Investor Presentation

TSX Venture Exchange: LSI.V

August 2015

This presentation contains certain statements that may be deemed "forward-looking statements". All

statements in this document, other than statements of historical fact, that address events or

developments that Lonestar West Inc. (“the Company”) expects to occur, are forward looking

statements. Forward looking statements are statements that are not historical facts and are generally,

but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends",

"estimates", "projects", "potential" and similar expressions, or that events or conditions "will",

"would", "may", "could" or "should" occur.

Although the Company believes the expectations expressed in such forward-looking statements are

based on reasonable assumptions, such statements are not guarantees of future performance and

actual results may differ materially from those in the forward- looking statements. Factors that could

cause the actual results to differ materially from those in forward looking statements include, failure

to successfully negotiate or subsequently close such transactions, inability to obtain required

shareholder or regulatory approvals, uncertainty with respect to findings under exploration programs

and general economic, market or business conditions. Investors are cautioned that any such

statements are not guarantees of future performance and actual results or developments may differ

materially from those projected in the forward-looking statements. Forward looking statements are

based on the beliefs, estimates and opinions of the Company's management on the date the

statements are made. The Company undertakes no obligation to update these forward-looking

statements in the event that management's beliefs, estimates or opinions, or other factors, should

change.

Forward-Looking Statements

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Lonestar Service Area

HEAD OFFICE:

Sylvan Lake, Alberta

CANADA:

Fort McMurray, Alberta

Bonnyville, Alberta

Edmonton, Alberta

Whitecourt, Alberta

Carlyle, Saskatchewan

Moose Jaw, Saskatchewan

Melita, Manitoba

Toronto, Ontario

U.S.A.:

Sacramento, California

Witchita, Kansas

Lake Charles, Louisiana

Minot, North Dakota

Elk City, Oklahoma

Cushing, Oklahoma

Nashville, Tennessee

Beaumont, Texas

Dallas, Texas

Odessa, Texas

San Antonio, Texas

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Sacramento

San Antonio

Dallas

Odessa

Elk City

Witchita

Nashville

California

Texas

Kansas

Tennessee

Oklahoma

Fort McMurray

Bonnyville

Edmonton

Sylvan Lake

Whitecourt

Carlyle

Moose Jaw

Alberta

Saskatchewan

Manitoba

Ontario

Toronto

Tulsa

Louisiana

North Dakota

Lake Charles

Melita

Beaumont

Minot

What Is Hydro-Excavation?

The process of excavating rock and soil

to expose underground utilities and

pipelines.

Uses pressurized water to agitate the

earth, and a powerful vacuum to

remove the soil and debris.

Non-destructive method of excavating

which replaces a conventional backhoe

and manual digging.

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Benefits Of HVAC Excavation?

Safer and faster than traditional

excavation methods when operating

around sensitive infrastructure.

Can excavate frozen ground because

of onboard water heaters.

Reduces environmental liability and

potential restoration costs.

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HVAC Truck

A new HVAC truck

costs $475,000.

Lonestar currently operates

53 HVAC trucks in Canada

and 41 in the U.S.

6Page 6

HVAC Applications

Oil & Gas Industry

• Tank cleaning

• Pipeline trenching

• Facility maintenance

Utility Sector

• Piling & pole hole excavation

Communication Companies

• Uncovering buried utilities

Environmental Cleanup

• Debris removal & cleanouts

Construction Industry

• Shoring & slot trenching

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HVAC Competitors

• 80 HVAC trucks (estimated)

• 80 HVAC trucks (estimated)

• 56 HVAC trucks (estimated)

• North America’s largest

provider of non-destructive

daylighting services

• 410 HVAC trucks

in Canada

• 588 HVAC trucks

in the U.S.

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Vacuum “VAC” Truck

A new VAC truck costs

~$400,000.

Lonestar currently

operates 23 VAC trucks in

Canada; and 7 in the U.S.

Broad based

competition.

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VAC Applications

• Fuel tank cleaning

• Spill cleanup

• Car wash

• Flood damage

• Septic tanks

• Sewers

Well Sites

• Remove drilling fluids

• Disposing of fluids in either spread

fields or authorized disposal facilities

Industrial

• Fuel tank cleaning

• Spill cleanup

• Car wash

Pipeline

• Non-destructive testing

Other

• Flood damage

• Septic Tanks

• Sewers

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Safety Record

• Strong Health, Safety & Environmental

Program (HSE).

• AASP approved Certificate of

Recognition (COR).

• Prequalified by ISNetworld,

Complyworks, Canqual & PIC’s Auditing

as a low-risk supplier.

• Continuously evolving HSE program to

stay ahead of changes in the industry.

• GPS monitoring enhances safety.

• Low lost-time incident frequency.

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Lonestar Advantage

• Increased efficiency, saving time and money.

Superior Trucks

• Qualified for major corporate accounts.

Superior Safety Record

• Trained to be safe and efficient.

Top Crews

• Over 100 years combined management experience.

Experienced Managers

• Founding management.

Operating 15+ Years

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Capital Structure

Issued:

• Insiders: 8.3 m

• CEO (insider) 7.3 m

• Public float 20.9 m

Total Issued: 29.2 m

• Unexercised options: 574,909

Fully Diluted: 29.7 m

Financings:

• June/14 $20.0m @ $3.30

• July/13 $10.1m @ $2.60

• Nov/12 $3.04m @ $1.40

• Aug/11 $1.2m @ $0.60

• Dec/08 $1.2m IPO @ $0.50

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U.S. Expansion

Page 14

• U.S. growth – Continually adding to U.S. fleet.

• Key management hires.

• Growing revenue per truck.

• Increased sales by 210% in 2014.

• California has fewer Hydrovac trucks than are located in Edmonton!

What We Have Accomplished

Fleet Growth

• 153 – April 2015

• 65 – October 2013

Platform Growth

• 20 Bases – April 2015

• 9 Bases – October 2013

• U.S. operations gaining traction.

• Bought Deal Financing at a premium to recent trading for $20 m.

• Recent close of Vamp acquisition.

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Clear Growth TrendLonestar West: TSX-V LSI

(Full fiscal year changed to Dec 31 from Jun 30 as of 2014)$ Thousand

Page 16

-550

450

1,450

2,450

3,450

4,450

5,450

6,450

7,450

8,450

9,450

10,450

11,450

12,450

13,450

Q4F12 Q1F13 Q2F13 Q3F13 Q4F13 Q1F14 Q2F14 Q2 14 Q3 14 Q4 14 Q1 15

Revenue 4,442 6,156 6,750 8,777 6,212 8,301 9,281 9,555 13,016 13,161 13,312

Net Earnings (loss) -198 664 624 762 -448 92 -280 -132 771 -400 210

EBITDAC 381 1,267 1,145 1,556 209 912 420 808 2,442 1,168 2,242

Revenue

Leadership TeamOfficers

James Horvath – President & Chief Executive Officer

David Prussky - Chairman

Kristin York – Vice President

Mark Kearl – V.P. Finance & Chief Financial Officer

Directors

James Horvath – President & Chief Executive Officer

Tracy Graf – CEO, Carfinco Financial Group Inc.

Joe MacLean – President and CEO, AOI Capital, LLC

Maurice Kagan – CEO, Danika Associates Limited

David Prussky – Director, Patica Securities Limited

Senior Managers20 senior HVAC and Vacuum managers(includes U.S. Business Development, U.S. & Canadian Operations Managers and all Base Managers)

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Key Investment Highlights

Large and growing client base

Diversified

U.S. Expansion

Quickly becoming a noted competitor

in the Canadian HVAC industry

Energy, infrastructure &

mining

South Central U.S.

California (utilities & infrastructure)

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Key Investment Highlights

Strong projected growth.

Superior safety record.

Highly experienced management

with field experience.

28% inside ownership.

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Analyst Coverage

Target

Price

BUY

$4.25

BUY

$4.00

Strong BUY

$3.75

Outperform

$4.00

Forecast

Revenue

2015

$72.2

Million

$81.5

Million

$56.0

Million

$63.4

Million

Forecast

EBITDA

2014 / 8.7 m

2015 / 14.3 m

2014 / 7.7 m

2015 / 15.1 m

2014 / 6.4 m

2015 / 10.0 m

2014 / 8.4 m

2015 / 10.8 m

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Thank-You

Lonestar West Inc.TSX Venture Exchange: LSI

August 2015

For further information, please contact:

Lonestar West Inc.

lonestarwest.com

403-887-2074

Investor Relations

The Howard Group

Jeff Walker/Ariel Cobangbang

403-221-0915

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