Advantage Energy (AAV) Investor presentation summary

Strategic positioning and asset base

• Holds over 50 years of Montney inventory and significant Charlie Lake liquids assets, supporting long-term development and growth.

• Maintains a dominant infrastructure position with over $1 billion in strategic assets and 500 MMcf/d of owned and operated gas processing capacity.

• Asset portfolio spans the full development cycle, from exploration to exploitation, across multiple high-quality plays.

• Over 2,200 future drilling locations identified, with substantial Tier 1 inventory in Montney and Charlie Lake.

Financial performance and capital allocation

• Market capitalization stands at $1.8 billion, with net debt reduced to ~$245 million after the Wembley asset sale.

• Share buybacks are prioritized, with $391 million spent since 2022 and plans to return at least $300 million to shareholders over the next 24 months.

• Capital allocation is guided by a strict returns-based framework, balancing growth, shareholder returns, and debt reduction.

• Major infrastructure spending is complete, with production levels expected to be maintained through 2027.

Operational excellence and productivity

• Delivers industry-leading productivity, with top Alberta Montney gas wells in 2025 and superior well economics.

• Maintains high capital efficiencies and strong recycle ratios, with a 15% CAGR in adjusted funds flow per share since 2021.

• 2026 production guidance targets 80-82 mboe/d, with 85-87% from natural gas and 9-11% from crude oil.