Western Energy Services Corp. · TSX:WRG
Western Energy Services — Investor Presentation (September 2026)
20 slides from Western Energy Services's investor presentation, September 2026
Slide 1: The New Western
THE NEW WESTERN I N V ESTO R P RE SE NTAT I O N SE PT E MBE R 20 26 ( W R G -T S X ) ///
Slide 2: New Leadership Team
New Leadership Team Extensive Energy Services and Capital Markets Experience Gavin Lane, MBA, CFA, CPA Orson Ross, CPA, CA April Williams President & Chief Executive Officer Chief Financial Officer Vice President, Corporate Services • 13+ years at Trinidad Drilling (TSX- • 25+ years in senior financ
Slide 3: Western At A Glance
Western At A Glance Financial Overview Financial Metrics • Market Cap: ~$100M • Net Debt: $63.6M • Enterprise Value: ~$164M Financial Performance (Trailing 4 Quarters) • Revenue: $202.3M (-11% y/y) • Adjusted EBITDA: $46.7M (+12% y/y) • Adjusted EBITDA Margin: 23.1% vs 18.4% y/y /// 3
Slide 4: Fleet Overview
Fleet Overview Contract Drilling Marketed Drilling Rigs Drilling Fleet Distribution 31 Total Rigs (90% Canada-Based) Drilling Days Growth (2025 vs 2024) Market Position Rig Capabilities 4th Largest Contractor in Canada All rigs suited for complex horizontal drilling Production Services Marketed Serv
Slide 5: Why Invest?
Why Invest? Driving growth through targeted, capital-light strategies and an upgraded, high-performing fleet Capital-Light Path Strengthening Financial Differentiated Competitive Position Position Fleet expansion Company on track to be under 1.0x Highly-targeted asset upgrades funded internally, wit
Slide 6: A New Direction
A New Direction Evolving Our Strategy, Building on Our Foundation Driving efficiency through capital-light fleet optimization and targeted market growth Focus Area CURRENT DIRECTION PRIOR APPROACH Capital allocation Targeted by rig, customer, basin Fleet-wide, non-targeted Financial objective Accele
Slide 7: 2026/2027 Strategic Priorities
2026/2027 Strategic Priorities Strategic priorities leading to higher utilization and EBITDA which funds continued deleveraging Continue to Capture Market Share Drive growth through performance-defined rigs, corporate-led sales, value pricing, and Tier 1 multi-well programs. Additional Capital-Light
Slide 8: Priority 1: Capturing Market Share
Priority 1: Capturing Market Share Selling on Value, not Discounted Price Rig Capability Tier 1 Program Fit Define and brand rig Alignment with types by performance demanding operational metrics. requirements. Multi-well / Multi- Strategic Targeting Capturing year Work Focusing on Tier 1 Market Shar
Slide 9: Market Share Via Rig Deployment Strategy
Market Share Via Rig Deployment Strategy Right Rigs, Right Applications Rig Type → Basin Alignment • ELR Class 1 → Montney / Duvernay: Tier 1 pad-style programs; high utilization (300+ days). • ELR Class 2 & 3 → Cardium / Montney: Reduced footprint, faster moves, and repeatable work. • Single Well →
Slide 10: Priority 2: Targeted Capital-Light Upgrades
Priority 2: Targeted Capital-Light Upgrades Optimization - Not Rebuild: focused asset deployment based on specific rig capabilities and demand • Returns-Focussed Capital Deployment • Already-Upgraded Fleet Leveraging existing infrastructure and focusing capital on optimization rather than broad reco
Slide 11: Rig 22: Capital Light Upgrade
Rig 22: Capital Light Upgrade • Payback – Capital light upgrade for $2.8 million with payback in under one year. • Pad-style program suitability: Designed specifically for Tier 1 multi-well programs, minimizing non-productive time. • Footprint and move time: Optimized for rapid mobilization and comp
Slide 12: Priority 3: Strengthened Financial Position
Priority 3: Strengthened Financial Position Deleveraging is funded by improving cash flow alongside growth, not instead of it! NET DEBT REDUCTION 2 NET DEBT TO NORMALIZED ADJUSTED $140 EBITDA 1,2,3 $120 3.5 3.1 48% 34% 3.0 REDUCTION IN REDUCTION CND$ MILLIONS $100 (SINCE 2022) (SINCE 2022) 2.5 2.2 $
Slide 13: Market Dynamics
Market Dynamics • Infrastructure: Growing Western Canadian takeaway capacity on both the oil and natural gas sides. • Discipline: Continued capital discipline among Producers. • Efficiency: Low breakeven Canadian plays with minimal newbuild rig activity since 2016. • Asset Strategy: Demand met by ex
Slide 14: Investment Summary
Investment Summary ✓ New management team focussed on growing financial returns and strengthening company ✓ Adjusted EBITDA growth of 12% on a TTM* basis ✓ Adjusted EBITDA Margins growing in lockstep (now at ~23% TTM) ✓ Net Debt continues lower with a target of <1.0x Adjusted EBITDA by year-end 2027
Slide 15: Appendix
Appendix /// 15
Slide 16: Board of Directors
Board of Directors Experienced Leadership Driving Strategic Growth Board of Directors • Ronald P. Mathison (Chair): CEO, Matco; Founder Calfrac; extensive restructuring & capital markets experience • Trent Boehm: Investment banking leader (22+ yrs);Chief Executive Officer of Redstone Oil Corp, and F
Slide 17: Non-IFRS Measures
Non-IFRS Measures This presentation contains certain financial measures, including net debt and book value per common share, which are not standardized financial measures under International Financial Reporting Standards ("IFRS") and, therefore, are unlikely to be comparable to similar financial mea
Slide 18: Non-IFRS Measures
Non-IFRS Measures Adjusted EBITDA Adjusted earnings before interest and finance costs, taxes, depreciation and amortization, other non-cash items and one-time gains and losses (“Adjusted EBITDA”) is a useful non-GAAP financial measure as it is used by management and other stakeholders, including cur
Slide 19: Forward Looking Information
Forward Looking Information This presentation contains certain forward-looking statements and information (collectively, the "forward-looking information") relating to Western Energy Services Corp. ("Western" or the "Company") within the meaning of applicable Canadian securities laws. All informatio
Slide 20: Thank you
Thank you www.westernenergy.com (403) 984-5916 /// 20
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