Advantage Energy (AAV) investor relations material

Asset quality and operational highlights

• Concentrated Montney and Charlie Lake assets in Alberta and B.C. with over 50 years of drilling inventory, including 20+ years of Tier 1 locations.

• Production is 85% natural gas and 15% liquids, with liquids contributing about half of 2026 revenue.

• Owns 500 million cu ft/day of gas processing infrastructure, including the Glacier and Progress Gas Plants.

• Glacier asset is the flagship, producing two-thirds of output and featuring a major CCS project reducing emissions by over 85%.

• Recent expansion brought production to 90,000 BOEs/day, exceeding 2026 guidance.

Drilling performance and development strategy

• Drilled the top 9 of 20 Alberta Montney wells last year, including the best well in basin history.

• Maintains best median well productivity across the Montney Gas Window, more than doubling some peers.

• Valhalla and Progress areas are next development focus, with recent wells showing high liquids content.

• Charlie Lake asset acquired two years ago, held flat for free cash flow; monitoring peer innovations for potential 2027 capital allocation.

• Northeast B.C. assets provide future optionality, ready for development if gas prices rise.

Capital allocation and financial outlook

• Capital allocation is dynamic, based on real-time IRR analysis; annual capex around CAD 300 million.

• Achieved 16% CAGR in cash flow per share and 14% CAGR in production per share over six years.

• Major infrastructure cycle ending in 2026, shifting to efficient capital program focused on maximizing free cash flow.

• Plans to hold production at 90,000 BOEs/day through 2027, with almost all free cash flow directed to share buybacks.

• At least 15% of shares targeted for repurchase over the next 24 months; 90%+ of 2027 free cash flow to buybacks.