Pine Cliff Energy (PNE) investor relations material

Strategic positioning and capital allocation

• Focus on long-life, low-decline natural gas and oil assets in Western Canada, with production exceeding 20,000 boe/d and a corporate decline rate under 10%.

• Maintains disciplined capital allocation, returning over $106 million in dividends since June 2022 and consistently reducing long-term debt.

• High insider and institutional ownership, with AIMCO holding over 10% and management/directors holding 4%.

• Monthly dividend program and strong balance sheet support shareholder returns.

Market leverage and cash flow potential

• Significant leverage to AECO gas prices, with a $0.10/mcf move in AECO impacting AFFO by ~$3.2 million.

• 1Q26 realized natural gas price was C$2.94/mcf, a 47% premium to AECO Daily 5A, aided by marketing and hedging.

• Well positioned for free cash flow upside as AECO prices rise, with FCF yield sensitivity among the highest in peer group.

• 40% of 2026 natural gas production hedged at $3.16/mcf to protect near-term cash flow.

Asset quality and operational efficiency

• Production decline rate below 10% in 2025, among the lowest in Canada, reducing capital needs for sustaining output.

• Attractive drilling inventory, including 51 gross Glauconite locations and 22 net booked in 2P reserves.

• High-return drilling and accretive acquisitions drive sustainable growth.