Pine Cliff Energy (PNE) Corporate presentation summary

Strategic positioning and capital allocation

• Focus on disciplined capital allocation, supporting a drill program and maintaining a monthly dividend, with over $105 million returned to shareholders since June 2022.

• Significant leverage to Western Canadian gas prices, benefiting from LNG Canada's ramp-up to full capacity in 2026.

• Balance sheet strengthened by reducing term debt to $41.3 million at year-end 2025.

• High insider and institutional ownership, with AIMCO holding over 10% and management/directors 4%.

• Production decline rate below 10% in 2025, among the lowest in the Canadian sector, enhancing free cash flow flexibility.

Operational and financial highlights

• Production grew from 100 boe/d in 2012 to over 20,000 boe/d in 2025, with 80% natural gas weighting.

• 2025 reserves NPV (BTAX 10%) for 2P, 1P, and PDP are $534.6M, $312.9M, and $214.6M, respectively.

• Tax pools of $327.8 million as of December 31, 2025.

• Market capitalization of $258.3 million as of March 2026, with 358.8 million shares issued.

Exposure to AECO gas and free cash flow potential

• Substantial leverage to AECO gas prices; a $0.10/mcf move in AECO impacts AFFO by ~$3.4 million.

• Well positioned to generate significant free cash flow, with high sensitivity to gas price changes.

• Maintains prudent hedging, with 37% of natural gas hedged at $3.20/mcf through 2026.