Saturn Oil & Gas (SOIL) Corporate presentation summary

Investment highlights

• Over 80% of assets weighted to high-value light oil and liquids, with consistent type curve outperformance and record 2025 production, adjusted funds flow, 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 from consistent performance, deleveraging, and a disconnect between market value and $7.75/share 1P net asset value.

Growth strategy and operational blueprint

• Value creation driven by acquiring mid-life cycle assets, optimizing operations, developing reserves, and reducing net debt to repeat the cycle.

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

• Portfolio includes ~2,600 identified drilling locations and a 20-year development inventory across three core areas.

Operational performance and efficiency

• Operating and transportation costs per boe reduced from $27.96 in 2021 to $19.09 in Q1 2026, with operating netback up 33% over the same period.

• Key opex reduction drivers include lower utility rates, streamlined headcount, and increased production volumes.

• Type curve outperformance in 2025, with average well performance exceeding expectations by 23%.