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.

Corporate growth and asset base

• Production grew from ~300 boe/d in 2020 to ~43,700 boe/d in 2025 through four transformative acquisitions totaling ~$1.4 billion.

• Asset base is diversified across three core areas, targeting multiple stacked oil zones with a 20-year development inventory and a 22% decline rate.

• Focus on acquiring mid-life cycle assets, optimizing operations, developing reserves, and reducing net debt to repeat the growth cycle.

Operational performance and efficiency

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

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

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