Delphi offers the following characteristics:

Internally funded growth from robust cash generating capability

• High-quality revenue stream from liquids-rich natural gas and light oil production
• Low operating cost structure maintained through ownership of infrastructure and operatorship of production and capital programs
• Sustainable operating netback of $24 per boe with 30% NGL/Oil production, yielding a 3 year average ratio of 1.9

Sustainable and consistent production and reserve growth

• Doubled reserve growth over the past 3 years
• “Deep Basin” expertise with geologically and geographically concentrated areas
• Large land base with multiple zones per well and multiple wells per section
• Low risk drill-bit growth with a 500+ drilling inventory
  (risked to ≈ 1 well per section)
• Ten-fold ratio of unbooked to booked upside representing > $7.00 per share

Key operational successes defining sustainable future growth

• Multi-zone drilling continues to provide low-risk/low-cost growth
• Drilling success continues to expand a large 500+ well drilling inventory
• Successful 2011 drilling program further validates growth potential
• Industry rapidly de-risking Montney and Duvernay plays

Solid operating and financial results proving up self-funded growth

• Achieved 26% growth in reserves and 19% growth in production in 2010
• Continued strong field netbacks with increasing NGL/Oil mix and
  cost reductions
• 2011 cash netback (excl. hedging) forecast to be up 73% since 2009
• 2011 cash flow per share (excl. hedging) forecast to be up 92% since 2009
• Continued benefit from hedging with 51% natural gas hedged for the remainder of 2011 at $4.88/mcf

Delphi's Growth Strategy

“Control | Core Strengths | Focus | Discipline”

• Disciplined field capital program internally generated and protected through active commodity hedging program

Control and Execution

• Operatorship and ownership of infrastructure, production, capital and lands

Core technical strengths

• Complementary conventional multi-zone deep basin asset base

Focused on growth through the drill bit complemented with strategic acquisitions within core areas

• Significant inventory of robust “conventional” and “resource play” opportunities targeting large OGIP with existing and emerging technologies

Properties

• Q4 2010 record production of 8,086 boe/d
  • "A solid foundation with predictable performance"
• Multi-zone conventional deep basin assets at medium depths:
  • "Fewer wells drilled – multiple completions per well"
  • Wells consistent with pre-drill expectations
• Concentrated in two active core regions of NW Alberta and NE British Columbia
• Horizontal drilling and frac technology offers significant upside

People

• Experienced management team and board of directors
• Competitive advantage with seasoned technical / operational expertise
• Continuing to expand the technical teams ahead of the growth curve
• All our shareholders are committed to efficient per share growth