This investor presentation provides an overview of Lonestar West Inc., a company that operates hydrovac and vacuum trucks for excavation services. It summarizes Lonestar's fleet size, operating regions, safety record, management team, and financial highlights. The presentation indicates that Lonestar has grown its fleet from 49 trucks in 2013 to over 150 currently and has expanded its operating platform from 9 bases to 14, including an increased presence in the United States. It also outlines Lonestar's leadership, analyst coverage, and key investment highlights as the company continues to expand in the Canadian HVAC industry and targeted US regions.

1. Investor Presentation
TSX Venture Exchange: LSI.V
March 2017

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.
Forward-Looking Statements
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3. Lonestar Service Area
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HEAD OFFICE:
Sylvan Lake, Alberta
CANADA:
Fort McMurray, Alberta
Whitecourt, Alberta
Edmonton, Alberta
Moose Jaw, Saskatchewan
Winnipeg, Manitoba
Toronto, Ontario
U.S.A.:
Sacramento, California
Bay Area, California
Cushing, Oklahoma
Dallas, Texas
Odessa, Texas
Pittsburgh, Pennsylvania
New York
Connecticut
Massachusetts

4. What Is Hydro-Excavation?
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.
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5. Benefits Of HVAC Excavation?
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.
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6. HVAC Truck
A new HVAC truck
costs $475,000.
Lonestar currently operates
60 HVAC trucks in Canada
and 35 in the U.S.
6
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7. HVAC Applications
Oil & Gas Industry
• Tank cleaning
• Pipeline trenching
• Facility maintenance
Utility Sector
• Piling & pole hole excavation
Communication Companies
• Uncovering buried utilities
Environmental Cleanup
• Debris removal & cleanouts
Construction Industry
• Shoring & slot trenching
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8. HVAC Competitors
• 80 HVAC trucks (estimated)
• 60 HVAC trucks (estimated)
• North America’s largest
provider of non-destructive
daylighting services
• 343 HVAC trucks
in Canada
• 688 HVAC trucks
in the U.S.
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9. Vacuum “VAC” Truck
A new VAC truck costs
~$400,000.
Lonestar currently
operates 25 VAC trucks in
Canada; and 2 in the U.S.
Broad based
competition.
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10. VAC Applications
• Fuel tank cleaning
• Spill cleanup
• Car wash
• Flood damage
• Septic tanks
• Sewers
Well Sites
• Remove drilling fluids
• Disposing of fluids in either spread
fields or authorized disposal facilities
Industrial
• Fuel tank cleaning
• Spill cleanup
• Car wash
Pipeline
• Non-destructive testing
Other
• Flood damage
• Septic Tanks
• Sewers
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11. Safety Record
• 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.
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12. Lonestar Advantage
• Increased efficiency, saving time and money.
Superior Trucks
• Qualified for major corporate accounts.
Superior Safety Record
• Trained to be safe and efficient.
Top Crews
• Over 100 years combined management experience.
Experienced Managers
• Founding management.
Operating 17+ Years
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13. Capital Structure
Issued:
• Insiders: 8.1 m
• CEO (insider) 7.3 m
• Public float 21.4 m
Total Issued: 29.5 m
• Unexercised options: 2.1m
Financings:
• June/14 $20.0m @ $3.30
• July/13 $10.1m @ $2.60
• Nov/12 $3.04m @ $1.40
• Aug/11 $1.2m @ $0.60
• Dec/08 $1.2m IPO @ $0.50
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14. What We Have Accomplished
Fleet Size
• 150 – Mar 31 2017
• 49 – Mar 31 2013
Platform Size
• 14 Bases - Mar 31 2017
• 9 Bases - Mar 31 2013
• U.S. operations gaining traction.
• Diversification of revenue streams.
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15. Leadership Team
Officers
James Horvath – President & Chief Executive Officer
David Prussky - Chairman
Kristin York – Director of Operations
Delanie Hill – Chief Financial Officer
Directors
James Horvath – President & Chief Executive Officer
Tracy Graf – CEO, Carfinco Financial Group Inc.
Joseph MacLean – CEO, AOI Capital, LLC
Maurice Kagan – President, Danika Associates Limited
David Prussky – President, Patica Securities Limited
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16. Key Investment Highlights
Large and growing
client base
Diversified
U.S. Presence
Quickly becoming
a noted competitor
in the Canadian
HVAC industry
Energy,
infrastructure &
mining
South Central U.S.
(Utilities & Infrastructure)
Eastern & Gulf Coast
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17. Key Investment Highlights
Superior safety record.
Highly experienced management
with field experience.
27% inside ownership.
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18. Analyst Coverage
Target
Price
Hold
$0.40
Speculative Buy
$1.50
Speculative Buy
$0.80
Forecast
Revenue
2017 / 47.7 M
2018 / 49.8 M
2017 / 44.2 M
2018 / 53.7 M
2017 / 47 M
2018 / 54 M
Forecast
EBITDA
2017 / 3.9 m
2018 / 4.0 m
2017 / 3.2 M
2018 / 6.7 M
2017 / 3.1 M
2018 / 4.9 M
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19. Thank-You
Lonestar West Inc.
TSX Venture Exchange: LSI
March 2017
For further information, please contact:
Lonestar West Inc.
lonestarwest.com
403-887-2074
James Horvath - CEO
• 403 887 2074 Ext. 213
Delanie Hill - CFO
• 403 887 2074 Ext. 243
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