Vermilion Energy Financial and Operational Overview

0% Ellerslie Frobisher/Alida Marten Hills Montney Montney Montney Eagle Ford Eagle Ford Marcellus Viking Montney Cantuar 20% Charlie Lake Montney Dunvegan Montney Upper Mannville Montney Montney Bakken Permian Bakken Montney Cold Lake ENERGY VERMILION 100% Mannville Ellerslie Condy PROJECT RANKING BY ATAX IRR 80% Frobisher/Alida SE SK Unfracked Midale SE SK Fracked Pembina ATAX IRR (%) % 60% Upper Mannville SW SK Viking Ratcliffe/Midale Cardium PRB Parkman / SE SK Bakken Turner/Shannon* 40% Midale Cardium Duvernay Austin Chalk Permian Viking Provost Permian Cold Lake Permian Shaunavon Mannville Ratcliffe/Midale Cardium Montney Sparky Eagle Ford Permian Permian Gething Woodford ■ VET ROBUST RETURNS AMONGST NORTH AMERICAN PROJECTS ■ Oil/Liquids ■Gas Shannon; Vermilion capital program targets the Turner only in the Hilight area of the Powder River Basin. ** Permian -3%; Mississippian Mid-Con -4%. Scotia Capital research, November 2019. Price assumptions: WTI US$55/bbl, HH Natural Gas US$2.50/mcf, AECO $1.85/mcf, USD/CAD 0.76. * Scotia analyzes a composite of the Parkman / Turner / VET: TSX NYSE Permian Permian Permian Montney Bakken Uinta Spirit River Bakken Permian Cardium Permian Powder River Beaverhill Lake Eagle Ford Montney Duvernay Montney Permian Utica Permian Utica Montney Marcellus Deep Basin Woodford Bakken Bakken Torquay Montney Woodford Permian SAGD Heavy Oil 26 Montney Marcellus Spirit River Duvernay Marcellus Marcellus DJ Basin Montney Eagle Ford Duvernay Woodford Haynesville SAGD - Oil Sands Spirit River DJ Basin Eagle Ford Woodford Gulf Coast Eagle Ford Permian Marcellus Permian** Mississippian** NORTH AMERICAN PROJECT RANKING

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