Focused. Disciplined. Experienced. Corporate Presentation March 2026 1 TSX | KEL Why Invest in Kelt ? Value Creation Kelt focuses on value creation for shareholders over the long-term. We emphasize low-cost land accumulation in resource-style plays with the potential for high rates of return on capital invested and rapid growth of its drilling inventory portfolio. Management and the Board are aligned with all Kelt shareholders through their significant equity ownership in the Company. The Kelt management te ...

Q4 and Full Year 2025 Earnings Presentation February 25, 2026 Q2 2025 Earnings Presentation | 1 Contents Q4 2025 Earnings Presentation | 2 1. Financial Highlights 2. Operations & Investment Activity Updates 3. Guidance 4. NOG Value Proposition 5. Appendix 1. Financial Highlights Q2 2025 Earnings Presentation | 3 Q4 and Full Year 2025 Financial & Operating Highlights | Free Cash Flow1 | Annual Shareholder Returns | | --- | --- | | $43.2 MM | ~$230.4 MM | | Solid FCF despite pricing headwinds and record groun ...

Financial Performance - Free Cash Flow was $126.2 million, a decrease of 5.7% year-over-year and 7.0% quarter-over-quarter[4] - Adjusted EBITDA reached $440.4 million, up 6.6% year-over-year and 1.3% quarter-over-quarter[4] - Shareholder returns totaled approximately $79.3 million through dividends and share repurchases[4] - ROCE was 19.6%, approximately flat quarter-over-quarter[4] Production and Operations - Average daily production was 134.1 Mboe/d, an increase of 8.7% year-over-year but a decrease of 0.6% quarter-over-quarter[4] - Capital expenditures amounted to $210 million, down 11.5% year-over-year and 16.0% quarter-over-quarter[4] - Appalachian volumes reached a record 123.5 mmcf per day[4] - Uinta volumes increased by approximately 18.5% on a sequential quarter basis[8] M&A and Capital Allocation - The company closed on an Upton County, Texas acquisition for a total cash consideration of $61.7 million, net of closing adjustments[8] - Over $1.1 billion of available liquidity at quarter-end[8]

Q1 2025 Highlights - Average daily production reached 135.0 Mboe/d, showing a 2.4% increase QoQ and a 13.0% increase YoY[5] - Adjusted EBITDA hit a record $434.7 million, up 12.3% YoY and 6.9% QoQ[5] - Free Cash Flow surged 151.4% YoY, driven by XCL asset contribution and record production[5] - Shareholder returns totaled approximately $57 million in Q1, through stock repurchases and dividends[5] Operations & Investment Activity - Uinta volumes increased by approximately 15% sequentially and 18% on an Mboe/day basis[5] - NOG closed $4.8 million in Ground Game deals in Q1, adding over 1,000 net acres and ~1.1 net wells[5] - A 2,275 net acre acquisition in Upton County, Texas, was completed for $61.7 million[5] - Net elections increased 35% compared to 2024's quarterly average[23] Financial Position - Net Debt to LQA Adjusted EBITDA ratio improved to 1.32x, a decrease of 0.15x QoQ[5] - Over $900 million in available liquidity at quarter-end[5] Guidance - The company anticipates annual production between 130,000 and 135,000 Boe/day[40] - Total budgeted capital expenditures are projected to be between $1.05 billion and $1.2 billion[40]