Core Insights - Peyto Exploration & Development Corp. has released its independent reserves report effective December 31, 2025, marking 27 years of successful reserves development [1] - The company reported significant growth in reserves and production, with a capital budget of $450–$500 million approved for 2026 to offset a projected decline in base production [3][4] 2025 Highlights - In 2025, Peyto added 504 BCFe (84 MMboe) of new Proved Developed Producing (PDP) reserves at a Finding, Development and Acquisition (FD&A) cost of $0.94/Mcfe, the lowest in 23 years [4] - The company achieved record production in December 2025 of 145 Mboe/d, generating a capital efficiency of $9,900/boe/d [4] - The average field netback was $3.61/Mcfe ($21.66/boe), resulting in a recycle ratio of 3.8 times, the highest in 22 years [4] 2026 Capital Budget - The approved capital budget for 2026 is projected to add between 43,000 and 48,000 boe/d of new production, which will more than offset an estimated 26% to 28% decline in base production [3] - The capital program will utilize four to five drilling rigs to drill 70–80 net horizontal wells, with the remaining budget allocated for optimization and maintenance projects [3] Reserves and Valuation - Peyto's PDP reserves increased by 7% to 509 MMboe, Total Proved (TP) reserves increased by 6% to 926 MMboe, and Total Proved plus Probable (P+P) reserves also increased by 6% to 1,450 MMboe [4] - The before-tax, 10% discounted net present value (BT NPV10) of the company's reserves is $5.0 billion on a PDP basis, $6.9 billion on a TP basis, and $9.4 billion on a P+P basis [4] - The debt-adjusted BT NPV10 of the company's P+P reserves was assessed at $40 per share, with $25 per share attributable to developed reserves and $15 per share to undeveloped reserves [11] Production and Decline Rates - The company estimates a total base decline rate of approximately 26-28% for 2026, based on December 2025 production levels [22] - The Reserve Life Index (RLI) for PDP reserves remains at 10 years, while TP and P+P reserves have RLIs of 18 and 28 years, respectively [4][40] Market Diversification and Hedging - Peyto's active hedging program has secured prices for approximately 475 MMcf/d of natural gas for 2026 at an average price over $4.00/Mcf, providing significant revenue certainty [4][5] - The company's market diversification strategy to non-AECO hubs is expected to enhance revenue stability, particularly during periods of price volatility [6][7] Historical Performance - Over the past 27 years, Peyto has invested a total of $9.4 billion in the Canadian economy, developing 7.2 TCFe of total developed natural gas and associated liquids at an average cost of $1.31/Mcfe [10] - The company has consistently delivered a compound annual growth rate (CAGR) of 20% in PDP reserves per share since inception [4]

Core Viewpoint - Petrus Resources Ltd. has successfully closed the acquisition of oil-weighted Cardium assets in the Harmattan area of Alberta for approximately $33.4 million, alongside the completion of equity financings and the approval of its 2026 capital budget and guidance [2][3][5]. Acquisition Details - The acquisition involves oil-weighted Cardium light oil assets in the Harmattan area, with total consideration of approximately $33.4 million, subject to customary adjustments [2]. - The acquisition is expected to enhance the company's production profile and increase its exposure to higher-margin liquids [6]. Equity Financing - Petrus closed an upsized bought-deal private placement and a concurrent non-brokered private placement, issuing 11,814,285 common shares at $1.75 per share, generating gross proceeds of approximately $20.7 million [3]. - The net proceeds from the equity offerings were utilized to repay debt incurred for the acquisition [3]. 2026 Capital Budget and Guidance - The Board of Directors approved a capital budget of $50 million to $60 million for 2026, focusing on developmental drilling in the core Ferrier area and the newly acquired Harmattan assets [5]. - The budget is based on price assumptions of USD $65.00 per barrel for oil and CAD $2.50 per GJ for natural gas [5]. Production and Financial Expectations - Petrus anticipates average daily production of 11,000 to 12,000 barrels of oil equivalent (boe) per day in 2026, with a mix of approximately 40% oil and liquids and 60% natural gas [7][23]. - The company projects funds flow of $60 million to $65 million for 2026, equating to approximately $0.40 per share [7]. - The company aims to maintain a monthly dividend of $0.01 per share, representing about 7% of the current share price [7]. Debt Management - Petrus expects to exit 2026 with net debt of approximately $75 million to $80 million, maintaining a net debt to funds flow ratio of 1.2x to 1.3x [7][6]. - The company has hedged approximately 57% of its forecasted 2026 production at an average price of CAD $86.22 per barrel for oil and CAD $2.88 per GJ for natural gas [8]. Strategic Focus - Following the acquisition, Petrus enters 2026 with greater scale and improved liquids exposure, focusing on executing its development program and delivering sustainable returns to shareholders [9].

Core Viewpoint - Endeavour Silver Corp. has announced its consolidated production and cost guidance for 2026, highlighting a significant ramp-up in production from its Terronera, Guanaceví, and Kolpa mines, alongside planned capital and exploration expenditures [1][5]. Production and Cost Guidance - Silver production is projected to be between 8.3 and 8.9 million ounces, with gold output expected to range from 46,000 to 48,000 ounces. The Kolpa mine is anticipated to produce 22,000 to 24,000 tonnes of lead, 16,000 to 18,000 tonnes of zinc, and 650 to 750 tonnes of copper, contributing to a total of 14.6 to 15.6 million silver equivalent ounces [2][3]. - Consolidated cash costs for 2026 are estimated to be between $12.00 and $13.00 per payable silver ounce, while all-in sustaining costs (AISC) are projected at $27.00 to $28.00 per ounce, net of by-product credits [4][15]. Mine-Specific Details - At Terronera, throughput is expected to be 1,950 to 2,050 tonnes per day, with cash costs and AISC anticipated to be below company-wide averages due to higher production and improved efficiencies [7]. - Guanaceví's throughput is projected at 1,000 to 1,100 tonnes per day, with slightly lower grades expected, leading to a slight increase in cash costs and AISC compared to 2025 [8]. - Kolpa is forecasted to achieve throughput of 2,300 to 2,500 tonnes per day, with improvements in cash costs and AISC due to higher production and stronger base metal prices [9]. Capital Expenditures - The company plans to invest $91.0 million in sustaining capital across its mines, with significant allocations for mine development and infrastructure enhancements at Terronera and Guanaceví [21][22]. - At Kolpa, $26.5 million will be invested, including $16.7 million for growth capital to support a plant expansion aimed at increasing capacity [23]. Exploration Plans - Endeavour plans to allocate $25.9 million for exploration activities across various projects, including significant drilling programs at Terronera, Guanaceví, and Kolpa [26][27].

Core Viewpoint - Saturn Oil and Gas has announced a disciplined budget for 2026, focusing on minimizing capital spending and preserving asset value in the current commodity price environment [2]. Group 1: 2026 Budget Overview - The 2026 capital expenditure budget is set between $180 million and $190 million, with over 80% allocated to drilling, completion, and equipment tie-in activities [2]. - The company plans to drill 105 gross or 78 net wells in 2026 [2]. Group 2: Free Funds Flow and Financial Strategy - The budget aims to optimize free funds flow generation, with a forecasted yield between 25% and 35% for 2026 [3]. - Free funds flow will be directed towards ongoing debt repayment, with additional amounts allocated for share buybacks or opportunistic acquisitions at attractive metrics [3]. - The $185 million capital program represents a 27% decrease from the previous budget [3].

Core Viewpoint - Cenovus Energy Inc. has announced its 2026 capital budget and corporate guidance, focusing on production growth, cost control, and balancing debt reduction with shareholder returns [1][2][3] 2026 Guidance Highlights - Capital investment is projected to be between C$5.0 billion and C$5.3 billion, including approximately C$350 million for turnaround costs [6][7] - Excluding turnaround costs, capital investment is expected to be between C$4.7 billion and C$5.0 billion, with C$850 million allocated to the Christina Lake North asset [6][7] - Upstream production is forecasted to be between 945,000 BOE/d and 985,000 BOE/d, reflecting a year-over-year growth rate of approximately 4% [7][8] - Downstream crude throughput is expected to be between 430,000 bbls/d and 450,000 bbls/d, with a utilization rate of approximately 91% to 95% [7][14] Upstream Production and Costs - Oil sands production guidance for 2026 is set at 755,000 bbls/d to 780,000 bbls/d, with non-fuel operating costs expected to be between C$8.50/bbl and C$9.50/bbl [9][10] - Conventional production is anticipated to be between 120,000 BOE/d and 125,000 BOE/d, with operating costs ranging from C$11.00/BOE to C$12.00/BOE [11] - Offshore production is expected to be between 70,000 BOE/d and 80,000 BOE/d, including 20,000 bbls/d to 25,000 bbls/d from the Atlantic region [12][13] Downstream Operations - Total downstream capital investment is projected to be between C$600 million and C$700 million, with a focus on safety and reliability initiatives [14][16] - Canadian refining throughput is expected to be between 105,000 bbls/d and 110,000 bbls/d, while U.S. refining throughput is forecasted to be between 325,000 bbls/d and 340,000 bbls/d [15][16] Corporate Financial Framework - General and administrative expenses are expected to remain flat at C$625 million to C$675 million, with cost reductions offsetting the impact of the MEG acquisition [17][24] - The company aims to balance deleveraging with shareholder returns, targeting to return approximately 50% of excess free funds flow when net debt exceeds C$6.0 billion [24]