Grizzly’s growth strategy is to implement the overall vision of the Company and its shareholders. Grizzly's vision is to achieve a top-quartile profitability using steam-assisted gravity drainage (SAGD) projects developed with an efficient, repeatable, scalable facility design coupled with execution excellence by the operator. The strategy is based on the following principles:

Business Model – Grizzly is a long-term, full-cycle in situ oil sands operator with a growth model based on 5,000-8,000 barrel-per-day production increments centred on an innovative facility design. This is in contrast both to the traditional megaproject development model and to the typical start-up corporate model of lease acquisition and resource delineation followed by pre-development divestiture. Grizzly intends to see its projects through to fruition, and the chosen business model enables the Company to control its development pace;

Land – Grizzly has successfully assembled a large, diversified portfolio of more than 30 project areas totalling over 800,000 acres at high working interest in the Athabasca, Peace River and Cold Lake oil sands regions, offering an extensive resource base;

Resources – Grizzly's strategy is to develop well-understood oil sands reservoirs, like the familiar McMurray Formation, that are amenable to tried-and-true SAGD development. The company is innovating in the areas of facility design and operation;

People – Grizzly has built experienced, technical and corporate teams that cover every aspect of the business, including exploration, plant design and construction, technology, human resources and bitumen marketing;

Operations – Grizzly’s guiding operational concept is to achieve top-quartile capital and operating efficiencies by optimizing the delivery of steam to the reservoir (rather than by unlocking new types of reservoir). It is about building and operating cost-efficient steam factories, and this concept illuminates Grizzly’s operational approach, including its ARMS facility model;

Capital – Projects carried out in 5,000-8,000 barrel-per-day increments require smaller financing tranches and reduce several risks. Such projects also have shorter cycle times and can achieve earlier cash flow than mega-projects, enabling partial or complete self-funding and reducing equity financing requirements.