Saturn Oil & Gas (SOIL) investor relations material

Investment profile and strategy

• Portfolio spans three core operating areas across 1.5 MM acres, with Q3 2026 production of 43,704 boe/d, ~23% decline rate and ~3,300 identified drilling locations.

• Blueprint: acquire mid-life assets at attractive valuations, optimize costs and margins, develop reserves and free funds flow, then target net debt ≤1.0x adjusted EBITDA 12–18 months post-close.

• Six significant acquisitions totaling ~$1.9B supported growth from 2021 production of ~230 boe/d to a 2026 exit target of 54,000–56,000 boe/d.

• Corex acquisition announced for $302MM: ~7,000 bbl/d of 100% light oil, ~$192MM run-rate NOI, $82/bbl netbacks and ~1.6x cash flow multiple; expected to close in Dec. 2026.

• Corex adds >320 gross identified locations, including ~55 net unbooked OHML locations; expected synergies of ~$6MM annually and ~$2.85/bbl in per-unit cost reductions.

Operations and development

• Burgess Creek and Triland added ~3,700 boe/d, ~97% light oil and liquids, at ~1.8x cash flow; assets include >400 gross identified locations and $7MM of identified PDP synergies.

• Q3 2026 development included 32 wells in southeast Saskatchewan and 20 in west-central Saskatchewan; 100 gross (87.2 net) southeast Saskatchewan wells and 37 (32 net) west Saskatchewan wells were planned for 2026.

• OHML program planned 37 wells in 2026, with >450 identified southeast Saskatchewan locations and >20% of 2026 development capital allocated to OHML; 2026 target is 70% more OHML wells than in 2025.

• 2025 average well performance was 2.3% above type curve; conventional Saskatchewan wells represented 9 of the 10 most capital-efficient wells drilled in 2025.

• Cardium development uses extended-reach laterals: a 7.57 km well set a length record, while a two-mile well is described as having 1.3x capital cost and 2x reservoir exposure.

Q3 2026 performance and capital allocation

• Q3 production reached a record 43,704 boe/d, up from 41,142 boe/d in Q3 2025; production exceeded guidance and analyst expectations for the ninth consecutive quarter.

• Q3 adjusted funds flow was a record $149.9MM, up 45% YoY; free funds flow was $21.9MM, or $0.12/share, up 38% YoY.

• 9M 2026 adjusted funds flow was $379.7MM versus $343.3MM in 9M 2025; free funds flow was $166.9MM versus $166.8MM.

• Net debt was $1,000.8MM at Q3 end and net debt/annualized adjusted EBITDA was 1.5x; the fully undrawn credit facility had a ~$500MM borrowing base.

• A third consecutive NCIB runs Sept. 2026–Sept. 2027 for up to 12.2MM shares; 25.5MM shares were repurchased through NCIB and SIB from Aug. 2024 to Oct. 2026 for ~$80MM.