CORPORATE PRESENTATION

1
CORPORATE PRESENTATION

• November 2009

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COMPANY OVERVIEW

• IPO June 2008 at 6,000 boe/d
• Production growth achieved 100 by drilling
• Averaged 7,552 boe/d in Q3 09 and 6,586 boe/d in
  2008
• Base production is stable, liquids rich gas
  without water
• Focused assets in West Central Alberta
• Resource exploitation in 2010 using horizontal
  drilling
• Efficient low cost explorer and producer
• Top decile operating costs, F D costs, and
  recycle ratios
• Balance sheet strength for growth opportunities

3
MARKET POSITION

• IPO on TSX in June 2008 NGL
• Basic shares outstanding (Nov/09) 46.8 mm
• Fully diluted shares outstanding (Nov/09) 51.3
  mm
• Market Cap _at_ 6.20/share (Nov. 9) 318 mm
• Percent owned by insiders (diluted) 24

4
CORPORATE GOALS STRATEGIES

• Achieve quality producing base of gt10,000 boe/d
  within 2 years
• Maintain low cost, focused operations at high
  working interests
• Target project recycle ratio of 2.0 or greater
• Limit debt to maintain financial flexibility
• Horizontal drilling to increase recovery factors
• Exploration prospects to accelerate value
• Acquire to fit corporate structure

5
EXPLORATION AND OPERATING REVIEW
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CORE AREAS WEST CENTRAL ALBERTA

• HARMATTAN and FERRIER current producing areas
• LONE PINE to commence production Q1 2010
• Angle operates in all areas at high WI
• Corporate undeveloped land November 2009
  100,000 net acres
• Light oil gas reservoirs 2,300-2,800 meters
• Multi-zone 5-6 primary targets
• Drilling inventory of 5 years 150 locations,
  80 horizontal
• Average total capex/well 2.3 MM (vertical)
  3.5 MM (horizontal)
  

PEMBINA
FERRIER 2,600 boe/d
DEANNE
GARRINGTON
HARMATTAN 5,000 boe/d
LONE PINE
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Deep Basin area prolific fairway

• Angle is situated in the Deep Basin area no
  produced formation water
• Ideal horizontal target depths (2200 2400m)
• Industry operators have de-risked zones in the
  area, by reducing D,CC costs for horizontal
  wells with multi-stage fracture completions
• Angle will apply best practices in technology
  and combine with our low-cost operations to
  exploit known resource base

PEMBINA
Cardium
BONTERRA, NEXSTAR
GILBY
Glauconite, Pekisko
BONAVISTA, NAL
GARRINGTON
Cardium
NAL
CROSSFIELD
Wabamun, Elkton
BREAKER, PENGROWTH
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HARMATTANExploration to Development Success

• Initial development in 2005 on Exxon Mobil
  farm-in
• Producing zones Elkton, Mannville, Viking
• Average WI 95
• Production 5,000 boe/d
• Producing wells 42
• Land 57,663 net acres
• Reserves 10,416 mboe 2P Dec 08
• Gas plants AltaGas and Pengrowth
• Inventoried locations at current gas strip 70
• Development scaled to commodity prices
• Horizontal drilling potential in Viking, Cardium,
  Mannville, and Elkton

6 Miles
9
HARMATTAN MANNVILLE BProduction Performance
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CARBONATE PLAYS Large OGIP in Harmattan and Lone
Pine Creek
Lone Pine Creek Wabamun Modern Analog
Lone Pine Creek Devonian Wabamun - Q3/Q4 2009
Angle exploration success
Photo Credit Google Earth
Angle Harmattan Elkton Pool discovered 2006
produced gt13 BCF to date
Hypersaline beach - Shark Bay, Australia
Harmattan Elkton Modern Analog
Photo Credit http//creative commons.org/licenses
/by-nd/3.0/
Carbonate deposits - Nullarbor, Australia modern
analog
Note Not all lands shown
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HARMATTAN ELKTONProduction Performance
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LONE PINE CREEKNew Core Area - Gas Resource Play

• Extension of Lone Pine Creek Wabamun gas pool gt
  500 BCF
• Land 100 WI, 50 sections, EMC (Exxon)
  freehold and Crown
• Sour drill up to 8 H2S competing gas plants
  in area
• Community safety paramount to Angle
• D,CC 1.8 MM vertical, 2.5 MM horizontal
• Initial vertical well at 7-9 successful high
  pressure, 12 m thick reservoir at 6 porosity,
  low permeability
• Second well drilled horizontally in Q4 2009 at
  13-7, tested at 2.8 MMcf/d sweet gas
• 12 horizontal wells planned in 2010
• Up to 12 BCF/section OGIP

Angle Hz 13-7 gas well
Angle 7-9 gas well
LEGEND
6 Miles
Angle 100 land
Farm-in land
Producers
Development locations
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LONE PINE CREEK Type Well Summary
Note Assumed 70 oil
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FERRIERHigh Impact Development

• Initial entry in 2006 on Devon Canada farm-in
• Average WI 79
• Production 2,600 boe/d
• Producing wells 26
• Producing Zones Ellerslie, Glauc, Ostracod,
  Cardium
• Land 15,360 net acres
• Facilities working interest in 3 compression
  facilities, gas plant is Keyera
• Reserves 5,450 mboe 2P, Dec 08
• Inventoried locations at current gas/oil strip
  25
• Eligible for three Alberta Crown incentives
  Deep Well, Meterage, and 5 Royalty estimated
  recovery of 1.2 mm/well
• Horizontal targets in Ellerslie/Ostracod and
  Cardium

Angle 100 land
Producers
Locations
Angle WI facility
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FERRIER ELLERSLIE WELLSProduction Performance
13-1-38-7W5 WI 100
13-12-38-7W5 WI 37.5
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FERRIER CARDIUM OILHigh Impact Resource Play

• Angle position in play 14,500 net acres with
  Cardium rights
• 40 API oil no water
• IP 3 month average per well 200 250 boe/d
• Reserves 150 250 mboe/well
• 1000 meter horizontal leg completed with multi
  stage fractures
• Minimum of 12 locations
• Initial well to be drilled Q4 2009
• Drill, complete equip 3.2 MM
• Alberta royalty incentives apply

Angle Land Cardium Rights
Cardium Production
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INCREASING RESERVES IN 2010Horizontal Drilling
Plans

• Harmattan
• Mannville increase drainage efficiencies and
  recoveries in gas condensate reservoirs average
  drainage area (2P reserves) per vertical well is
  less than 200 acres recovering 1.2 BCF/well.
  OGIP is 3-6 BCF/section.
• Elkton improve recovery factor by drilling in
  areas not being drained by vertical wells
  producing from dolomitized (high permeability)
  reservoir current pool RF less than 50 of
  OGIP. OGIP is 10-30 BCF/section.
• Lone Pine Creek
• Crossfield Wabamun potential for high recovery
  factors in thick (10-15 m) pay zones. OGIP is 6
  to 12 BCF/section. Successful horizontal with
  stable rate of 2.8 MMcf/d drilled in Q4 2009.
• Ferrier
• Cardium OOIP up to 4 MMbbls/section, good
  industry results in recent analogous drilling.
  High pressures at edge of existing prolific
  pools.
• Ellerslie/Ostracod cretaceous sand package
  present in fairway, low permeability - shows 3-7
  m pay in thick gross sections with 6-12 BCF
  OGIP/section.
• Central Alberta/Deep Basin
• Pursue land purchases or farm-ins where teams
  collective W5/Deep Basin vertical drilling
  experience shows horizontal drilling
  opportunities.

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ANGLE PROSPECT INVENTORY

• Area Prospect Locations IP (boepd)
  Reserves/sec
• Harmattan Mannville sands 30-40
  250-300 6 Bcf OGIP
• Harmattan Viking 10-20 125
  2-3 Bcf OGIP
• Harmattan Elkton 3-4 600
  8 Bcf OGIP
• Harmattan Cardium (oil) 8-15
  150 4 MMbbl OOIP
• Ferrier Lwr Mannville 12
  500 5-10 Bcf OGIP
• Ferrier Cardium (oil) 12-15
  175 4 MMbbl OOIP
• Lone Pine Ck Crossfield Mbr 30-40
  350 6-12 Bcf OGIP
• Crossfield Lwr Mann 2
  200 3 Bcf OGIP
• Pekisko 2
  150 6 Bcf OGIP

HZ targets
TOTAL 109 150
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DRILLING INVENTORY 5 Years 150 Locations 80
Horizontal
CURRENT PRICE WINDOW 120 LOCATIONS
LOCATIONS
AECO C/GJ
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PERFORMANCE and FINANCIAL GUIDANCE
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PERFORMANCE HIGHLIGHTS Production Milestones
(boe/d)
Ferrier compression projects fully online
Ferrier acquisition volumes pipelined in,
development drilling deferred due to low gas
price
Tie-in high- impact Ferrier production
Avg 2009 7,500-7,600 boe/d
EXIT 2008 7,600 boe/d
Commence Ferrier production from 5 wells
December 2007
Carstairs plant turnaround
New Harmattan Elkton pool discovery placed on
production
Ellerslie production from 4 wells in Harmattan
EXIT 2007 4,800 boe/d
EXIT 2006 3,500 boe/d
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PERFORMANCE HIGHLIGHTS Reserve Growth

• Yearly reserve growth average 76 on proved
  reserves
• Proved producing Reserves represent 59 of total
  PP reserves and 81 of total proved reserves in
  2008
• Reserves are conservative in 2008 only 4.1 of
  proved reserves and 18.5 of probable reserves
  booked are undeveloped
• Expansion of bookings on existing pools expected
  in 2009 due to production history and horizontal
  opportunities

Reserves for 2008 pro forma Ferrier asset
acquisition
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CAPITAL EFFICIENCIES
Q2 2009 Operating Costs (/boe)
2P FD Costs (/boe, 3 year average)
Q2 peer average 9.05 per boe (1.51/mcfe)
Peer average 17.95 per boe (2.99/mcfe)
16.00
35.00

• Angle is a low cost operator
• at 4.56 per boe (0.76/mcfe)

• FD 14.20/boe Proved (2.37/mcfe) 11.42/boe
  Proved Probable (1.90/mcfe)

14.00
30.00
12.00
25.00
10.00
20.00
8.00
Q2 Operating Costs (/boe)
PP FD, inc. FDC
15.00
6.00
10.00
4.00
Q2 Operating Costs (/boe)
5.00
2.00
0.00
0.00
Angle
Prospex
Open
Storm
Vero
Anderson
Celtic
Orleans
Delphi
Storm
Angle
Vero
Anderson
Orleans
Celtic
Open
Delphi
Prospex
Range
Range
3 year 2P FD average (2006-2008)
Net Debt per Producing Barrel
Recycle Ratio (3 year average)
Peer average 1.6x
3.00x
18,000

• Angle Ratios 1.7 Proved 2.2 Proved Probable

16,000
2.50x
14,000
12,000
2.00x
10,000
Net Debt/Producing Barrel (/boe)
1.50x
Recycle Ratio (PP FD, inc. FDC)
8,000
6,000
1.00x
4,000
0.50x
2,000
0
0.00x
Angle
Prospex
Celtic
Anderson
Storm
Orleans
Vero
Open
Delphi
Prospex
Delphi
Orleans
Anderson
Open
Celtic
Vero
Angle
Storm
Range
Range
Based on 3 year average FD costs (2006-2008)
and Q4 operating netback
Based on Q2 2009 net debt and Q2 2009 production.
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2009 GUIDANCE

• Forecast average 2009 production 7,500-7,600
  boe/d
• Estimated 2009 cash flow 37-39mm
• Q4 forecast prices 4.25/mcf AECO and 80/bbl
  Edm light
• Forecast 2009 capex 65-67mm
• Including drilling credit capture of 2.9 mm
• Estimated net debt at lt10 mm
• December 31, 2009
• Syndicated bank facility established April 2009
  80mm
• 2009 drilling program 16 wells

Includes 22.5 mm on H1 2009 acquisition capex
is flexible on commodity pricing
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SUMMARY - INVEST IN ANGLE

• Successful track record of exploiting Deep Basin
  style W5 natural gas and NGLs emerging areas
  for horizontal drilling applications and enhanced
  recovery factors
• Critical mass achieved to reach next level
• Efficient low cost explorer and producer
• Top decile operating costs, F D costs, and
  recycle ratios
• Balance sheet strength to acquire quality assets
• Exposure to oil price upside linkage to
  condensate pricing and high NGL content in gas
• Production is controlled, operated and easily
  understood
• Capital program is flexible and designed to
  capture Alberta Crown incentives

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APPENDIX
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2009 QUARTERLY FINANCIAL HIGHLIGHTS
28
YEARLY FINANCIAL HIGHLIGHTS
29
MANAGEMENT
30
DIRECTORS
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ANALYST COVERAGE
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DISCLAIMER

• Certain information set forth in this
  presentation contains forward-looking statements.
  By their nature, forward-looking statements are
  subject to numerous risks uncertainties, some
  of which are beyond Angle Energy Inc.s control,
  including the impact of general economic
  conditions, industry conditions, volatility of
  commodity prices, currency fluctuations,
  imprecision of reserves estimates, environmental
  risks, competition from other industry
  participants, the lack of availability of
  qualified personnel or management, stock market
  volatility ability to access sufficient capital
  from internal external sources. Readers are
  cautioned that the assumptions used in the
  preparation of such information, although
  considered reasonable at the time of preparation,
  may prove to be imprecise, as such, undue
  reliance should not be placed on forward-looking
  statements. Angle's actual results, performance
  or achievement could differ materially from those
  expressed in, or implied by, these
  forward-looking statements, accordingly, no
  assurance can be given that any of the events
  anticipated by the forward-looking statements
  will transpire or occur, or if any of them do so,
  what benefits that Angle will derive there from.
  Angle disclaims any intention or obligation to
  update or revise any forward-looking statements,
  whether as a result of new information, future
  events or otherwise. This presentation uses "cash
  flow" and "cash flow per share," which should not
  be considered an alternative to or more
  meaningful than net earnings or cash flow from
  operating activities as determined in accordance
  with Canadian generally accepted accounting
  principles ("GAAP") as an indicator of the
  Companys performance. These terms do not have
  any standardized meaning as prescribed by GAAP.
  Angle's determination of funds from operations
  and funds from operations per share may not be
  comparable to that reported by other companies.
  Management uses cash flow to analyze operating
  performance and leverage, and considers cash
  flows to be a key measure as it demonstrates the
  Companys ability to generate cash necessary to
  fund future capital investments and to repay debt.

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For Information Contact
Gregg Fischbuch CEO
Stuart Symon VP Finance CFO
Heather Christie-Burns President COO
www.angleenergy.com