Saturn Oil & Gas (SOIL) investor relations material

Investment highlights and strategy

• Asset base is over 80% weighted to high-value light oil and liquids, with consistent type curve outperformance and record 2025 production and free funds flow.

• Downside protection through discounted valuation, high free funds flow yield, risk management, and a flexible capital program responsive to commodity prices.

• Compelling upside from consistent performance, deleveraging, and a disconnect between market value and ~$11/share 1P net asset value.

• Value creation blueprint: acquire mid-life assets, optimize operations, develop reserves, and reduce net debt to repeat the cycle.

• Five major acquisitions since 2021 totaling ~$1.6B have driven production growth from ~300 boe/d to a targeted 2026 exit of 48-50,000 boe/d.

Operational performance and optimization

• Production has grown at an 86% CAGR from Q2 2021 to Q2 2026, with 66% growth per debt-adjusted share.

• Operating and transportation costs per boe have declined, with field operating netback up 65% since 2021.

• Key opex reduction drivers include lower utility rates, increased production, and streamlined headcount.

• Type curve outperformance in 2025, with average well performance exceeding type curve by 2.3%.

• Leading developer of open hole multi-lateral (OHML) wells in Saskatchewan, with 37 OHML wells planned for 2026 and 20% of capital allocated to this technology.

Asset portfolio and development focus

• Three core areas: Southeast Saskatchewan (23,821 boe/d), West Saskatchewan (6,049 boe/d), and Central Alberta (11,577 boe/d), targeting multiple stacked oil zones.

• Southeast Saskatchewan is the anchor area, with high rate of return, abundant infrastructure, and a focus on OHML and conventional wells.

• West Saskatchewan focuses on Viking and Success plays, with short cycle-time drilling and waterflood development.

• Central Alberta emphasizes Cardium and Montney plays, with innovative extended reach horizontals and multi-well pad development.

• Waterflood expansion at Creelman and advanced Cardium drilling techniques are enhancing recovery and capital efficiency.