Fairborne Energy Ltd. is an oil and gas company with production of 4,500 BOE/d, reserves of 23.1 MMBOE, and an estimated resource of 131 MMBOE in its Cardium assets. It has a large drilling inventory with over 1,000 gross locations identified. Fairborne has a $80 million bank line and $13 million working capital deficit, with management ownership of 5%. The company plans to increase production through an active drilling program in its Cardium and Wilrich horizons over the next year. Fairborne believes it is well positioned due to its large land position in multiple zones, low corporate decline rate, and competitive cost structure compared to its peers.

1. Fairborne Energy Ltd.
Corporate Presentation
November, 2012
Please refer to Forward-Looking Statements, Advisory and Resource Disclosure at end of presentation.

2. Fairborne Snapshot
Production 4,500 BOE/d
(20% Oil & Cond, 5% NGL’s)
Reserves 23.1 MMBOE (1)
Resource 131 MMBOE (2) – Cardium only
Drilling Inventory >1,000 gross locations
Bank Line $ 80 MM
Net Debt $ 13 MM Working Capital Deficit
Shares OS (basic/FD) 102.6 MM/110.0 MM
Management & Insiders (FD) 5% (8%)
(1) As evaluated by GLJ, effective Dec 31, 2011 and updated for divestitures and production
(2) As evaluated by GLJ, see May 2, 2012 press release

3. Activity
Fourth Quarter 2012 Production Forecast
6,500
Cardium HZ 6,000
Production (BOE/d)
1-9 Drill and Complete (76% WI) 5,500
1-6 Drill and Complete (33% WI)
5,000
Wilrich HZ
4,500
1-20 Drill (50% WI)
4,000
3,500
First Half 2013 3,000
Oct. 12 Exit 12 H1, 13 Exit 13
Cardium HZ
13-31 Drill and Complete (76% WI)
Wilrich HZ
1-20 Complete
Multizone Vertical
4-30 Drill and Complete (76% WI)
13-35 Drill and Complete (33%WI)

4. Proforma Value
Future Development
Reserves Net Asset Value * Capital **
40 $5 100
90
Bank
$4 80
Lines
30
68
$3.21 70
23.1
$3 60
MM BOE
$ MM
$/sh
20 $2.35 50 45
15.4
$2 $1.75 40
Current
10.6 Share 30
10 Price
$1 20
10
1
0 $- 0
PDP Proven P+P PDP Proven P+P PDP Proven P+P
Horizontal Horizontal Multizone
Cardium Wilrich/Falher Vertical
Gross Unbooked Locations 330 201/182 55
PV10 - Debt
* Net Asset Value = GLJ Resource Report
Shares OS Cardium 131 MM boe’s
* PV10 YE 2011 Reserves & Pricing Economic Contingent
** FDC on a Discounted Basis Resource

5. Position for Co’s ‹10,000 boe/d
Size (BOE/d) Opex ($/BOE)
10000 $30
9000 $27
8000 $24
7000 $21
6000 $18
5000 $15
4000 $12
3000 $9
2000 $6
1000 $3
0 $0
Fairborne
Fairborne
FEL Proforma
Production = 4,500 BOE/d
OPEX = $10.50/BOE
G&A = $3.80/BOE
Debt to Cash Flow G&A ($/BOE)
5.0 $10.00
$9.00
4.0 $8.00
3.0 $7.00
$6.00
2.0 $5.00
$4.00
1.0 $3.00
0.0 $2.00
$1.00
Fairborne
-1.0 $0.00
Fairborne
-2.0

6. Operating Focus – Deep Basin
320 Gross (204 Net) Sections
• FEL operates 100% of production
• High working interest
• Reservoir depth up to 3,800 m Multizone 12
producing horizons
• Rich gas, light oil & NGL’s

7. Harlech Area – Infrastructure & Activity
March 29, 2012
Landsale $4,000/ha
Keyera West Pembina Gas Plant
Capacity: 150 MMscf/d
1-20 Wilrich HZ
Keyera Brazeau Gas Plant
Capacity: 218 MMscf/d
1-6 Cardium
HZ Q4 ‘12
October 17, 2012
Land Acq.
Keyera Nordegg Gas Plant
Capacity: 75 MMscf/d
Blackstone De-Hy
Gas goes to
Husky Ram River Gas Plant FEL 16-36 Compressor Station
Capacity: 532 MMscf/d 1-9 Cardium Capacity: 30 MMscf/d
HZ Q4 ‘12 200m3 oil/condensate transfer capacity

8. Regional Cardium Geology
Cardium Ram Barrier Trend
225 Miles long
30 Miles wide
2,562 Vertical production
163 Hz. Production
13,350 Total wells through
cardium sand

9. Harlech – Cardium Ram Barrier
1-6 Cardium
HZ Q4 ‘12
1-9 Cardium
HZ Q4 ‘12

10. Harlech Cardium
Cardium Type Log Theoretical Volumetric Calculation
Gamma Depth 15 Porosity 0 Resistivity Mud Gas
Low Med High
AREA (acres): 640 640 640
2850
NET PAY (m): 6 7 8
POROSITY (%): 12 11 10
CARDIUM TOP SW (%): 20 15 10
RESERVOIR TEMPERATURE (deg F) 184 184 184
2860
RESERVOIR PRESSURE (psia): 4,700 4,700 4,700
COMPRESSIBILITY FACTOR: 0.95 0.95 0.95
RECOVERY FACTOR (%): 75% 75% 75%
CARDIUM BASE GIP PER SECTION (BCF) 14.4 16.3 17.9
2870
RGIP PER SECTION (BCF) 10.8 12.2 13.4
LIQUIDS mmbbls 0.54 0.61 0.67
MM BOE/SECTION 2.34 2.64 2.90
Fairborne owns 104 net sections

11. Cardium Resource
Economic Contingent Resource – GLJ Evaluated
LOW (P90) BEST (P50) HIGH (P10)
TOTAL RECOVERABLE
GAS (BCF) 790 1,056 1,389
CONDENSATE/NGL (MMBBLs) 45 60 79
TOTAL (MMBOE) 176 236 310
WORKING INTEREST
GAS (BCF) 436 588 757
CONDENSATE/NGL (MMBBLs) 25 33 43
TOTAL (MMBOE) 97 131 169
WELLS (GROSS) 298 330 387
TYPE WELL
GAS (BCF) 2.9 3.5 4.0
CONDENSATE/NGL (MBBLs) 150 180 200
1. Based on an independent resource study (the "Resource Study") prepared by GLJ for a portion of Fairborne's
Cardium land holdings in the greater Harlech area effective March 31, 2012.
2. "Total Interest" means a 100% working interest in the lands in which Fairborne has an interest in the area (which
includes Fairborne's interest in the area as well as all other working interests in such lands held by third parties). Liquids 0% C2
3. "Working Interest" means Fairborne's working interest (operated or non-operated) share before deduction of
royalties and without including any royalty interests of Fairborne. 33% C3 – C4
4. All volumes in the table are sales volumes.
5. The liquid yields are based on average yield over the producing life of the property. 67% C5 +
6. Numbers in the table may not add due to rounding.
7. Reflects contingent resources which have been sub-classified by GLJ as economic based on GLJ forecast pricing as
at April 1, 2012.
8. See "Information Regarding Disclosure on Contingent Resources and Resource Study"

12. Cardium - Resource
CRDM HZ Estimated Type Well Curve
3.5 BCF GAS 50 bbls/MMscf liquid Yield
Estimated Daily Production Rate (BOE/d)
1,200 Total
Harlech
11-21 Well 5.6 MMscf/d IP Revenue Stream Revenue per
1,000 MCF (Sales)
Well #2 1,200 m Hz 2-15 Well 2.4 MMscf/d IP at 3.50/MCFE
20 Fracs
800 GLJ TYPE CURVE
$8
Gas
600 $7
44%
Well #1
Well #1 850 m Hz
$6
10 Fracs
400
$/MCFE
$5
200 $4
NGLs
56% $3
0
1 Year 2 Years Liquid Pricing : $2
C3 = $34.00/bbl
$1
C4 = $66.00/bbl
C5+=$95.00/bbl $0
Cost Per Well ($000) Capital Efficiency
$3,900 Drill $10.00 F & D (per boe)
$2,800 Complete $8,705 On Stream Cost (per boe/D)
$ 700 Tie-In & Equip
$7,400 TOTAL

13. Harlech Wilrich
13-29 HZ
On Prod May 12, 2012
Test Rate: 31MMcf/d
Tourmaline CTD: 771 MMcf
Husky
16-15 HZ
08-36 HZ On Prod Dec 8, 2011
On Prod Dec 11, 2010 Test Rate: 13MMcf/d
IP30: 6 MMcf/d CTD: 916 MMcf
CTD: 1.7 Bcf
05-29 HZ FEL 1-20 Wilrich HZ
07-35 VT
On Prod Dec 16, 2009 Location On Prod Dec 18, 1995
IP30: 6 MMcf/d
IP30: 2.5 MMcf/d
CTD: 4.8 Bcf
CTD: 2.2 Bcf
07-21 HZ
On Prod Dec 2, 2008
IP30: 6 MMcf/d
CTD: 6.1 Bcf
Summary
Hz Drilled 0 FEL Voyager
Wilrich Tested
Land 106 Gross
Sections
45 Net Sections
Drilling inventory 354 (152 Net) Hz
Wilrich/Felare
Depth 3,400 m
Liquids content in gas 10+ bbls/MMcf

14. Harlech Wilrich
WilrichType Log 7-35-46-15W5
Theoretical Volumetric Calculation
Gamma Depth 20 Porosity 0 Resistivity Mud Gas
Low Med High
Coal AREA (acres): 640 640 640
Wilrich Top
3010 NET PAY (m): 8 9 10
Gas kick
bypassed POROSITY (%): 12 10 8
shaker SW (%): 25 20 15
Conglomerate
RESERVOIR TEMPERATURE (deg F) 203 203 203
Zone
3020
RESERVOIR PRESSURE (psia): 5,200 5,200 5,200
COMPRESSIBILITY FACTOR: 0.99 0.99 0.99
Wilrich Base 3030
RECOVERY FACTOR (%): 70% 70% 70%
GIP PER SECTION (BCF) 12.2 18.8 27.4
RGIP PER SECTION (BCF) 8.5 13.1 19.1
Rock – Porosity Types LIQUIDS mmbbls .10 .16 .23
MM BOE/SECTION 1.95 3.00 4.39
Porosity Fairborne owns 106 gross sections
Conglomerate Sandstone
Intergranular Porosity Intergranular Porosity

15. FEL – The Investment Opportunity
Trading below PDP net asset value
Value $80 MM undrawn bank facility
$68 MM in FDC
23.1 MM BOE in 2P reserves
Assets Low Corporate decline rate (20%)
207,250 acres undeveloped land (132,270 net)
Competitive cost structure with peers
Upside Cardium - 131 MM BOE in Economic Cont. Resource
1,000+ unbooked drilling locations

16. Corporate Information
TSX Listings Reserve Auditors
Trading Symbol: FEL GLJ Petroleum Consultants Ltd.
Corporate Office Banking
3400, 450 1st St. S.W. Royal Bank of Canada
Calgary, Alberta, T2P 5H1 Alberta Treasury Branch
Telephone: 403-290-7750 National Bank of Canada
Fax: 403-290-7724 Union Bank
Website: www.fairborne-energy.com
E-mail: info@fairborne-energy.com Legal Counsel
Burnet, Duckworth & Palmer LLP
Contacts
S. R. VanSickle, President & CEO Auditors
A. G. Grandberg, CFO KPMG LLP
Aug ‘12

17. Forward-Looking Statements & Advisories
Certain information set forth in this document, contains forward-looking statements including management's assessment of future plans and operations of Fairborne Energy
Ltd. ("Fairborne"), the inventory of drilling prospects and potential drilling locations, future or anticipated production levels, the risk/reward potential of the portfolio of plays,
drilling plans, debt levels, capital expenditures and the nature of the expenditures, commodity and revenue mix, estimated netbacks, and estimated well costs and the resulting
capital efficiencies. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fairborne's control, including the
impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with oil and gas exploration, development, exploitation, production,
marketing and transportation, loss of markets, delays resulting from or the inability to obtain required regulatory approvals, inability to retain and delays in retaining drilling
rigs and other services, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of
qualified personnel or management, stock market volatility, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions and
ability to access sufficient capital from internal and external sources. The foregoing list is not exhaustive. The estimates of reserves and future net income for individual
properties may not reflect the same confidence level as estimates of reserves and future net income for all properties, due to the effects of aggregation. Reserve information
included herein is as at December 31, 2011 unless otherwise stated. Type curves are provided for illustration purposes and may not necessarily be indicative of future well or
production results. Test rates and initial production rates disclosed may not necessarily be indicative of long-term performance or of ultimate recovery. Netbacks are calculated
by subtracting royalties, operating costs and transportation costs from revenues. Additional information on these and other risks that could affect Fairborne's operations and
financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), or at
Fairborne's website (www.fairborne-energy.com). 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 and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or
achievement of Fairborne 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 that Fairborne will derive therefrom. Fairborne
disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required
by applicable securities laws. BOE disclosure may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf to 1 Bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Natural gas volumes are converted to barrels of oil
equivalent (boe) on the basis of 6,000 cubic feet (mcf) of gas for 1 barrel (bbl) of oil. The terms "barrels of oil equivalent" may be misleading, particularly if used in isolation. A
boe conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at
the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing
a conversion on a 6:1 basis may be misleading as an indication of value.

18. Information Regarding Disclosure on Continegent
Resources and Resource Study
The Resource Study is effective March 31, 2012 and was prepared in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-
101") of the Canadian Securities Administrators based on the definitions and guidelines contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook").
Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or
technology under development, but may not currently be considered commercially recoverable due to one or more contingencies. Contingent resources are in additions to
reserves booked as proved, probable and possible.
Uncertainty ranges are described by the COGE Handbook as low, best and high estimates for resources as follows:
Low Estimate: This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will
exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the
low estimate.
Best Estimate: This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will
be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will
equal or exceed the best estimate.
High Estimate: This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will
exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed
the high estimate.
The most significant positive factors with respect to estimates of contingent resources are that Cardium formation is extensive in the Harlech region and there is extensive
vertical well data. Negative factors include that there is limited horizontal well tests and history in the immediate area. Both resource-in-place and productivity may be higher
or lower than current estimates. The principal risk that will influence the recovery of the contingent resources relate to the potential for variations in the quality of the Cardium
formation where minimal well data currently exists. There is no certainty that it will be commercially viable to produce any portion of the resources.
In the Company's year-end independent reserves evaluation, effective as at December 31, 2011, prepared by GLJ, gross proved plus probable reserves of 2.2 MMboe were
assigned to seven gross (4.9 net) horizontal Cardium well locations attributable to the Fairborne's interest evaluated in the Resource Study, which resources are incremented to
economic contingent resource identified in the Resource Study. The year-end independent reserve evaluation did not incorporate Fairborne's most recent Cardium well (75%
WI) that, as previously announced, had an initial 30 day gross production rate of 1,000 boe per day.