LNG Investment Conference 液化天然氣行業投資大會Richmond, B.C. 卑詩省列治文

Monday, April 14, 2014 /2014 年 4 月 14 日週一

forward-looking statements 前瞻性陳述

FORWARD-LOOKING INFORMATION

This presentation included forward-looking information within the meaning of applicable securities laws (also known as forward-looking statements) with respect to Petrowest, including without limitation, statements regarding its proposed acquisitions, projected costs, business operations and strategy, and financial performance and condition. These statements generally can be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, or “continue”, or the negative thereof, or similar variations. Also pro forma financial information in this presentation is forward-looking information.

Although Petrowest’s management believes that the expectations reflected in such forward-looking statements are reasonable and represent Petrowest’s internal projections, expectations and belief at this time, such statements involve known and unknown risks and uncertainties which may cause the actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements and shouldnot be read as guarantees of future performance or results. Those risks and uncertainties include, among other things, risk related to: share prices,; liquidity; credit risk and business concentration; interest rate and other debt related risk; tax risk; ability to access capital markets; competition; environmental matters; changes in legislation and indebtedness of Petrowest. Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions and information currently available, which include, management’s current expectations, estimates and assumptions about certain projects and the markets in which Petrowest operates, the global economic environment, interest rates and Petrowest’s business strategy, plans outlook, projections, targets and operating costs; however, management can give no other things, general economic and market factors, commodity prices, interest rates, business competition, changes in the government regulations or in tax laws, in addition to those factors discussed or referenced in the ”Risk Factors” section in Petrowest’s annual information form filed on SEDAR at www.sedar.com.

The forward looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this presentation are made as of January 1, 2013 and Petrowest does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as expressly required by applicable securities laws.

NON-IFRS MEASURES

There are a number of non-IFRS measures used in this presentation, including earnings before interest, taxes, depreciation, and amortization (EBITDA), EBITDA Margin, Gross Margin and Gross Margin Percentage. Petrowest believes that these non-IFRS measures are appropriate measure of the operating performance of the Company. These and other non-OFRS measures do not have any standardized meaning prescribed by IFRS. The Company’s calculation of these measure may differ from the methodology used by other issuers and, accordingly, may not be comparable to such other issues. See Petrowest’s most recently filed Management’s Discussion & Analysis of financial results on SEDAR at www.sedar.com for more information on the Company’s calculation of these non-IFRS measures.

The Company believes that these measures are appropriate measures of the Company’s operating performance because they facilitate an understanding of the Company’s operating performance without giving effect to certain non-cash expenses. None of these measures is equivalent to net income or cash generated from operating activities determined in accordance with IFRS.

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PETROWEST CORPORATION

Liard River- NWT/BC

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what weare 公司介紹

• Founded in 2006 through the consolidation of 10 established energy and infrastructure

service companies based in NorthernAlberta 通過整合 10 家亞伯達省北部的能源和基礎設施公司，於 2006 年成立。

• May 2007 – Acquired an additional 5 companies, expanding into Northeastern British

Columbia /2007 年 5 月–收購另外五家公司，擴張進入卑詩省東北部。

• Provider of pre-drilling and post-completion services to the northern region of Alberta and

northeastern region of British Columbia 為亞伯達省北部地區和卑詩省東北部地區提供鑽探前和完成後服務。

• On July 2, 2011 – Petrowest Energy Services Trust converted to Petrowest Corporation

(PRW:TSX) /2011 年 7 月 2 日 -Petrowest Energy Services Trust 轉變为 Petrowest

Corporation (PRW:TSX) 。

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Division overview 部門概述

CONSTRUCTION 建設

CIVIL 土木TRANSPORTATION 運輸

RENTAL 租賃ENVIRONMENTAL 環境

• Oilfield well site lease preparation油田油井現場準備

• Road construction道路建設

• Site Servicing現場服務

• Earth moving土方

• Reclamation projects 複墾項目

• Contract rock and gravel crushing岩石和礫石破碎

• Oilfield safety services, H2S monitoring油田安全服務， H2S 監控- Provides

reliable, quality-driven safety equipment to the oilfield industry為油田提供可靠、高品質安全設備

• Equipment transportation設備運輸

• Log loading & hauling木材裝載和托運

• Gravel hauling礫石托運

• General transportation services一般運輸服務

• Specializes in heavy equipment rentals to oil and gas companies and independent contractors為油氣公司和獨立承包方提供重型設備租賃服務

• Usedin 用於 :

- Oil and gas industry 油氣行業

- Oil sands 油砂

- Mining 開採

- Logging 錄井- Civil

construction industries 土木建設

• Onsite acceptance and handling of hazardous waste materials有害廢物材料的現場驗收和處理

• Contaminated waste disposal facility servicing the oil and gas sector有害廢物處理設施，為油氣行業提供服務

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where weare 公司介紹• Over 10 Locations in Alberta and British Columbia在亞伯達省和卑詩省有十個運營點

• Strategically and centrally located near oil sands and natural gas activity臨近油砂和天然氣開發活動的中心區域

FortNelson

FortNelson

FortSt .John

FortMcMurray

GrandePrairie

Edmonton

Worsley

Calgary

Peejay

Lloydminster

Fox Creek

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heavy equipment fleet重型設備隊伍Type 類型

As at Jan 1, 2013 截止 2013

年 1 月 1 日

New Additions 新

添加

1Rock

Trucks 岩石運輸卡車

93 38

2 Dozers 推土機

132 7

3

Excavators/Backhoes 挖掘機 / 鏟土

機

91 26

4 Graders 平路機

29 6

5 Scrapers 耙礦機

11 19

Type 類型As at Jan 1, 2013 截止

2013 年 1 月 1日

New Additions

新添加

6SkidSteers

滑移裝載機 28 1

7Highway

Trucks 公路卡車

114 20

8Wheel

Loaders 輪式裝載機

43 1

9Compactors

壓土機 19 7

10Log Loaders木材裝載機 14 1

Total Fleet: 700 (includes 126 new additions) 總數量： 700 （包括 126 輛新增車輛） New replacement value: One-quarter billion dollars 新置價值：一個季度十億加元

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opportunity: aggregate production機會：骨料生產Petrowest is the largest custom gravel crusher in Western

Canada/ Petrowest是加拿大西部最大的定制礫石破碎公司

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Company performance 公司表現

(C$’000s) Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2013

Revenue 營收 119,622 136,019 190,032 196,512 231,873

Expenses 開支 105,878 118,157 154,907 156,626 193,007

Gross Margin 毛利潤 13,744 17,862 35,125 39,886 38,866

Gross Margin % 毛利潤率 11.5% 13.1% 18.5% 20.3% 16.8%

G&A一般和行政開支 6,898 5,105 6,088 5,691 6,217

Adjusted EBITDA 調整后 EBITDA 6,846 12,757 29,037 34,195 32,649

EBITDA Margin% /EBITDA 利潤率 5.7% 9.4% 15.3% 17.4% 14.1%

Change in Adjusted EBITDA Over Previous Year/與前一年相比調整后 EBITDA 的變化 (79.3%) 86.3% 127.6% 17.8% (4.5%)

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Consolidated Financials合併財務資料

Year End 年末

Revenue EBITDA

Dec-09 Dec-10 Dec-11 Dec-12 Dec-13

119,622 136,019

190,032 196,512

231,873

Dec-09 Dec-10 Dec-11 Dec-12 Dec-13

6,846 12,757

29,037 34,195 32,649

5.7%9.4%

15.3%17.4%

14.1%

EBITDA

EBITDAMargin 毛利潤率 %

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who we are 高管介紹

• James H. Coleman – Chairman董事會主席Mr. Coleman is a Senior Partner of Norton Rose Canada LLP, Barristers and Solicitors, and former Chairman of Macleod Dixon LLP, as it was prior to joining Norton Rose Canada LLP, and was appointed Queen‘s Counsel in 2006. He has extensive experience in international law with a focus on the energy and resource sectors in addition to corporate finance, banking and securities. He is a member of the Law Society of Alberta, the Canadian Bar Association and Rocky Mountain Mineral Law Foundation. He has authored numerous legal papers on resource law and banking and has chaired various independent committees of public companies relating to corporate governance and securities matters. / Coleman 先生是 Norton Rose CanadaLLP 的一名高級合夥人， 加入 Norton Rose Canada LLP 之前曾担任 Macleod DixonLLP 的董事會主席， 2006 年被任命為“御用大律師”，在國際法方面經驗豐富，尤其是能源和資源行業、公司融資、銀行和證券，還是亞伯達省法律協會、加拿大律師協會和洛磯山礦業法基金會的會員，已經撰寫多篇有關資源法律和銀行的論文，擔任多家上市公司關於公司治理和證券事務的獨立委員會的主席。

• Richard (Rick) Quigley - Chief Executive Officer and Director首席執行官兼董事

Mr. Quigley has over 25 years of experience in the oilfield industry working in the drilling and construction industries. Mr. Quigley built Quigley Contracting from 1990 to 2007 when the company was sold to the Trust. Mr. Quigley was the general manager of the British Columbia operations of Petrowest from 2007 to October 29, 2010, when he became the President and Chief Executive Officer of Petrowest. / Quigley 有 25 年油田行業的從業經驗，從事鑽探和建築行業， 1990 年创建 QuigleyContracting 運營至 2007 年出售，2007 年至 2010 年 10 月 29 日曾担任 Petrowest 的卑詩省運營總經理，之後成為 Petrowest 的總裁兼首席執行官。

• Roy Larson - Director and Executive Vice President, Construction Division董事兼執行副總裁Mr. Larson has over 30 years experience in the oilfield construction industry. Mr. Larson is the Executive Vice President of the Construction Division of Petrowest, which Division conducts business in oilfield well site lease preparation, road construction, earth moving reclamation and commercial projects business and is operated under Petrowest Construction LP. Mr. Larson built Roy Larson Construction Ltd. From 1998 until its sale to the Trust in 2006. He has held various positions within the oil and gas industry in western Canada. / Larson 先生有 30 多年油田建設行業的經驗，現擔任 Petrowest 的執行副總裁，負責油田油井現場準備、道路建設、土方複墾和商業項目業務。 Larson 於 1998 年創立了 Roy Larson Construction Ltd. ，運營至 2006 年出售，也曾擔任加拿大西部油氣行業多個不同職位。

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who we are 高管介紹

• Jim Moffatt - Vice President of Sales & Marketing 行銷副總裁– Mr. Moffatt has over 30 years experience in the oilfield construction industry. Mr. Moffatt is the Vice President of Sales & Marketing for

Petrowest. Mr. Moffatt built Moffatt Construction from 1983 until its sale to the Corporation in 2007. He has tremendous experience in Western Canada’s oil and gas industry. / Moffatt 先生有30多年油田建設行業的經驗， 1983年創建了Moffatt Construction 並運營至2007年出售，在加拿大西部的油氣行業從業經驗非常豐富。

• Bernie Reed – Executive VP, Civil Division 土木執行副總裁

– Mr Reed has over 40 years experience in the construction and infrastructure industry. He was the founder of R Bee Crushing and operated throughout Alberta and British Columbia. He is considered one of the leaders in the aggregate industry in improving productivity and cost effectiveness. / Reed 先生有40多年建築和基礎設施行業的從業經驗，創建了R BeeCrushing ，在亞伯達省和卑詩省運營，被認為是骨料行業中提高生產率和成本效益的領導者之一。

• Lloyd Wiggins - Chief Financial Officer 首席財務官

– From October 2004 to August 2007, Chief Financial Officer of the general partner of Movie Distribution Income Fund; From January 2008 to present, Chief Financial Officer of Petrowest. /2004 年10月至2007年8月担任Movie Distribution Income Fund 的首席財務官，2008年至今擔任Petrowest 的首席財務官。

• Ian Hogg - Vice President of Business Development & Corporate Affairs 業務發展和公司事務副總裁

– From 1998 to 2001 he served as President and COO of TGS Properties (TSX) and Destinations Resorts (TSX). From September 2006 to September 2010 he acted as manager corporate affairs for PowerComm Inc. (TSX) and the subsequent PetroCorp Inc. (NEX board of the TSX Venture Exchange). He has also served as Board Chair of Poplar Point Energy from 2007 to 2011. /1998 年至2001年担任TGS Properties (TSX) 和Destinations Resorts (TSX) 的總裁兼首席運營官， 2006年9月至2010年9月担任PowerComm Inc. (TSX) 的公司事務經理，隨後担任PetroCorp Inc. 的公司事務經理， 2007年至2011年還曾担任Poplar Point Energy 的董事會主席。

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Strengths 實力 ManagementOwnership 管理層持股

• Management and related parties greater than 40% of the issued and outstanding common shares管理層和相關方擁有 40%以上的已發行股份。

Executive Experience

高管經驗豐富• The Executive Group represents exceptional operating success as they built many of

the predecessor companies執行團隊有成功的公司運營經驗，因為他們曾創建公司的前身。

Relationships 客戶關係

• The Executive Group has long term relationships with the client base執行團隊與客戶群有長期的關係。

Structure 結構

• In 2010, the company completely restructured its ExecutiveGroup /2010年公司完成了其執行團隊的重組。

• The new structure has successful operators managing all aspects of the day-to-daybusiness新的結構團隊包含負責公司日常運營業務的運營者。

Large Geographic Footprint經營區域範圍廣

• Our bases of operations in Northern Alberta and Northeastern BC enables us to meet the demands of our clients in the major energy producing areas of WesternCanada我們在亞伯達省北部和卑詩省東北部運營使得我們能夠滿足加拿大西部主要能源生產區域我們客戶的需求。

Market Leadership 市場領導者

• Petrowest has by far the largest fleet of equipment in the areas in which we operate by a factor of as much as 4 or5 /在我們運營的區域，按照四至五個指標比較， Petrowest擁有最大的設備隊伍。

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the opportunity: LNG(liquefied natural gas) –Northern BC機會– LNG （液化天然氣） - 卑詩省北部

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LNG infrastructure in British Columbia 卑詩省的 LNG 基礎設施

Source: AltaGas Power presentation, September2012

來源： : AltaGas Power 報告， 2012 年 9 月

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formal LNG proponents as of May2013 截止 2013 年 5 月正式的 LNG 支持者

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Primary – licenseapproved第一批–已經獲得許可證

1 Kitimat LNG Apache (40%)Chevron Canada (50%)

2 B.C LNG Haisla First NationLNG Partners LLC. (based out of Houston, Texas)

3 Shell Joint VentureChina National Petroleum Co. (CNPC)Korea Gas Corp.Mitsubishi Corp.TransCanada Pipeline (awarded pipeline construction contract in June 2012)

Secondary –applied第二批–已申請

4Progress Energy Canada

(acquired by Petronas)（被 Petronas 收購） Petronas – Canada/Malaysia (100%)

5CNOOC/Inpex

(formerly Nexen)（之前的 Nexen）CNOOC (Nexen) (60%)Inpex (40%)

6 PennWest/Mitsubishi/KogasPenn West Exploration (50%)Mitsubishi Corp. (45%)Korea Gas Corp. (5%)

7 Spectra Energy/BG Group(Prince Rupert)

Spectra Energy Corp. (50%)BG Group (50%)

8 ExxonMobil(Imperial Oil) Undecided but expected未決定但是預期中

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Summary of Proposed LNG Export Projects inB.C卑诗省計畫的 LNG 出口項目總結

(Chart continued on next slide…)（圖表待續）

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Summary of Proposed LNG Export Projects in B.C (continued)卑詩省計畫的 LNG 出口项目總結（續）

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Global LNG Demand全球 LNG需求

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Estimated Canadian LNG Capex加拿大 LNG 資本開支預期值

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example: one pipeline build示例：一個管道建設

Length長度 : 800kmCompressor Stations壓縮泵站 : 7Water Crossings 過水口 : 1100Manual Valves 手動閥門 :2200Access Roads: One to each watercrossing通路：一個過水口一個Truckloads of Pipe 管道的整車量 :22,000Provincial Roads Crossed 越過的省際道路 : 3Estimated earthworks budget:???預計土方預算：？？？

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impact to petrowest對 petrowest 的影響

• Multiple drilling projects over Northeastern British Columbia and Northern

Alberta require significant infrastructure build 卑詩省東北部和亞伯達省北部的多個鑽探項目都需要大量基礎設施建設。

• Building of gas plant sites, pipeline access, and right ofways天然氣廠、管道通路、道路的建設

• Kitimat LNG estimates there is 424 trillion cubic feetof natural gas, within the

Western Canadian Sedimentary Basin / Kitimat LNG預計在加拿大西部沉積盆地有 424萬億立方英尺天然氣。

• Work history and business relationships have already been established with

the major proponents that make up Canada’s LNG market. 已經與加拿大 LNG

生產主要的參與者建立了業務關係，有過業務往來。

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opportunity: Site C Dam - Fort St. John, BC機會：現場 C水壩–卑詩省聖約翰堡

$7.9 Billion- Commencing 2015 / $79 億– 2015 年開始

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Site C Dam 現場 C水壩

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typical multi-pad drillsite典型的多井鑽探現場

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Economic realities 經濟現實• Petrowest survived the recent economic realities intact, while many competitors were forced to contract or

close. The current competitive landscape shows somewhat less competition, allowing for a return to historic

profit margins / Petrowest 成功渡過了最近的經濟形勢，毫髮無損，而許多競爭對手被迫縮減規模或關閉。當前的競爭版圖顯示競爭激烈程度減弱，令利潤率回到歷史水準。

• Increased need for more efficient and more substantial oilfield and infrastructureservices對於更加高效的油田和基礎設施服務的需求增加

• Strong positioning and presence in the Horn River, Liard, and Montney gas plays in northeastern BC, leaves

Petrowest extremely well positioned to take advantage of the tremendous activity resulting from the planned

LNG export infrastructure, now underconstruction 在卑詩省東北部的 HornRiver、 Liard 和 Montney天然氣田介入程度很深，令 Petrowest 能夠很好利用計畫的 LNG 出口基礎設施帶來的巨大商機，現在這些設施正在建設。

• Petrowest has completed its second financial restructuring in the last three years. In 2013, it replaced its high

interest debt with a fifty million dollar term loan and a thirty million dollar operating line at current market

interest rates/ 過去三年內 Petrowest 已經完成了其第二次財務重組。 2013 年用採用當前利息率的 5000

萬定期貸款和 3000萬運營信貸替換了高利息率的債務。

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Analyst coverage分析師追蹤

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Questions 問題