Corporate Presentation April 2026 NASDAQ: PROP Disclaimer Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this presentation regarding the strategy, future operations, financial position, estimated reserves, revenues and income or losses, projected costs and capi ...

Core Viewpoint - Prairie Operating Co. has reported its year-end proved reserves evaluation, highlighting a total of 121 million barrels of oil equivalent (MMBoe) with a present value of $1,220 million at SEC pricing as of December 31, 2025, and an exit rate production of approximately 28,000 barrels of oil equivalent per day [1][2][3]. Reserves Evaluation - The independent evaluation of proved reserves was conducted by Cawley, Gillespie & Associates, Inc., with an effective date of December 31, 2025, and it adheres to SEC guidelines [3][4]. - Prairie's total proved reserves consist of 60 million barrels of oil, 195 billion cubic feet of natural gas, and 29 million barrels of natural gas liquids, totaling approximately 121 MMBoe, with 68 MMBoe classified as proved developed and 53 MMBoe as proved undeveloped [4][5]. Production and Financial Metrics - The company's operated and non-operated production at year-end 2025 was approximately 28,000 barrels of oil equivalent per day, reflecting the strength of its producing asset base [5]. - Estimated future net cash flows before federal income taxes attributable to total proved reserves were approximately $2,414 million, with a PV-10 value of approximately $1,220 million, of which about $860 million (71%) is attributable to proved developed reserves [7]. Pricing and Realized Prices - As of December 31, 2025, SEC pricing was $65.34 per barrel of oil and $3.387 per MMBtu of natural gas, leading to net realized prices of $62.99 per barrel of oil, $0.797 per Mcf of natural gas, and $18.56 per barrel of NGLs over the life of the proved properties [6]. Company Overview - Prairie Operating Co. is an independent energy company based in Houston, focused on the development and acquisition of oil and natural gas resources in the Denver-Julesburg (DJ) Basin, particularly in the Niobrara and Codell formations [11].

Core Viewpoint - PEDEVCO Corp. has reported its year-end 2025 proved reserves evaluation, highlighting a significant asset base following its merger with Juniper Capital Advisors, indicating strong potential for cash flow and long-term shareholder value [2][3]. Reserves Evaluation - The independent evaluation of proved reserves was conducted by Cawley, Gillespie & Associates, Inc., covering 100% of the Company's interests in Wyoming, Colorado, and New Mexico, with an effective date of December 31, 2025 [3][4]. - Total proved reserves at year-end 2025 were 22.99 million barrels of oil, 28.78 billion cubic feet of natural gas, and 4.34 million barrels of natural gas liquids, totaling approximately 32.12 million barrels of oil equivalent [4]. Financial Metrics - The present value of future net cash flows before federal income taxes attributable to total proved reserves was approximately $674.8 million, with a PV-10 value of about $357.7 million, of which 72% is from proved developed reserves [6]. - SEC pricing as of December 31, 2025, was $65.34 per barrel of oil and $3.387 per MMBtu of natural gas, leading to net realized prices of $62.92 per barrel of oil and $3.04 per Mcf of natural gas [5]. Development Plans - The proved undeveloped reserves reflect a multi-year development plan, including 71 horizontal drilling locations across Colorado, Wyoming, and New Mexico, targeting various formations [7]. - There are also 11 proved developed non-producing locations, indicating completed wells with fully paid capital costs [7]. Company Overview - PEDEVCO Corp. is a publicly traded energy company focused on acquiring and developing high-growth energy projects in the U.S., with principal assets in the Rockies and the Permian Basin [11].

Financial Performance - Vital Energy reported Adjusted Free Cash Flow of $64 million in 1Q-25[9], exceeding guidance[9] - Consolidated EBITDAX for 1Q-25 was $360 million[9] - Cash Flows from Operating Activities reached $351 million in 1Q-25[13] Production and Costs - Total production in 1Q-25 was 1402 MBOE/d[9], surpassing the midpoint of guidance[10] - Oil production in 1Q-25 was 649 MBO/d[12], also above the midpoint of guidance[10] - Lease Operating Expense was $103 million in 1Q-25[12], below guidance[11] Capital Program and Debt Reduction - The company is targeting ~$300 million in debt repayment for FY-25[26] - Vital Energy anticipates ~$265 million of Adjusted Free Cash Flow at $70 WTI oil[20] - Vital Energy anticipates ~$240 million of Adjusted Free Cash Flow at current strip prices[20] - Vital Energy anticipates ~$50 million of Adjusted Free Cash Flow at $50 WTI oil[20] Hedging and Inventory - Approximately 90% of the company's expected remaining 2025 oil production is hedged at an average WTI price of ~$71 per barrel[62] - The company has ~925 inventory locations with an average WTI breakeven oil price of ~$53[34]

Core Viewpoint - Berry Corporation reported its financial and operational results for Q4 and full year 2024, highlighting a focus on sustainable free cash flow and capital efficiency, alongside a fixed cash dividend of $0.03 per share [1][6][16]. Full Year 2024 Highlights - Total production for 2024 was 25.4 MBoe/d, with oil production comprising 93% of total output [11]. - Revenues from oil, natural gas, and NGLs were $647 million, a decrease from $669 million in 2023 [11]. - Net income for the year was $19 million, down from $37 million in 2023, while adjusted net income increased to $52 million from $39 million [11]. - Adjusted EBITDA rose to $292 million from $268 million in the previous year [11]. - Free cash flow for the year was $108 million, compared to $126 million in 2023 [11]. Fourth Quarter 2024 Highlights - Q4 production was 26.1 MBoe/d, a 5% increase from Q3 2024 and a 1% increase year-over-year [9]. - Oil, natural gas, and NGL revenues for Q4 were $158 million, slightly up from $154 million in Q3 2024 but down from $172 million in Q4 2023 [9]. - The company reported a net loss of $2 million for Q4, contrasting with a net income of $70 million in Q3 2024 [9]. - Adjusted net income for Q4 was $17 million, up from $11 million in Q3 2024 [9]. - Operating cash flow for Q4 was $41 million, down from $71 million in Q3 2024 [9]. 2025 Outlook - Berry expects average daily production in 2025 to range from 24,800 to 26,000 boe/d, with oil production anticipated to be between 91% and 95% [17]. - The capital expenditure program for 2025 is projected to be between $110 million and $120 million, with approximately 40% allocated to Utah [17][21]. - The company plans to continue its fixed dividend policy while prioritizing debt reduction [16]. Management Comments - The CEO emphasized the company's strategy of generating sustainable free cash flow and improving capital efficiency, with successful drilling results unlocking further potential [6][8]. - The company has a disciplined plan for 2025 aimed at ensuring capital for development and creating shareholder value [8]. Capital Structure - As of December 31, 2024, Berry had $450 million outstanding on its term loan and no borrowings under its revolver, with $110 million in liquidity [13]. - The leverage ratio stood at 1.49x, indicating a manageable level of debt relative to cash flow [13]. Proved Reserves - Berry's year-end 2024 proved reserves totaled 107 MMBoe, a 4% increase from the previous year, with a reserve replacement ratio of 147% [23]. - The SEC PV-10 value of the reserves was estimated at $2.3 billion [23].