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. ...

Group 1 - Southern Energy Corp. has completed a non-brokered private placement offering of senior secured convertible debentures and new common shares, raising aggregate net proceeds of US$22.0 million after an 8.8235% original issue discount [1] - The offering involved three private investors: Treelawn Group Inc., TCC 1 Corp., and TCC Royalty Corp., who participated in the transaction [1] - The transaction also includes the sale of a newly-created gross overriding royalty (GORR) alongside the offering of debentures and shares [1]

Core Insights - Birchcliff Energy Ltd. reported strong financial and operational results for 2025, achieving record production levels and significant improvements in cost efficiency [2][11]. Financial Performance - The company generated adjusted funds flow of $422.8 million in 2025, a 79% increase from 2024, and free funds flow of $116.9 million, a 422% increase year-over-year [11][19]. - Cash flow from operating activities reached $407.7 million, doubling from 2024, with Q4 2025 cash flow at $93.5 million, a 105% increase from Q4 2024 [11][19]. - Net income to common shareholders was $64.9 million for 2025, a 16% increase from 2024, while Q4 2025 net income was $27.2 million, a 23% decrease from Q4 2024 [11][19]. Production and Operational Highlights - Average production for 2025 was 80,086 boe/d, a 4% increase from 2024, with Q4 2025 production averaging 83,028 boe/d, a 7% increase from Q4 2024 [11][19]. - The company brought 29 wells on production in 2025, with capital expenditures for F&D totaling $305.9 million [11][26]. - Birchcliff achieved all-in PDP F&D costs of $10.15/boe, a 12% improvement from 2024, and a PDP F&D operating netback recycle ratio of 1.4x, a 40% improvement from the previous year [3][11]. Debt Management - Total debt was reduced by 14% year-over-year to $459.9 million at the end of 2025, with a total debt to adjusted funds flow ratio of 1.1x compared to 2.3x at the end of 2024 [11][19]. Reserves and Asset Valuation - At December 31, 2025, Birchcliff's PDP reserves totaled 218.0 MMboe, with a reserves life index of 7.2 years [3][11]. - The net present value of future net revenue for Birchcliff's PDP reserves was estimated at $2.3 billion, with net asset values per common share of $6.72 for PDP, $13.83 for proved, and $18.13 for proved plus probable reserves [11][36]. Market Diversification - Approximately 75% of Birchcliff's natural gas production in 2025 benefited from market diversification, realizing higher prices in U.S. markets compared to AECO, contributing to an effective average realized natural gas sales price of $4.10/Mcf [11][19].

Summary of Whitecap Resources Investor Day Conference Call Company Overview - **Company**: Whitecap Resources - **Market Capitalization**: CAD 14 billion - **Enterprise Value**: CAD 17 billion - **Daily Production**: Approximately 372,500 BOE (Barrels of Oil Equivalent) per day, ranking as the seventh largest Canadian oil and natural gas producer - **Natural Gas Production**: 900 million cubic feet per day, making it the fifth largest gas producer in Canada - **2026 Capital Investment Plan**: CAD 2-2.1 billion, projected to generate approximately CAD 3.3 billion of funds flow at $60 WTI and $3 AECO prices [7][8] Strategic Focus - **Capital Allocation**: Aimed at generating strong, durable returns for shareholders through disciplined investment and operational excellence [5][6] - **Competitive Advantages**: - High-quality inventory with depth and commodity optionality - Technical excellence and strong execution - Capital discipline to protect and compound shareholder value - Strong balance sheet to manage risk and maintain flexibility [6][7] Financial Health - **Net Debt**: CAD 3.3 billion, with a debt-to-funds flow ratio of 1:1 - **Dividend**: CAD 0.73 per share, yielding approximately 6-6.5% at current share price - **Targeted Annual Total Return**: 10-15% for shareholders [9][10] Asset Overview - **Asset Types**: Divided into unconventional (Montney and Duvernay) and conventional assets - **Unconventional Assets**: - 4,700 drilling locations with significant growth potential - Producing approximately 245,000 BOE per day, generating around CAD 900 million in annual free funds flow at current pricing [21][23] - **Conventional Assets**: - Producing about 140,000 BOE per day, primarily oil and NGLs - 5,800 locations with a multi-decade inventory, including enhanced oil recovery projects [58][59] Operational Achievements - **Technical Improvements**: Continuous enhancements in drilling and completion efficiency, leading to improved well performance and reduced costs [49][50][51] - **Production Optimization**: Focus on base production optimization, resulting in significant uplifts in production rates [56][57] Growth Potential - **Unconventional Division**: - Strong long-term growth and free funds flow potential - Flexibility across commodity types allows for capital allocation based on market signals [21][22][25] - **Duvernay Position**: - Largest landholder with approximately 500,000 acres and 700 identified locations - Expected to generate CAD 650 million-CAD 850 million in annual asset-level free cash flow once stabilized [26][30] - **Montney Position**: - Approximately one million acres with diverse development options, providing long-dated organic growth potential [31][32] Capital Efficiency and Execution - **Development Workflow**: A collaborative process that integrates geological evaluations, development planning, economic assessments, and execution to optimize returns [44] - **Design Optimization**: Successful implementation of strategies that improve capital efficiency and returns across various projects [45][46][47] Conclusion - **Long-Term Vision**: Whitecap Resources aims to leverage its strong asset base, disciplined capital allocation, and operational excellence to deliver sustainable shareholder returns and maintain a competitive edge in the energy sector [60][61]

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].

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] - 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, 100% interest in the Golfinho and Camarupim fields, and a 95% interest in the Kudu field in Namibia [4] - As of the start of 2025, BW Energy's total net 2P+2C reserves and resources are estimated at 599 million barrels of oil equivalent [4]

Core Insights - Southern Energy Corp. has announced its third quarter financial and operational results for the three and nine months ended September 30, 2025 [1] Financial Performance - The company is an established producer with natural gas and light oil assets located in Mississippi [1] - Financial results should be reviewed in conjunction with the unaudited consolidated financial statements and related management's discussion and analysis (MD&A) available on the company's website and filed on SEDAR+ [1]

Core Viewpoint - Bonterra Energy Corp. reported a 7% increase in year-to-date production, reduced net debt, and maintained production and capital expenditure guidance ranges for 2025 [1] Financial Highlights - Revenue from realized oil and gas sales for Q3 2025 was $55.2 million, down from $69.2 million in Q3 2024 [2] - Funds flow for Q3 2025 was $21.3 million ($0.58 per diluted share), a decrease of $8.7 million compared to Q3 2024 [2][8] - Net loss for the nine months ended September 30, 2025, was $12.5 million, primarily due to a one-time debt extinguishment cost of $11.6 million [3] - Capital expenditures totaled $53.6 million for the nine months ended September 30, 2025, with $22.7 million directed towards infrastructure and land acquisitions [2][8] Operational Highlights - Average production for the first nine months of 2025 was 15,600 BOE per day, a 7% increase from 14,586 BOE per day in the same period of 2024 [8] - Production costs averaged $16.92 per BOE in the first nine months of 2025, slightly up from $16.71 per BOE in the same period of 2024 [8] - The company drilled three gross (2.7 net) wells in Q3 2025, with two expected to be tied-in during Q4 2025 [9] Debt and Financial Position - Net debt as of September 30, 2025, was $167.8 million, a decrease of $2.1 million from Q2 2025 [8][13] - The net debt to EBITDA ratio was 1.4:1 as of September 30, 2025 [8][27] Strategic Initiatives - The company has secured physical delivery sales and risk management contracts for approximately 43% of expected crude oil production and 30% of natural gas production over the next nine months [14][15] - Bonterra is maintaining its annual production guidance of 15,000 to 15,200 BOE per day and capital expenditure guidance of $65 to $70 million for 2025 [17][18] - The company plans to continue focusing on free funds flow generation and balance sheet management [18][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 Insights - Lotus Creek Exploration Inc. has provided its third quarter operating results and operational update, highlighting significant production growth and capital investments in its inaugural year as a public company [1][4]. Quarterly Highlights - The company reported an average production of 1,425 barrels of oil equivalent per day (boe/d) for Q3 2025, with a notable increase to over 2,900 boe/d in October 2025 [5][6]. - Adjusted funds from operations for Q3 2025 were $1.9 million, slightly down from $2.0 million in Q2 2025 [5][7]. Operational Update - Lotus Creek successfully drilled and completed 2.0 gross (2.0 net) light oil Belly River wells in Wilson Creek, achieving an average production rate of over 1,700 boe/d for October 2025 [5][6]. - The company has doubled its production base and anticipates Q4 average production guidance between 3,000 and 3,400 boe/d [5][6]. 2025 Revised Fiscal Guidance - The annual production guidance remains unchanged at 2,000 - 2,400 boe/d, while the Q4 average production guidance is also maintained [4][6]. - Changes in commodity weighting were noted, with light oil and natural gas liquids (NGLs) now expected to comprise 75% of production, down from a previous estimate of 77% [6]. Financial Metrics - Capital expenditures for Q3 2025 totaled $18.8 million, including the completion of a new 5,000 boe/d oil battery and gathering system [5][6]. - As of September 30, 2025, the company reported a net debt of $6.5 million, with a net debt to quarterly funds from operations ratio of 0.8 times [5][6]. Production and Sales Data - The production breakdown for Q3 2025 included 874 bbl/d of light oil, 201 bbl/d of NGLs, and 2,100 mcf/d of natural gas [5][8]. - Average realized prices for Q3 2025 were $84.65 per bbl for light oil and $0.54 per mcf for natural gas [8]. Capital and Abandonment Expenditures - Total capital and abandonment expenditures for the nine months ended September 30, 2025, were $31.9 million, with exploration and evaluation expenditures of $12.3 million [7][8]. Company Overview - Lotus Creek is focused on becoming a leading junior oil and gas company in Canada, with a strategy centered on profitable growth in earnings, cash flow, production, and reserves [11][12].