Andrew Wiswell, NAL Energy's President and CEO, presents at the CIBC 2012 Whistler Institutional Investor Conference at Whistler, B.C., at 8 a.m. PST (9 a.m. MST, 11 a.m. EST).

1. CIBC – Whistler Institutional
Investor Conference
Whistler, British Columbia
January, 2012

2. NAL Energy Corporation Profile
TSX Symbol NAE
Market Capitalization1 $1.1 Billion
Monthly Dividend $0.05/share
Net Debt2 $376 Million
Current Shares Outstanding2 150.4 Million
Convertible Debentures
Trading Symbol NAE.DB NAE.DB.A
Coupon 6.75% 6.25%
Principal Outstanding ($MM) 80 115
Conversion Price ($/Share) 14.00 16.50
Maturity Date 31AUG12 31DEC14
Notes:
1) As at January 10, 2012
2) As at Q3/11
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3. Strategic Direction – Long Term Sustainability
• Dividend paying E&P company
• Maximize cash flow
• Add scalable liquids opportunities
• Utilize new tools and technologies
• Deliver operating and capital cost efficiency
• Actively manage business risk
• Disciplined acquisition focus
• Balance dividend with sustaining capital
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4. Key Focus – Grow Liquids Volumes
16,000
15,000
14,000
Volumes (Boe/d)
13,000
12,000
11,000
10,000
9,000
8,000
Q1/11 Q2/11 Q3/11 Q4/11E Q1/12E Q2/12E Q3/12E Q4/12E
NAL Liquids Volumes
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5. 2012 Corporate Plan
1. Grow liquids volumes
• Forecast oil volumes up 5% / Liquids mix 47% to 50%
2. Capital focused on high ROR and recycle ratio projects
• Oil focused capital projects / higher liquids yields
3. Higher proportion of low risk development capital
4. Continued appraisal activity in new oil resource plays
5. Maintain financial flexibility
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6. Financial Action Plan
Reduce monthly
dividend to $0.05
per share
Maintain credit
Refinance 2012
lines by
convertible
focusing capital
maturity ($80
on oil and
MM) with debt
Financial liquids plays
Flexibility
Term out a Converted bank
portion of existing line from one to
bank line with three year term
high yield in 2011
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7. 2012 Full Year Guidance
• Production (boe/d) 28,000 – 29,000
• Capital ($MM) 200
• Operating Costs ($/boe) 11.50 – 12.00
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8. 2012 Key Assumptions
WTI ($US/bbl) 85.00 95.00 105.00
AECO ($C/GJ) 2.50 3.00 3.50
FX (CAD/US) 1.00 0.98 0.96
Monthly Dividend ($) 4.7 0.05 4.7
Volume (boe/d) 28,500
G&A ($/boe)2 3.00 2.50 3.00
Royalties (%) 17 18 19
Oil Differential (%)3 90 90 90
DRIP Participation (%) 23 23 23
Weighted Avg Shares O/S (MM) 152.3 152 152.3
Note: 1) Commodity, FX and Royalty assumptions are held constant through the year; 2) G&A excludes Unit Based
Compensation (UBC); 3) NAL forecast price differential to C$ WTI .
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9. 2012 Financial Forecast
Funds From Operations “FFO” ($MM) 275 265 275
Net Capital Expenditures ($MM) (200) (200) (200)
Dividends ($MM) (90) (92) (90)
Payout Ratios (% of FFO):
Basic 46 35 46
Basic + Capital 122 110 122
Basic + Capital, net of DRIP 117 102 117
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10. 2012 Balance Sheet Forecast
Year end 2012e ($MM)
Bank Debt at Year-end 2012e 412 305 412
Working Capital Deficit 72 70 72
Net Debt 484 375 484
Convertible Debentures1 115 195 115
Total Debt 599 570 599
Net Debt/2012e Cash Flow 1.8x 1.4x 1.8x
Total Debt/2012e Cash Flow 2.2x 2.2x 2.2x
Available Capacity ($550MM bank line) 138 245 138
Notes: 1) Assumes 2012 convertible maturity ($80MM) is refinanced with either high yield or convertible
debenture. 2015 maturity shown at face value and assumes no conversion in 2012.
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11. Operate Across Western Canada
British Columbia Alberta
% Gas & NGL’s: 100% % Crude Oil: 45%
% of Production: 14% % of Production: 59%
SE Saskatchewan
% Crude Oil: 93%
% of Production: 25%
Cardium Oil
Mississippian Oil
Natural Gas
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12. Operational Strategy
• Oil 85% of the capital program
• Deliver capital performance
• Actively managing execution risk
• Enhance capital / operational efficiency
• High grade opportunity inventory
• Farm-out unproven acreage
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13. 2012 Capital Allocation
2011e 2012e
Drill, Complete & Tie-in 200 170
Plant & Facilities 18 10
Land & Seismic 18 10
Subtotal E&D 236 190
Other 10 10
Total 246 200
Note: Net dispositions totaled ~($29) MM in 2011
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14. Capital Allocation By Play
Drill, Complete & Tie-in - $170 MM
$79
Cardium Oil $73
$51
$39
Mississippian Oil $51
$40
2012
$26 2011
Other Oil $34
$23 2010
$26
Liquids Rich Gas $42
$26
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90
(Millions)
Note: Does not include G&A, Facilities, Land & Seismic.
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15. Cardium Oil: West Central AB
• Developing selectively to 3-4 wells/section
Garrington/ • Local sweet-spots emerging - focus on high-
Westward Ho
graded lands in Garrington/Westward Ho
• De-risking non-core through farm-outs
• New land deal completed in January 2012
Lochend
NAL Access Lands
Tier 1 Halo
Tier 2 Halo
Tier 3 Halo
Conventional
Gross Risked Locations assuming up to 4 wells/ sec
(see Appendix)
**Resource Halo Areas provided by Canadian Discovery
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16. New Cardium Land Deal Increases Inventory
• New four year deal finalized January 2012
• Net $6MM commitment per year
• Access to 280 (182 net) sections of Cardium
prospective land directly offsetting existing
Garrington/Westward Ho acreage
• Adds 50 new drillable Cardium locations plus
future upside
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17. Cardium Oil: Cochrane / Lochend AB
• Sweet spot outperforming regional type
curve by 2-3 times
• New 3D applied to delineate sweet spot
• Solution gas infrastructure added
500
Lochend Sweet Spot
3D 450
Lochend Normal
400 WWHO
Production Volumes (Boe/d)
350 Garrington
300
250
200
150
100
NAL Access Lands
Key Penetrations
50
2012 Program 0
2011 Program 1 13 25 37 49
Month
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18. Lochend Cardium Exceeding Expectations
Lochend
W5M 3-17-027-03 1-17-027-03 1-18-027-03 16-19-027-03 14-20-027-03 16-20-027-03 8-33-027-03
August 27, December 1, November 3, November 3, September December 1, August 6,
On Production
2010 2011 2011 2011 5, 2011 2011 2011
30 day IP
335 310 588 840 770 300 172
(boe/d)
90 day IP
268 - - - - - 162
(boe/d)
Current (boe/d) 174 153 258 660 234 167 100
Formation Cardium A Cardium A Cardium A Cardium A Cardium A Cardium A Cardium A
Frac Fluid Type Water Water Water Water Water Water Water
Number of Fracs 10 15 11 13 14 14 12
Lateral length
1,082 1,179 1,024 1,260 1,132 1,276 1,000
(m)
• Q4 2011 results set-up active program for 2012
• Liquids and solution gas handling facilities added in 2011
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19. Mississippian Oil – Greater Hoffer
• Multiple play trends now proven
• Infrastructure in-place to:
Neptune o Facilitate pressure maintenance
New Pool Discovery
o Minimize production down-time
o Reduce operating costs
Beaubier
New Pool Discovery • Land position increasing through strategic
farm-ins completed in Q4/11
Oungre
Pool Extension
NAL Access Lands Mississippian Prospect
MSSP Producers
2012 Program Hoffer
2009 Pool Discovery
Inventory: n=114
2011 Program
MSSP Oil Pools 2012 Program
3D Seismic Outline
30
39
Area Play-Types Schematic Drillable Inventory
45
Contingent
Locations
Gross Risked Locations assuming 300 m inter-well spacing
(see Appendix)
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20. Emerging Tight Oil Play – Sawn Lake
• Scalable, repeatable oil resource play
targeting Slave Point Platform Carbonates
– positioned in 2010 - 2011
3D • OOIP of up to 6 mmboe/section
• Ave 50% WI in 32 gross sections
• Analogous development at 8 wells/ sec
• Play de-risked by offsetting industry
activity
1-26-91-13W5
IP: 445 bopd Slave Point Prospect
& 2%WC Inventory: n=48
16-35-91-13W5 2
IP: 380 bopd
& 7%WC 2012 Program
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NAL Access Lands
26 Drillable Inventory
SLVP Penetrations
2012 Program
2011 Program
Contingent Locations
Gross Risked Locations assuming 4 wells/ sec (see Appendix)
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21. Montney – Fireweed - NE British Columbia
• Scalable liquids-rich gas discovery in H2/11
NAL Access Lands
MNTY Penetrations
• Initial production – 1,000 boe/d @ 100
2012 Program
2011 Program bbls/mmcf of liquids
• EUR - 630 mboe per well
• 100% WI in 21 gas spacing units (sections)
• Second earning well drilled Q1/12
Montney Prospect Inventory:
n=20
1
2012 Program
8
11 Drillable Inventory
Contingent Locations
Gross Risked Locations assuming 3 wells/ sec (see Appendix)
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22. Significant Potential To Increase Oil Reserves
Gross Net
Upside Upside
Total EUR per
Drillable Contingent Reserve Average Reserve
Risked Well
Inventory Inventory Potential WI% Potential
Locations (mboe)
(mmboe) (mmboe)
Cardium 151 191 342 170 58.1 65 37.8
Mississippian –
75 39 114 65 7.4 50 3.7
East
Mississippian –
74 37 111 85 9.4 50 4.7
West
Slave Point
28 20 48 170 8.2 100 8.2
Carbonate
Montney 12 8 20 630 12.6 100 12.6
635 95.7 67.0*
*Note: includes 9.2 mmboe of booked reserves
• Non-contingent development drilling inventory is drill-ready
• Well defined production and capital profiles
• Third Party activity is actively de-risking off-setting contingent locations
• Incremental potential exists at Fireweed and Sawn Lake to double location
tallies beyond that represented above
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23. Extensive Land Base
NAL Access Lands (Gross Acres) NAL Undeveloped Access Lands
(Gross Acres)
195,000
294,000 Developed BC
271,000
955,000
Undeveloped Alberta
919,000
747,000
JV Saskatchewan
• 2.2 million gross acres • 1.2 million gross acres
Note: Excludes Approx 950,000 Acres (Gross) of undifferentiated Developed and Undeveloped Lands
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24. Summary & Key Messages
Attractive Sustainable
relative business
valuation model
Increasing Capital
liquids focused in
volumes core areas
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25. Disclaimers
• Forward Looking Statements
• This document contains statements that constitute “forward-looking information” within the meaning of applicable securities legislation as to NAL
Energy Corporation’s (“NAL’s”) internal projections, expectations and beliefs relating to future events or future performance. This forward-looking
information includes, among others, statements regarding: NAL’s strategic focus, business strategy and plans and budgets; business plans for drilling,
exploration and development, including drilling locations; estimates of production and operations performance; forecasted commodity price estimates
of future sales; estimated amounts, allocation and timing of capital expenditures; estimates of operating costs and unit operating costs; the estimated
timing and results of new development programs; estimates of anticipated funds from operations, cash flow, netbacks, dividends, working capital and
debt levels; estimated rates of return; the anticipated results of NAL’s divestiture program; various tax matters related to NAL; NAL’s hedging program;
NAL’s prospect inventory; and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future
events, conditions, results of operations or performance.
• Various assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information
contained in this presentation including, without limitation, with respect to commodity prices, interest rates, exchange rates, royalty rates, general
and administrative expenses, the success of NAL's drilling programs and the production profile of NAL's oil and natural gas reserves. Forward-looking
information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in
some instances to differ materially from those anticipated by NAL and described in the forward-looking information contained in this document. Undue
reliance should not be placed on forward-looking information. The material risk factors include, but are not limited to: the risks of the oil and gas
industry, such as operational risks in exploring for, developing and producing oil and natural gas, market demand and unpredictable facilities outages;
risks and uncertainties involving the geology of oil and gas deposits; the uncertainty of estimates and projections relating to production, costs and
expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; risk that adequate pipeline
capacity to transport oil and natural gas to market may not be available; fluctuations in oil and gas prices, foreign currency exchange rates and interest
rates; the outcome and effects of any future acquisitions and dispositions; safety and environmental risks; uncertainties as to the availability and cost
of financing and changes in capital markets; competitive actions of other industry participants; changes in general economic and business conditions;
the possibility that government policies or laws may change or governmental approvals may be delayed or withheld; changes in tax laws; changes in
royalty rates; the results of NAL’s risk mitigation strategies, including insurance; and NAL’s ability to implement its business strategy. Readers are
cautioned that the foregoing list of risk factors is not exhaustive. Additional information on these and other factors which could affect NAL’s operations
or financial results are included in NAL’s most recent Annual Information Form and Annual Financial Report. In addition, information is available in
NAL’s other filings with Canadian securities regulatory authorities.
• Forward-looking information is based on the estimates and opinions of NAL’s management at the time the information is released.
• Boe Conversion
• Throughout this press release, the calculation of barrels of oil equivalent (boe) is based on the widely recognized conversion rate of six thousand cubic
feet (mcf) of natural gas for one barrel (bbl) of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is
based on an energy equivalence conversion method primarily applicable at the burner tip and does not represent a value equivalence at the wellhead.
• All dollar amounts in Canadian dollars, unless otherwise stated.
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