Advantage Energy (AAV) Investor presentation summary

Investment profile

• 284 net sections of Montney rights and 251 net sections of Charlie Lake rights anchor a portfolio spanning gas, liquids-rich and oil windows.

• Owned and operated gas processing capacity totals 500 MMcf/d; management estimates strategic assets’ replacement value at over $1bn.

• Capital structure: $1.8bn market capitalization, $2.0bn enterprise value, $0.2bn net debt and 161.8mm shares outstanding.

• Share buybacks since 2022 totaled $449mm for 44.4mm shares; buybacks are the current main vehicle for shareholder returns.

2026 guidance and capital allocation

• 2026 guidance: total production 80–82 mboe/d; crude oil 9%–11%, NGLs ~4% and natural gas 85%–87%.

• 2026 exploration and development expenditures guided at $280–310mm; operating expense $5.10–$5.40/boe and transportation expense $3.85–$4.10/boe.

• At least $300mm of shareholder returns expected over 24 months at strip pricing; buybacks remain the main return vehicle while shares trade below intrinsic value.

• Free cash flow allocation is guided by risk-adjusted returns across growth investment, shareholder returns and debt reduction.

• Major infrastructure spending in the three-year plan is complete; Q4 2026 production levels are expected to be maintained through end-2027.

Resource base and operating performance

• More than 2,200 future drilling locations across Glacier, Valhalla, Progress, Charlie Lake and BC Montney; stated Tier 1 inventory exceeds 20 years in Montney and 10 years in Charlie Lake.

• Inventory includes 795 Glacier wells, 398 Valhalla wells, 392 Progress wells, 265 Charlie Lake wells and 350 BC Montney wells.

• 2025 performance included the top nine Alberta Montney gas wells, despite voluntary production curtailments.

• Generic type-well estimates show IRRs of 55%–108% and payouts of 9–19 months across Glacier, Valhalla and Charlie Lake, based on stated strip assumptions.

• Northeast BC position includes a suspended 100 MMcf/d Caribou gas plant and gathering network, with well licensing underway for development flexibility.