Exhibit 99.2

Kearl Oil Sands

Superior quality oil sands deposit near Fort McMurray, Alberta

Initial phase on schedule to commence operations by year end 2012

Construction ~25% complete

Tailings management plan revised in line with new regulatory directive

Tailings containment design updated to address specific local site conditions

Engineering studies continuing as planned for full field development

Kearl Development Update

Full field development studies progressing

Original plan was to develop Kearl in 3 phases to produce >300 kbd

Phased development to capture learnings and enhance execution, development and marketing

Reconfiguring plan to include debottlenecking and expansion to ~345 kbd

Current focus on leveraging execution learnings, initial infrastructure and replication to minimize full field development costs

Same superior quality resource developed at attractive unit development costs

Original Development Plan

Regulatory Approval @ 345 kbd

kbd

300 200 100 0

kbd

300 200 100 0

Facility Performance Allowance

Phase 3

Phase 2

Phase 1

Current Outlook

Regulatory Approval @ 345 kbd

Expansion

Initial Development

Canada Horn River

Technical risks are also reduced through effective ‘sweet spot’ identification

Over 320,000 net acres

Multiple productive reservoir intervals

Well, seismic and test data supports ‘sweetspot’ interpretation

0 4 8 16 Kilometers

N

IOL/EMC EOG 50-50% JV

IO L/EMC

Encana/Apache

Encana 100%

Husky

Conoco Phillips

EOG

Devon

Nexen

Taqa

Quicksilver

Stone Mountain

Ramshorn

Hunt Oil

Held Crown

Industry Production Pads

IOL / EM Planned Production

IOL/EMC Existing Shale Gas Tests/Wells

3D Seismic Coverage

Existing and Planned Industry Gas Plants

Horn River Basin

FORT NELSON