Saturn Oil & Gas Inc. · TSX:SOIL
Saturn Oil & Gas — Q3 2025 Earnings Presentation
34 slides from Saturn Oil & Gas's earnings presentation, November 2025
Slide 1: A Proven Blueprint for Unlocking Value
OTCQX: OILSF TSX: SOIL A Proven Blueprint for Unlocking Value. November 2025 CORPORATE PRESENTATION 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements All forward-looking statements are based on Saturn's beliefs government policy changes; uncertainties associated with and assumptions based on information available at the time credit facilities and counterparty credit risk; and changes in This presentation is f
Slide 3: The Saturn Investment Opportunity
The Saturn Investment Opportunity (TSX: SOIL) High-Quality Light Oil Weighted Assets, Free Funds Flow Generation and Per Share NAV Disconnect 01. 02. 03. Diversified Downside Compelling Asset Base Protection Upside • >80% weighted to high-value • Discounted valuation + higher • Potential for rerate
Slide 4: Corporate Profile
Corporate Profile Saturn is a Low Decline, Low Royalty, Light Oil Producer Leveraging Our Saskatchewan Advantage 3 - Y E A R P R O D UC T I O N H I S T O R Y ( M B o e / d ) Capital Structure (TSX: SOIL | OTCQX: OILSF) +480% Shares Outstanding1 (Basic) 188.3 MM 43-44 Basic Market Capitalization ~C$4
Slide 5: Our Blueprint for Value Creation
Our Blueprint for Value Creation Simple Blueprint Saturn Follows to Enhance Size, Scale and Production Per Share Metrics 01. Acquire 02. Optimize 03. Reduce 04. Repeat Net Debt Acquire Optimize Reduce Net Debt Repeat mid-life cycle assets at to reduce costs, improve targeting ≤1.0x net debt to to in
Slide 6: Saturn's Blueprint in Action: Growth Trajectory
Saturn’s Blueprint in Action: Growth Trajectory Asset Base Growth & Production Expansion Increases Ability to Generate Free Funds Flow 2021 2022 2023 2024 2025 Acquisitions June 2021 July 2022 February 2023 June 2024 resulted in a Oxbow Viking Ridgeback Battrum/Flat Lake diversified asset (SE Saskat
Slide 7: Systematic Net Debt Reduction
Systematic Net Debt Reduction Growing Free Funds Flow and Senior Notes Termed Out to 2029 N E T D E B T 3 R E D UC T I O N P O S T A C Q UI S I T I O N S : 2 0 2 0 – Q 2 2 0 2 5 Senior Notes Maturing 2029 1000 US Senior Notes Balance • Built-in annual prepayment of 10% of original 97.5MM / ~C$135MM
Slide 8: Oil-Weighted Assets Across Three Core Areas
Oil-Weighted Assets Across Three Core Areas Portfolio of Low-Decline, High-Return Plays Targets Multiple Stacked Oil Zones Viking 2020 2022 Kindersley Herschel Montney 2023 Viking Plato Kaybob 2024 Lower Shaunavon / Cardium Mannville West Pembina 2023 & 2025 Battrum Brazeau Mississippian 2021 & 2025
Slide 9: Q3/25 Highlights
Q3/25 Highlights Applying Saturn’s Blueprint Contributes to Ongoing Margin Expansion OPERATING & TRANSPORTATION COSTS 1 ($/BOE) OPERATING NETBACK 32% Operating Expenses Transportation Expenses $35 $60 $120 $30 0.74 0.61 $25 27.96 1.28 Operating Netback vs 20212 Operating Netback, Net of Derivatives
Slide 10: Unlocking Value With OHML Technology
Unlocking Value With OHML Technology Enhancing Production Rates, Expanding Drilling Inventory, And Improving Capital Efficiencies 19 OHML Locations > 300 OHML Locations up to 35% Of 2026 Development Open Hole Drilled To Date Identified in SE SK Capital Anticipated for OHML Cased Hole • OHML wells de
Slide 11: Saturn's OHML Development Program
Saturn’s OHML Development Program Open Hole Multi-Lateral (OHML) Development is Cornerstone of Saturn’s SE Saskatchewan Program Drilling S A T UR N ’ S S E S K O H M L D R I L L S & L O C A T I O N I N V E N T O R Y • Bakken/Torquay historically fracked; uneconomic in thinner reservoirs as stimulati
Slide 12: Alberta Operations – Montney & Cardium
Alberta Operations – Montney & Cardium Longer Laterals and Innovative Completions Boosting Economics & Capital Efficiencies Cardium E V O L UT I O N O F T H E C A R D I UM S I N C E 2 0 0 4 • Saturn drilled the fastest extended reach Hz Cardium well on record in Q3/25, drilling to 5,090 metres MD in
Slide 13: Track Record of Efficient Development Drives High Return on Invested Capital
Track Record of Efficient Development Drives High Return on Invested Capital and Supports Quick Payouts TYPE CURVE OUTPERFORMANCE ACROSS NUMEROUS PRIMARY PAYOUT PERIODS* (YEARS) AREAS DRIVES STRONG RETURNS Half-Cycle Frobisher Dual Leg Payout Period 2 0 2 4 L O C A T I O N C O U N T A N D A V E R A
Slide 14: Continued Focus on Operating Cost Reductions & Streamlining
Continued Focus on Operating Cost Reductions & Streamlining Size and Scale Supports Ability to Capture Efficiencies OPERATING COST REDUCTION COMPONENTS KEY OPEX REDUCTION DRIVERS (Q3 2021 to YTD 2025 - $/BOE) $30.00 0.98 1 Fees 27.53 • Increased due to gas processing fees from acquired properties $2
Slide 15: Fueling Free Cash Flow with Strategic Growth
Fueling Free Cash Flow with Strategic Growth Repeated Success Completing Accretive Acquisitions That Drive Strong Free Funds Flow A D J US T E D FU N D S FL O W ( “ A FF” ) 1 G R O W T H ( $ M I L L I O N S ) Capital Return Framework 472.5 MM $160 AFF ($MM) WTI ($CAD) $ $140 • Normal Course Issuer B
Slide 16: 2025 Outlook (Sept 2025)
2025 Outlook (Sept 2025) Reduced Capital Expenditures and Increased Forecast Production Following Asset Outperformance and Strategic Tuck-Ins, With no Change to Previously Guided Leverage Metrics 2025 Capex and Production Update Updated Forecast Original Guidance (December 14, 2024) % Change 8% Incr
Slide 17: Peer Comparison & Research Coverage
Peer Comparison & Research Coverage Saturn Positioned for Strong Free Cash Flow to Support Debt Repayment and Return of Capital 2 0 2 5E FR E E C A S H FL O W Y I E L D 1 , 3 2 0 2 6 E E N T E R P R I S E V A L U E / D E B T A D J U S T E D C A S H F L O W ( E V / D A C F )2 , 3 45% 5.0 39% 40% 35%
Slide 18: The Saturn Investment Opportunity
The Saturn Investment Opportunity (TSX: SOIL) High-Quality Light Oil Weighted Assets, Free Funds Flow Generation and Per Share NAV Disconnect 01. 02. 03. Diversified Downside Compelling Asset Base Protection Upside • >80% weighted to high-value • Discounted valuation + higher • Potential for rerate
Slide 19: Head Office
TSX: SOIL | OTCQX: OILSF Head Office Saturn Oil & Gas Inc. Suite 2800, 525 – 8th Ave SW Calgary, AB T2P 1G1 info@saturnoil.com 403.268.7800 SATURN OIL + GAS | CORPORATE PRESENTATION 19
Slide 20: Appendix
Appendix SATURN OIL + GAS | CORPORATE PRESENTATION TSX: SOIL | OTCQX: OILSF 20
Slide 21: Saturn's Community Involvement
Saturn’s Community Involvement Driving Positive Change Through Diversified Partnerships, Donations, and Volunteering Fostering Healthy and Some of Our Previous and Ongoing Support has Included: Vibrant Communities Saturn is committed to driving positive change through strategic partnerships and targ
Slide 22: Saturn's Operations
Saturn’s Operations Portfolio of Low-Decline, High-Return Plays Targets Multiple Stacked Oil Zones Three diversified, light oil, core operating • Focus on mid-life cycle assets with high oil weighting areas across 1.1 MM acres of land, • Similar full and half cycle costs since generating 41,142 boe/
Slide 23: Southeast Saskatchewan
Southeast Saskatchewan Anchor Area with High Rate of Return, Abundant Seismic Coverage, Large Scale Owned Infrastructure Overview Area Map Play Development: Oxbow • Bakken at Viewfield 15-21 15-21 Oxbow OHML OHML Well Well • Conventional Mississippian: Midale, Frobisher, Tilston, OHML OHML Bakken Ba
Slide 24: West Saskatchewan
West Saskatchewan Resource Plays, Repeatability, Steady Production and Cash Flow Overview Area Map Play Development: • Viking at Kindersley, Herschel and Plato Kindersley Herschel • Lower Shaunavon at Battrum • Viking Waterflood at Battrum • Kindersley • Herschel 2025 Capital Development Focus: • Pl
Slide 25: Central Alberta
Central Alberta Resource Play, Large Prospect Inventory, Significant Expansion Potential Overview Area Map Play Development: • Cardium at Brazeau (W./E. Pembina) and Lochend 7-30 Pad Montney Wells • Montney oil window at Kaybob Kaybob 2025 Capital Development Focus: • Kaybob • West + East Pembina W.
Slide 26: Robust 2024 Reserves Expansion
Robust 2024 Reserves Expansion RESERVES GROWTH HISTORY (MMBOE) 250 2024 Organic* Additions PDP 1P 2P 200 $5.56 $8.36 $13.77 • PDP of 6.3 mmboe +38% vs 2023 NAV PER BASIC SHARE3 • 1P of 6.8 mmboe • 2P of 10.6 mmboe 150 * Excluding acquisitions ✓ >1,100 booked drilling locations5, +23% over 2023 ✓ Rep
Slide 27: Mitigating Risk
Mitigating Risk Active Risk Management Program Designed to Stabilize Cash Flow and Mitigate Commodity Price Risk 50% 30% Hedging Program Protects Balance Sheet ~ ~ oil and liquids volumes oil and liquids volumes • Oil and liquids hedging strategy protects 50-60% of hedged for next 12 months hedged 1
Slide 28: Management
Management A Long History of Value Creation in the Oil & Gas Production Space John Jeffrey Justin Kaufmann Scott Sanborn Grant MacKenzie Chief Executive Officer Chief Development Officer Chief Financial Officer Chief Legal Officer Former CFO and founding partner Former Manager of Axiom Group Former
Slide 29: Management
Management A Long History of Value Creation in the Oil & Gas Production Space Jamie Kuntz Tyler Cheetham Joel Robertson Cindy Gray Senior VP Operations VP Land Controller VP Investor Relations Former Facility & Pipeline Former Senior Landman roles at Over 10 years of oil and gas focused Former CEO a
Slide 30: Directors
Directors Sound Governance and Strategic Oversight John Jeffrey, MBA, BA Jim Payne ▪ Former CFO and founding partner of Axiom Group ▪ CEO of dynaCERT Inc., and CEO of a privately-held consulting, project management and real estate ▪ Strong background in operations and finance with successful track r
Slide 31: Disclaimer
Disclaimer Oil & Gas Advisories Information Regarding Disclosure on Oil and Gas Operational Capital Expenditures from operating activities before changes in non-cash Saturn uses development capital expenditures to monitor working capital, decommissioning expenditures and Information and Non-IFRS Mea
Slide 32: Disclaimer
Disclaimer Oil & Gas Advisories Net Debt revenues, and as such third-party processing revenue is is anticipated to be comprised of approximately 85% crude the rates at which such wells will continue production and Net debt is a key capital management measure as it is used netted against operating ex
Slide 33: Disclaimer
Disclaimer Oil & Gas Advisories Oil and Gas Metrics & Reserve "FD&A Cost" represents finding, developing and acquisition "Probable" reserves are those additional reserves that are Reserve Assumptions: Reserve evaluation calculations are cost as calculated as the sum of 2024 capital expenditures less
Slide 34: Supplemental Information Regarding Corporate Reserves
Disclaimer Oil & Gas Advisories SUPPLEMENTAL INFORMATION REGARDING CORPORATE RESERVES 1 Light and Medium Crude Oil (Mbbl) Heavy Crude Oil (Mbbl) Conventional Natural Gas (MMscf) Natural Gas Liquids (Mbbl) Total MBOE (Mboe) Reserves Category Gross Net Gross Net Gross Net Gross Net Gross Net Proved De