Saturn Oil & Gas (SOIL) Investor presentation summary

Investment highlights and strategy

• Asset base over 80% weighted to high-value light oil and liquids, with consistent type curve outperformance and record 2025 production, adjusted funds flow, and free funds flow.

• Downside protection through discounted valuation, 50% free funds flow yield at year-end 2025, risk management, and a flexible capital program.

• Compelling upside from consistent performance, deleveraging, improved per share metrics, and a disconnect between market value and $5.47/share net asset value (PDP).

Growth trajectory and operational blueprint

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

• Value creation follows a cycle: acquire mid-life assets, optimize operations, develop reserves, and reduce net debt to repeat the process.

• Portfolio spans three core areas with low-decline, high-return plays and over 1,200 booked drilling locations.

Operational efficiency and cost management

• Operating expenses per boe reduced by 32% since 2021, with key drivers including lower utilities, rentals, and field/labour costs.

• Royalties as a percentage of sales declined from 15% in 2021 to 11.5% in 2025.

• Operating netback increased 42% since 2021, despite a 5% drop in WTI over the same period.