Profitable Production Growth Creating Long-Term Value FEBRUARY | 2026 Birchcliff's 100% owned and operated Pouce Coupe Gas Plant Corporate Presentation This presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. For further information regarding the forward-looking statements and forward-looking information contained herein, see "Advisories – Forward-Looking Statements". With respect to the disclosure of Birchcliff's production cont ...

Core Viewpoint - Obsidian Energy Ltd. has announced its 2026 capital plan and operational updates, focusing on the development of light and heavy oil assets, while maintaining a disciplined approach to capital expenditures amid commodity price volatility [1][2]. Capital Expenditure and Production Guidance - The 2026 capital budget is set between $190 million and $230 million, with average production guidance of 27,900 to 29,900 barrels of oil equivalent per day (boe/d), of which 73% is liquids [3][9]. - Capital expenditures are allocated as follows: $128 million for Willesden Green/Pembina Cardium Unit 11 and $80 million for heavy oil assets in Peace River, including $22 million for waterflood initiatives [3][5]. Pricing Assumptions and Financial Projections - The company assumes WTI prices of US$58.00 per barrel for the first half of 2026 and US$62.00 per barrel for the second half, with AECO natural gas priced at $2.75 per gigajoule [4][12]. - Based on these pricing levels, Obsidian anticipates generating approximately $225 million in funds flow from operations (FFO) and about $7 million in positive free cash flow (FCF) [4][9]. Operational Strategy and Development Plans - The development activities for 2026 will focus on both the Bluesky and Clearwater formations, with plans to drill 8 Clearwater waterflood injection wells and prioritize Clearwater injector projects in the first half of the year [6][10]. - In light oil, the company will continue development in Open Creek and Crimson areas, particularly in the Belly River formation, benefiting from new infrastructure completed in late 2025 [7][22]. Production and Cost Management - The production guidance for heavy oil is set at 12,700 boe/d, with 93% being oil and natural gas liquids, while light oil production is expected to average 16,200 boe/d, with 58% being oil and natural gas liquids [12][24]. - Net operating costs are projected to average between $14.00 and $15.00 per boe, with a focus on cost reduction initiatives across the portfolio [4][9]. Waterflood Initiatives and Infrastructure Development - The company plans to allocate $22 million for waterflood initiatives in Peace River, with expectations that these efforts will support approximately 35% of Clearwater production by the end of 2026 [10][19]. - The completion of the Open Creek infrastructure project is expected to enhance production capacity and efficiency in the Belly River and Cardium plays [22][19].

Core Insights - Athabasca Oil Corporation has announced its 2026 budget focusing on capital projects that drive profitable growth and a commitment to return 100% of Free Cash Flow to shareholders [1] Corporate Strategy – Differentiated Value Creation - The Thermal Oil division aims to scale production to over 60,000 barrels per day (bbl/d) by 2030, with a resource base of 1.2 billion barrels of proved plus probable reserves [2] - The operating break-even for Thermal Oil assets is approximately US$40 per barrel (bbl) WTI, with growth initiatives funded within cash flow at around US$48 per bbl WTI [2] Duvernay Value Proposition - Duvernay Energy Corporation (DEC) is expected to achieve production of over 15,000 barrels of oil equivalent per day (boe/d) by 2030, supported by a 20-year drilling inventory [3] - Shareholder value is anticipated to increase as the asset reaches a material scale [3] Financial Resilience - Athabasca maintains a strong balance sheet with a consolidated net cash position of $93 million, including approximately $335 million in cash [4] - The company has $2.1 billion in tax pools, which will shelter cash taxes beyond 2030 [4] Exceptional Shareholder Returns - In 2026, Athabasca plans to allocate 100% of Free Cash Flow from its Thermal Oil division to share buybacks, having returned approximately $1.1 billion to shareholders since 2021 [5] - The company forecasts an additional $1.1 billion in Free Cash Flow over the next five years while funding growth initiatives [5] Focus on Per Share Metrics - The company anticipates a compounded annual cash flow per share growth of over 20% through 2030 and beyond [6] 2026 Corporate Consolidated Budget and Outlook - Athabasca plans capital expenditures of approximately $310 million, with average production expected to be between 37,000 and 39,000 boe/d [7] - Growth is projected to accelerate in the second half of 2026, with an exit rate of around 43,000 boe/d [7] Cash Flow Outlook - The company forecasts consolidated Adjusted Funds Flow between $425 million and $450 million in 2026, with significant year-over-year growth expected [8] - Each $1 per barrel increase in WTI impacts annual Adjusted Funds Flow by approximately $10 million [8] Balance Sheet Management - Athabasca is committed to maintaining a best-in-class balance sheet with a targeted Net Debt to Adjusted Funds Flow ratio of less than 0.5x over the long term [9] Athabasca (Thermal Oil) – 2026 Budget Highlights - The Thermal Oil budget is set at $273 million, with production guidance of 32,000 to 34,000 bbl/d [11] - The Leismer capital program is budgeted at $240 million, aiming for production growth to 40,000 bbl/d by the end of 2027 [12] Duvernay Energy Corporation – 2026 Budget Highlights - The DEC budget is approximately $38 million, with production guidance of 4,500 to 5,000 boe/d, representing around 35% annual growth [15] - Recent well results show strong initial production rates, exceeding management expectations [16] Enhanced Market Access - Athabasca has secured 57,000 bbl/d of long-term capacity to markets outside of Edmonton, including significant exposure to the US Gulf Coast [18] - The company anticipates sufficient egress capacity to support its growth initiatives [19] Executive Addition - The appointment of Mr. Paul Vander Valk as Vice President, Projects & Well Delivery is aimed at bolstering the executive team to support ongoing growth initiatives [20]

Core Insights - BW Energy has successfully completed drilling operations on the Kharas-1 appraisal well in the Kudu license area, offshore Namibia, reaching a total depth of 5,100 meters and intersecting multiple reservoir intervals [1][2][3] - The well encountered hydrocarbons in a fractured volcaniclastic reservoir, confirming a working petroleum system with condensate and/or light oil, necessitating further analysis to characterize reservoir properties [2][3] - The results from Kharas-1 provide valuable geological, geochemical, and petrophysical data, confirming the presence of liquid hydrocarbons within the Kudu block and enhancing the understanding of the broader petroleum system [3] Company Overview - BW Energy is a growth exploration and production (E&P) company focusing on proven offshore oil and gas reservoirs through low-risk phased developments, with access to existing production facilities to expedite time to first oil and cash flow [4] - The company holds significant interests in various fields, including a 73.5% stake in the producing Dussafu Marine license offshore Gabon, a 95% interest in the Kudu field in Namibia, and total net 2P+2C reserves and resources of 599 million barrels of oil equivalent at the start of 2025 [4]

Core Insights - Birchcliff Energy Ltd. reported strong Q3 2025 financial and operational results, with average production of 80,406 boe/d, adjusted funds flow of $87.1 million, and a quarterly cash dividend of $0.03 per share [1][2][35] Financial Performance - Average production increased by 7% from Q3 2024, driven by strong base production and new well performance [16] - Adjusted funds flow reached $87.1 million, a 93% increase year-over-year, with cash flow from operating activities at $78.5 million, up 19% [6][14] - Free funds flow was reported at $15.6 million, marking a significant recovery from a loss in the previous year [10][15] Production and Operational Highlights - Birchcliff's production guidance for 2025 has been raised to 79,000 to 80,000 boe/d, with Q4 2025 production expected to average approximately 81,500 boe/d [3][25] - The company drilled 9 wells and brought 6 on production in Q3 2025, with capital expenditures totaling $71.5 million [18][10] - Operating expenses were reduced to $2.71/boe, the lowest in company history, contributing to an operating netback of $11.15/boe, a 34% increase from Q3 2024 [6][9] Market Diversification and Pricing - Approximately 75% of Birchcliff's natural gas production realized higher U.S. pricing, leading to an effective average realized natural gas sales price of $3.36/Mcf, a 387% premium to AECO prices [20][22] - The company continues to benefit from market diversification, with significant exposure to the Dawn and NYMEX HH markets [22][24] Capital Allocation and Future Guidance - Birchcliff's preliminary capital budget for 2026 is set at $325 million to $375 million, targeting production growth to 81,000 to 84,000 boe/d [5][31] - The company plans to allocate approximately $300 million to $350 million for its Pouce Coupe and Gordondale assets, with a focus on maximizing production efficiency [5][31] - A formal announcement regarding the 2026 capital budget and updated five-year outlook is expected on January 20, 2026 [6][31]

Core Viewpoint - Coelacanth Energy Inc. has announced an increase in its bank credit facility from $52 million to $80 million, which is expected to enhance liquidity for upcoming operations, including a fall drilling program [1][5]. Bank Credit Facility - The company has signed an agreement to increase its bank credit facility to $80 million, with closing anticipated in mid-November [1]. - As of September 30, 2025, Coelacanth estimates its net bank debt to be $43 million relative to the credit facility [1]. Operations Update - Coelacanth is currently drilling three additional wells in the Lower Montney on its 5-19 Pad at Two Rivers East, with completions expected in late November and an on-stream date projected for early February 2026 [2]. - The last three wells on the pad tested a combined production rate of 4,872 barrels of oil equivalent per day (boe/d), with 60% being light oil [2]. Current Production - The company is producing from four of its nine wells on the 5-19 pad, along with legacy production at Two Rivers West, with current production estimated at approximately 4,400 boe/d (40% light oil) [3]. - The remaining five wells are scheduled to come online sequentially from mid-November until year-end, with an estimated production of approximately 8,400 boe/d (40% light oil) by year-end and exceeding 10,000 boe/d in February 2026 [3]. Business Plan - Coelacanth's business strategy focuses on delineating and developing its extensive Montney resource, which includes four potential Montney benches on a contiguous block of land in northeast British Columbia [4]. Hedge Position - The company has implemented hedges in conjunction with its drilling program, including natural gas and light oil hedges for various quantities and prices over the upcoming months [5].

Core Insights - Athabasca Oil Corporation reported strong third-quarter results, showcasing consistent operational performance, robust financial metrics, and commitment to returning capital to shareholders [1][6][9] Operational Highlights - Average production reached 39,599 boe/d, a 2% increase year-over-year, with 98% of production being liquids [6][9] - The company achieved an Adjusted Funds Flow of $129 million ($0.26 per share) and Free Cash Flow of $56 million from its Thermal Oil segment [6][9] - The capital program totaled $96 million, with $61 million allocated to the Leismer project aimed at increasing production to 40,000 bbl/d [6][9] Financial Performance - Total petroleum and natural gas sales for Q3 2025 were $333.4 million, compared to $376.8 million in Q3 2024 [9] - Operating Income for the quarter was $151.8 million, with an Operating Netback of $42.50/boe [9][21] - The company has a Net Cash position of $93 million and liquidity of $466 million, including $335 million in cash [6][9] Shareholder Returns - Athabasca has repurchased 34 million shares for a total of $192 million year-to-date, with a commitment to return 100% of Free Cash Flow to shareholders in 2025 [6][9] - The company has completed approximately $675 million in share buybacks since March 31, 2023 [6][9] Strategic Initiatives - The Leismer project is on track to reach 40,000 bbl/d capacity by the end of 2027, with approximately 50% of the $300 million project capital expected to be complete by year-end 2025 [6][15][16] - The Corner asset has regulatory approval for 40,000 bbl/d and is expected to be self-funded while maintaining a strong balance sheet [10][19] - Duvernay Energy Corporation is positioned for strong operational momentum, targeting an exit production rate of 5,500 - 6,000 boe/d [6][22] Market Outlook - The company anticipates production at the upper end of its guidance of 37,500 – 39,500 boe/d for the year [6][9] - Athabasca expects to generate approximately $1.8 billion in Free Cash Flow from its Thermal Oil division over the next five years [10][19] - The Canadian heavy oil market remains strong, supported by the Trans Mountain Expansion pipeline and sustained global refining demand [10][19]

Core Insights - BP has confirmed the preliminary results of the Volans-1X exploration well in Namibia's Orange Basin, marking a significant hydrocarbon success in a key frontier region [1][7] Exploration Details - The Volans-1X well, drilled by Rhino Resources using the Deepsea Mira semi-submersible rig, reached a total depth of 4,497.5 meters and successfully intersected its Upper Cretaceous target, encountering 26 meters of net pay in gas condensate-bearing reservoirs with excellent petrophysical characteristics and no water contact [2] - Initial lab analyses of two samples from the well indicate a high condensate-to-gas ratio (CGR) exceeding 140 bbl/mmscf, with liquid density near 40° API, suggesting the presence of light, valuable condensate [3] Stakeholder Information - PEL85 is operated by Rhino Resources, which holds a 42.5% stake, alongside Azule Energy (42.5%), NAMCOR (10%), and Korres Investments (5%). BP owns 50% of Azule Energy, its joint venture with Eni, providing substantial exposure to this new Namibian discovery [4] Broader Context - The Volans-1X well represents the third major discovery in 2025 for Azule Energy and its partners, following the Capricornus-1X light oil discovery in Namibia and the Gajajeira-01 gas find in Angola [4] - For BP, this discovery adds to a series of eleven exploration discoveries globally this year, including finds in the Gulf of Mexico and Brazil's Santos Basin, highlighting the company's renewed upstream momentum [5] Industry Trends - The Orange Basin has rapidly emerged as a significant global exploration area, with multi-billion-barrel potential following high-profile discoveries by TotalEnergies and Shell, attracting major upstream investment as operators seek to commercialize offshore resources [6] - This result reinforces Namibia's rising profile as a new hydrocarbon province and BP's ongoing success in high-impact exploration, balancing low-carbon transition with strategically valuable upstream growth [7]

Core Viewpoint - Birchcliff Energy Ltd. reported strong operational and financial performance in Q2 2025, with significant increases in production and adjusted funds flow, while maintaining a focus on capital efficiency and debt reduction [2][3]. Financial Performance - Average production for Q2 2025 was 79,480 boe/d, a 1% increase from Q2 2024, with 82% being natural gas [8][17]. - Adjusted funds flow reached $94.5 million, or $0.35 per basic common share, marking a 76% increase from Q2 2024 [8][11]. - Cash flow from operating activities was $109.6 million, a 308% increase from Q2 2024 [8][11]. - The average realized natural gas sales price was $3.82/Mcf, an 88% premium to the AECO benchmark price [8][11]. Operational Highlights - Birchcliff drilled 6 wells and brought 12 wells on production in Q2 2025, with F&D capital expenditures totaling $73.3 million [8][14]. - The company targeted high-value condensate-rich natural gas, resulting in a 28% increase in condensate production compared to Q1 2025 [8][17]. - Liquids accounted for 18% of total production in Q2 2025, up from 17% in Q2 2024 [17]. Capital Expenditures and Debt Management - The 2025 capital budget is set between $260 million and $300 million, with 66% already invested in the first half of the year [3][22]. - Birchcliff anticipates generating substantial free funds flow for the remainder of 2025, primarily directed towards reducing total debt by approximately 23% compared to year-end 2024 [3][34]. - Total debt at June 30, 2025, was $523.1 million, a 12% increase from June 30, 2024 [18]. Market Diversification - Approximately 76% of Birchcliff's natural gas volumes realized higher U.S. pricing at the Dawn and NYMEX HH markets compared to AECO [2][16]. - The company has various financial instruments that provide exposure to NYMEX HH pricing, enhancing its market diversification strategy [16]. Future Outlook - Birchcliff reaffirmed its 2025 annual average production guidance of 76,000 to 79,000 boe/d, while adjusting its natural gas price assumptions downward due to market volatility [34]. - The company plans to complete various compressor maintenance projects in Q3 2025 to reduce downtime in Q4 2025 when natural gas prices are expected to strengthen [28].

Core Viewpoint - Birchcliff Energy Ltd. reported strong operational and financial performance in Q2 2025, with significant increases in production and adjusted funds flow, while also focusing on capital efficiency and debt reduction [2][3][4]. Financial Performance - Average production for Q2 2025 was 79,480 boe/d, a 1% increase from Q2 2024, with 82% being natural gas [8][16]. - Adjusted funds flow reached $94.5 million, or $0.35 per basic common share, marking a 76% increase from Q2 2024 [11][17]. - Cash flow from operating activities was $109.6 million, a 308% increase from Q2 2024 [11][17]. - The average realized natural gas sales price was $3.82/Mcf, an 88% premium to the AECO benchmark price [8][17]. Operational Highlights - Birchcliff drilled 6 wells and brought 12 wells on production in Q2 2025, with F&D capital expenditures totaling $73.3 million [19][36]. - The company has completed 66% of its full-year capital budget in the first half of 2025 [3][36]. - The production from condensate-rich natural gas wells showed strong performance, with condensate production increasing by 28% compared to Q1 2025 [8][16]. Debt Management - Total debt at June 30, 2025, was $523.1 million, a 12% increase from June 30, 2024, but a 2% decrease from December 31, 2024 [23]. - The company anticipates reducing total debt by approximately 23% by the end of 2025 compared to year-end 2024 [3][44]. Capital Program and Guidance - Birchcliff's 2025 capital budget is set between $260 million and $300 million, with a focus on high-rate natural gas wells in Q4 2025 [3][44]. - The company reaffirmed its annual average production guidance of 76,000 to 79,000 boe/d for 2025 [44]. Market Diversification - Approximately 76% of Birchcliff's natural gas volumes realized higher U.S. pricing at the Dawn and NYMEX HH markets compared to AECO [2][3]. - The company has diversified its natural gas market exposure, with 41% of total natural gas production sold at the Dawn market and 35% at NYMEX HH [21][45].