Saturn Oil & Gas (SOIL) Corporate presentation summary

Investment highlights

• Over 80% of assets are high-value light oil and liquids, with consistent type curve outperformance and record 2025 production and free funds flow.

• Discounted valuation with a 50% free funds flow yield at year-end 2025, supported by risk management and a flexible capital program.

• Significant upside potential exists due to a disconnect between market value and $7.75/share 1P net asset value, with improved per share metrics from share buybacks.

Growth strategy and operational blueprint

• Follows a cycle of acquiring mid-life assets, optimizing operations, developing reserves, and reducing net debt to repeat the process.

• Five major acquisitions totaling ~$1.6 billion expanded production from ~300 boe/d to a targeted 2026 exit of 48-50,000 boe/d.

• Focus on low-decline, high-return plays across three core areas, with a diversified portfolio and over 2,600 identified drilling locations.

Operational performance and efficiency

• Operating and transportation costs per boe have declined, with a 25% reduction in opex from 2021 to Q2 2026 and a 65% increase in field operating netback.

• Production per debt-adjusted share grew 66% year-over-year, with systematic debt repayment and a net debt/adj. EBITDA ratio of 1.3x at Q2 2026.

• Optimization initiatives include restoring shut-in wells, securing lower utility rates, and streamlining headcount to reduce per unit costs.