New Board

The Concerned Shareholders’ Independent and Experienced Board Nominees
Replacing the current board of Eagle with four independent, aligned and highly qualified business professionals offers shareholders a great opportunity from this point forward. The Concerned Shareholders have the people and a plan to minimize shareholder risk and maximize shareholder value. The proposed nominees of the Concerned Shareholders (the “Nominees”) are as follows:

Daniel Gundersen, P.Eng., CFA

Mr. Gundersen has over 20 years of direct oil and gas industry experience. Since February 2016, Mr. Gundersen has been an independent businessman managing oil and gas assets and providing consulting services to industry. From November 2014 to January 2016, he was CEO and director of Maple Leaf Royalties Corp., a TSXV-listed oil and gas royalties company. From October 2013 to October 2014 he was an independent businessman with active oil and gas interests and also providing consulting services to various industry clients. From January 2011 to September 2013 he was Vice President, Energy Finance for Sandstorm Metals and Energy Ltd., a TSXV-listed commodities streaming company where $33 million was deployed into oil and gas streaming transactions. From 2008 to 2010, he was the Vice President, Engineering for DeeThree Exploration Ltd., a TSX-listed oil and gas exploration and production company. He was Vice President, Engineering at Dual Exploration Inc., a TSX-listed oil and gas exploration and production company from 2005 until the company’s sale in 2006. He also held management roles with Cyries Energy Inc., a TSX-listed oil and gas exploration and production company, from 2007 to 2008, and Devlan Exploration Inc., a TSX-listed oil and gas exploration and production company, from 2002 to 2005. Mr. Gundersen is a professional engineer, a member of APEGA, and is also a Chartered Financial Analyst (CFA) charterholder.

Robert Fong, CFA

Mr. Fong has had a 23 year career in the area of investments, financial and business analysis and public markets. From 2012 up to September 2016, he was the Director of Equity Capital Markets and Compliance & Disclosure for the TSX Venture Exchange in western Canada. During this period Mr. Fong was responsible for the strategic direction of the public venture markets and all aspects of operations for the TSX Venture Exchange in western Canada; while at all times ensuring and protecting the integrity of the venture capital markets. Prior to this Mr. Fong worked for and represented various independent investment dealer firms as the senior regional executive and business leader overseeing retail brokerage, public venture capital investment banking and compliance functions. Mr. Fong is a graduate of the Alberta School of Business at the University of Alberta and is a holder of the Chartered Financial Analyst (CFA) designation.

Gerald Gilewicz

Mr. Gilewicz has served as the Chief Financial Officer of Journey Energy Inc. (JOY-TSX) since September of 2012. Previously, Mr. Gilewicz served as Chief Financial Officer and Vice President of Finance at Vero Energy Inc. from November 2005 to August 2012. Previous to that, Mr. Gilewicz served as Vice President of Finance and Chief Financial Officer of Devlan Exploration Inc. and its spinoff company, Dual Exploration Inc., from September 1999 to November 2005. Prior to this Mr. Gilewicz served as a Senior Manager at Deloitte & Touche LLP. Mr. Gilewicz has served as a director of several publicly traded oil and gas and service companies and has also been the chair of the Finance Committee for the Exploration and Producers Association of Canada. Mr. Gilewicz is a Certified Public Accountant and received his Bachelor of Commerce degree from the University of Saskatchewan.

Bradley Porter

Mr. Porter has over 35 years of diverse oil and gas experience which began with field operations and progressed to senior levels of management. An independent businessman, he has served as a board member for a number of public and private corporations in both the service and producing sectors of the oil and gas industry. Currently he serves on the board of Granite Oil Corp. (GXO-TSX, formerly DeeThree Exploration Ltd.) and Return Energy Inc. (RTN-TSXV, formerly DualEx Energy International Inc.) Prior to founding DeeThree in January 2007, Bradley was Executive Vice President, COO, and Director of Dual Exploration from July 2005 to the sale of the company in December 2006. From 1996 to July 2005, he was Executive Vice President, COO, Director and Secretary of Devlan Exploration Inc. Prior to founding Devlan, he co-founded Bredal Energy Corp., a private oil and gas company. He served as President and a director of Bredal until its sale in October 2016.

The Concerned Shareholders propose that shareholders of Eagle vote in support of the election of the Nominees. The Concerned Shareholders believe that the Nominees have the experience necessary to provide Eagle with the leadership and oversight required to maximize shareholder value. Each of the Nominees, if elected, will hold office until the close of the next annual general meeting of shareholders of Eagle or until his successor is elected or appointed, unless his office is earlier vacated.

The following table sets forth certain information regarding the Nominees, including their respective principal occupations within the five (5) preceding years and the number of securities of Eagle beneficially owned by them, directly or indirectly, or over which they exercise control or direction, as of the date of this Circular.

Name and Place of Residence(1)
Previous Position(s) with Eagle
Present Principal Occupation, Business or Employment and Principal Occupation, Business or Employment During the Preceding Five Years(1)
Number of Securities of Eagle Beneficially Owned or Controlled(1)

Daniel Gundersen
Alberta, Canada

-(2)

Chief Executive Officer of Peace Energy Inc. from February 2016  to Present and from October 2013 to October 2014
Chief Executive Officer and Director of Maple Leaf Royalties Corp. from November 2014 to January 2016

Vice President, Energy Finance of Sandstorm Metals & Energy Ltd. from January 2011 to September 2013
515,254

Robert Fong
Alberta, Canada

-

Director of Equity Capital Markets and Compliance & Disclosure at the TSX Venture Exchange  from October 2012 to September 2016

Vice President & Sales Manager at Union Securities Ltd. from October 2010 to October 2012
13,000

Gerald Gilewicz
Alberta, Canada

-

Chief Financial Officer of Journey Energy Inc. from September 2012 to Present

Chief Financial Officer of Vero Energy Inc. from October 2005 to September 2012
23,484

Bradley Porter
Alberta, Canada

-
President of HighRange Capital Corporation from January 2007 to Present
42,532

Notes
(1) The information as to province or state of residence, present principal occupation, business or employment and the number of securities of Eagle beneficially owned or controlled or directed, directly or indirectly, is, in each instance, based upon information furnished by the Nominees.
(2) Mr. Gundersen was Chief Executive Officer and Director of Maple Leaf Royalties Corp. prior to its acquisition by Eagle in January 2016.