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.

• Four major acquisitions totaling ~$1.4 billion expanded production from ~300 boe/d in 2020 to ~43,700 boe/d in 2025.

• Focus on low-decline, low-royalty, light oil assets in Saskatchewan, leveraging operational advantages and infrastructure.

Operational performance and efficiency

• Operating and transportation costs per boe have declined from $27.96 in 2021 to $19.09 in Q1 2026, with operating netback up 33% since 2021.

• Key cost reductions achieved through lower utilities, field/labour, and rental costs, as well as increased production scale.

• Type curve outperformance in 2025 across multiple plays, with average well performance exceeding expectations by up to 23%.