Northern Blizzard Resources Inc
TD Canada Trust Tower 1900, 421 – 7 Avenue SW, Calgary, Alberta, Canada

Northern Blizzard’s strategic objective is to provide shareholders with an attractive risk adjusted total shareholder return through a combination of per share asset value growth and monthly dividends. These pages will help investors evaluate the past performance and future prospects of Northern Blizzard.

Northern Blizzard is a Calgary, Alberta-based Canadian crude oil production and development company focused on maximizing oil recovery from its large-scale, world-class low viscosity heavy oil resource base. The Corporation’s operations, infrastructure and concentrated land position are focused in southwest Saskatchewan.

Northern Blizzard’s strategic objective is to provide shareholders with an attractive risk adjusted total shareholder return through a combination of per share asset value growth and monthly dividends.

WE HAVE FIVE KEY ELEMENTS TO OUR BUSINESS STRATEGY

1. Development of low decline production base with significant high quality investment opportunities:
   
   Northern Blizzard’s low decline asset base is predictable and holds numerous attractive lower risk development opportunities. This includes: continued effective downspacing of waterdrive reservoirs, optimization of existing waterflood patterns by realigning patterns, adding injection wells, injecting polymer, and employing recovery techniques that are well established in the industry which are supported by successful results in neighbouring fields. Northern Blizzard has identified several areas that it expects will respond favourably to SAGD and thermal development.

2. Operating assets to ensure strategic and development control:
   
   Northern Blizzard maintains development and operating control of its key assets through the Corporation’s high working interest and operatorship. Management believes controlling operations will enable Northern Blizzard to enhance returns by dictating the pace of development as well as better managing the cost, type and timing of capital investment.

3. Maintaining a conservative balance sheet and capital structure supported by hedging:
   
   Northern Blizzard intends to maintain, through the application of disciplined capital investment and prudent use of leverage, a strong balance sheet, substantial liquidity and conservative capital structure. An active hedging program will be pursued to help provide enhanced cash flow predictability for dividend payments and capital investment.

4. Assessing additional opportunities for growth and acquisitions:
   
   Northern Blizzard’s focus is on developing the significant investment opportunities on its existing asset base; however, the Corporation will actively assess acquisition opportunities within the Western Canadian Sedimentary Basin, with an aim to expand its development portfolio. Northern Blizzard follows a disciplined methodology when evaluating new opportunities, including a rigorous assessment of the expected return versus the cost of capital, management’s ability to properly develop and manage the project, and per share accretion to near-term financial metrics as well as accretion to long-term net asset value.

5. Paying an attractive, sustainable dividend:
   
   Northern Blizzard intends to pay an attractive, sustainable dividend to shareholders