CORPORATE PRESENTATION APRIL 2014

1. CORPORATE PRESENTATIONAPRIL 2014

2. FORWARD-LOOKING STATEMENTS The presentation contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws. These statements relate to future events or the Company’s future performance and are based upon the Company’s internal assumptions and expectations. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “should”, “believe”, "intends”, “forecast”, “plans”, “guidance”, “budget” and similar expressions. More particularly and without limitation, this presentation contains forward-looking statements and information relating to petroleum and natural gas production estimates and weighting, projected crude oil and natural gas prices, future exchange rates, expectations as to royalty rates, expectations as to transportation and operating costs, expectations as to general and administrative costs and interest expense, expectations as to capital expenditures and net debt, planned capital spending, future liquidity and Delphi’s ability to fund ongoing capital requirements through operating cash flows and its credit facilities, supply and demand fundamentals for oil and gas commodities, timing and success of development and exploitation activities, cash availability for the financing of capital expenditures, access to third-party infrastructure, treatment under governmental regulatory regimes and tax laws and future environmental regulations. Furthermore, statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitable in the future. The forward-looking statements and information contained in this presentation are based on certain key expectations and assumptions made by Delphi. The following are certain material assumptions on which the forward-looking statements and information contained in this presentation are based: the stability of the global and national economic environment, the stability of and commercial acceptability of tax, royalty and regulatory regimes applicable to Delphi, exploitation and development activities being consistent with management’s expectations, production levels of Delphi being consistent with management’s expectations, the absence of significant project delays, the stability of oil and gas prices, the absence of significant fluctuations in foreign exchange rates and interest rates, the stability of costs of oil and gas development and production in Western Canada, including operating costs, the timing and size of development plans and capital expenditures, availability of third party infrastructure for transportation, processing or marketing of oil and natural gas volumes, prices and availability of oilfield services and equipment being consistent with management’s expectations, the availability of, and competition for, among other things, pipeline capacity, skilled personnel and drilling and related services and equipment, results of development and exploitation activities that are consistent with management’s expectations, weather affecting Delphi’s ability to develop and produce as expected, contracted parties providing goods and services on the agreed timeframes, Delphi’s ability to manage environmental risks and hazards and the cost of complying with environmental regulations, the accuracy of operating cost estimates, the accurate estimation of oil and gas reserves, future exploitation, development and production results and Delphi’s ability to market oil and natural gas successfully to current and new customers. Additionally, estimates as to expected average annual production rates assume that no unexpected outages occur in the infrastructure that the Company relies on to produce its wells, that existing wells continue to meet production expectations and any future wells scheduled to come on in the coming year meet timing and production expectations. Commodity prices used in the determination of forecast revenues are based upon general economic conditions, commodity supply and demand forecasts and publicly available price forecasts. The Company continually monitors its forecast assumptions to ensure the stakeholders are informed of material variances from previously communicated expectations. Financial outlook information contained in this presentation about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this presentation should not be used for purposes other than for which it is disclosed. Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent known and unknown risks and uncertainties. Delphi’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, 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 Delphi will derive therefrom. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition from others for scarce resources, the ability to access sufficient capital from internal and external sources, changes in governmental regulation of the oil and gas industry and changes in tax, royalty and environmental legislation. Additional information on these and other factors that could affect the Company’s operations or financial results are included in the Company’s most recent Annual Information Form and other reports on file with the applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Readers are cautioned that the foregoing list of factors is not exhaustive. Furthermore, the forward-looking statements contained in this presentation are made as of the date of this presentation for the purpose of providing the readers with the Company’s expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. Delphi undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.

3. Corporate snapshot Bigstone Montney delivering significant results Deep Basin focused with over 400 sections of land and ownership in strategic processing infrastructure Production Current Production (29% Oil/NGLs) 11,300 boe/d December 2013 Average (29% Oil/NGLs) 9,638 boe/d Q4 2013 Production(28% Oil/NGLs) 8,988 boe/d Reserves December 31, 2013 GLJ Proved plus Probable 61.7 mmboe December 31, 2012 GLJ Proved plus Probable 43.0 mmboe Balance Sheet Total Debt December 31, 2013 $138.3 million Current Credit Capacity (Senior and Subordinated) $190.0 million Market Capitalization $448 million Enterprise Value $598 million

4. BIGSTONE MONTNEY: “A COMPANY MAKER” • Significant Montney production growth at East Bigstone: • Montney production increased to 7,000 boe/d in Mar/14 from 700 boe/d in Mar/13 • 7 new Montney wells on-stream bringing total to 10 producers • New well performance exceeding Delphi’s expectations • Slickwater Hybrid Frac Technology combined with extended-reach horizontal drilling has been a “game changer”: • Stronger early time production performance • Lower initial production decline rates • Acceleration of production resulting in increased net present value • Increased wellhead condensate yields enhancing field netbacks per boe and cash flow growth • Mitigated operational risks with top-quartile capital efficiencies (2P FD&A of $9.43 per boe) • 70 well - five year self-funded development plan is proceeding: • Forecast CAGR of 28 percent production/share growth and 48 percent cash flow/share growth • Growth to 28,000 boe/d and $290 million cash flow in 2018

5. CREATING VALUE IN THE DEEP BASIN- Focused Asset Base TCPL Pipeline Alliance Pipeline Dawson Creek Hythe Grande Prairie Wapiti Cashflow • Concentrated land base of over 340 sections • Significant HZ drilling inventory on multiple play types • Synergistic deep basin play types • Regulatory approval for 4 wells per section per zone Cashflow Bigstone Tower Creek

6. Creating Value in the Deep Basin - Infrastructure Sexsmith Gas Plant – 210 mmcf/d Hythe Knopcik Gas Plant – 71 mmcf/d Goodfare Gas Plant – 24 mmcf/d Wapiti Deep Cut Plant – 355 mmcf/d Wapiti Shallow Cut Plant – 125 mmcf/d Wapiti Gas Plant – 457 mmcf/d Wapiti Bigstone Montney Facility Expansion to 45 mmcf/d in Q1 2014 • Ownership in infrastructure = cost advantage • Ownership in 8 gas plants with combined gross throughput capacity of 1.3 bcf/d • Operatorship of production and CAPEX programs • Solid netback OIL/NGL/GAS production mix Bigstone Bigstone Gas Plant – 85 mmcf/d Tower Creek

7. Corporate Reserves 2013 Categories December 31, 2013 Reserves • TP reserves increased 52 percent from YE 2012 • PV10 reserve value increased 79 percent • P+P reserves increased 43 percent from YE 2012 • PV10 reserve value increased 61 percent • Increased NGL’s by 61 percent to 16.8 mmboe • Montney Development • 271% growth in PDP reserves • Increase in 2P value to $242.7 million • Increased 2P Montney reserves to 33.1 mmboe • Capital Efficiencies (proved plus probable) • 2013 FD&A - $9.43 per boe • 3 year avg FD&A - $11.54 per boe • FDC of $322 million funded with cash flow • Net Asset Value • $3.41 per share • 58 percent increase from YE 2012 61,662 43,063 40,182 34,521 36,142 27,391 22,016 25,074 23,796 22,721 18,018 15,138 • 2008 – 2013 • 180% Increase in reserves • 44% Increase in reserves per share

8. Corporate Production 2013 December Production 9,638 boe/d Montney production growth starting to show • 2013 a year of transition with slickwater fracs applied to Montney resource • Montney production started May 2012 • Forecast to be over 60 percent of Corporate production by December 2014 • Corporate production up 24% Q4/13 over Q4/12 • Q1/14E forecast to be up 38% from Q4/12 10,000 – 10,500 8,870 8,276 8,241 8,086 6,808 6,345

9. Bigstone Montney: A Great Piece of Real Estate • Montney land position has grown to 125 gross sections since 2010 • Delphi one of the largest Montney landowners on map sheet • Delphi is a leader in the technical evolution of the liquids-rich play • 40 – 130 bbls/mmcf Condensate • 40 – 45 bbls/mmcf Plant C3+ • Development drilling inventory of +100 two mile HZ wells at Bigstone East/South • Bigstone West will require +100 to develop the light oil play Exxon Chevron Exxon ECA Resthaven East Bigstone ATH West Bigstone DEE Fir Exxon Exxon Exxon Conoco South Bigstone Farm-in

10. Bigstone Montney: ASSEMBLED 125 sections • East Bigstone: 65 sections • Held 4 sections of legacy Montney rights below existing DEE production • Added 12 sections of Montney rights through acquisition and farm-in in 2011/12 • Farm-in adds an additional 2.5 sections (75% WI) • Acquisition added 30 gross (89% WI) • Recent farm-in adds 10 sections (100% WI) • Recent Crown sales and acquisitions add 6 sections (100% WI) West Bigstone: 27 sections Acquired (100% WI) in 2010/11 • The Montney is a light oil / condensate rich / NGL play • Condensate yields of 40 to 100 bbls/mmcf • Shallow cut C3+ NGL yields of 40 – 45 bbls/mmcf • Deep cut extraction can yield another 40 bbls/mmcf • 45API light oil discovered at West Bigstone • More than 200 two mile HZ locations for full development South Bigstone: 33 sections Farm-in added an additional 32.5 sections (75% WI) Includes Nordegg/Montney rights, excludes all Duvernay rights

11. WEST Bigstone MonTNEY: INDustry is ACTIVE Encana Drill Liquids-rich Upper Montney being de-risked at West Bigstone Acquired (100% WI) in 2010/11 Delphi 9-4 Well Conventional Gelled Oil Frac Exxon License West Bigstone: 27 sections Acquired (100% WI) in 2010/11 Conoco Completed Conoco Completed

12. EAST Bigstone: UPPER/MIDDLE Montney East Bigstone Development/Manufacturing Mode +100 Locations East Bigstone 15 producing wells 10 DEE Producing Montney Horizontals West Bigstone Upper Montney Light Oil/Cond Development +100 Locations Fir 10 producing wells West Bigstone 1 producing well South Bigstone Lower Montney Exploration

13. EAST Bigstone Montney: DEVELOPMENT • Drilled 3 HZ wells in 2012: • Two mile HZ’s with laterals of 2,200 m to 3,000 m • Frac’d using conventional frac designs • Drilled 6 HZ wells in 2013: • HZ’s with laterals of 1,400 m to 3,000 m • Frac’d using slickwater hybrid design • Superior performance to initial 3 wells • Drilling 7-8 HZ wells in 2014 To KA Sour Plant DEE #8 15-30 DEE #1 16-30 DEE #10 13-30 ATH 2 wells DEI 3 wells DEE #6 16-23 DEE #5 10-27 DEE #7 15-24 DEE #3 14-23 DEE #9 15-21 Gelled Oil Fracs (20 well data set) DEE #4 15-10 3 DEE Wells NAL 2 wells 17 Industry wells DEE #12 Drilling 17 Industry wells DEE #11 2-1 DEE #2 5-2 CLT 10 wells TLM/DEE 85 mmcf/d Sweet Processing Facility DEE 7-11 Sour Montney Facility Expanded to 45 mmcf/d in Q1 2014

14. Bigstone Montney: Well Design “Extended Reach” HZ Drilling Two - single section HZ $14 - $15 mm cost $6.6 mm drilling credits One - 2 section HZ $9.0 - $10 mm cost $7.8 mm drilling credits Best cost to date on 2 mile HZ 35% Faster

15. Bigstone Montney: Evolution of Frac Design 150 m Slickwater Hybrid Frac System Pumping: 5 times the fluid 2+ times the sand Larger slickwater fracs generate greater stimulated rock volume 500 m

16. Bigstone Montney: Completion Optimization • Completions • Have now completed 9 Slickwater Hybrid Fracs • Significantly greater stimulated rock volume • Pumped 5X fluid and 2X sand • Water handling in place • Lower per frac costs than oil fracs • Continue optimize frac design/spacing 100,000 bbl water cell Heater Pumps Slickwater Hybrid Fracs Gelled Oil Fracs 20 Stages 20 Stages 30 Stages • Driving costs down: • Central water handling • Switch from propane to nat gas Transfer line from water cell to wellsite for frac

17. Bigstone MONTNEY: Infrastructure Overview • Delphi owns significant existing infrastructure in the Bigstone area • Sour processing capacity readily accessible • Pursuing plans to optimize netbacks and project economics

18. BIGSTONE MONTNEY: 2014 DRILLING PROGRAM Area of 5 year / 70 well Development plan 10 8 15 1 9 East Bigstone 7 6 3 13 5 4 Drilling 12 16 2 11 14 DEE 11-17 Whipstock • 2014 drilling plans include: • 7 – 8 HZ wells at East Bigstone • 3 wells drilled in first half • 4 – 5 wells drilled in second half • 2015 plans include drilling 8 HZ wells On prod Q3/14 2014 Drilling Program 2013 Slickwater Fracs 2012 Conventional Oil Fracs

19. Bigstone Montney: WELL PERFORMANCE COMPARISON • Drivers of Well Production Performance • Slickwater fracs generating greater simulated rock volume versus conventional gelled oil fracs • Lower initial decline rate with higher production rates at payout • Increased wellhead condensate yield • Extended-reach horizontal laterals optimize capital efficiency and increase productivity • New wells 3X better: • At Payout: • 500-700 boe/d • Significant free cash flow

20. Production Performance Exceeding Expectations #4 #5 #6 #7 #8 #9 #10 • Variability in initial rates: • Flow primarily from fractures • Initial clean-up efficiency • 30 -40% frac fluid recovery in first 60 days

21. Production Performance Exceeding Expectations #4 #5 #6 #7 #8 #9 #10 Stabilized wellhead condensate yield

22. Production Performance Exceeding Expectations #4 #5 #6 #7 #8 #9 #10

23. Production Performance Exceeding Expectations #4 #5 #6 #7 #8 #9 #10 Price Assumptions: Gas $3.23/GJ Propane $37.88/bbl Butane $72.67/bbl Condensate $99.66/bbl New wells generating up to 3 times more revenue: Higher condensate yields Lower decline profiles Faster payouts Greater NPV’s and ROR

24. Bigstone Montney: Economic Model • Gross Overriding Royalty (GOR) Funding • Earns GOR on well which is extinguished upon earning internal rate of return • 2013 - $12 million contribution from Financial Partner • 5 wells - $2.0 to 2.5 million per well • 2014 - $17.5 million from GOR Purchaser • 7 wells - $2.5 million per well • Enhances DEE’s well economics • Capex down 23 to 27 percent • ROR increases 25 to 30 percent • Payout drops 15 percent • NPV decreases 2 to 3 percent

25. 5 YEAR OUTLOOK: 70 WELL MONTNEY PROGRAM 10 Producers 90 Locations • East Bigstone development inventory: • +100 well inventory of extended-reach HZ locations • Less than 50 percent of total Bigstone land position

26. 5 YEAR OUTLOOK: FUNDING THE GROWTH ($ millions) 2014 to 2018 Forecast Cumulative Cash Flow: $796 million Cumulative Capital: $769 million Near term source of funding: cash flow, credit capacity, JV partnership Development becomes self funded with cash flow in 2015

27. 5 Year Outlook: Production Volumes 28,000 boe/d in 2018 Boe/d Boe/d per million shares

28. Cash Generating Capability: Netbacks Moving Higher Gross Field Revenue (excluding hedging) $/BOE Cash Netbacks continuinghigher in 2014 • Montney production growth: • Montney netback almost 2 times greater than 2013 Corporate average • Lower costs in 2014 from Montney • Improved gas prices in 2014 over 2013 • Hedge position in 2014 Fourth Quarter 2013 61% 46% 45% 72% 46% 39% 55% 54% 54% 28% Montney Contribution ($ millions) Fourth Quarter 2013

29. Hedging Program: Protecting Cash Flow Natural Gas201420152016 Volume (mmcf/d) 25.2 12.38.5 % Hedged * 6331 21 Fixed Price ($/mcf) 3.70 3.59 3.62 Crude OilJan – Jul 2014 Volume (bbls/d) 357 % Hedged * 24 Floor Price (WTI Cdn $/bbl) 96.25 Ceiling Price (WTI Cdn $/bbl) 99.75 * based on natural gas production of 40.0 mmcf/d and liquids (oil, cond and C5+) production of 1,500 bbls/d

30. 5 Year Outlook: Cash Flow Growth Funds from Operations ($ millions) Funds from Operations per share Price Assumptions (March 2014) 20142015201620172018 AECO ($/mcf) $4.00 $3.70 $3.70 $3.70 $3.70 WTI (US $/bbl) $95.50 $95.00 $95.00 $95.00 $95.00

31. 5 Year Outlook: Financial Flexibility ($ millions) (Net Debt/FFO) Target Net Debt/FFO – 1.5X Net Debt/FFO Target of 1.5 times achieved in 2015 Debt capacity assumes $16,000 per flowing boe

32. Market Guidance 32

33. Delphi Summary • Current inventory of scalable development opportunities: • Montney land base has grown to 125 sections • Application of slickwater frac technology is successful • Gas rates / NGL yields / costs • Field operations benefiting from continuous operations • Drives well costs down • Maximize production rates and reserve recoveries • Cash generating capability increasing with Montney growth • Montney field netback of +$28/boe at $3.50/mcf • Montney C3+ NGL Yields 80-175 bbls/mmcf (ave 65% C5+) • Montney program will accelerate through 2014 and 2015 with: • Robust economics and shortened payouts • Significantunbooked value at Bigstone Montney • Potential to add a second rig in 2015, accelerating the 5 year plan

34. appendix

35. Board of Directors Harry Campbell - Burnet Duckworth & Palmer Robert Lehodey - Osler, Hoskin & Harcourt Andrew Osis - Independent Businessman David Reid - Delphi Energy Corp. Lamont Tolley - Independent Businessman Tony Angelidis - Delphi Energy Corp. Stephen Mulherin - Polar Capital Corporation David Sandmeyer - Independent Businessman 35

36. 300, 500 – 4th Avenue S.W.Calgary, Alberta T2P 2V6Telephone: (403) 265‑6171Facsimile: (403) 265‑6207Email: info@delphienergy.caWebsite: www.delphienergy.ca