Slide 1: Rubellite Energy Corp. Corporate Overview
Rubellite Energy Corp. Corporate Overview September 8, 2026
Slide 2: Corporate History
Corporate History Incorporated in July 2021 as pure play Clearwater multi-lat focused junior E&P ▪ In September 2021, Rubellite acquired Perpetual’s Clearwater Assets for $65.5 MM • 350 bbl/d of heavy oil production and 100 net sections of land ▪ Executing growth focused business plan on expanding h
Slide 3: Corporate Profile
Corporate Profile Fully funded growth-focused heavy oil multi-lat E&P Company TSX:RBY Investment Highlights Capitalization Large scale, focused asset base in the South Clearwater and Mannville Stack fairways TSX RBY ▪ Rank as amongst the top conventional plays in the WCSB on half-cycle returns Share
Slide 4: Heavy Oil Asset Performance
Heavy Oil Asset Performance Strong operational momentum in Clearwater and Mannville Stack heavy oil asset base Heavy Oil Sales (bbl/d) Key Operational Metrics Sept 8, 2026 Guidance(1) 10,000 FY/26 8,500 – 9,200 bbl/d 9,000 8,000 >2,013 15,000m >205 7,000 Lateral legs drilled Average open hole per Gr
Slide 5: Rubellite Asset Profile – Focused Heavy Oil Portfolio
Rubellite Asset Profile – Focused Heavy Oil Portfolio Heavy oil production of 8,534 bbl/d and 5,800 Mcf/d of associated natural gas pro forma Edson Disposition Asset Map 2Q/26 Asset Summary Land Well Count Production Q2 2026 Area (net acres)(1) (net producing) (boe/d) Figure Lake 155,412 123.0 6,160
Slide 6: Marten Hills and Dawson Swap – Closed June 30, 2026
Marten Hills and Dawson Swap – Closed June 30, 2026 Added proved producing reserves with waterflood upside Asset Maps Transaction Summary Marten Hills Asset Exchange Agreement: Effective and Closing Date - June 30, 2026 ▪ Rubellite acquired a project partner’s 30% Working Interest at Marten Hills, b
Slide 7: East Edson Disposition – Closed Sept 8, 2026
East Edson Disposition – Closed Sept 8, 2026 Swapped non-operated, single asset deep basin gas property into a highly liquid equity position in going concern business Asset Map Transaction Summary Working Interest: 50% Non-operated interest with Tourmaline – TSX:TOU To Rosevear Net Production: ▪ Q2
Slide 8: Net Asset Value ("NAV")
Net Asset Value (“NAV”) Q2/26 NAV Pro Forma Edson Disposition and Marten Hills/Dawson Swap Transactions Net Asset Value (discounted at 10%)(1)(2) Q2/26 Pro forma Edson Disposition $700 Net Asset Value(1)(2)(3) $7.48 Reserve Category Recognition Level Build-Up $6.47 $5.95 $6.11 $600 PDP, including FM
Slide 9: Converting FMV of Undeveloped Land to Reserve-based NAV
Converting FMV of Undeveloped Land to Reserve-based NAV Investing to Convert >750 Unbooked Locations & EOR Potential to Production & Reserves to Grow NAV Net Asset Value >320 net ‘Low Risk’ Unbooked(2)(3) Development Locations at $700 Figure Lake (Clearwater and Sparky) and Frog Lake (Waseca and GP)
Slide 10: Heavy Oil Development Inventory YE 2025
Heavy Oil Development Inventory YE 2025 >475 booked & unbooked heavy oil development drilling inventory(2)(4) in core properties >475 Net Heavy Oil Development Drilling Locations(2)(4) Top half ▪ 33% booked; 66% unbooked development inventory ▪ Figure Lake Clearwater had 238 net locations at year en
Slide 11: Rubellite Asset Profile | Figure Lake
Rubellite Asset Profile | Figure Lake Clearwater and Sparky Development Asset Map Asset Summary Working Interest: 100% Sparky Discovery Q2 2026 Production: 6,160 boe/d (84% oil and liquids) ▪ 5,174 bbl/d 100% heavy oil; 5.8 MMcf/d natural gas; 17 bbl/d NGL 9-22 ▪ 115.0 net multi-laterals on sales pr
Slide 12: Figure Lake Primary Development Type Curves
Figure Lake Primary Development Type Curves 33m down-space well design established as primary development design Clearwater Primary Development Design Improvements to 33m inter-leg Tier 1 type curve from YE 2024: ▪ Historical well design: ~50m inter-leg spacing ▪ Increased Type Curve IP30 by 14% to
Slide 13: Southern Clearwater Enhanced Oil Recovery Pilots
Southern Clearwater Enhanced Oil Recovery Pilots Advancing Multiple Waterflood Pilots and Other EOR Experiments through 2026 Figure Lake Line Drive Pilot Projects Figure Lake Multi-lat Conversions 9-35 Pad Waterflood Pilot 8-26 Pad Waterflood & Polymer Pilots Figure Lake 1-3 & 1-13 Pads Single Leg w
Slide 14: Figure Lake 9-35 Waterflood Line Drive Pilot
Figure Lake 9-35 Waterflood Line Drive Pilot Reserves on waterflood pilot booked conservatively at 50% recovery factor uplift Figure Lake Line Drive Waterflood Pilot Performance Pilot Configuration 12-35-063-18W4 Waterflood Pilot Performance vs YE2025 Reserve Booking(1) 160 140 120 Injector Oil Rate
Slide 15: Figure Lake 9-35 Waterflood Line Drive Pilot
Figure Lake 9-35 Waterflood Line Drive Pilot 00/12-35 & 02/12-35 Waterflood Pilot Producer/Injector Pair Performance 9-35 Waterflood Pilot Pattern Performance ▪ Single Leg Water Injector in middle of 8-leg multi-lateral Producer (“Texas Four-Step” Pattern) • Injection commenced in March 2026 with sy
Slide 16: Figure Lake 'Texas Four-Step' Waterflood – Six Well Pad
Figure Lake ‘Texas Four-Step’ Waterflood – Six Well Pad Illustrative Production Response Scenarios and Economics – TBD with future commercial demonstration pad Clearwater Waterflood Illustrative Scenarios and Economics ▪ Waterflood Scenarios – Waterflood Base Case & High Rate Case ▪ Illustrative exa
Slide 17: Rubellite Asset Profile | Frog Lake Waseca
Rubellite Asset Profile | Frog Lake Waseca Active Waseca development and GP delineation Asset Map – Waseca Development Asset Summary Working Interest: 63% (of current production) ▪ FLERC has option to elect 50% WI in all future drills Q2 2026 Production: 2,889 boe/d (100% heavy oil) ▪ 86 gross (57.5
Slide 18: Rubellite Asset Profile | Frog Lake General Petroleum
Rubellite Asset Profile | Frog Lake General Petroleum GP Delineation Asset Map – GP Development Asset Summary Multiple ‘New Zone’ Targets in Mannville Stack ▪ GP, Sparky, McLaren, Rex and Lloyd ▪ >205 net Locations(1) delineated by existing and 25 km2 new shoot 3D seismic General Petroleum (“GP”) De
Slide 19: Frog Lake Type Curves
Frog Lake Type Curves Mannville Stack – Waseca North, Waseca South and General Petroleum Waseca Development Testing 20,000m Waseca wells in 2026 ▪ Historical well design: ▪ Larger drainage area, well bore diameter, and overall length to improve • ~25m inter-leg spacing capital cost per meter drilled
Slide 20: Exploration Prospect Pipeline
Exploration Prospect Pipeline Feeding a “pipeline” of primary development projects from new exploration plays ‘New Zone’ Appraisal(7) Frog Lake Secondary Zones: 45 net(8) Locations ▪ Sparky, Lloyd, Rex, and McLaren Zones Figure Lake Upper Clearwater: 12 net Locations ▪ New pools mapped - 16(1) Calli
Slide 21: Waterflood and Enhanced Oil Recovery 'Size of the Prize'
Waterflood and Enhanced Oil Recovery ‘Size of the Prize’ Measured in Incremental Recovery, Higher Free Funds Flow, Asset Duration & Value Creation With full scale waterflood implementation we expect: ▪ Incremental recovery potential to increase from 5 to >10% of original oil in place (“OOIP”) Line D
Slide 22: 2026 Annual Exploration and Development Spending
2026 Annual Exploration and Development Spending(1) Development, Step-out Delineation, Enhanced Oil Recovery Projects and Exploration Minors, 2026 E&D Spending: $125-135 MM(1) EOR $0.5 Projects, Exploration, $6.7 $13.4 Marten 65 gross / 50.7 net wells Hills, $2.7 Development, Delineation & EOR: ▪ Fi
Slide 23: Balance Sheet and Guidance – Pro Forma Edson Disposition
Balance Sheet and Guidance – Pro Forma Edson Disposition Credit facility maintained at $160 MM providing significant liquidity and financial flexibility Guidance (September 8, 2026) Balance Sheet Reconciliation through Strategic Transactions Perpetual Rubellite Year End (2) H1 2026A 2026F ($MM) Q2 2
Slide 24: Commodity Price Risk Management
Commodity Price Risk Management Price protection on ~70% of Aug-Dec 2026, 54% of 2027 and 19% of 2028 liquids production, net of royalties(1) Oil Price Risk Management Mark-to-Market (“MTM”) Value (As at August 31, 2026(3)) Oil Hedges (bbl/d) 7,000 100% MTM Value 90% MTM Value As at August 31, 2026
Slide 25: Creating Differentiated Value for Shareholders
Creating Differentiated Value for Shareholders Junior E&P growth opportunity focused on Clearwater and Mannville Stack multi-lat heavy oil plays ▪ 656 net sections of prospective Clearwater, Mannville Stack and Heavy Oil exploration lands Expanding Pure ▪ Major producing properties at Figure Lake (C
Slide 26: 2026 Strategic Priorities
2026 Strategic Priorities Value Creation through Heavy Oil Multi-lat Driven Play Strategies High Grade Land Portfolio Improve & Expand Capital Prospect Efficiencies Inventory for Optimize Chosen Play Drive Value and De-risk Exploration Strategies Operational Free Funds Excellence Flow Prospects & Gr
Slide 27: Additional Information
Additional Information Sue Riddell Rose, President & CEO Ryan Shay, Vice President, Finance & CFO 3200, 605 – 5 Avenue SW Calgary, Alberta Canada T2P 3H5
Slide 28: Appendix
APPENDIX Rubellite Energy Corp. 27
Slide 29: Historical Financing
Historical Financing Strong insider support for equity and subordinated debt financings ▪ Rubellite acquired all of Perpetual’s Clearwater Assets for total consideration of $65.5 MM (including $59.2 MM in cash) • Incorporated on July 12, 2021; Clearwater Assets conveyed on July 15th • Plan of Arrang
Slide 30: Commodity Price Risk Management
Commodity Price Risk Management Position Details Sept 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Cal28 WTI CAD/bbl Swap Volume (bbl/d) - - - - - - - - - - - - - - ($CAD/bbl) WTI USD/bbl Swap Volume (bbl/d) 5,100 5,400 4,350 4,350 4,350 4,350 1,700 ($USD/bbl) $67.00 $68.98 $71.31 $71.31 $71.31 $71.31 $70.03 WC
Slide 31: Operational Excellence
Operational Excellence Striving for continuous performance improvement Environment Water: Oil based mud drillings with no fresh water-based fracture stimulation in Clearwater play and minimal fresh water usage in the Mannville Stack area Land: Surface footprint minimized with multi-well pad developm
Slide 32: Advisories
ADVISORIES Rubellite Energy Corp. 31
Slide 33: Advisories – General and Forward-Looking Information
Advisories – General and Forward-Looking Information General This Corporate Overview (this "presentation") of Rubellite Energy Corp. ("Rubellite“, “RBY” or the "Company") is for discussion and information purposes only and any unauthorized use is strictly prohibited. These materials should be read i
Slide 34: Advisories – Oil and Gas Advisories
Advisories – Oil and Gas Advisories This presentation contains certain oil and gas industry metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make
Slide 35: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Reserves Disclosures (continued) Had a reserves evaluation been prepared by an independent qualified reserves evaluator with an effective date of June 30, 2026, the resulting estimates of reserves and future net revenue could differ from those derived
Slide 36: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Commodity Price Assumptions The table below summarizes the various price assumptions represented in this presentation. Prices in the Year End 2025 McDaniel Report are based on the Three Consultant Average Price Forecast at January 1, 2026. Additional d
Slide 37: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Net Asset Value (“NAV”) NAV is calculated as total proved plus probable reserves as per the McDaniel Report, plus independently verified third party valuation of undeveloped lands, less net debt and the other provision at an undiscounted value. This me
Slide 38: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Type Curves The Company's management has prepared a waterflood type curve to illustrate the potential production uplift associated with a waterflood development. The type curve is intended only to demonstrate potential incremental production attributab
Slide 39: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Abbreviations bbl barrels bbl/d barrels per day boe barrels of oil equivalent Mboe thousand barrels of oil equivalent MMboe million barrels of oil equivalent Mcf thousand cubic feet MMcf million cubic feet MMcf/d million cubic feet per day Bcf billion
Slide 40: Advisories – Risk Management Contracts
Advisories – Risk Management Contracts Risk Management Contracts “Hedge” or risk management contract positions by product, current to September 4, 2026, are as follows: Refer to Advisories section for further information regarding forward-looking statements, oil and gas information and non-GAAP and
Slide 41: Advisories – Non-GAAP and Other Financial Measures
Advisories – Non-GAAP and Other Financial Measures Throughout this presentation and in other materials disclosed by the Company, Rubellite employs certain measures to analyze financial performance, financial position and cash flow. These non-GAAP and other financial measures do not have any standard
Slide 42: Advisories – Non-GAAP and Other Financial Measures
Advisories – Non-GAAP and Other Financial Measures Non-GAAP Financial Ratios “G&A ($ per boe)” is comprised of G&A expense, as determined in accordance with IFRS, divided by the Company’s total sales oil production. “Operating netback per boe” or “net operating income” is determined by deducting roy