Superior Results Generate Growth

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Corporate Presentation
Superior Results Generate Growth January,
2009 TSX BEN
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Disclaimers

• Forward-Looking Statements
• This presentation contains forward-looking
  statements including expectations of future
  production, cash flow and earnings. These
  statements are based on current expectations and
  assumptions that involve a number of risks and
  uncertainties, which could cause actual results
  to differ from those anticipated. These risks
  include, but are not limited to, risks associated
  with oil and gas exploration, development,
  exploitation, production, marketing and
  transportation, delays or changes in plans with
  respect to exploration or development projects or
  capital expenditures, volatility of commodity
  prices, currency fluctuations, the uncertainty of
  reserves estimates, potential environmental
  liabilities, technology risks, competition,
  incorrect assessment of the value of acquisitions
  and failure to realize the anticipated benefits
  of acquisitions. The foregoing list of factors
  is not exhaustive. Additional information on
  these and other factors that could affect Berens'
  operations or financial results are included in
  Berens' reports on file with Canadian securities
  regulatory authorities.
• The forward-looking statements contained in this
  presentation are made as of the date hereof and
  Berens does not undertake any obligation to
  update publicly or to revise any of the included
  forward-looking statements, whether as a result
  of new information, future events or otherwise.
• BOE Presentation
• Production information is commonly reported in
  units of barrel of oil equivalent ("boe").
  Readers and viewers should note that boe may be
  misleading, particularly if used in isolation.
  Because conversion is based on an energy
  equivalency primarily applicable at the burner
  tip, it does not represent a value equivalency at
  the wellhead. Where amounts are expressed on a
  boe basis, natural gas volumes have been
  converted to barrels of oil at six thousand cubic
  feet per barrel (61).
• Finding and Development Costs
• The aggregate of the exploration and development
  costs incurred in the most recent financial year
  and the change during that year in estimated
  future development costs generally will not
  reflect total finding and development costs
  related to reserve additions for that year.

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Corporate Profile
TSX Listing BEN Share Price
0.50 / share Shares Outstanding 93.5
MM Management / Directors Ownership 22 Market
Cap 47 MM Enterprise Value 105
MM Current Production 4,600
BOEPD 2008 Estimated Cash Flow 41 MM
0.43 / share Market
Metrics /BOEPD 23,000
2008 EV/DACF 2.6
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Our Message !

• Superior results
• Results are repeatable low risk
• Low cost structure
• 1st Quartile F D costs operating costs
• Strong production reserve growth
• 15 to 20 - spending within cash flow
• Significant growth potential exists
• Pembina vertical horizontal potential

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Business Strategy
Core Areas

• Focus, Focus, Focus
• 98 of land in 3 core areas
• Over 85 operated by Berens
• Low Cost Structure
• 1st quartile FD _at_ 13.00 / boe
• 1st quartile operating cost _at_ 8.00 / boe
• High-grade Assets
• Drilling longer life reserves - increasing RLI
• Accretive land growth Pembina
• Opportunity Rich
• 80,000 net undeveloped acres
• 100 inventoried locations
• Capitalizing on Competitive Advantage
• 3D seismic technology integration
• Horizontal potential

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Execution

• Historical Success
• 98 Success in Pembina 41 for 42
• 50 Improvement on historical reserves prodn /
  well
• Drilling Activity
• Pembina 15 for 16 in 2008
• Q1 2009 8 wells in Pembina Deep Basin
• Production Growth
• Q4 08 - 4,700 boepd
• 24 growth
• Current 4,600 boepd
• Reserves Growth
• 16 increase year over year
• 2008 is even better

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Pembina
Key Growth Area

• 3,000 boepd
• Multi-zone liquid rich gas - Notikewin,
• Ellerslie, Viking, Rock Creek, Ostracod
• Predictable, repeatable prospects
• 3D seismic key to success
• 15 for 16 in 2008
• Well tests 1 to 6 mmcf/d, over 1.5 BCF
• 1st hz. well producing Dec 01st
• 7 wells in Q1 09 4 horizontals
• Over 65 inventoried locations
• Land 32 sections added in 2008
• Over 100 sections with development
• downspacing opportunities
• Operated _at_ 50 to 100 WI

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Pembina Growth Potential
Cost per Well (Drill, complete, equip) 1.9
to 2.3 MM Reserve per Well
1.5 BCF Production per well Test Rates
1 to 6 mmcf/d 6 month
average rate 1.0 mmcf/d 2007 / 2008 FD
Cost 12 / boe Return on
Capital 50 to 100 Payout
12 to 24 months NAV per Well
2 to 5 MM Current Inventoried
Locations 65 Pembina Upside
(_at_ 70 WI) Value 90 to 225
MM Per Share 1.00 to 2.40/share
Based on gas price range of 6 to 9 per MCF NRF
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Berens Pembina Well Production Results
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Lanfine
Harvest Area

• 1,000 boepd
• Characterized by short payouts
• strong cash flows
• Spend 40 of cash flow reinvest
• the balance in Pembina for growth
• 3D seismic predictive play
• consistently 80 success rate
• Multi-zone Detrital, Colony, Glauc,
• Viking, Belly River
• 4 for 7 in Q3 08
• Well tests 1 to 2 mmcf/d
• 5 wells planned for July 09
• 20 inventoried locations
• Operated _at_ 100 WI

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Deep Basin
Exploration Reserve Potential

• 600 boepd
• Large exploration potential
• Multi-zone liquid rich gas
• Gething, Bluesky, Notikewin,
• Dunvegan
• 67 success rate last 2 years
• Well tests up to 8 mmcf/d, 2 to 5
• BCF
• 3 wells in 2009
• 10 inventoried locations
• 70 sections with exploration
• downspacing opportunities
• 25 to 100 working interest

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Production Growth
2009 Average Rate 4,900 boepd
YOY Growth 17
YOY Growth 24
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Reserves Growth
Finding Development Cost (51-101 Defn
Including FDC) 12.85 / boe (All In Costs
Including Land) 13.50 / boe
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2009 Current Guidance

• Capital of 40 MM
• 30 wells to be drilled (18 net wells)

• CAPEX
• Flat to 2008 CAPEX
• Invest Within Cash Flow
• 40 MM 2009 cash flow forecast
• 0.43/share
• 2009 Production
• 4900 boepd
• 17 production growth
• 2009 Price Assumptions
• 6.65 / GJ _at_ AECO
• 70 / bbl Edm Ref.

Land Seismic - 8
Equip Tie-in - 13
Drilling Completion - 79
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Third Quarter Results
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Executive Team

• Dan Botterill President CEO
• Dell Chapman CFO
• Allen Schink Sr. VP Exploration
• Cam Virginillo Sr. VP Engineering
• Dave Erickson VP Operations
• Mike McGeough VP Land
• Staff
• 30 employees (including 7 field staff)
• Technical / value creation culture
• Experienced, committed motivated

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Positioned for Growth

• Drilling Results Expanding on Success
• First Quartile FD
• 16 reserve growth
• 24 production growth
• Land Position Extensive Positioned for Growth
• 80,000 net undeveloped acres
• 100 inventoried locations
• High-grading - Added 32 sections in Pembina
• Managing our Business
• Plays are predictable low risk drilling
  results are repeatable
• Balance sheet is solid
• Exploiting Aggressively
• 2009 CAPEX Flat to 2008
• Horizontal Drilling in Pembina 4 Wells in Q1,
  09
• New Core Area Play Concepts Expanding

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In Commandof our Business

• High Success Rates
• Superior Well Results
• Repeatable Plays
• First Quartile F D
• Diligent Cost Control
• Strong Production Growth

• 2500, 500 4 Ave SWCalgary, Alberta
• 403-265-5588
• invest_at_berensenergy.com
• www.berensenergy.com