Lonestar West March 2014 Investor Presentation

1. TSX.V: LSI
Investor Presentation
June 2013

2. This presentation contains certain statements that may be deemed "forward-looking statements". All
statements in this document, other than statements of historical fact, that address events or
developments that Lonestar West Inc. (“the Company”) expects to occur, are forward looking
statements. Forward looking statements are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could"
or "should" occur.
Although the Company believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future performance and actual
results may differ materially from those in the forward- looking statements. Factors that could cause the
actual results to differ materially from those in forward looking statements include, failure to
successfully negotiate or subsequently close such transactions, inability to obtain required shareholder
or regulatory approvals, uncertainty with respect to findings under exploration programs and general
economic, market or business conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may differ materially from those
projected in the forward-looking statements. Forward looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the statements are made. The
Company undertakes no obligation to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should change.

3. HEAD OFFICE:
Sylvan Lake, Alberta
BASES:
Fort McMurray, Alberta
Bonnyville, Alberta
Edmonton, Alberta
Carlyle, Saskatchewan
Melita, Manitoba
U.S.A.:
Elk City, Oklahoma
Sacramento, California
Odessa, Texas
San Antonio, Texas
CANADA
UNITED STATES

4. The process of excavating rock
and soil to expose underground
utilities and pipelines.
Uses pressurized water to agitate
the earth, and a powerful vacuum
to remove the soil and debris.
Non-destructive method of
excavating which replaces a
conventional backhoe
and manual digging.

5. Safer and faster than traditional
excavation methods when operating
around sensitive infrastructure.
Can excavate frozen ground
because of onboard water heaters.
Reduces environmental liability
and potential restoration costs.

6. A new HVAC truck
costs $475,000.
Lonestar currently
operates 64 HVAC
trucks; with 11
in the U.S.
Total fleet not
including water
trucks = 80

7. Tank cleaning
Pipeline trenching
Facility maintenance
Piling & pole
hole excavation
Uncovering
buried utilities
Debris removal
& cleanouts
Shoring & slot
trenching

8. • North America’s largest
provider of non-destructive
daylighting services
• 80 HVAC trucks (estimated)
• 80 HVAC trucks (estimated)
• Over 60 smaller HVAC trucks
• 340 HVAC trucks
in Canada
• 408 HVAC trucks
in the U.S.

9. A new VAC truck
costs ~$400,000.
Lonestar
currently operates
16 VAC trucks;
with 9 in the U.S.
Broad based
competition.

10. • Remove drilling fluids
• Disposing of fluids in either
spread fields or authorized
disposal facilities
• Fuel tank cleaning
• Spill cleanup
• Car wash
• Flood damage
• Septic tanks
• Sewers
• Non-destructive testing

11. • Strong Health, Safety & Environmental
Program (HSE).
• AASP approved Certificate of Recognition
(COR).
• Prequalified by ISNetworld, Complyworks,
Canqual & PIC’s Auditing as a low-risk
supplier.
• Continuously evolving HSE program to stay
ahead of changes in the industry.
• GPS monitoring enhances safety.
• Low lost-time incident frequency.

12. Increased efficiency,
saving time and money.
Qualified for major
corporate accounts.
Trained to be safe
and efficient.
Over 100 years combined
management experience.
Under founding
management.

13. Issued:
• Insiders: 9.4 m
• CEO (insider) 7.1m
• Public float 12.8 m
Total Issued: 22.2 m
• Unexercised options: 760,000
Fully Diluted: 22.96 m
Financings:
• Dec/08 $1.2m IPO @ $0.50
• Aug/11 $1.2m @ $0.60
• Nov/12 $3.04m @$1.40
• July/13 $10.1m @ $2.60

14. -500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000
8,500
9,000
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14
Revenue 1,602 2,883 4,005 2,671 3,812 4,535 5,828 4,442 6,156 6,750 8,777 6,212 8,301
Net Earnings (loss) -12 221 561 -343 318 521 666 -198 664 624 762 -456 92
EBITDAC 233 473 840 191 575 792 1,268 381 1,267 1,145 1,556 201 912
$ Thousand Lonestar West: TSX-V LSI
(Fiscal Year End June 30th)

15. U.S. growth –
Continually adding to
U.S. fleet.
California (6)
Oklahoma (7)
Texas (6)
California
(infrastructure) OK &
TX (oil & gas).
U.S. expansion
negatively impacted
cash flow until late
Q1/F14 due to start-
up costs.
U.S. operations now
profitable, growing
and focused to
underpin revenue
and cash flow growth.
California has fewer
Hydrovac trucks than
are located in
Edmonton!

16. $-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
$45.00
$50.00
F 09 F 10 F 11 F 12 F 13 Q1 14 F 14 (f)
$5.54 $6.33
$11.15
$18.62
$27.89
$8.30
$43
$4
( $ millions )

17. $-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
F 09 F 10 F 11 F 12 F 13 Q1 14 F 14 (f)
$0.11
$0.47
$1.72
$3.02
$4.20
$0.91
$5.75
( $ millions )
$1.25

18. Officers
James Horvath – President & Chief Executive Officer
Kristin York – Vice President
Kristina Scade – Chief Financial Officer
Directors
James Horvath – President & Chief Executive Officer
Tracy Graf – CEO, Carfinco Financial Group Inc.
Joe MacLean – President and CEO, AOI Capital, LLC
Maurice Kagan – CEO, Danika Associates Limited
David Prussky – Director, Patica Securities Limited
Senior Managers
5 senior HVAC and Vacuum managers

19. Diversified: energy,
infrastructure & mining.
U.S. Expansion.
Oklahoma, Texas (energy)
California (utilities & infrastructure)
Large and growing
client base.
Quickly becoming a noted
competitor in the
Canadian HVAC industry.

20. Highly experienced
management with
field experience.
43% inside ownership.
Strong projected growth. Superior safety record.

21. Target Price
BUY
$5.00
BUY
$4.25
Forecast
Revenue F2014
$47.5Million $43.6 Million
Forecast Net
Earnings/Share -
F2014
$0.08 ($0.01)

22. Lonestar West Inc.
TSX Venture Exchange: LSI
March 2014
For further information, please contact:
lonestarwest.com
403-887-2074
Investor Relations
The Howard Group
Jeff Walker
403-221-0904