forecast 2017 cash flow and year end bank debt; future costs, expenses and royalty rates; future interest costs; the exchange rate between the $US and $Cdn; future development, exploration,
acquisition and development activities, infrastructure build out and related capital expenditures and the timing thereof; the amount and timing of capital projects; operating costs; the total future capital associated with
development of reserves and resources; methods of funding our capital program including possible non-core asset divestitures; and forecast reductions in well costs and operating expenses. In this presentation reference is
made to the Company's long range Montney growth scenario and economic analysis. All information derived therefrom are not estimates or forecasts of metrics that may actually be achieved. Such information reflects
internal projections used by management for the purposes of making capital investment decisions and for internal long range planning and budget preparation. Accordingly, undue reliance should not be placed on same.

The recovery, reserve and resources estimates of Crew's reserves and resources provided herein are estimates only and there is no guarantee that the estimated reserves or resources with be recovered. In addition,
forward-looking statements or information are based on a number of material factors, expectations or assumptions of Crew which have been used to develop such statements and information but which may prove to be
incorrect. Although Crew believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Crew can give
no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the impact of
increasing competition; the general stability of the economic and political environment in which Crew operates; the timely receipt of any required regulatory approvals; the ability of Crew to obtain qualified staff, equipment and
services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Crew has an interest in to operate the field in a safe, efficient and effective manner; the ability of Crew to obtain
financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; risks associated with the degree of
certainty in resource assessments; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Crew to secure adequate product transportation; future commodity prices; currency,
exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Crew operates; and the ability of Crew to successfully market its oil and natural gas
products. There are a number of assumptions associated with the potential of resource volumes assigned to lands evaluated in Crew's Montney area of operations in NEBC, including the quality of the Montney reservoir,
future drilling programs and the funding thereof, continued performance from existing wells and performance of new wells, the growth of infrastructure, well density per section and recovery factors and discovery and
development of the lands evaluated in Crew's Montney area of operations in NEBC necessarily involves known and unknown risks and uncertainties, including those identified in this presentation and including the business
risks discussed in Crew's annual and quarterly MD&A and other continuous disclosure documents.

Crews 2017 budget guidance and related targets and forecasts disclosed herein are best estimates based on certain assumptions including, without limitation, operating results, known fiscal regimes, commodity prices and
risk management contracts and will be regularly monitored by management. Our objective will be to proactively manage our capital program as it relates to operational success and fluctuating commodity prices with a priority
to maintain financial flexibility and achieve our production guidance. Crew will closely monitor the budget and financial situation throughout the year to assess market conditions and will quickly adjust budget levels or pace of
development in accordance with commodity prices and available funds from operations.

The forward-looking information and statements included in this presentation are not guarantees of future performance and should not be unduly relied upon. Such information and statements; including the assumptions
made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward-looking information or statements
including, without limitation: changes in commodity prices; the potential for variation in the quality of the Montney formation; changes in the demand for or supply of Crew's products; unanticipated operating results or
production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Crew or by third party operators of Crew's properties, increased debt levels or debt
service requirements; inaccurate estimation of Crew's oil and gas reserve and resource volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of inadequate insurance coverage; the
impact of competitors; and certain other risks detailed from time-to-time in Crew's public disclosure documents, (including, without limitation, those risks identified in this presentation and Crew's Annual Information Form).

The forward-looking information and statements contained in this presentation speak only as of the date of this presentation, and Crew does not assume any obligation to publicly update or revise any of the included forward-
looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

2
 BUILDING OUR FUTURE IN THE MONTNEY

18+billion +20%
BOE of TPIIP 1P reserves per share
Resource growth in 16 over 15

~5,400 ~71%
Identified drilling
locations(1)
FINANCIAL Condensate as a percentage of
forecast liquids production in 2017

DISCIPLINE

300,000 +17%
Net acres in
the Montney
275+mmcf/d production per share
growth in 16 over 15
Long-term takeaway capacity
to diverse markets

PEOPLE ASSETS TECHNOLOGY

Identified locations are the total number of risked Contingent (2,056) and Prospective (3,377) resource locations as identified in Crews annual year end independent resource evaluation prepared in accordance with the COGE Handbook
(1)

provisions and NI 51-101. See complete details on the resource evaluation in presentation appendix.
3
 ABOUT CREW (TSX: CR)
Growth-oriented Montney producer with large, contiguous land Track Record of Successful
base in NE BC Montney Execution
Montney Production(2) (BOE/D)
Access to diversified markets with operated infrastructure and 25,000 Forecast
Light oil bopd
increasing liquids production leads to top quartile netbacks NGLs boepd
20,000
Gas boepd

>30,000 boe/d forecast 2017 exit production (25,000 - 27,000 boe/d 15,000

forecast annual average) 10,000

$535MM of total debt capacity ($300MM senior notes and $235MM 5,000

credit facility currently undrawn) -

2009 2010 2011 2012 2013 2014 2015 2016 2017

~$725MM market cap (146.8MM shares O/S)

P+P Reserves (MMBOE)(3)
350.0 323.9
Liquids mmbbls
300.0 Gas mboe
246.5
250.0

48% hedged
On forecast 2017 gas
43% hedged
On forecast 2017 light oil
200.0

150.0
99.2
201.9

100.0
sales at $3.62/mcf(1) & ngl sales at $68.17/bbl 46.7 48.1
50.0 21.6 27.7
15.3
(1) Adjusted to reflect Crews average natural gas heat content 1.24 GJ / mcf -
(2) Reflects production from Greater Septimus and Tower (Tower is included as Other in financial statement disclosure) 2008 2009 2010 2011 2012 2013 2014 2015 2016
(3) Based on Crews annual year end independent reserves evaluations.
4
 MASSIVE LAND POSITION IN THE SWEET SPOT
OF THE MONTNEY Only 14% of Crews
474 net sections have
Upper Montney reserves
assigned

3rd Largest BC Montney

landholder among public
companies

Net Acres of Montney Rights in NE BC (000s)

615
600

525

450
410

375

300 293
300
259

210 201
225

150 112 104 102

474 Net Sections 51
75
266 Wet Gas Sections 15
141 Oil/Condensate Sections -

KEL

PPY

SU
ARX

ECA

TOU

LXE
CR
CNQ

PWT
Shell

Repsol
67 Dry Gas Sections

Source: RBC Capital Markets. Source: Peters & Co, Company Reports.
Crew Energy Inc. Canadian Natural Res. Leucrotta Exploration Repsol
Arc Resources Encana Painted Pony Petroleum Shell Canada
Broker Lands Kelt Exploration Penn West Petroleum Suncor Energy Tourmaline Oil
5
 RISING NETBACKS & LOWER COSTS
High Quality Montney Assets Support Strong Q4 2016 Results

Top Quartile Operating Netbacks (Pre-Hedging) Top Quartile Montney Operating Costs Among
Among Montney-Focused Peers ($/boe) Montney-Focused Peers ($/boe)

$22 $11

$20 $10
$18.61
$18 $17.38 $9
Group Average = $16.14
$16 $8

$14 $7
Group Average = $6.15
$12 $6
$5.35
$10 $5

$8 $4
$3.34
$6 $3

$4 $2

$2 $1

$0 $0
1 2 CR CR Corp 3 4 5 6 7 8 9 10 11 12 2 5 7 3 12 9 11 CR Corp 1 6 10 CR 4 8
Montney Montney

Source: NBF, Public Filings. Companies included in above analysis include VII, NVA, TET, PEY, POU, BIR, KEL, AAV, DEE, PPY, SRX, CQE

6
 CONTINUAL IMPROVEMENTS IN CAPITAL
EFFICIENCIES
On-stream Costs - 90 Day Average IP ($ per boe/d) Declining Drilling Days Reduces Costs

25
$18,000
Enhanced completions
$16,000 + lower costs =
35%
Improving efficiencies 20
Improvement
$14,000

$12,000
15

Drilling Days
$10,000

$8,000
10
81%
$6,000 Improvement

$4,000
5

$2,000

$0 0
14-7 4-24 16-15 8-22 9-17 10-16 7-30 4-34 Pad Pad Pad Pad Pad Pad Pad Pad Pad Pad Pad
Q3 2014 Q1 2016 Q3 2016 Q3 2016 Q4 2016 14-7 4-24 16-15 8-22 9-17 10-16 7-30 5-24 4-34 5-7 4-22
Q1 2015 Q3 2015 Q4 2015
6 wells 9 wells 6 wells 3 wells 5 wells 8 wells 2 wells 3 wells

Key service costs locked-in through 2017 Improved drilling efficiency is a

support continued activity structural change
7
 CREW MONTNEY STRATIGRAPHIC STACK
2 HZ Wells 3 HZ Wells 3 HZ Wells 54 HZ Wells 77 HZ Wells 1 HZ Well 10 HZ Wells
West Portage Groundbirch Attachie West Septimus Septimus Goose Tower Doig

5 23
1 AA

Upper Montney
1
7
2 1
A 35 42

2 11
2 B 9 3
2
C

1,000 Feet

Lower Montney
3

Monias High 1

150 Crew HZ wells

drilled to Q1, 2017
Belloy

Crew recognizes four major clinoform units in the Upper Montney (AA, A, B, C)
The majority of Crew horizontals (70%) have been drilled in the B clinoform
The Lower B and C clinoforms are still essentially undrilled
The Lower Montney unit also has excellent prospectivity, especially at Septimus, Tower and Attachie
8
 WEST SEPTIMUS
Economics(1):
512 Identified Locations(2) Condensate -Rich
Up to 220 bbl/mmcf(3)
Full Cycle Half Cycle
Capital Expenditures ($MM) $4.3 $3.5 Outperformance of Initial
West Septimus Type Curve(4)(5)
1 Month IP (boe/d) 1,029 1,029 9,000

8,000

Daily Gas Production (mcfd)

Oil (mbbls) 0 0
7,000
NGLs (mbbls) 197 197
6,000
Sales Gas (bcf) (raw: 4.5 bcf) 4.7 4.7
5,000
Total Reserves (mboe) 980 980 4,000

3,000
NPV10 ($MM) $3.7 $4.5
2,000
PIR (10% discount) 0.9 1.3
1,000
ROR Before Tax (%) 64% 112% 0
0 50 100 150 200 250 300 350
F&D ($/boe) $4.39 $3.57 Time (days)
Payout (years) 1.4 1.0 16-15 Pad (6 wells in Q2/15) 9-17 Pad (5 wells in Q4/15 & Q2/16)
4-24 North Pad (3 wells in Q1&Q2 2015) 4-24 South (6 wells in Q1/15)
(1) Economic Assumptions: Based on Sproules year end 2016 2P type wells for West Septimus; Dec. 31, 2016 forward price deck as 8-22 Pad (3 wells in Q1/16) 10-16 pad (4 wells in Q2&Q3/16)
follows: Cal 17: C$3.32/GJ AECO; US$56.40 WTI, $074 F/X; Cal 18: C$2.86/GJ AECO, US$56.54 WTI, $0.75 F/X; Cal 19:
Sproule 2014 type curve (3.2 bcf) Sproule 2015 type curve
2P type (4.5(4.5
curve bcf)bcf)
C$2.55/GJ AECO, US$56.08 WTI, $0.75 F/X; Cal 20: C$2.55/GJ AECO, US$56.00 WTI, $0.76 F/X; Cal 21 and thereafter:
C$2.55/GJ AECO, US$56.13 WTI, $0.76 F/X.
(2) Identified locations are the total number of risked Economic Contingent, development pending and development on hold (3) Based on initial production data from Crews 7-30-82-19W6 well.
subcategories as identified in Crews annual year end independent resource evaluation prepared in accordance with the COGE (4) See the Appendix to this presentation for information on Type Wells.
Handbook provisions and NI 51-101. See complete details on the resource evaluation in presentation appendix. (5) Sproules 2015 vs 2014 figures represent average EUR per well for undeveloped locations assigned by Sproule in Crews annual
year end reserves reports.

9
 SEPTIMUS: FREE CASH FLOW GENERATION
Economics(1):
Full Cycle Half Cycle
104 ~$108 MM Free cash flow
Identified Locations(2) generated 16 19(3)
Capital Expenditures ($MM) $4.3 $3.5
$100
1 Month IP (boe/d) 809 809
Free cash flow directed to fund
Oil (mbbls) 0 0
$80 continued Montney growth
NGLs (mbbls) 169 169

Sales Gas (bcf) (raw: 5.6 bcf) 5.2 5.2 $60

$MM
Total Reserves (mboe) 1,037 1,037
$40
NPV10 ($MM) $3.2 $4.0

PIR (10% discount) 0.8 1.2

$20
ROR Before Tax (%) 49% 83%

F&D ($/boe) $4.15 $3.38 $-

2013 2014 2015 2016 2017 2018 2019
Payout (years) 1.7 1.2 Forecast
(3)

(1) Economic Assumptions: Based on Sproules year end 2016 2P type wells for Septimus; Dec. 31, 2016 forward price deck as follows:
Cal 17: C$3.32/GJ AECO; US$56.40 WTI, $074 F/X; Cal 18: C$2.86/GJ AECO, US$56.54 WTI, $0.75 F/X; Cal 19: C$2.55/GJ Cash Flow Capex
AECO, US$56.08 WTI, $0.75 F/X; Cal 20: C$2.55/GJ AECO, US$56.00 WTI, $0.76 F/X; Cal 21 and thereafter: C$2.55/GJ AECO,
US$56.13 WTI, $0.76 F/X.
(2) Identified locations are the total number of risked Economic Contingent, development pending and development on hold subcategories (3) Cash Flow Assumptions for Forecast: Cal 17: C$3.13/GJ AECO, US$3.50 NYMEX; US$54.25 WTI, $076 F/X; Cal 18:
as identified in Crews annual year end independent resource evaluation prepared in accordance with the COGE Handbook provisions C$2.85/GJ AECO, US$3.05 NYMEX, US$55.00 WTI, $0.75 F/X; Cal 19: C$2.75/GJ AECO, US$2.90 NYMEX, US$55.00 WTI,
and NI 51-101. See complete details on the resource evaluation in presentation appendix. $0.75 F/X.

10
 ULTRA CONDENSATE-RICH AREA IS NEW FOCUS AT
GREATER SEPTIMUS
Economics(1):
Ultra Condensate-Rich
Half Cycle

Capital Expenditures ($MM) $4.3 C7-30: 60,000 bbls condensate in

180 days, avg CGR of 188

1 Month IP (boe/d) 1,064 Crew 7-30 Pad B7-30: 35,000 bbls condensate
in 125 days; avg CGR of 141
Crew 4-22 Pad
Condensate (mbbls) 243 Drilling Operations

NGLs (mbbls) 61 Crew 13-19 Pad

Sales Gas (bcf) 3.5

Total Reserves (mboe) 892
Crew 15-9 Pad
Drilling Operations
NPV10 ($MM) 6.0
W. Septimus Facility
60 mmcf/d Capacity
PIR (10% discount) 1.5 Montney 2017 Drilling Locations
Expanding to 120 mmcf/d

Montney A Drilled Wells

ROR Before Tax (%) 157 Montney B Drilled Wells
Montney Lower B Drilled Wells
Montney C Drilled Wells
F&D ($/boe) 4.82 Lower Montney Drilled Wells
Crew Montney Acreage
Ultra Condensate Rich Area
Payout (years) 0.8
(1) Economic Assumptions: Based on Sproules year end 2016 2P type wells for Tower; Dec. 31, 2016 forward price deck
as follows: Cal 17: C$3.32/GJ AECO; US$56.40 WTI, $074 F/X; Cal 18: C$2.86/GJ AECO, US$56.54 WTI, $0.75
F/X; Cal 19: C$2.55/GJ AECO, US$56.08 WTI, $0.75 F/X; Cal 20: C$2.55/GJ AECO, US$56.00 WTI, $0.76 F/X; Cal
21 and thereafter: C$2.55/GJ AECO, US$56.13 WTI, $0.76 F/X.
>165 potential drill locations Estimated in ultra condensate-rich area,
(2)

(2) Identified locations are the total number of risked Economic Contingent, development pending and development on hold subcategories as identified in Crews annual year end independent up to 1/3 of W. Septimus locations
resource evaluation prepared in accordance with the COGE Handbook provisions and NI 51-101. See complete details on the resource evaluation in presentation appendix.
11
 TOWER OIL
High - Netback
Economics(1): Light, sweet oil
Full Cycle Half Cycle
Crew 1-24
Capital Expenditures ($MM) $6.1 $5.2

1 Month IP (boe/d) 564 564

Oil (mbbls) 185 185
NGLs (mbbls) 28 28
Sales Gas (bcf) 1.1 1.1
Total Reserves (mboe) 390 390 Crew 9-30 Crew 10-28
Oil Battery

NPV10 ($MM) $0.01 $0.95

PIR (10% discount) 0.02 0.2

ROR Before Tax (%) 11% 20%

F&D ($/boe) $15.64 $13.33

127
Montney 2017 Drilling Locations
Montney Future Locations
Montney B Drilled Wells
Payout (years) 4.9 3.5 Montney C Drilled Wells
Montney Oil Line
Crew Pipelines
(1) Economic Assumptions: Based on Sproules year end 2016 2P type wells for Tower; Dec. 31, 2016 forward price deck
as follows: Cal 17: C$3.32/GJ AECO; US$56.40 WTI, $074 F/X; Cal 18: C$2.86/GJ AECO, US$56.54 WTI, $0.75
Identified Locations(2) Crew Montney Acreage

F/X; Cal 19: C$2.55/GJ AECO, US$56.08 WTI, $0.75 F/X; Cal 20: C$2.55/GJ AECO, US$56.00 WTI, $0.76 F/X; Cal
21 and thereafter: C$2.55/GJ AECO, US$56.13 WTI, $0.76 F/X. (2) Identified locations are the total number of risked Economic Contingent, development pending and development on hold subcategories
as identified in Crews annual year end independent resource evaluation prepared in accordance with the COGE Handbook provisions
and NI 51-101. See complete details on the resource evaluation in presentation appendix.

12
 FUTURE GROWTH OPPORTUNITIES
Over-pressured, liquids-rich natural gas areas 90+ Lower Montney identified
locations at Greater Septimus(1)

ATTACHIE
1,000 thick pay (Upper + Lower Montney) ~97 LOWER MONTNEY
Multiple prospective zones
Several prolific offsetting producers in net sections
Upper & Lower Montney Successful pilot wells prove resource with
90+ Wells several prolific offsetting producers in the
3 Lower Montney Zones Lower Montney

Greater Crew Lower Montney production exceeding

Attachie 5.6 Bcf type curve (see below)
Septimus

Avg. Daily Rate

6,000 Crew Septimus 12-35
Sproule 5.6 Bcf Type Curve
5,000

Gas production (mcf/d)

4,000
Planned Groundbirch
120 mmcf/d Plant
3,000
GROUNDBIRCH Groundbirch
2,000
Expected development of 15-20
wells per section in Upper Montney
Ideally situated for proposed
N. Montney Mainline access
~156net sections
100+ Wells
1 Lower Montney Zone
1,000

0
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35
Time (months)

(1) Identified locations are the total number of risked Economic Contingent, development pending and development on hold subcategories as identified in Crews annual year end independent
resource evaluation prepared in accordance with the COGE Handbook provisions and NI 51-101. See complete details on the resource evaluation in presentation appendix.
13
 FIRM SERVICE ARRANGEMENTS & STAGED
PROCESSING SUPPORT GROWTH PLAN
400,000 Transportation Processing
TCPL/Nova: 60 mmcf/d firm increasing to 120 mmcf/d (Jun 19) Groundbirch: 120 mmcf/d (Q4 18)

Spectra: 13 mmcf/d firm increasing to 30 mmcf/d (Apr 17) W. Septimus: 60 mmcf/d expanding to 120 mmcf/d (Q4 17)

Alliance: 100 mmcf/d firm (+ 25 priority interruptible available) Septimus: 60 mmcf/d

Numbers above do not include access to interruptible or

300,000 shorter term transportation opportunities

* Additional capacity post-2020 is available on the TCPL / Nova System

*
200,000

100,000

0
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20

14
 SECURED LONG TERM TRANSPORTATION
Long-term transportation capacity and market planning
facilitates growth to ~60,000 boe/d to 2019
Flatrock
Three pipeline options running west, east and Goose
south provide access to North American markets
Attachie
West
Diversified gas marketing strategy offers exposure to Septimus
Chicago City Gate, AECO, ATP, Station II & Sumas Alliance Pipeline
1.6 Bcf/d
markets Portage

Tower
Minimum of TCPL
N. Montney Project
2.4 Bcf/d
Septimus
275 mmcf/d Groundbirch
Long-term takeaway Spectra T-North
Ft. Nelson Mainline
Minimum of capacity with operational & 1.4 Bcf/d
market diversification
2,200 bbls/d Spectra T-North
Ft. St. John Mainline
0.7 Bcf/d (current)
0.85 Bcf/d (post expansion)

Condensate and light oil with

Crew Operated Pipeline
long-term transportation Crew Operated Gas Plant
Crew 2017/2018 Pipeline Construction
capacity secured Alliance Operated Pipeline Crew Planned Gas Plant
Spectra Westcoast Operated Pipelines Spectra McMahon Gas Plant
Pembina Peace Condensate Pipeline
TCPL Saturn Meter Station
TCPL Operated Pipeline
Proposed TCPL North Montney Mainline Project Crew Montney Acreage

15
 ADVANTAGES OF GAS MARKET DIVERSITY
$3.50

Commencement of Alliance Pipeline service

$3.00 and initiation of diversified contract portfolio

$2.50
Natural Gas Prices ($C/MCF)

$2.00

$1.50
Stn 2
Chicago
12% City
Gate
$1.00 Crews ATP
45%
17%
Gas Market
Diversity

$0.50
Enhancedgas price Q1, 2017

AECO 5A
26%

Enriched by heat content + diversified portfolio

$-
Nov-15 Dec-15 Q1 2016 Q2 2016 Q3 2016 Q4 2016

(1)
Crew Realized Price Chicago City Gate at ATP AECO 5A ATP (CREC) Stn #2
(1) Wellhead price before impact of hedging.
16
 BUILDING OUR MONTNEY FUTURE

Financial Discipline
17% Production / Sh Growth 0% drawn on $235MM facility
2016 over 2015

Access to Infrastructure
Existing and growing

Massive Resource Per Share Reserves Growth

18 billion+ boe TPIIP
20% increase in 1P reserves/share in 2016(1)

Increasing Liquids
Focus on ultra condensate-rich development
(1) Compared to 2015.
17
 Contact Info:
Suite 800, 250 - 5th Street SW Dale O. Shwed, President & CEO
Calgary, Alberta T2P 0R4
John G. Leach, Senior Vice President & CFO
Telephone: (403) 266-2088
Email: investor@crewenergy.com Robert J. Morgan, Senior Vice President & COO

18
Appendix
 CAPITAL STRUCTURE
MARKET SUMMARY (TSX: CR) as at Apr. 1 17
Basic shares outstanding (mm) 146.8
Trading range (52 week) $2.84 - $8.10
Average daily trading volume (m) 909
Market capitalization @ $4.97 / sh (mm) $725

Enterprise value (mm) $1,025

Insider ownership diluted 6.3%

DEBT SUMMARY (mm) $235 MM

Of liquidity on $235MM
YE 2016 bank debt drawn on $235mm facility $88.0
credit facility (0% drawn)
8.375% high yield notes (redeemed Mar. 2017) $147.3
YE 2016 net debt (includes working capital deficiency) $245.4
NEW 6.5% high yield notes (maturing Mar. 2024) $300
Post-refinancing total debt capacity ($235 facility + $300 new notes) $535
Forecast YE 2017 net debt following refinancing $309
20
 2017 CAPITAL PROGRAM AND FORECAST
2017
Cash Flow (CF) (mm) $149
Capex (mm) $200
Hedging Summary as of April 1, 2017
Year-end net debt (mm) $309
Volume Period Derivative Reference Price
Debt to annualized Q4 CF 1.6x
Natural Gas
Assumptions:
35,000 GJ/Day 2017 Swap AECO $2.89/GJ
Production guidance (boepd) 25,000 to 27,000 27,500 mmbtu/Day 2017 Swap Chicago C$3.95/mmbtu
Pricing Gas (AECO-C$/mcf) $3.24 5,000 GJ/Day 2017 Physical Station 2 C$2.50/GJ

Oil (WTI-C$/bbl) $72.39 2,500 GJ/Day 2018 Swap AECO C$2.62/GJ

WTI to WCS diff. 30% 5,000 mmbtu/Day 2018 Swap Chicago C$4.23/mmbtu

FX ($US/$CDN) $0.75 Oil

1,000 bopd Feb June 2017 Swap $C WTI / bbl C$68.94
Interest rate-Bank debt 4.7%
1,750 bopd Jan Dec 2017 Swap $C WTI / bbl C$68.02
Interest rate-High yield 6.5%
500 bopd Feb June 2017 Swap $C WCS-WTI / bbl (C$19.40)
Royalties 7%
Op. costs ($/boe) $5.50-6.00
Transportation ($/boe) $2.25-2.50
G&A ($/boe) $1.25-1.50
Interest Expense ($/boe) $1.90-2.15

21
 SUMMARY OF NEW TERM DEBT
Issuer: Crew Energy Inc. (the Company)

Issue: $300 million senior unsecured notes (the Notes)

Coupon: 6.5%

Issue Ratings: DBRS: B S&P: B

Term: Seven years (7NC3)

Ranking: Senior unsecured ranking pari passu with all existing and future senior unsecured indebtedness

Use of Proceeds: The Company plans to use the net proceeds from the sale of the Notes for the redemption of the 2020
Notes, for a non-permanent repayment of existing indebtedness under its credit facility, and for general
corporate purposes

Optional Redemption: The Company may, at its option, redeem all or part of the Notes at any time prior to March 14th, 2020 at
the makewhole price and on or after March 14th, 2020, at the agreed upon redemption prices

Equity Clawback: Within the first three years, up to 35% of the issue may be redeemed at a premium of par plus the
coupon with the proceeds of an equity offering

Change of Control: Offer to repurchase at 101%

Covenants: Substantially the same as the Company's existing notes

22
 DRIVING DOWN COSTS THROUGH ENHANCED
OPERATING + CORPORATE EFFICIENCIES
18.00

16.00

14.00
31%Reduction in cash costs / boe
from Q4 14 to Q4 16
12.00

10.00

8.00
Enhanced operational
efficiencies and increased
6.00
volumes from Greater
4.00
Septimus have contributed to
continued improvements
2.00

-
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

OPEX G&A Transportation Interest

23
 WEST SEPTIMUS FOCUS IN 2017 BUDGET DRIVES MONTNEY
PRODUCTION AND INFRASTRUCTURE GROWTH
Overview
Target exit production of 30,000+ boe/d with annual volumes of 25 - 27,000 boe/d (28% liquids)
~15% growth in average volumes 2017 over 2016
28 well program with 3 drilling rigs running through 1H 2017 & service costs negotiated through end of 2017
Complete and tie-in 11 wells previously drilled in 2016 to support production growth

West Septimus
Drill & complete 23 (21.3 net) wells @ total cost of ~$3.8 MM / well (DCE&T) & complete additional 5 net wells
Double capacity of W. Septimus facility to 120 mmcf/d on-stream Q4 2017 & begin tie-in of W. Septimus
infrastructure into TCPL Saturn meter station (in service early 2018)

Septimus
Drill & complete 1 net well @ ~$3.6 MM / well cost (DCE&T) & complete 4 wells drilled in 2016
Expand pipeline to accommodate volumes from W. Septimus expansion & de-bottlenecking projects at Septimus

Tower
Complete 2 remaining wells from 2014 drilling program & drill 4 new wells @ ~$5.4 MM / well cost (DCE&T)

24
 $200MM 2017 BUDGET & GROWTH OUTLOOK
90% Directed to Montney Production Growth & Infrastructure Expansion

$140MM Montney Capital by Area Montney Production (BOE/D)

Directed to Montney drill, complete,
equip & tie-in activities
28,000
Tower
+40%
$29.5MM
21,000

+40% Montneygrowth W. Septimus

Septimus
$24MM 14,000

Q4 16 to Q4 17 exit $127.5MM 7,000

production
-
Q4 '15 Q4 '16 Q4 '17

<1.5x debt / FFO

Forecast YE 2017 net debt to Q4 17
annualized funds from operations

25
 2016 YEAR END RESERVES HIGHLIGHTS

Strong Montney Reserves Growth With Improving Capital Efficiencies

Total 2016 2016 2016 3 Year Average F&D(1)(2)(3)

Reserves Change Change Reserves NPV10 (BT) $16
(mmboe) (after production) (per share) Replacement ($millions) $14.45

2P: 323.9 24% 19% 857% 2,012

$12 $11.08
1P: 153.2 26% 21% 482% 1,011 $9.88
$9.15
$8.38

$/boe
$8 $7.39
PDP: 46.0 11% 7% 154% 459

$4

+32% Montneylocations 356 2P booked undeveloped

$0
2014 2015 2016

1P F&D 2P F&D
future Montney locations
(1) All F&D and FD&A figures include change in future development capital.
(2) See Appendix for definitions and methodology for calculation of F&D and FD&A.
(3) 2016 numbers calculated using unaudited financial and operating information.
26
 STABLE ASSET:
LLOYDMINSTER HEAVY OIL
Lloydminster
ALBERTA SASKATCHEWAN
Currently in sales process
BRIGHTSAND

73,326 net acres of land in the area; SWIMMING

Lloydminster

average WI of 93% FOREST

LOW LAKE

BANK

2016 production 2,486 boe/d; Q4 2016 WILDMERE LASHBURN

2,191 boe/d VIKING / KINSELLA UNWIN / EPPING

NEILBURG

$50MM disposition closed Q3 15 BALDWINTON

2017 capital $7.5MM & forecast annual

production of 2,000 boe/d UNITY

2015 Disposition Area

LUSELAND
Crew 100% W.I. Dulwich
Heavy Oil Facility
27
 NE BC MONTNEY RESOURCE EVALUATION
Dec. 31, Dec. 31, Reserves and Risked and Unrisked Economic Contingent Chance of Best Estimate Best Estimate
2015 2014 Resource (1)(2)(3)(6)(7)(8) Development Unrisked Risked
Conventional Natural Gas (Bcf)
Conventional Natural Gas Resource Categories (1)(2)(3)(4) Tcf Tcf % Reserves(3) 100% 1,164 1,164
Development Pending ECR 87% 8,160 7,090
Total Petroleum Initially In Place (TPIIP) 64.3 64.3 0% Development on Hold ECR 85% 515 437
Discovered Petroleum Initially In Place (DPIIP) 35.2 30.5 15% Natural Gas Liquids (mmbbls) (4)(5)
Undiscovered Petroleum Initially In Place (UPIIP) 29.1 33.8 (14%) Reserves (3) 100% 43 43
(1) TPIIP, DPIIP and UPIIP have been estimated using a one percent porosity cut-off in the 2015 report, which means that essentially all Development Pending ECR 88% 238 209
gas bearing rock has been incorporated into the calculations. Development on Hold ECR 84% 19 16
(2) All volumes in table are Company gross and raw gas volumes..
(3) Sproules analysis identified four intervals in the Montney consisting of one interval in the Upper Montney and three intervals in the Light & Medium Crude Oil (mmbbls)
Lower Montney.
(4) Crews acreage was divided into five (5) areas in the gas window.
Reserves (3) 100% 9 9
Development Pending ECR 90% 21 19
Development on Hold ECR 80% 5 4
Dec. 31, 2015 Dec. 31, 2014
(1) All DPIIP other than cumulative production, reserves, and ECR has been categorized as unrecoverable at this time. A portion of the Unrecoverable DPIIP may in
Light & Medium Crude Oil Resource the future be determined to be recoverable and reclassified as contingent resources or reserves as additional technical studies are performed, commercial
circumstances change or technological developments occur; the remaining portion may never be recovered due to the physical/chemical constraints represented
Categories (1)(2)(3)(4)(5) Mmbbls Mmbbls % by subsurface interaction of fluids and reservoir rocks.
(2) All volumes in table are company gross and sales volumes, before economic cutoff.
(3) For reserves, the volumes are proved plus probable reserves as at December 31, 2015.
Total Petroleum Initially In Place (TPIIP) 7,895 7,640 3% (4) The liquid yields are based on average yield over the producing life of the property.
(5) Liquid yields are unique to each area. They are estimated based on gas composition of gas samples in the area and expected plant recoveries.
Discovered Petroleum Initially In Place (DPIIP) 1,613 1,501 7% (6) There is no certainty that it will be commercially viable to produce any of the resources.
Undiscovered Petroleum Initially In Place (UPIIP) 6,282 6,139 2% (7) All ECR are risked for the chance of development. For ECR, the chance of development is defined as the probability of a project being commercially viable. In
quantifying the chance of development, contingencies that were assessed quantitatively to be less than one in the risking calculation included evaluation drilling,
corporate commitment and timing of production and development. The chance of development is multiplied by the unrisked resource volume estimate, which
(1) TPIIP, DPIIP and UPIIP have been estimated using a one percent porosity cut-off in the 2015 report, which means that essentially all
yields the risked volume estimate. As many of these factors have a wide range of uncertainty and are difficult to quantify, the chance of development is an
oil bearing rock has been incorporated into the calculations.
uncertain value that should be used with caution.
(2) All volumes in table are Company gross.
(8) The economic status of the development not viable project maturity subclass is deemed to be undetermined and is therefore not included in the ECR reported,
(3) The oil volumes are quoted as Stock Tank Barrels (STB).
representing, on a risked basis, 127 bcf of conventional natural gas, 3 mmbbls of NGLs and 2 mmbbls of light and medium crude oil.
(4) Sproules analysis identified four intervals in the Montney consisting of one interval in the Upper Montney and three intervals in the
Lower Montney.
(5) Crews acreage was divided into five (5) areas in the oil window.

28
 NE BC MONTNEY RESOURCE EVALUATION, CONTINUED
Chance of Best Estimate Best Estimate
Prospective Resources (1)(2)(3)(4)(5)(6)(7) Commerciality Unrisked Risked

Conventional Natural Gas (Tcf) 65% 10,225 6,695

NGL (MMbbl) 65% 354 231
Light & Medium Crude Oil (MMbbl) 66% 145 95
(1) All UPIIP other than prospective resources has been categorized as unrecoverable at this time.
(2) All volumes in table are company gross and sales volumes.
(3) The liquid yields are based on average yield over the producing life of the property.
(4) Liquid yields are unique to each area. They are estimated based on gas composition of gas samples in the area and expected plant recoveries.
(5) There is no certainty that it will be commercially viable to produce any of the resources.
(6) Prospective resources are risked for the chance of discovery and the chance of development. For prospective resources, the chance of development multiplied
by the chance of discovery is defined as the probability of a project being commercially viable. In quantifying the chance of commerciality, factors that were
assessed quantitatively to be less than one in the risking calculation included evaluation drilling, corporate commitment and timing of production and
development, along with the overall chance of discovery. The chance of commerciality is multiplied by the unrisked prospective resource volume estimate, which
yields the risked volume estimate. As many of these factors have a wide range of uncertainty and are difficult to quantify, the chance of commerciality is an
uncertain value that should be used with caution.
(7) All prospective resources are subclassified as either the prospect or lead project maturity subclass.

29
 DEFINITIONS OF OIL & GAS RESOURCES AND RESERVES
Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological,
geophysical and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty
associated with the estimates as follows:
Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the
estimated proved plus probable reserves.
Cumulative Production is the cumulative quantity of petroleum that has been recovered at a given date.
Resources encompasses all petroleum quantities that originally existed on or within the earth's crust in naturally occurring accumulations, including Discovered and Undiscovered (recoverable and unrecoverable) plus
quantities already produced. "Total resources" is equivalent to "Total Petroleum Initially-In-Place". Resources are classified in the following categories:
Total Petroleum Initially-In-Place ("TPIIP") is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given
date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered.
Discovered Petroleum Initially-In-Place ("DPIIP") is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered
petroleum initially in place includes production, reserves, and contingent resources; the remainder is unrecoverable.
Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development but which
are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include such factors as economic, legal, environmental, political and regulatory matters or a lack of
markets. It is also appropriate to classify as Contingent Resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage.
Economic Contingent Resources ("ECR") are those Contingent Resources which are currently economically recoverable.
Project Maturity Subclass Development Pending is defined as a contingent resource that has been assigned a high chance of development and the resolution of final conditions for development are being actively
pursued.
Project Maturity Subclass Development On Hold is defined as a contingent resource that has been assigned a reasonable chance of development, but there are major nontechnical contingencies to be resolved that
are usually beyond the control of the operator.
Project Maturity Subclass Development Unclarified is defined as a contingent resource that requires further appraisal to clarify the potential for development and has been assigned a lower chance of development
until contingencies can be clearly defined.
Project Maturity Subclass Development not Viable is defined as a contingent resource where no further data acquisition or evaluation is currently planned and hence there is a low chance of development.
Undiscovered Petroleum Initially-In-Place ("UPIIP") is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered
petroleum initially in place is referred to as "prospective resources" and the remainder as "unrecoverable."
Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective
resources have both an associated chance of discovery and a chance of development.
Unrecoverable is that portion of DPIIP and UPIIP quantities which is estimated, as of a given date, not to be recoverable by future development projects. A portion of these quantities may become recoverable in the
future as commercial circumstances change or technological developments occur; the remaining portion may never be recovered due to the physical/chemical constraints represented by subsurface interaction of fluids
and reservoir rocks.
Uncertainty Ranges are described by the Canadian Oil and Gas Evaluation Handbook as low, best, and high estimates for reserves and resources. The Best Estimate is considered to be the best estimate of the
quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50
percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

30
 INFORMATION ON RESERVES, RESOURCES & OPERATIONAL INFORMATION
General - All amounts in this presentation are stated in Canadian dollars unless otherwise specified. Throughout this presentation, the terms Boe (barrels of oil equivalent), Mmboe (millions of barrels of oil equivalent), and
Tcfe (trillion cubic feet of gas equivalent) are used. Such terms when used in isolation, may be misleading. In accordance with Canadian practice, production volumes and revenues are reported on a company gross basis,
before deduction of Crown and other royalties and without including any royalty interest, unless otherwise stated. Unless otherwise specified, all reserves volumes in this news release (and all information derived therefrom)
are based on "company gross reserves" using forecast prices and costs. Our oil and gas reserves statement for the year-ended December 31, 2015 includes complete disclosure of our oil and gas reserves and other oil
and gas information in accordance with NI 51-101, and is contained within our Annual Information Form which is available on our SEDAR profile at www.sedar.com. The recovery and reserve estimates contained herein are
estimates only and there is no guarantee that the estimated reserves will be recovered. In relation to the disclosure of estimates for individual properties, such estimates may not reflect the same confidence level as
estimates of reserves and future net revenue for all properties, due to the effects of aggregation. The Company's belief that it will establish additional reserves over time with conversion of probable undeveloped reserves
into proved reserves is a forward-looking statement and is based on certain assumptions and is subject to certain risks, as discussed previously under the heading "Forward-Looking Information and Statements".
Unaudited financial information - Certain financial and operating information included in this presentation for the quarter and year ended December 31, 2016 are based on estimated unaudited financial results for the
quarter and year then ended, and are subject to the same limitations as discussed previously under Forward Looking Information. These estimated amounts may change upon the completion of audited financial statements
for the year ended December 31, 2016 and changes could be material.
Oil & Gas Metrics - This presentation contains metrics commonly used in the oil and natural gas industry, such as "recycle ratio", "finding and development costs", "finding and development recycle ratio", "finding,
development and acquisition costs", "operating netbacks", reserves replacement and IRR. These terms do not have standardized meanings or standardized methods of calculation and therefore may not be comparable
to similar measures presented by other companies, and therefore should not be used to make such comparisons. Management uses oil and gas metrics for its own performance measurements and to provide shareholders
with measures to compare Crew's operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this presentation, should not be unduly
relied upon. The following oil and gas metrics have the following meanings as used in this presentation:
F&D and FD&A costs - The calculation of F&D and FD&A costs incorporates the change in FDC required to bring proved undeveloped and developed reserves into production. In all cases, the F&D or FD&A number is
calculated by dividing the identified capital expenditures by the applicable reserves additions after changes in FDC costs. Both F&D and FD&A costs take into account reserves revisions during the year on a per boe
basis. The aggregate of the costs incurred in the financial year and changes during that year in estimated FDC may not reflect total F&D costs related to reserves additions for that year. Finding and development costs
both including and excluding acquisitions and dispositions have been presented in this presentation because acquisitions and dispositions can have a significant impact on our ongoing reserves replacement costs and
excluding these amounts could result in an inaccurate portrayal of our cost structure.
Recycle ratio - defined as operating netback per boe divided by F&D or FD&A costs on a per boe basis. Operating netback is calculated as revenue (including realized hedging gains and losses) minus royalties,
operating expenses, and transportation expenses.
Reserves Replacement Ratio - calculated as total reserve additions (including acquisitions net of dispositions) divided by annual production. Crews 2016 estimated annual production averaged 22,844 boe/d.
Type Wells - The Septimus and West Septimus type wells presented in slides 9 and 13 herein reflect the average per well proved plus probable undeveloped raw gas assignments (EUR) for Crew's area of operations, as
derived from the Company's year end independent reserve evaluations prepared in accordance with the definitions and standards contained in the COGE Handbook. The type wells are based upon all Crew producing
wells in the area as well as non-Crew wells determined by the independent evaluator to be analogous for purposes of the reserve assignments. Internal Forecast curves incorporate the most recent data from actual well
results and would only be representative of the specific drilled locations . There is no guarantee that Crew will achieve the estimated or similar results derived therefrom.
Test Results and Initial Production Rates - A pressure transient analysis or well-test interpretation has not been carried out and thus certain of the test results provided herein should be considered to be preliminary until
such analysis or interpretation has been completed. Test results and initial production rates disclosed herein may not necessarily be indicative of long term performance or of ultimate recovery.
BOE equivalent - Barrel of oil equivalents or BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency
of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.
Resource estimates within this Presentation are based upon the independent resource evaluation prepared in accordance with COGE by Sproule Associates Limited effective December 31, 2014 and December 31, 2015,
as indicated.

31
 INFORMATION ON RESERVES, RESOURCES & OPERATIONAL INFORMATION
This presentation contains references to estimates of oil and gas classified as TPIIP, DPIIP, UPIIP and ECR in the Montney region in NE BC which are not, and should not be confused with, oil and gas reserves. See
"Definitions of Oil and Gas Resources and Reserves". TPIIP, DPIIP and UPIIP have been estimated in 2015 using a one percent porosity cutoff.
Projects have not been defined to develop the resources in the Evaluated Areas as at the evaluation date. Such projects, in the case of the Montney resource development, have historically been developed sequentially
over a number of drilling seasons and are subject to annual budget constraints, Crew's policy of orderly development on a staged basis, the timing of the growth of third party infrastructure, the short and long-term view of
Crew on oil and gas prices, the results of exploration and development activities of Crew and others in the area and possible infrastructure capacity constraints. As with any resource estimates, the evaluation will change
over time as new information becomes available.
Crew's belief that it will establish significant additional reserves over time with the conversion of Prospective Resource into Contingent Resource, Contingent Resource into probable reserves and probable reserves into
proved reserves is a forward looking statement and is based on certain assumptions and is subject to certain risks, as discussed below under the heading "Forward Looking Information and Statements". Reference is
made to Crew's press release dated May 5, 2016 for a discussion of the principal risks, uncertainties and contingencies associated with the recovery and development of the Resource estimates presented herein.

32
 World-Class
MONTNEY RESOURCE

18+ billion
BOE of TPIIP Resource

+20% 300,000
1P Reserves per Share Growth Net Acres in the Montney
2016 over 2015
33