Corporate Presentation
July 2017
www.condorpetroleum.comwww.condorpetroleum.com
July 2017
TSX:CPI1
Condor Executive Summary
 A well-capitalized TSX-listed company
with a strategically positioned and
diverse asset base
Ortakoy Licences in Turkey’s Thrace Basin
 100% interests in licences in Turkey & Kazakhstan
 Sustainable cashflow and production
growth in 2017
 Commercial production of 500 bopd in Kazakhstan
 Developing Poyraz Ridge gas field in Turkey
 Onshore, high netback gas reserves
 Material cash flow in Q3 2017 from initial
10 MMscf/d production rate
Zharkamys West 1 in Kazakhstan’s Pre-Caspian Basin
 10.3 MMboe of 3P Reserves*
 Completion and testing ongoing for recent four well
appraisal & development drilling program
 $15 MM Working Capital#
* As of December 31, 2016 --- See Reserves Advisory
# Estimated as at May 31, 2017
July 2017
www.condorpetroleum.com
2
Condor Snapshot
Capital Markets
TSX Symbol
Near Term Focus
CPI
 Initiate Poyraz Ridge gas production
and cash flows

Common Shares
Market Capitalization+
43.3 million
$43 million
($1.00 per share)
Begin commissioning gas processing facilities
in July 2017
 Mature Ortakoy licenses leads to
drill-ready state
 Acquire 3D seismic on area surrounding
Poyraz Ridge
Working Capital#
Borrowings
Reserve Volumes*
(MMboe)
$15 million
US$10 million
1P = 3.7
2P = 6.9
3P = 10.3
 Maintain Kazakhstan oil production
and cash flows

Currently producing 500 bopd

Q1 sales netbacks $29.72 per barrel
 Extend Zharkamys exploration
license term

Court proceedings continue
+ All amounts in this presentation are in Canadian dollars unless otherwise stated
# Estimated at May 31, 2017
* As of December 31, 2016 --- See Reserves Advisory
July 2017
www.condorpetroleum.com
3
Northwest Turkey: Ortakoy Licenses
 Ortakoy licenses cover 110
northwest Turkey
km2
in
Turkey is one of Europe’s Hubs for Natural Gas Supply
 2 production licenses with 100% working interest
 Extensive seismic coverage
 472 km of 2D lines in the region
 16 km2 3D over Poyraz Ridge Field
 Gas discovered on 5 of 7 structures
drilled to-date
 23.2 BCF of 2P reserves* discovered at Poyraz
Ridge with commercial development underway
 Existing gas pipeline runs through the
Ortakoy licenses
Extensive Prospect and Lead Inventory
ITGI 36” Pipeline
 36” ITGI (Interconnect Turkey-Greece-Italy)
 6” tie-in connecting pipeline is under construction
 High netback natural gas due to strong
regional demand and pricing
* As of December 31, 2016 --- See Reserves Advisory
July 2017
www.condorpetroleum.com
4
Poyraz Ridge: Play Opening Discovery
 Field Appraisal and development in
a proven gas-prone hydrocarbon
system
Multiple Stacked Pay Zones
 Conventional thrust-fold play concept in the
early stages of value creation
 Multiple stacked-pay productive
intervals at shallow depths
 93% methane gas with no CO2 or
H2S
 Inexpensive wells
 $1.8 MM drill and complete cost
 Near field exploration potential with
similar looking structures
July 2017
www.condorpetroleum.com
5
Poyraz Ridge Development Status
Completing Central Processing Facility (CPF)
 On track to begin production in Q3 2017

Targeting initial rate of 10 MMscf/day
 CPF construction is nearing completion

All major components tied in

Control instrumentation is being wired

Infield gathering lines installed and hydro-tested

Gas sales meter is complete

Facility commissioning commencing in July
 6” sales gas pipeline is under
construction
Gas Sales Pipeline Construction

16 km line tying into the 36” ITGI pipeline

Surface right-of-way access rights continuing in
parallel with pipeline construction
 Gas sales agreement has been executed
July 2017
www.condorpetroleum.com
6
Poyraz Ridge Subsurface Development
Poyraz Ridge Wells
 Pool distribution
 6 gas reservoirs
 2 new reservoirs discovered during recent
drilling campaign
 9 gas pools are mapped based on seismic,
well and test data across the entire field
 Encountered paraffin (wax) in some
of the intervals, plugging the tubing
 Chemically treating with downhole injection
 Recently drilled the first Poyraz Ridge
horizontal well
PW 1
P2
 Lateral section is positioned in the Upper
Gazhanedere sandstone
 No paraffin on prior tests of this interval
PW 4H Wellpath
Top of Gaz A
 Inherently lower drawdown pressure of
horizontal wells further mitigates possible wax
production
 PW 4H is expected to have much higher
deliverability than prior vertical wells
July 2017
Sogucak
Limestone
www.condorpetroleum.com
7
Yakamoz 1 Confirms Petroleum System
Yak 1
Kor 1
Poyraz Field
 Recent Yakamoz 1 well validates
petroleum system within Ortakoy Licenses
 Significant gas shows encountered while drilling
 Confirmed basement thrust and detachment faults
can be mapped below over-thrust
 Structure remains prospective
 Plays similar to Poyraz Ridge are mapped
on trend
 Gazhanedere Sandstone: structural play
 Sogucak Limestone: structural play
 Further exploration and appraisal activity
planned on Licenses
Several Leads Are Being Matured
 3D seismic to assess leads on-trend with Poyraz
Ridge and to further test the Yakamoz structure
 Exploration and appraisal drilling resumes in 2018
 Operational and economic efficiencies
given proximity to Poyraz Ridge CPF
July 2017
www.condorpetroleum.com
8
Kazakhstan: Zharkamys West 1
Pre-Caspian Basin
 Located in the Pre-Caspian Basin
 46 Billion boe discovered*
 Super-giant fields in Pre-Caspian Basin include*
 Kashagan:13 B bbls; Tengiz: 9 B bbls; Zhanazhol: 1 B bbls
 Pursuing multiple proven geologic play-types
 Seven play-types already identified from 650 to 7000 meters
 3777 km2 block (933,000 acres)
 100% working interest
 Exploration period expired in December 2016
Zharkamys West 1 and Surrounding Fields
 Court proceedings underway in an attempt to extend the
license duration
 3 oil discoveries so far
 KN-E, Shoba, Taskuduk
 Extensive seismic data set acquired
 2532 km2 3D has successfully imaged Pre-Salt and Intra-Salt
(Primary Basin) targets
* Readers are cautioned that regional oil and gas resource and reserve volumes are
sourced from industry and company websites and may not be NI 51-101 compliant
July 2017
www.condorpetroleum.com
9
Phased Strategy in Kazakhstan
Modern 3D Seismic Images Multiple Exploration Plays
 Phase 1: Discovered shallow oil fields
 Drilled shallow, inexpensive wells to calibrate
seismic and initiate export sales
 Shoba, Taskuduk in commercial production
Phase 1
650 – 2000 m
 Acquired extensive 3D seismic
Cretaceous
Post-Canopy
Jurassic
Lower Permian
Kungurian Salt
Horn
L. – Mid Triassic
seal and reservoir at ZW1 with KN-E discovery
 Both Primary Basin targets drilled have
encountered over-pressured hydrocarbons
 Phase 3: Leverage into highest
impact, Pre-Salt prospects
 Apply Primary Basin geological and operational
Phase 2
2000 – 5000 m
 Confirmed hydrocarbon source, migration, trap
learnings
July 2017
Sub-Canopy
Primary Basin
Upper Permian
Phase 3
5000 – 7000 m
 Phase 2: Pursuing Break-out IntraSalt (‘Primary Basin’) play
Salt Flank
Pre-Salt
Lower Permian
Carboniferous
Mid Devonian
www.condorpetroleum.com
10
Monetizing Shallow Oil Discoveries
Shoba Gauging Station
 Commercial production is continuing at
Shoba and Taskuduk
 340 – 410 API oil at reservoir depths of 750 to
1100 meters
 Q1 sales netbacks of $29.72 per barrel
 Shoba horizontal wells are performing as
predicted
 Currently producing 400 – 500 bopd
 Wells are producing with low water cuts and minimal
amounts of gas
 First shallow horizontal wells drilled in the Pre-
Caspian basin
Shoba Horizontal vs Vertical Well Performance
Sh-10 and Sh-11
Horizontal Wells
 First wells in Kazakhstan to utilize inflow control
devices to minimize coning
 Additional horizontal wells are planned in
2017 - 2018
Vertical Wells
 Estimating $1.8 MM per well to drill and complete
July 2017
www.condorpetroleum.com
11
Building on Primary Basin Results
 2 Primary Basin targets drilled at ZW1
KN-501
 Both encountered over-pressured hydrocarbons
API light oil at the KN-E wells
 Numerous gas shows at KN-501
 Both wells confirmed hydrocarbon source,
KN-E Wells
8 km
2810 m
Salt Section

410
Recently Drilled Primary Basin Wells
Kiyaktysai
Salt Dome
migration, trap and seal are working
1600 m
1876m
 Calibrated 3D seismic to the geological age of
Primary Basin sediments
 Sediments that are a certain geological age are
key to Primary Basin commercial success
3992 m
 Confirmed geologic model accuracy and ability to
predict sedimentary packages
 KN-501 target was fully encapsulated
in salt before younger, coarser-grained
sediments were deposited
The KN-501 was drilled to 3,992 meters for
$7.7 MM, penetrating a massive 2,810
meter salt section without incident
 KN-501’s older, fine-grained Ufimian sediments
were not of sufficient size to generate reservoir
quality rock
 Subsequent wells are targeting younger, coarser-
grained sediments, like the Kazanian sediments
drilled at KN-E
July 2017
www.condorpetroleum.com
12
Refining the Primary Basin Portfolio
Korumbet NW Prospect
 Drill-ready Korumbet NW prospect
 3850 meter well with estimated $6.5 MM drill cost
Mini- Basin
 Targeting a thicker Kazanian sedimentary package
similar KN-E-201, where oil was discovered
 Thicker packages increase probability of
encountering coarser grained sediments
KN-E-201
Base
Canopy
Salt
Oil discovered
in Sandstone
Reservoirs
Salt
Target Zone:
Age equivalent to KNE Discovery
Korumbet NW
Prospect
Thick
Kazanian
Section
KN-501
Kazanian
Primary Basin
Thin
Kazanian
Section
Pre-Salt
Ufimian
Stratigraphic Thickness
July 2017
2625 m
3842 m
3715 m
www.condorpetroleum.com
13
Leveraging Pre-Salt Upside Potential
 Proven Pre-Salt plays in Pre-Caspian Basin
are evident at ZW1
Eb-401: 3D seismic indicates favorable 4-way trap
and reservoir development
 Regional analysis demonstrates continuity of plays
across block
 Pre-Salt is the oil source for shallower post salt and
Primary Basin discoveries
 Condor’s velocity model is accurately
predicting sedimentary interfaces,
indicating Pre-Salt structures exist as
mapped
Post-Salt
Mini
Basin
5000 m
Salt Section
 Numerous recent discoveries
Ebeity Salt
Dome
Post-Salt
Mini
Basin
 Model validated by recently drilled Primary Basin wells
 KN-501 results support drilling costs
ranging from $21 MM to $25 MM for a
6500 meter well
 Earlier estimates were much higher due to perceived
Pre-Salt Target
5700 – 6500 m
Pre-Salt
Basement
issues with drilling massive salt sections
July 2017
www.condorpetroleum.com
14
Near Term Focus and Catalysts
Final Stages of Construction of Poyraz Ridge Facilities
 Poyraz Ridge gas production of
10 MMscf/d by Q3 2017
 Production facility construction is nearing
completion
 Wells are being tied in to the facility
 16 km gas sales pipeline construction is
underway
 Mature leads surrounding Poyraz
Ridge to drill-ready state
 Acquire 3D seismic on area surrounding
Poyraz Ridge
 Maintain Kazakhstan oil
production
 Q1 sales netback $29.72 per barrel
 Extend the term of the
Zharkamys exploration license
* See Reserves Advisory
July 2017
www.condorpetroleum.com
15
Appendix – Additional
Information
November 2010
www.condorpetroleum.com
Reserve Volumes
Gross Company reserves as of December 31, 2016 – See Reserves
Advisory
Kazakhstan
Total
Oil
Mbbls
Gas
MMCF
Gas
Mboe
Proved
1,569
12,534
2,089
3,658
Probable
1,433
10,646
1,774
3,207
Proved plus Probable
3,003
23,180
3,863
6,865
Possible
1,380
12,256
2,043
3,423
Proved plus Probable plus
Possible
4,383
35,436
5,906
10,288
(in Mboe)
July 2017
Turkey*
www.condorpetroleum.com
Mboe
17
Reserve Values
Gross Company reserves as of December 31, 2016 – See Reserves Advisory
Total Volume
(Mboe)
NPV10 After Tax
(US$MM)
NPV10 After Tax
(CA$MM)#
Proved
3,658
27.7
36.0
Probable
3,207
35.3
45.9
Proved plus Probable
6,865
63.0
81.9
Possible
3,423
40.8
53.0
10,288
103.8
134.9
Proved plus Probable plus Possible
#
Using an exchange rate of 1.30 CAD/US$
July 2017
www.condorpetroleum.com
18
Turkish Regional Considerations
Ortakoy Licenses are Located in Northwest Turkey
 Strategic geographic location
 Turkey controls the Bosphorus shipping
channels between the Mediterranean and
Black Seas
 Major energy transit hub at the intersection
of Europe, Asia and the Middle East
 Multiple natural gas pipelines transect the
country and new pipelines are in the
planning or development phases
(TurkStream and TANAP)
 Ortakoy licenses are ~ 2000 km
west of the Iranian border
 Located in the ‘European’ region of Turkey
 Proximal to emerging giant gas developments in the Eastern Mediterranean
 Optimally positioned for consideration as gas storage site as they are near the industrial heartland of
Istanbul
 Turkish gas markets
 Turkey imports 98% of its natural gas
 State-owned “Botas” owns and operates the extensive national pipeline grid
 36” ITGI gas pipeline transects the Ortakoy licenses
July 2017
www.condorpetroleum.com
19
Kazakhstan Oil and Gas Sector
 Oil production has tripled since 1991
independence to over 1.6 MM bopd
Kazakhstan Production Growth
 Broad participation from foreign investment
 Super Majors and Majors, NOCs, Juniors
 Politically stable with attractive fiscal terms
(royalty / tax)
 Ongoing investment has established export
routes to Russia, Europe and China
Top 10 Resource Holders in Kazakhstan
Top 10 Producers in Kazakhstan
Source: Rystad Energy 2014
July 2017
www.condorpetroleum.com
20
Established Oil and Gas Pipeline Networks
July 2017
www.condorpetroleum.com
21
Multiple Existing Export Routes
 Multiple existing routes are accessible for exporting to Russia, Europe and
China
 Atyrau to Samara to Novorossiysk / Odessa / European markets
 Kenkiyak to Alashankou to China
 Aktau Port to Baku / Mahachkala / Neka via the Caspian Sea
 Expansion of existing export infrastructure and export routing is also
underway
July 2017
www.condorpetroleum.com
22
New ZW1 3D Seismic Imaging Techniques
Identifying Primary Basin and Pre-Salt Potential
2D Pre-Stack Time Migration
3D Pre-Stack Depth Migration
Salt Flank
Salt Flank
Salt Dome
Salt Dome
Primary Basin
Primary Basin
Pre-Salt
Pre-Salt
Same location of a 2D and 3D seismic line
 Condor’s exploration 3D acquisition
design and processing:
 Depth Migration produces superior
imaging:
 High fold (160 versus 12-60 typical in Kazakhstan)
 Primary Basin play not imaged by 2D
 Increased source density
 Enhanced definition and positioning of Pre-Salt
 Long offsets and wide azimuths
 Unique geologic velocity model
July 2017
structure/stratigraphy
 Salt flank plays clearly visible
www.condorpetroleum.com
23
Condor’s Leadership Team
Successful track record of capturing
opportunities and executing developments
Management
Board of Directors
Don Streu - President, CEO & Director
Former Chevron
Sean Roosen – Chairman
Chairman and CEO Osisko Gold Royalties
Sandy Quilty – VP Finance & CFO
Former Arawak, FIOC, BJ Services, PwC
Edward Bogle – Lead Director
Former Nexen Chief Strategic Officer and Talisman EVP
Bill Hatcher – Chief Operating Officer
Former Chevron, Nelson, Burren
Dennis Balderston
Independent Businessman, Former Partner at E&Y
Norman Storm – Managing Director (Kz)
Former Director Osisko Mining
Walter Dawson
President and CEO Perfco Investments International
Roger Whittaker - VP Exploration
Former First Calgary Petroleum, Dome
Stefan Kaltenbach
CEO Orangedental, Forstgarten Holding
Blair Anderson – VP Corporate Development
Former Marsa, Verenex, Aventura
Werner Zoellner
Founder Patrimonium Private Equity
July 2017
www.condorpetroleum.com
24
Management Biographies
Don Streu
President & CEO
Sandy Quilty
VP Finance & CFO
Bill Hatcher
COO
July 2017
Mr. Streu has 30 years experience in the oil and gas industry including 22 years with
Chevron Canada Resources working in Angola, Indonesia, Nigeria, Canada and the
United States. Mr. Streu was the asset manager of Angola’s first deepwater production:
a 100,000 bopd operation that went from discovery to first oil in only 30 months. As
Chevron Indonesia’s Planning Manager, Mr. Streu was responsible for developing
strategic and tactical plans for an organization producing in excess of 350,000 bopd.
Mr. Streu was also the Asset Manager for Chevron Nigeria Limited, managing the entire
offshore production of 250,000 bopd. Mr. Streu has been the President and Chief
Executive Officer of Condor since September 2008.
Mr. Quilty is a Chartered Accountant with over 25 years experience in the international
oil and gas industry working for exploration and production companies and service
enterprises in Canada, Russia, China and over 15 years in Kazakhstan. Mr. Quilty
articled at Pricewaterhouse and was previously Vice President of Finance at Arawak
Energy Corporation, CFO at Altius Energy Corporation and Finance and Accounting
Manager at Fracmaster/BJ Services.
Mr. Hatcher has over 30 years of international and North American experience in the
upstream industry. Mr. Hatcher’s international experience includes roles in Kazakhstan,
Nigeria, Turkmenistan and Trinidad. Mr. Hatcher has worked with both major and
independent oil producers including, most recently, a founder and Technical Director for
Bayfield Energy Limited. Previously, Mr. Hatcher served as General Manager of
Operations for Burren Energy plc in Turkmenistan and Operations Manager for Nelson
Resources Limited in Kazakhstan. Mr. Hatcher holds a Bachelor of Science in Petroleum
Engineering from the University of Southern California.
www.condorpetroleum.com
25
Management Biographies
Norman Storm
Managing Director
Roger Whittaker
VP Exploration &
New Ventures
July 2017
Mr. Storm has worked in Kazakhstan for over 21 years and has been involved in a wide
array of business activities, including oil and gas exploration and production, oil field
services, domestic and international transportation services, and manufacturing. Mr.
Storm has provided transportation and oilfield services to many of the region’s major
resource projects including Kashagan, Tengizchevroil, Karachaganak, Petro-Kazakhstan
and Temir in Kazakhstan and the Kumtor mine in Kyrgyzstan. Mr. Storm was a principal
in the first international transportation service company operating in Kazakhstan which
was also the founding member of KAZATO, the IRU’s (Switzerland) customs bonding
agency for road transportation in Kazakhstan and was the co-founder of a joint venture
which constructed two of the first western technology based manufacturing plants in
Kazakhstan.
Mr. Whittaker has over 30 years of exploration and development experience in both
international and domestic projects. Mr. Whittaker recently held the position of Vice
President Exploration and Subsurface Development with First Calgary Petroleums Ltd.
and was involved in corporate and strategic planning in addition to overseeing the
subsurface technical teams and field operations. Mr. Whittaker also has operational
experience in Yemen, the Beaufort Sea and Canadian domestic exploration projects, in
addition to working on various evaluation projects throughout North Africa and the
Middle East. Mr. Whittaker is a Professional Geologist and Geophysicist (Association of
Professional Geologists, Geophysicists and Engineers of Alberta) and is a Fellow of the
Geological Society of London.
www.condorpetroleum.com
26
Management Biographies
Blair Anderson
VP Corporate
Development
July 2017
Mr. Anderson, formerly President and CEO of Marsa Energy Inc, has more than 35
years of international and domestic/frontier exploration and development experience.
Prior to Marsa, Mr. Anderson was the Exploration Manager and co-Founder of Verenex
Energy Inc. which was sold to the Libyan Investment Agency in 2009. Verenex was
recognized as the most successful international E&P company to enter Libya since the
opening of the country to foreign investment in 2004. Mr. Anderson also served as
Exploration Manager with Aventura Energy Inc. who in 2001 made the largest onshore
oil and gas discovery in Trinidad in almost 40 years. Mr. Anderson has held numerous
senior technical and managerial positions with Suncor Energy, Encor (Talisman)
Energy, Natomas International, Hudbay Oil (Indonesia), Hudbay Oil (Australia) and
Hudson’s Bay Oil and Gas Co Ltd. He has worked and lived in Asia, Australia,
Australasia, South America, Africa, Europe and the Middle East. Mr. Anderson holds a
BSc (Honors) degree in Geology from the University of Manitoba.
www.condorpetroleum.com
27
Forward Looking Statements
Certain statements contained in this presentation constitute forward looking statements. These statements may relate to future events
or Condor’s future performance. All statements other than statements of historical fact are forward looking statements. The use of any
of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe”, “predict” and “potential”
and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward
looking statements. No assurance can be given that these expectations will prove to be correct and such forward looking statements
included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. In
addition, this presentation may contain forward looking statements and forward looking information attributed to third party industry
sources. Without limitation, this presentation contains forward looking statements pertaining to the following: the timing and ability to
generate and grow future cash flows; the estimated working capital; the timing and ability to bring future discoveries into commercial
production; the timing and ability to obtain various approvals for the Company’s exploration and development activities including the
remaining surface right-of-way access rights for the Poyraz Ridge pipeline; the expectations, timing, ability and costs of exploration,
appraisal, development and construction activities; the ability of the drilled wells to become future gas producing wells; the timing and
ability to develop the gas reserves, construct the required infrastructure and to commence producing and selling gas; the timing and
ability to fund future development and exploration activities; the timing and ability to access domestic and export oil and gas pipelines
and sales markets; the timing and level of anticipated production; historical flow rates and historical production rates may not represent
future production rates; historical sales prices and costs may not represent future sale prices and costs; uncertainty regarding the
Company’s future legal rights to have the Zharkamys West 1 license extended and the ongoing court proceedings; the timing of and
ability to maintain the Zharkamys West 1 license; the ability to validate the petroleum system, confirm that basement thrust and
detachment faults can be mapped below over-thrust and the prospectivity of the Yakamoz structure; the repeatability of Poyraz Ridge;
the timing and ability of horizontal wells to achieve higher deliverability than vertical wells; the timing and ability to apply wax
production treatment and mitigation measures; the ability to confirm hydrocarbon source, migration, trap and seal; the ability to
calibrate 3D seismic to the geological age of sediments; the ability to confirm the geologic model accuracy and to predict sedimentary
packages and interfaces; making further discoveries and developing these discoveries; and treatment under governmental regulatory
regimes and tax laws.
With respect to forward looking statements and forward looking information contained in this presentation, assumptions have been
made regarding, among other things: the ability to obtain qualified staff and equipment in a timely and cost efficient manner; the
regulatory framework governing royalties, taxes and environmental matters; the ability to market crude oil, natural gas and NGL
production; the applicability of technologies for recovery and production of oil, natural gas and NGL reserves; the recoverability of crude
oil, natural gas and NGL reserves; future development plans for Condor’s assets proceeding substantially as currently envisioned; future
capital expenditures; future cash flows from production meeting the expectations stated herein; future debt levels; operating costs; the
geography of the areas of exploration; the impact of increasing competition; and the ability to obtain financing on acceptable terms.
July 2017
www.condorpetroleum.com
28
Forward Looking Statements
Actual results could differ materially from those anticipated in these forward looking statements as a result of the risk factors set forth
below and as discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities including the
Company’s Annual Information Form including, but not limited to: regulatory changes and the timing of regulatory approvals; general
economic, market and business conditions; volatility in market prices for crude oil, natural gas and NGLs and marketing and hedging
activities related thereto; risks related to the exploration, development and production of crude oil, natural gas and NGL reserves; the
historical composition and quality of crude oil, natural gas and NGL may not be indicative of future composition and quality; risks
inherent in Condor’s international operations including security, regulatory and legal risks; risks related to the timing of completion of
Condor’s projects; competition for, among other things, capital, the acquisition of resources and skilled personnel; actions by
governmental authorities including changes to government regulations and taxation; environmental risks and hazards; failure to
accurately estimate abandonment and reclamation costs; failure of third parties’ reviews, reports and projections to be accurate; the
availability of capital on acceptable terms; political and security risks; the failure of Condor or the holder of certain licenses or leases to
meet specific requirements of such licenses or leases; adverse claims made in respect of Condor’s properties or assets; failure to engage
or retain key personnel; potential losses which could result from disruptions in production, including work stoppages or other labour
difficulties, or disruptions in the transportation network on which Condor relies to transport crude oil, natural gas and NGLs;
uncertainties inherent in estimating quantities of crude oil, natural gas and NGL reserves; failure to acquire or develop replacement
reserves; geological, technical, drilling and processing problems, including the availability of equipment and access to properties; failure
by counterparties to make payments or perform their operational or other obligations to Condor in compliance with the terms of
contractual arrangements; current or future financial conditions, including fluctuations in interest rates, foreign exchange rates,
inflation, commodity prices, and stock market volatility; disruption of production or production not occurring in sufficient quantities;
reliance on third parties to execute Condor’s strategy; and increasing regulations affecting Condor’s future operations.
The forward looking statements included in this presentation are expressly qualified by this cautionary statement and are made as of the
date of this presentation. Condor does not undertake any obligation to publicly update or revise any forward looking statements except
as required by applicable securities laws.
July 2017
www.condorpetroleum.com
29
Reserves Advisory
This presentation includes information pertaining to the Evaluation of Crude Oil and Natural Gas for the Kazakhstan and Turkey
properties based on forecast prices and costs as of December 31, 2016 prepared by independent reserves evaluators McDaniel &
Associates Consultants Ltd. which were prepared by qualified reserves evaluators in accordance with NI 51-101.
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 exist in the quantities predicted or estimated. The reserve estimates described
herein are estimates only. The actual reserves may be greater or less than those calculated. Estimates with respect to reserves that may
be developed and produced in the future are often based upon volumetric calculations, probabilistic methods and analogy to similar
types of reserves, rather than upon actual production history. Estimates based on these methods generally are less reliable than those
based on actual production history. Subsequent evaluation of the same reserves based upon production history will result in variations,
which may be material, in the estimated reserves.
References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (mcf) of
gas to one barrel (bbl) of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is
significantly different from the energy equivalency of 6 Mcf to 1 bbl, utilizing a conversion ratio at 6 Mcf to1 bbl may be misleading as an
indication of value, particularly if used in isolation.
"Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual
remaining quantities recovered will exceed the estimated Proved reserves.
"Probable" reserves are those additional reserves that are less certain to be recovered than Proved reserves. It is equally likely that the
actual remaining quantities recovered will be greater or less than the sum of the estimated Proved plus Probable reserves.
"Possible" reserves are those additional reserves that are less certain to be recovered than Probable reserves. There is a 10 percent
probability that the quantities actually recovered will equal or exceed the sum of Proved plus Probable plus Possible reserves. It is
unlikely that the actual remaining quantities recovered will exceed the sum of the estimated Proved plus Probable plus Possible reserves.
July 2017
www.condorpetroleum.com
30
Abbreviations
km
km2
M
MM
B
bbl
boe
bopd
cf
scf
TD
d
%
1P
2P
3P
NGL
NPV
Q
2D
3D
0
API
US$
CA$
/
“
CEO
CFO
COO
VP
July 2017
kilometer
square kilometer
thousand
million
billion
barrels
barrel of oil equivalent
barrels of oil per day
cubic feet
standard cubic feet
total depth
day
percent
Proved reserves
Proved plus Probable reserves
Proved plus Probable plus Possible reserves
natural gas liquids
net present value
quarter
two dimensional
three dimensional
degrees
American Petroleum Institute
United States dollars
Canadian dollars
per
inch
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Vice President
www.condorpetroleum.com
31