Multi-Sector Opportunity

• 2,500+ acres in Uintah basin, Utah1 + 8,480 net acres in P.R. Springs and the Tar Sands Triangle, Utah
• Excellent existing infrastructure, 5 refineries (total 200,000 bpd capacity) within short trucking distance to Salt Lake City
• Nearby rail terminal to West Coast; possibility to repurpose 2 existing pipelines to Salt Lake City

SIGNIFICANT

CONTINGENT RESOURCE

EXPERIENCED LEADERSHIP

ATTRACTIVE ECONOMICS

PATENTED TECHNOLOGY

ESCALATING PRODUCTION

• Innovative technology underpins low facility capex, estimated at $19K-$22K per daily bbl3
• Low production costs, estimated to average $25-$30/bbl dependent upon scale of production
• Netback4 margins between $23-$28/bbl (net of transport and 8% royalty) at $70 WTI

• Production capacity of up to 500 bpd, potential for 5,000 bpd by 2023 and 10,000 bpd production by 2024
• Consistent production; no decline curve
• Scalable operations; potential to significantly increase production4 using multiple 5,000 bpd trains

• Patented & proven oil recovery technology; 10,000 bbl oil produced2 to date
• Expected to extract up to 99% hydrocarbons using no water, while reducing greenhouse gases
• Potential to unlock surface minable oil sands deposits domestically and globally; oil-wet and water-wet

• Highly qualified leadership team with significant experience in creating investment value
• Significant experience across oil sand asset life cycle
• Experience in plant construction, start-up & commissioning

Attractive, unique, growth opportunity in both the E&P and Technology sectors

(1) For a discussion of Petroteq’s contingent resource assignable to the Uintah basin, Utah, please see the oil and gas annual disclosure filing (Form 51-101F1) available on www.sedar.com filed on December 15, 2020. Please also refer to the notice on slide 2 of this presentation for information regarding contingent resources. (2) At pilot plant and Asphalt Ridge Facility (3) See slide 17 of this presentation for details on assumptions (4) See Important Notice – Non-GAAP Measure herein.