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Repositioned for North American Growth

Repositioned for North American Growth. IPAA Oil & Gas Investor Symposium April 20, 2004 George K. Hickox, Jr. , Chairman and CEO NYSE: WZR. Company Profile. NYSE: WZR $8.00 per Share 15.5MM common shares, mgmt. controls 41% Share price: 52-week H/L $9.39 / $3.12

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Repositioned for North American Growth

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  1. Repositioned for North American Growth IPAA Oil & Gas Investor Symposium April 20, 2004 George K. Hickox, Jr. , Chairman and CEO NYSE: WZR

  2. Company Profile • NYSE: WZR • $8.00 per Share • 15.5MM common shares, mgmt. controls 41% • Share price: 52-week H/L $9.39 / $3.12 • $280MM enterprise value, $1.46/Mcfe • 191 Bcfe proved reserves (12/31/03) • 49% oil • 51% gas • 70% U.S. 30% Canada • 85% developed • 2004E production 25.5-26.5 Bcfe • Estimated production for 2004 up 9% over 2003 • Current daily net production approximately 70 MMcfe • 61% Gas • 39% Oil • 375 Bcfe current prospect inventory • $48MM 2004E CAPEX • 53% Canada • 47% U.S. • 1Q04E LTD $160MM CHINCHAGA BUICK CREEK WOLVERINE EVI-LOON WILD RIVER ANSELL HINTON-OBED LEAHURST HAYTER ILLINOIS BASIN SAN JUAN BASIN PERMIAN BASIN GULF COAST ONSHORE GULF OF MEXICO

  3. Repositioning at Wiser • Infuse WZR with $25MM of new capital in May 2000 • Shift Wiser business model from development to gas exploration focus • Remove impairments to growth by changing management, writing down assets, rationalizing low performing properties • Generate Canadian prospect and project inventory • Leverage new management experience to add U.S. exploration content • Educate the public markets on new Wiser

  4. Achievements Since The Beginning of 2000 • Production for 2003 up 21% • Natural gas production 55% in 2003, versus 46% in 2000 • Natural gas reserves 51% in 2003, versus 34% in 2000 • Added 65 Bcfe through the drill bit, 53 Bcfe through acquisitions • Replaced 136% of production • Maintained historical cash flow properties • Built large prospect and project inventory in new core areas such as Gulf of Mexico and Wild River

  5. Wiser Is Repositioned * Includes Sabine acquisition which closed in January 2004

  6. Current Status • 2003 vs. 2002 • Daily production: 64.0 MMcfe vs. 65.2 MMcfe • Production revenues $107MM vs. $77MM • EBITDAX $56.1MM vs. $30.7MM • 2004E guidance • First quarter average daily production 62.6 MMcfe • Average daily production 69.7 to 72.4 MMcfe • CAPEX $48MM ($25MM CAN, $23MM U.S.) • EBITDAX $79.8MM (4/13/04 NYMEX pricing; 25.4 Bcfe production)

  7. Gas Proved Oil Probables Prospects Reserves and Annual Production Production, MMcfe Reserves, Bcfe EBITDAX, $000 2004E based on 4/13/04 NYMEX pricing; 25.4 Bcfe production * Prospects include Sabine acquisition

  8. Our Operating Areas 2004E Production 25.5-26.5 Bcfe 2003 Reserves - 191 Bcfe Canada 45% Canada 30% U.S. 70% U.S. 55% 2003 Reserves - 191 Bcfe 2003 Pretax PV-10 - $350MM Gas 51% Canada 33% U.S. 67% Oil 49% Current Prospects - 375 Bcfe 2004E CAPEX - $48MM U.S. 47% Canada 53% U.S. 47% Canada 53%

  9. SAN JUAN BASIN PERMIAN BASIN MALJAMAR WELLMAN SLASH RANCH LIBERTY CHARCO GULF OF MEXICO SOUTH TEXAS Gross Reserves (Bcfe) Net Reserves (Bcfe) No. of Prospects Net. Acreage Offshore - Gulf of Mexico 10 21,000 370 65 Onshore 49 93,000 396 110 Total Net Reserves (Unrisked) in Wiser U.S. Prospect Inventory 175 U.S. Overview United States 2004E CAPEX $23MM Net Undeveloped Acreage 114,000 3-D Seismic 2,500 sq miles Net Producing Wells 433 Booked PUDs 18.1 Bcfe Booked Probable 18.7 Bcfe • U.S. growth strategy • Grow production and reserves through exploration, exploitation & tactical acquisitions • Redeploy cash flow from Permian and San Juan legacy assets to fund exploration program • Explore in the GOM and onshore Gulf Coast areas using the latest geophysical tools • Operate the majority of production and drilling programs to reduce costs and control the pace of activity SABINE

  10. Permian and San Juan Basins SAN JUAN BASIN • San Juan Basin • Long-lived legacy asset • Drill >100 gross wells annually replacing reserves • Solid cash flow generator • Permian Basin • Long-lived legacy assets • Monetizing CO2 at Wellman; credit sales to operating costs • 10 infill development wells planned in 2004 • Solid cash flow generator PERMIAN BASIN MALJAMAR WELLMAN SABINE SLASH RANCH LIBERTY CHARCO GULF OF MEXICO SOUTH TEXAS

  11. 2004 U.S. Exploration Program • 9 gross U.S. wells (3 GOM and 6 onshore Gulf Coast) • Expect drilling to begin in the second quarter, will operate all 6 onshore wells • Rapidly building prospect inventory on newly acquired 157,000 gross acre Sabine project • Continuing to build 3-D seismic database and develop new exploratory project ideas in core areas • U.S. exploration budget - approximately $12 MM.

  12. GOM Exploration and Discoveries Offshore Results: Successfully completed 15 of 19 wells participated in, yielding a 79% success rate. West Cameron East Cameron Vermilion EC 73 5 MMcfe/d test VR 61 #1 12.1 MMcfe/d gross South Marsh Island Eugene Island WC 347 #1 2.2 MMcfe/d gross Ship Shoal WC 357 P&A South Pelto South Timbalier EC 179 #A-1 & 185 #A-2 on production EC 185 #-2 ST Discovery 3.4 MMcfe/d gross WC 399 P&A WC 428 8.7 MMcfe/d gross WC 417 #1 & WC 416 #1 3.4 MMcfe/d gross SS 164 P&A SMI 93 #1 1.5 MMcfe/d gross EI 302 #1, #2 & #3 15.0 MMcfe/d gross WC 488 6.4 MMcfe/d gross SS 322 17.8 MMcfde/d gross 10 Prospective Blocks In Inventory 13 Blocks HBP

  13. Upper Gulf Coast Trend • Developing trend in geo-pressured Yegua, Cook Mountain and Wilcox aged sands. • Wiser operated Liberty Project 3-D seismic shot in 2003. • Wiser operated Sabine Project acquired in early 2004. • Drilling to commence on both projects in the second quarter of 2004. Sabine Project Liberty Project

  14. Liberty Project • Wiser-operated 51 sq. mile 3-D program, interpretation ongoing. • Approximately 28,000 gross acres under lease or option. • Located in prolific Yegua-Cook Mountain trend. • Multiple prospects generated to date. SAN JACINTO Liberty 3-D Survey HARDIN 51 Sq. Miles Pine Island Field 102 BCFE Sour Lake East Field LIBERTY 52 BCFE MONTGOMERY Raywood Field 156 BCFE JEFFERSON HARRIS Canadian Hunter Field 95 BCFE CHAMBERS

  15. 3D Seismic Surveys Legend Available 3D Seismic - 224 Sq Miles - El Paso Wiser Lease Acreage Optioned Acreage HPB Acreage Sabine Project • Approximately 157,000 acres leased or optioned in prolific Yegua and Wilcox trends. • 260 sq. mi. of 3D data and approx. 2,000 mi. 2D data already acquired • Numerous (>35) documented leads and prospects in Yegua and Wilcox. • Wiser to operate with 45% working interest.

  16. Canadian Core Base Canada 2004E CAPEX (U.S.$) $25MM Net Undeveloped Acreage 172,000 Net Wells 266 Average WI% 70% 3-D Seismic 250 sq miles PUDs 16 Bcfe Probable 27.3 Bcfe • Acquire and operate numerous lands and wells with “upside” opportunities • Use advanced technologies to add reserves and increase production • Increase netback margins through intensive engineering • Apply. downspacing technologies to increase reserves at Wild River • 6,000 BOED NET (6:1) • 9.4 MM BOE Proved reserves CHINCHAGA BUICK CREEK WOLVERINE EVI - LOON WILD RIVER ANSELL HINTON - OBED HAYTER Shallow Gas Light Oil Heavy Oil Deep Gas LEAHURST

  17. Shallow Gas Projects • Net production 8.5 MMcf/d • Net reserves 28 Bcfe P+P • 140,000 net undeveloped acres • 140 WI wells • 25+MMcf/d gas plant capacity • WI% range from 33% to 100% • 10 wells drilled Q1/ 2004 CHINCHAGA WOLVERINE CHINCHAGA 6 miles WOLVERINE

  18. Wolverine - Shallow Gas • 5.5 MMcf/d - Wolverine • 1.5 MMcf/d - Bison • Combined plant capacity: 25 MMcf/d • 7 wells drilled Q1/ 2004 • Added shallow production at Wolverine and deeper Gilwood production at Bison WOLVERINE GAS PLANT BISON GAS PLANT Wiser Land WOLVERINE 12 MILES

  19. Deep Gas Projects - Wild River/Hinton-Obed • Net production 10 MMcf/d • Net reserves 21.5 Bcfe P+P • 18,000 net undeveloped acres • WI% range from 3% to 50% • Depth: 9,000 - 12,000 ft • 3 wells completed Q1/ 2004 • 1 well drilling, 3 wells production testing • 2 wells waiting on rig WILD RIVER ANSELL HINTON-OBED BUICK CREEK 6 miles WILD RIVER ANSELL HINTON-OBED

  20. Wild River - Deep Gas BERLAND RIVER WABAMUN 80 BCF TO DATE • Operator; 50% WI • Multi-zone gas potential down to 9,800 ft on 21,900 gross acres • Production up 1000% since 2000 • 15-30 Discovery: On stream Jan. 6; current rate: 20 mmcf/d (50% WI) • Offsets planned for 2004 • TLM, APC and DVN active in area WISER’S NEW POOL WABAMUN DISCOVERY 15-30 NEW GASWELL 1 mile WILD RIVER Wiser drilling/operated wells Talisman operated Recent TLM, APC & DVN drilling Nexen acquisition - 24% WI New 3-D seismic program Q1 03 Existing 3-D seismic DRILLING

  21. Hinton-Obed - Deep Gas • Operator; 3.3% to 50% WI • 12,500 net undeveloped acres with 5-10 drillable locations • Potential 2-5MMcfe/d risked • 13-8 Well Tested 4.2 MMCFD from two zones • 9-16 PROD. TESTING (WISER 6.6%) • 14-23 PROD. TESTING (WISER 25%) • 1-29 PROD. TESTING (WISER 50%) 14-23 TESTING 25% WI 1-29 TESTING 50% WI 4-21-53-22W5 DISCOVERY WELL IP: 14 MMCF/D WISER 3.3% 5-7 9-16 TESTING 6.6% WI 13-8 GASWELL 16.6% WI Section 29 acquired July Landsale 4-21-53-22W5 Viking Pool Locations (50%) Fault 3-D seismic control VIKING CHANNEL SS TREND HINTON-OBED 1 mile

  22. Buick Creek - Deep Gas • Ladyfern largest discovery to date at 750 Bcf recoverable • Depth ranges from 8,000 feet to 12,000 feet • Wiser has large land holding covered with 3D seismic • Identified large reef for winter drilling • 100 - 200 BCF Potential • CNRL offset well: 30 mmcf/d • Well penetrated low perm. Fore-Reef facies / possible side track planned summer 2004 • Drill stem test recovered gas Ladyfern EnCana Discovery Calpine Discovery Canadian Natural Resource Discovery Samson Discovery WISER’S BUICK CREEK BC AB BUICK CREEK

  23. Evi-Loon & Red Earth - Light Oil • Production 1,340 BOPD • Evi-Loon & Red Earth - Light Oil Net reserves 2.5 MMBOE • 7,500 net undeveloped acres; 14 locations identified on seismic • 40° API gravity; receive 95% of WTI cash price • Current Netbacks $29 bbl Cdn. • 7 Wells planned for Q3/04 N. EVI LOON W. EVI EVI RED EARTH 1 mile Proposed locations Wiser Land EVI-LOON

  24. Hayter - Heavy Oil • 100% WI, • 2,048 BOED • OOIP - 143 MMBbl, WZR has booked ~ Proved 1.5 MMBOE • Reactivated 58 producing wells • Drilled 39 wells • 50 additional locations to drill • Add compression Jan. 2004, increased production from 1,500 to over 2,000 BOED by March OIL BATTERY 2003 Summer locations (10) New 3-D Acquired May 2003 Wiser Land HAYTER

  25. Production Growth MMcfe per Quarter MMcfe per Day

  26. Plans for Debt • 1Q 2004E debt $160MM • $125MM, 9.50% coupon, principal due May 2007 • $29MM bank debt, $45MM borrowing base, additional $20MM acquisition facility • Debt coverage • YE 03 Debt/03 EBITDAX 2.8X • 03 Interest Coverage 3.9X • Expect to reduce credit facility by $10MM in 2004 • Considering a refinancing of the $125MM subordinated notes • Will continue to hedge production to maintain debt service

  27. Hedging Strategy • We look forward 3 to 4 quarters, locking in ~50% of production • Protects downside, captures upside • Covers 100% of interest payments, protecting equity from default risk * Excludes calls sold during period

  28. Current Wiser Valuation Current Price per Share $8.00 Market Equity Value $124MM 3/04E Long Term Debt $160MM 3/04E Cash $4MM 4/13 NYMEX PricingFlat Pricing $29 Oil/$5 Gas Avg. $35.56 Oil/$5.97 Gas Avg. $30.54 Oil/$5.20 Gas 2004E EBITDAX $79.8MM $68.2MM Enterprise Value $280MM $280MM 04E EV/EBITDAX Multiple 3.5x 4.1x Peer Group 04E EV/EBITDAX Comp 5.5x

  29. Reasons for Buying Wiser Oil • The turnaround risk is largely removed • Clear business plan with exploration focus • Present management is aligned with shareholders • Exposure to Canadian assets and prospects • Diverse portfolio of legacy and prospect assets • Demonstrated growth track record with growth upside • Shares still trade below peer group metrics

  30. Repositioned for North American Growth NYSE: WZR Except for historical information contained herein, the statements in this Presentation are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, and the business prospects of The Wiser Oil Company, are subject to a number of risks and uncertainties that may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, product supply and demand, competition, government regulation or action, litigation, the costs and results of drilling and operations, the Company's ability to replace reserves or implement its business plans, access to and cost of capital, uncertainties about estimates of reserves, quality of technical data, and environmental risks. These and other risks are described in the Company's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.

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