Message to Stakeholders

At the heart of our Company is the word ‘crew’, a group of people working together to achieve a common goal. For Crew, people are the single most important facet of our organization, supported by a culture of environmental responsibility and ethical governance. We truly believe that the long-term success and sustainability of our Company requires careful consideration of people, the planet and profitability. With the continued development of our Montney natural gas assets, Crew is contributing a cleaner source of energy to meet growing global demand. As Canadians, we should all be proud of the strides our industry has made to reduce emissions, minimize the environmental footprint and develop new technologies that can be shared globally so other parts of the world can make the transition to cleaner energy sources such as natural gas and LNG.

Crew places a strong focus on workplace safety, with the protection and wellbeing of employees and contractors at the foundation of our operations. Our goal is to ensure everyone gets home safely at the end of each workday. Accordingly, we are very proud of our strong safety track record, having exceeded 1,400 days without any employee or contractor lost time injuries and zero recordable employee injuries in the last five years. We believe our robust workplace policies, employee training, and overall safety culture encourages sustained safety outperformance whether in the field or the office.

When the COVID-19 pandemic struck, the health and safety of Crew’s employees, contractors, partners and the general public became the highest priority, and we rapidly transitioned our Calgary office to remote working, leveraging technology and the strength of our team’s bond to seamlessly drive forward. Throughout the pandemic, we have driven forward our bold and innovative two-year development plan which has successfully targeted significant production growth, higher facility utilization, lower operating costs, meaningful debt reduction and enhanced financial flexibility.

Adopting this plan in the middle of a global pandemic was a bold and innovative move, demonstrating Crew’s willingness to do what’s right for our Company, even if that means pivoting in one direction while everyone else is going the other. We are always looking for better and smarter ways to operate. By seeking out a variety of views and perspectives from individuals across the organization, we benefit from the diversity of thought to help us make better business decisions, while fostering a sense of inclusion and belonging.

Crew takes an entrepreneurial approach to our operations and we leverage technological advancements and cutting-edge techniques both on-surface and below the surface. Deploying advanced technologies contributed to Crew setting an industry record for the fastest Montney well drilled in northeast BC during the first quarter of 2021. Our strong environmental performance and focus on innovation draws on the ingenuity of our crew, where people are always encouraged to identify better, cleaner and lower-cost ways of doing business. As a result, we are proud to report reductions across numerous operational inputs, including reducing fresh water use in developed areas, gas plant flaring, spills or asset integrity concerns. In addition, wherever possible Crew provides our own natural gas to power bifuel-frac fleets and rigs rather than using diesel, and in Q3/21, Crew commissioned a waste heat recovery system at our West Septimus facility to reduce GHG emissions while allowing for increased condensate production.

One of the ground-breaking technology projects we are most proud of is the use of a spoolable temporary surface pipeline which was the first to be deployed in Canada. By running this surface pipeline to transfer produced water during fracturing operations, Crew has effectively removed approximately 35,662 two-way truckloads from the road, lowered our GHG emissions and preventing vehicle accidents and spills. This is truly a game-changer, as this initiative has already prevented an estimated 1,090 tonnes of CO₂ from being emitted into the atmosphere and will meaningfully reduce capital and operating costs which helps to enhance margins. This is a good example of how our willingness to do things differently and adopt new technologies is a win-win-win through improved safety measures, reducing our environmental footprint and enhancing investment returns. Since Crew paved the way with this surface pipeline, we understand that several of our peers intend to replicate the project.

Crew aims to be a valued and welcome member of the communities where we operate, live and work, and our relationships with Indigenous communities are a critical component of the Company’s operational success. We continually engage with Indigenous communities with an approach of understanding and respect to their culture and traditional connection to the land. Crew has benefited from the positive relationship with Indigenous communities and the utilization of Indigenous owned or aligned businesses. Crew has also donated more than $630,000 to various charities since 2017, while also volunteering time and human resources to local organizations and initiatives. By executing our strategy of responsible energy development, Crew positively impacts local economies by contributing to employment, remitting taxes and making royalty payments, all of which help to build schools, roads and infrastructure, while supporting local communities and charities.

Our vision is to build a company that is sustainable, profitable and respected while providing our shareholders with positive returns. As you explore Crew’s digital ESG report, you will see what sustainability means to us: a commitment to environmental, social, financial and governance excellence.

** Crew gratefully acknowledges assistance from the Province of British Columbia’s CleanBC Industry Fund for their support of this project.