Obsidian Energy Ltd. Corporate Presentation February 2026 OVERVIEW Focused asset base with experienced team delivering value P E A C E R I V E R 13,741 boe/d Cold flow heavy oil V I K I N G 1,025 boe/d Light oil conventional development W I L L E S D E N G R E E N & P C U # 1 1 Q4 2025 27,971 boe/d 12,968 boe/d Light oil conventional development | Q4 2025 Production | 27,971 boe/d | | --- | --- | | Q4 2025 Annualized Funds Flow from Operations (FFO) | $226 million | | Q4 2025 Annualized Net Debt to FFO | 1. ...

Core Viewpoint - Trio Petroleum (TPET) has acquired heavy oil assets from NovaCor Exploration, which includes producing wells and infrastructure, aiming to enhance production and operational efficiency [1] Group 1: Acquisition Details - The acquired assets are located in west-central Saskatchewan and consist of four producing heavy oil wells and a water disposal facility [1] - Three wells are currently producing approximately 30 barrels per day, while the fourth well is expected to produce around 20 barrels per day upon resumption [1] - The acquisition price is $1,000,000 CAD, paid through the issuance of 912,875 shares of common stock [1] Group 2: Production and Operational Potential - The assets target established heavy oil intervals within the Mannville Group, including Waseca, McLaren, Sparky, and GP [1] - Trio Petroleum believes the asset base offers a combination of existing production and potential operational upside through disciplined field execution [1] - The acquisition includes necessary infrastructure and equipment to support ongoing production and field operations [1]

Core Viewpoint - Trio Petroleum Corp has acquired heavy oil assets in Saskatchewan from NovaCor Exploration Ltd, which includes producing wells and infrastructure, aimed at enhancing production and operational efficiency [1][2][7]. Acquisition Details - The acquisition includes four producing wells and a water disposal facility, with current production of approximately 30 barrels per day from three wells and an expected 20 barrels per day from the fourth well [2][5]. - The assets are located in established heavy oil intervals within the Mannville Group, targeting zones such as Waseca, McLaren, Sparky, and GP, with potential for operational improvements [2][3][4]. Production and Optimization Potential - The Section 3-48-24W3 area is viewed as an optimization opportunity, with potential to add another 15 barrels per day through low-cost workovers and recompletions [3]. - The Section 5-49-24W3 area is also identified for near-term optimization, with a practical path to improve production rates by an additional 25 barrels per day [4]. Infrastructure and Revenue Generation - The acquisition includes a produced-water disposal facility expected to generate recurring revenues, with potential monthly earnings of upwards of $100,000 from water disposal and skim oil recovery [5][7]. - The facility is designed to support third-party service arrangements, enhancing revenue streams for the company [5]. Management Insights - The CEO emphasized the acquisition's immediate contribution to oil production and the potential for significant operational improvements, highlighting the strategic importance of the Maidstone position for future drilling opportunities [6][7]. - The company aims to leverage its technical expertise and operational capabilities to maximize shareholder value through disciplined growth [7]. Financial Aspects - The purchase price for the acquisition is $1,000,000 CAD, paid through the issuance of 912,875 shares of common stock, which includes certain registration rights [7].

Core Viewpoint - As oil and energy investors look towards 2026, balance-sheet strength, capital discipline, and earnings visibility are becoming increasingly important alongside production growth. Baytex Energy and Canadian Natural Resources are diverging in their strategies and risk profiles, with Baytex emerging from a major reset while CNQ focuses on scale and stability [1]. Baytex Energy (BTE) Case - Baytex is transforming into a different company by 2026, having simplified its business through the sale of Eagle Ford assets, which has significantly reduced financial risk and improved its balance sheet [2]. - The company is now focused on high-return Canadian assets, with heavy oil production from Clearwater, Peace River, and Lloydminster forming the backbone of its cash flow, which remains positive even in softer oil price environments [3]. - With over 80% of its 2025 capital spending already completed, Baytex is positioned for better free cash flow visibility heading into 2026, allowing for increased shareholder returns through dividends and buybacks [4]. - Challenges include a heavier weighting towards heavy oil, which increases exposure to price discounts during downturns, and recent reductions in free cash flow expectations due to weaker oil prices [5]. Canadian Natural Resources (CNQ) Case - CNQ represents stability and consistency, with a C$6.3 billion capital program aimed at sustaining low-cost, long-life production while delivering steady returns to shareholders, expecting a modest production growth of about 3% [6]. - The company's asset base features low decline rates and long reserve life, reducing the need for heavy reinvestment and supporting predictable cash flow across commodity cycles [7]. - CNQ's operational efficiency is enhanced by its scale and technology, allowing for steady output and flexibility in response to price changes, although its size limits rapid growth potential [8]. - Looking towards 2026, CNQ is characterized by reliability rather than rapid growth, offering dependable cash flow but limited near-term upside compared to smaller companies like Baytex [9]. Price Performance - Baytex shares have outperformed recently, gaining 65.3% over the past six months, while CNQ shares have decreased by 0.6%, indicating market confidence in Baytex's post-divestment strategy [11]. Valuation - On a forward 12-month price-to-sales basis, CNQ trades at 2.54X and Baytex at 2.45X, suggesting that Baytex may have more room for valuation expansion if its execution continues to improve [12]. EPS Outlook - Baytex is projected to see a 9.5% year-over-year EPS growth in 2025, while CNQ is expected to experience a modest 0.8% decline, indicating stronger earnings leverage for Baytex heading into 2026 [14][16]. Conclusion - Both companies have their merits, but they cater to different investor needs. CNQ is a dependable operator with a proven capital-return model, while Baytex's cleaner balance sheet and improving cash flow profile give it a competitive edge at this time [17].

2026 Budget & Guidance - Development capital expenditures are budgeted between $180 million and $190 million[10] - The company forecasts average production between 39,000 and 41,000 barrels of oil equivalent per day (boe/d)[10] - Oil and liquids are expected to comprise approximately 81% of the production mix[10] - Adjusted Funds Flow (AFF) is projected to be between $325 million and $375 million, or $1.75 to $2.00 per share[10] - Free Funds Flow (FFF) is forecasted between $120 million and $170 million, or $0.65 to $0.95 per share, resulting in a free funds flow yield of 25% to 35%[10] - Net debt at the end of 2026 is estimated to be between $645 million and $695 million, with a net debt to adjusted EBITDA ratio of 1.4x to 1.7x[10] Sensitivity Analysis - A $5.00 change in WTI oil price is expected to impact AFF by approximately $50 million[13] - A 1,000 barrel per day change in oil production is projected to impact AFF by approximately $25 million[13] - A $0.01 change in the CAD/USD exchange rate is expected to impact AFF by approximately $8 million[13] - A $0.50 change in AECO gas price is projected to impact AFF by approximately $3 million[13] Development Program Highlights - Approximately 33% of the 2026 development capital is allocated to Open Hole Multi-Lateral (OHML) locations in Southeast Saskatchewan (SE SK)[9, 15] - The company plans for 32 OHML locations in 2026 and has identified over 300 OHML locations in SE SK[15] - The company plans for 23 conventional wells[19]

Core Viewpoint - Baytex Energy Corp. has announced the sale of its U.S. Eagle Ford assets for US$2.305 billion to focus on its higher-return Canadian operations, enhancing its financial position and shareholder returns [1][2][5]. Transaction Details - The transaction is valued at approximately $3.25 billion in cash and is expected to close in late 2025 or early 2026, pending regulatory approvals [1][5]. - A US$200 million deposit will be made by the buyer, which may be forfeited under certain conditions [5]. Strategic Focus - The divestiture allows Baytex to concentrate on its Canadian assets, particularly in heavy oil development and the Pembina Duvernay, which are expected to drive long-term value creation [6][8]. - The company aims to maintain a disciplined growth strategy with an annual production growth target of 3-5% at WTI prices of US$60-65 per barrel [11]. Financial Position - Post-transaction, Baytex will have a net cash position and plans to repay outstanding credit facilities and senior notes, resulting in an industry-leading financial position [6][8]. - The company intends to return a significant portion of the proceeds to shareholders, potentially through share buybacks and maintaining its current dividend of $0.09 per share [6][8]. Production and Reserves - The Canadian portfolio produced 65,000 boe/d in the first nine months of 2025, reflecting a 5% growth compared to 2024 [9]. - The Eagle Ford assets being sold had proved plus probable reserves of 401 million boe as of December 31, 2024, with Q3 2025 production averaging 82,765 boe/d [13]. Future Outlook - Baytex plans to provide detailed guidance for 2026 and a three-year outlook following the transaction's completion, highlighting its streamlined Canadian asset base [12]. - The company has identified approximately 212 drilling locations in the Pembina Duvernay and expects to transition to a one-rig drilling program targeting production of 20,000-25,000 boe/d by 2029-2030 [10].

Core Points - Cardinal Energy Ltd. has announced a monthly dividend of $0.06 per common share, payable on December 15, 2025, to shareholders of record on November 28, 2025 [1] - The production from the Reford Central Production Facility has averaged approximately 4,000 bbl/d of heavy oil, exceeding initial forecasts during the ramp-up phase [2] - The company emphasizes disciplined reservoir management to maximize value and long-term recovery from its thermal project in Reford, Saskatchewan [2][6] Dividend Information - The November dividend of $0.06 per common share is designated as an "eligible dividend" for Canadian income tax purposes [1] - The dividend payment reflects the company's commitment to returning value to shareholders [1] Production Update - Initial production rates from the Reford facility are encouraging, with an average of 4,000 bbl/d, indicating strong early performance [2] - The company is focused on sustainable oil production with low decline rates in Western Canada [6] Company Overview - Cardinal Energy Ltd. operates in the oil and natural gas sector, with a focus on low decline sustainable oil production [6] - The company has completed its first thermal project in Reford and has transitioned to the production phase [6]

Core Points - Strathcona Resources Ltd. will release its third quarter 2025 financial and operating results on November 5, 2025, after market close [1] - A conference call to discuss these results is scheduled for November 6, 2025, at 9:00 AM MT (11:00 AM ET) [1][7] - Strathcona is recognized as one of North America's fastest-growing pure play heavy oil producers, focusing on thermal oil and enhanced oil recovery [3] Company Overview - Strathcona Resources Ltd. operates with an innovative growth strategy through the consolidation and development of long-life assets [3] - The company's common shares are listed on the Toronto Stock Exchange under the symbol SCR [3] - For further information, Strathcona Resources maintains a website at www.strathconaresources.com [3]

Group 1 - Obsidian Energy Ltd. (NYSE:OBE) is involved in the exploration, development, and production of oil and natural gas, with a diverse asset portfolio including light oil, heavy oil, and natural gas properties [1][2] - On September 8, 2023, Obsidian Energy announced significant progress in its second half 2025 program, having drilled 13 wells with early production exceeding expectations, contributing to record output in Peace River [2] - The company improved its financial position by selling InPlay Oil shares, redeeming $30 million in debt, and completing its share buyback plan, which reduced its year-end debt forecast to $213 million [2] Group 2 - BMO Capital maintained an Outperform rating for Obsidian Energy with a price target of C$10 following its guidance for the second half of the year [1] - Despite the positive developments, Jim Cramer expressed caution regarding smaller-cap energy companies like OBE, particularly in light of declining oil prices [1]

Core Viewpoint - Hemisphere Energy Corporation reported its financial and operational results for Q2 2025, declared a quarterly dividend, and provided an operations update, highlighting a focus on shareholder returns and balance sheet strength amid market volatility [1][10]. Financial Highlights - Quarterly production reached 3,826 boe/d, with 99% being heavy oil [5]. - Revenue generated was $24.4 million, equating to $70.06/boe [5]. - Total operating and transportation costs were $14.18/boe, resulting in an operating field netback of $14.9 million or $42.77/boe [5]. - Adjusted funds flow from operations (AFF) was $10.3 million, or $29.47/boe [5]. - Free funds flow amounted to $8.1 million, translating to $0.07/share [5]. - The company distributed $2.4 million in base dividends ($0.025/share) and $2.9 million in special dividends ($0.03/share) during the quarter [5][9]. - Capital expenditures for the quarter were $2.2 million, with a focus on preparatory spending for upcoming drilling [5]. Operational Update - The company deferred most capital spending to the latter part of the year due to economic and oil market volatility, focusing on balance sheet strength and shareholder returns [10]. - The drilling program is scheduled to commence late in Q3 2025, including development wells in Atlee Buffalo and a new well in Marsden [11]. - Hemisphere has nearly $14 million in working capital and an undrawn credit line, positioning it to act on acquisition opportunities and continue shareholder returns [12]. Share Capital - As of August 13, 2025, the company had 95,168,202 common shares outstanding, with total fully diluted shares at 100,281,802 [8]. Dividend Declaration - The Board of Directors approved a quarterly base cash dividend of $0.025 per common share, payable on September 12, 2025, to shareholders of record as of August 29, 2025 [9]. Market Position - Hemisphere Energy is focused on maximizing value-per-share growth through sustainable development of its high netback, ultra-low decline conventional heavy oil assets [14].