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DisclaimerThis Document is provided solely for use by prospective investors in considering their interest in making an investment in the opportunity discussed.This Document is not a prospectus and does not constitute an offer or an invitation to the public to subscribe for or purchase any equity in Mako EnergyLimited or any associated entities.All references to dollars, cents or $ in the presentation are to Canadian currency unless otherwise stated. References to “Mako” or “Mako Energy”may be references to Mako Energy Limited or its applicable subsidiaries. Unless otherwise noted, all references to reserves and resources figuresrepresent Mako’s interest in such reserves or resources.This Document has been prepared to assist prospective investors in making their own evaluation of the investment opportunity but does notpurport to contain all the information that a prospective investor may require in reaching its own decision. Any prospective investor should undertaketheir own inquiries, investigation and analysis of the opportunity and the information contained in this Document prior to making a decision to invest.Although all due care has been taken in the preparation of this Document, some of the information provided has not been independently verified.Although Mako has no reason to doubt the accuracy of the information provided, no statement should be relied upon as a statement of fact. Makomakes no representation or warranty as to the accuracy or completeness of this Document or any other written or oral communication transmitted toprospective investors in the course of their evaluation of the opportunity, and disclaims all liability for any representations (express or implied)contained in, or for errors or omissions from, the same.Prospective investors are advised to seek their own professional advice on the legal, financial and taxation consequences of investing in theopportunity.2

Oil and Gas in Western Canada• Mako Energy is a Canadian based junior oil and gas company operating inthe Western Canadian Sedimentary Basin• Well positioned for reserves and production growth in two emerging light oiland liquids rich natural gas resource plays• Horizontal drilling and multi-stage fracing technology generating newopportunities through improvement of well economics and tightformation access• Significant contiguous land holdings situated inside the liquids rich naturalgas window of west central AlbertaLand, Technology, Opportunity3

Resource Play Strategy• Target large original oil in place (OOIP) resource plays with multiplecontiguous land parcels• Focus on emerging light oil and liquids rich natural gas resource poolswhere new drilling and completion techniques provide additionalcommercially compelling opportunities• Utilize joint venture arrangements or farm-outs to accelerate development,maximize return and mitigate risk• Development drilling in established core areas and begin to explore largeundeveloped land base in 2012• Evaluate and explore new opportunities on current land holdingsAdvanced drilling and production techniques enhancedevelopment of large, prospective resource plays5

Opportunity SizeDeveloping OpportunityDuvernay• Carried for one vertical Duvernay well in 2012• One carried Duvernay horizontal well in late 2012 orearly 2013• Retain majority of lands for future farm-out or dispositionRock Creek• Development drilling of 5 wells in 2012• Mako to consider joint venture drilling arrangement tomitigate riskDina• 2012 capital program of approximately $9 million to drill up to10 horizontal wells in Provost area of south-eastern Alberta• Appreciate value and redeploy capital to emerging opportunities• Evaluate for sale once reinvestment opportunity confirmed• Expand battery and water handling facility in 2012AnnuityDevelopment StageProspective7

Positioned for SuccessFormationLand(net sections)ResourceEstimateRecycleRatioRock Creek 56 >330 mmbbls 3.2xDuvernay 4551-121bcf/sectionRate of Return(BT)95% (oil)>173% (NGLs)3.31x 43%Dina 0.5 ~5 mmbbls 3.0x >196%8

Situated for Organic Growth• Unlock the potential of established large resource pools• Leverage joint venture arrangements and farm-outs to acceleratedevelopment, maximize return and mitigate risk• Core resource play development:– Accelerate Rock Creek opportunities with cash flow– Exploit Duvernay development upside at reduced exposure• Heavy oil development– Realize short-term value appreciation– Re-deploy cash flow from Provost to west central Alberta resource playsResources in place to evaluate, executeand realize new opportunities9

Rock Creek Overview• Potential for higher deliverability and lowerdecline than Cardium, Viking or Bakken wells• Unconventional, light oil and liquids richnatural gas play• 56 net sections• 20 initial horizontal locations identified• 5 well horizontal drilling program in 2012• Estimated recoverable reserves of547 mboe/well• NPV 10% = $8.8 million/well• Mako to consider joint venture drillingarrangement to mitigate risk10

Boe/dThe Rock Creek Advantage600500400Rock Creek has higher reservoir pressure, NGLsand lower water saturation than Cardium, Vikingand Bakken300200100VikingBakkenRock CreekCardium-0 5 10 15 20 25MonthsWell payout expected to be 1.1 years11

Rock Creek EconomicsRock CreekPer WellDC&E Capital Costs ($M) 5,500IP Rate (BOEPD) 1,110EUR/Well (MBOE) 547Liquids Yield (bbls/mmcf) 75Netback ($/BOE) 33F&D Costs ($/BOE) 10NPV 10% ($M) 8,800Recycle Ratio 3.2Rate of Return % 173Note: Sproule Dec 31, 2011 Price Forecast UtilizedEstimated recoverable reserves up to 400 mboe per well or 1 –1.15mmboe/section, based on an expected recovery factor of 15%12

Duvernay Overview• World class, NGL rich, shale resource play• Evolving fracturing technologies haveunlocked new potential of this prolific liquidsrich gas play• 45 net sections in the liquids rich natural gaswindow of the play• Average OGIP/section is 76.1 bcf• NPV 10% = $8.5 million/well• Mako has one of the highest exposures tothe Duvernay, by market cap• Recent horizontal drilling – NGL yields of100+ bbls/mmcfEarly major Duvernay movers include: Sinopec Daylight, Bonavista,Encana, Talisman and Conoco Philips amongst others13

Duvernay Joint Venture Transactions• Duvernay rights sale of 100% W.I. on 8sections to major Canadian based industryparticipant on January 30, 2012– Price is consistent with other transactionsin area• Equalization and farm-out of 80% W.I. on 30sections to Calgary based industry participantfor a cash consideration of $20 M onFebruary 1, 2012– Acquired a new operating partner with onevertical and one horizontal Duvernay wellplanned for 2012• Alberta Joint Venture (“AJV”) retains 100%W.I. in 95 sections of Duvernay• AJV to continue pursuit of additional jointventure arrangementsCyn-PemPembinaRimbey14

Duvernay EconomicsDuvernayPer WellDC&E Capital Costs ($M) 10,000IP Rate (BOEPD) 1,045EUR/Well(MBOE) 915Liquids Yield (bbls/mmcf) 70Netback ($/BOE) 24.87F&D Costs ($/BOE) 10.93NPV 10% ($M) 8,500Recycle Ratio 3.3Rate of Return% 42.8Note: Sproule Dec 31, 2011 Price Forecast UtilizedRecognizable intermediate and senior resource companies have a vestedinterest in de-risking Duvernay prospects adjacent to Mako’s lands15

Dina Overview• Low risk, predictable, appreciating asset in Provost area of south-easternAlberta providing cash flow and near-term production growth.• Two ¼ sections of land, each with independent Dina oil pools• Pools delineated by vertical producing wells and 3D seismic• Two horizontal wells drilled in last half of 2011• Battery facility with water disposal capability• 21 Dina horizontal well locations identified• NPV 10% = $1.3 million/well• Estimated recoverable reserves 60 mbbls/well• Plan to drill 10 horizontal wells and expand battery and water handlingfacilities in 2012Appreciating asset value through development drilling16

Dina EconomicsDinaPer WellDC&E Capital Costs ($M) 750.0IP Rate (BOEPD) 60.0EUR/Well(MBOE) 60.0Liquids Yield (bbls/mmcf)n/aNetback ($/BOE) 29.28F&D Costs ($/BOE) 12.50NPV 10% ($M) 1,300Recycle Ratio 3.0Rate of Return% 195.5Note: Sproule Dec 31, 2011 Price Forecast UtilizedExpected well payout is 6 months17

Management TeamPaul GriesePresident & Managing DirectorCorporate development and restructuringMacKimmie Matthews, Metropolitan Life, Troika Holdings BV, Plaza BV, R. Griese Consulting, Progress Merchant Bancorp and Harness PetroleumCam BolterExecutive Vice PresidentExploration, operations and asset developmentZapata Energy, Renaissance Energy, Pointer Exploration, Archer Resources and Dominion Energy Canada Ltd.James WilsonChief Financial Officer & Corporate SecretaryFinance, administration and strategic planningGrizzly Resources, Archean Energy, Grey Wolf Exploration, Maxx Petroleum, Chauvco Resources International, Chauvco Resources, MarkResources and Precambrian Shield Resources.Brad CroweExecutive Land ConsultantLand and joint venture negotiationsSword Energy, Stride Energy, Hadrian Energy, Kintail Energy, Canrise Resources, Ulster Petroleums, Murphy Oil and Home OilSimon OwenExecutive Vice ChairmanCorporate advisory, law and business developmentCorporate partner Gadens - top 10 national Australian law firm and corporate advisor18

Board of DirectorsGeorge WatsonChairmanCorporate strategy and financeDome Petroleum (CFO), Intensity Resources (CEO), Critical Control Solutions (Executive Chairman) and TransCanada Pipelines(President & CEO)Garry MihaichukIndependent DirectorGlobal business developmentToromont Energy Services (President & CEO), Amoco (Senior VP & Chairman Asia), TransCanada Pipelines (Executive VP & CEO ofInternational), Husky Energy (VP Oilsands and Heavy Oil) and Mancal (Senior VP)Graham AndersonIndependent DirectorCorporate financial advisoryElemental Minerals (Company Secretary), Iron Road (Company Secretary), Aurium Resources (Company Secretary), Padbury Mining (CompanySecretary), Oakajee Corporation (Company Secretary), Ezeatm (Company Secretary), Echo Resources (Director), Tangiers Petroleum (Director),and Pegasus Metals (Director),Simon OwenExecutive Vice ChairmanCorporate advisory, law and business developmentCorporate partner Gadens - top 10 national Australian law firm and corporate advisorPaul GriesePresident & Managing DirectorCorporate development and restructuringMacKimmie Matthews (Associate), Metropolitan Life (Associate Counsel), Troika Holdings BV (Managing Director), Plaza BV (General Counsel),R. Griese Consulting (Principal), Progress Merchant Bancorp (President) and Harness Petroleum (Business Development)19

Why Invest in Mako?• Large Acreage holdings in west central Alberta well-positioned for reservesand production growth in emerging light oil and liquids rich natural gasresource plays• Strong leadership team with solid track record of building successful oil andnatural gas companies• 2012 development and exploration plan using advanced technologies tounlock resource plays• Debt free with cash in bank20

Regulatory StatementsForward Looking Statements:This presentation contains forward-looking statements relating to Mako Energy Limited (the "Company"), including, but not limited to, forward-looking statements in respect of:operation costs; production addition costs; risk management strategies; commodities pricing; use of cash flow; timing of a liquidity event; the Company's strategy and objectives;potential rates of return, cash on cash returns and internal returns; royalty rates; capital expenditures; reserve life index, maintenance costs; future acquisitions and the costs thereof;debt requirements and EBITDA. Forward-looking statements typically use words such as "anticipate", "believe", "project", "expect", "plan", "intend" or similar words suggesting futureoutcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. In addition, statements relating to "reserves" are by theirnature forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the resources described can be profitably produced inthe future.These forward-looking statements are based on various assumptions including expectations regarding the outlook for petroleum and natural gas prices; estimated amounts and timingof capital expenditures; the timing and extent of future operations; anticipated timing and results of capital expenditures; the state of the economy and the exploration and productionbusiness; results of operations; performance; business prospects and opportunities; future exchange and interest rates; impact of increasing competition; ability to market natural gassuccessfully and the ability of the Company to access capital. While the Company considers these assumptions to be reasonable based on information currently available to it, theymay prove to be incorrect.By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that thepredicted outcome will not occur, including, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss ofmarkets; volatility of commodity prices; currency fluctuations; imprecision of reserve estimates; environmental risks; general economic conditions in Canada, the U.S. and globally;changes in laws affecting the oil and gas industry; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors isnot exhaustive.Although the Company believes that the expectations and assumptions represented in such forward-looking statements are reasonable, there can be no assurance that suchexpectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not unduly relyon forward-looking statements. The forward-looking statements contained in this presentation are made as of the date of this presentation and the Company does not undertake anyobligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be requiredby applicable securities laws.Disclosure provided herein in respect of boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversionmethod primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.This presentation does not form part of any offer of securities, or constitute a solicitation of any offer to purchase or subscribe for securities, and any purchase of or subscription forshares in the company should be made solely on the basis of information contained in any prospectus, offering circular or similar document to be issued by the company in duecourse, which document will contain detailed information about the Company and its management, as well as financial statements and other financial data and a summary of relevantrisk factors.Competent Person Statement:The information in this Announcement was produced by Mr. Cam Bolter who is the Executive Vice President of Mako Energy Limited. It has been produced for the Company, and at itsrequest, for adoption by the Directors. Mr. Bolter has sufficient experience that is relevant to the style and nature of hydrocarbon resources and prospects under consideration, and tothe activities discussed in this document. His academic qualifications and industry memberships appear on the Company’s website and both comply with the criteria for “Competence”under clauses 18-21 of the Valmin Code 2005 and ASX Listing Rule 5.11. Terminology and standards adopted by the Society of Petroleum Engineers “Petroleum ResourcesManagement System” have been applied in producing this document.21

Canada800 – 521 3 rd Ave SWCalgary, ABCanada T2P 3T31-403-476-7850Australia14 Emerald TerraceWest Perth, WAAustralia 6005+61-8-9226-0443ir@makoenergy.cawww.makoenergy.caCanadian Oil and NGL / Near-Term ProductionGrowth / Early Stage ValueASX:MKEOTCQX:MAEEY