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, 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 exists due to a disconnect between market value and ~$11/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 at attractive valuations, optimizing operations to reduce costs, developing reserves, and reducing net debt to repeat the process.

• Five major acquisitions totaling ~$1.6 billion expanded production from ~300 boe/d in 2020 to a targeted 48,000–50,000 boe/d by 2026.

• Portfolio spans three core areas with over 3,000 identified drilling locations and a 20-year development inventory.

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.

• Key cost reductions achieved through lower utility rates, optimized field and labor costs, and increased production scale.

• Type curve outperformance in 2025 averaged 23%, driving strong returns and capital efficiency across multiple plays.