Slide 1: A Progressive Montney Producer for the New Energy Market
A Progressive Montney Producer for the New Energy Market Investor Presentation March 2026
Slide 2: Cautionary Statements / Advisory
Cautionary Statements / Advisory This presentation contains forward-looking information and specified financial measures such as non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures. Readers are advised to read this presentation in conjunctio
Slide 3: Financial Foundations
Financial Foundations 6% Market Overview: Capital Structure Market Value of Equity 17% Capital Market Capitalization: $1.8bn Bank Debt + Working Capital Structure Net Debt(1): $0.6bn Convertible Debentures 77% Enterprise Value: $2.4bn Equity: AAV (TSX Listed) Shares Outstanding: 166.9 mm Total share
Slide 4: Advantage Energy First Principles
Advantage Energy First Principles Convert Energy to Shareholder Wealth by Delivering Exceptional Performance Concentrated High-Quality Assets Exceptional Operational Performance Prudent Financial and Risk Management Carbon Capture and Storage Leaders 4
Slide 5: World-Class Resource Base: the Foundation of our Business
World-Class Resource Base: the Foundation of our Business GORDONDALE CONROY PROGRESS GLACIER ATTACHIE VALHALLA WEMBLEY 316 Sections of Montney Rights Advantage Operated Facility 251 Sections of Charlie Lake Rights Notes 5 • Sections refers to net sections being the sections Advantage has an interest
Slide 6: Advantage is in the Heart of the Montney Fairway
Advantage is in the Conroy Heart of the Montney Fairway Montney Rights Advantage ARC AB Attachie Birchcliff Canadian Natural ConocoPhillips Glacier Murphy Progress Ovintiv Pacific Canbriam Valhalla PETRONAS Shell Wembley Tourmaline Whitecap All Others Premium Land Base Supports High-Quality Developm
Slide 7: Dominant Infrastructure Position
Dominant Infrastructure Position GORDONDALE Strategic Assets Valued at Over $1 billion* Progress Gas Plant: On-stream in 2Q26 Further major infrastructure spending not required in 3-year plan PROGRESS Raw Gas Processing Capacity (mmcf/d) GLACIER Major Pipelines 600 KAPS TC Energy 550 Pembina 500 All
Slide 8: 2026 Guidance
2026 Guidance (2) Cash Used in Investing Activities ($ Millions) $280 to $310 (Reduced on February 12, 2026 – Original Guidance was $300 Million to $330 Million) Total Production (boe/d) 81,000 to 85,000 Natural Gas (%) 84% to 86% Crude Oil and Condensate (%) 10% to 12% NGLs (%) ~4% (1) Expenses Roy
Slide 9: Maximize AFF Per Share Growth Without Compromising Our Balance Sheet
CORPORATE STRATEGY Maximize AFF Per Share(1) Growth Without Compromising Our Balance Sheet Annual Organic Exceptional Production Growth Operational Capped at 10% Performance Share Buyback Relentless Cost to Compound Focus Per-Share Growth 9
Slide 10: Risk-Adjusted AFF Per Share Growth
CORPORATE STRATEGY Maximizing AFF Per Share(1) Growth: Advantage Capital Allocation Framework LOW Growth (<5%) OPTIMIZED Growth (5-10%) HIGH Growth (>10%) (1) Similar FCF in first year, Fully funded at bottom- Funding shortfall at bottom-decile pricing but less in mid and long term decile pricing St
Slide 11: Capital Allocation: High Graded for FCF Growth
Capital Allocation: AECO Forwards - CAD/GJ (3) High Graded for FCF Growth (2)(3) $5.00 Future capital program under continuous review $4.00 Internal Rate of Return (%) $3.00 $2.00 $1.00 $0.00 (3) WTI Crude Oil Futures – USD/bbl $20mm capital reduction $65.00 will target lowest IRR wells in 2H26 – to
Slide 12: Economics Sensitivities
Advantage Tier 1 Half-Cycle Generic Type Wells Glacier - Dry Gas Glacier - Dry Gas Glacier - Dry Gas Valhalla – Rich Gas Wembley - Oil Charlie Lake - Oil Upper Montney D4 Montney D1 Montney D4 Montney D3 Montney Braeburn Generic Generic Generic Type Well IP365 Liquids Type Curve IRR3 Payout4 Type We
Slide 13: Converting Energy to Shareholder Wealth
Converting Energy to Shareholder Wealth NPV per Share (BT10%) Reserves per Share Growth 350 PDP Reserves Per Share: $25 PDP 10-year CAGR of 14% 300 PDP (Peer Average) Index (2016 = 100) $20 Proved 250 $15 Proved + Probable Share Price 200 $10 150 Peers include: ARC, $5 100 Birchcliff, Kelt, Nuvista,
Slide 14: Three-Year Strategic Plan: Implementing our Corporate Strategy
Three-Year Strategic Plan: Implementing our Corporate Strategy (1)(2) (2) Net Capital Expenditures ($MM) Production Range (boe/d) 350 95,000 Expected Production Range +/- $25mm +/- $15mm 300 90,000 250 200 85,000 150 80,000 100 75,000 50 0 70,000 2025 2026 2027 2025 2026 2027 2026 Net Capital Expend
Slide 15: Commodity Price Sensitivity: Fully Funded at Very Low Prices
Commodity Price Sensitivity: Fully Funded at Very Low Prices (1)(2) (1)(2) 2026 AFF - Factor Sensitivities 2026 AFF - Scenario Analysis $90 Natural Gas Price +/- $0.50/mcf $85 $80 Gas Prod +/- 10% $75 WTI ( US$/bbl) $70 March 4 WTI +/- $10/bbl $65 Strip $60 $55 2026E Liquids Prod +/- 10% Budget $50
Slide 16: Share Buybacks: Continued Commitment to Compounding
CORPORATE STRATEGY $MM MM Shares Cumulative Share Buybacks 400 60 Dollars Share Buybacks: Continued 300 Shares 45 Commitment to Compounding 200 30 100 15 - - ► Advantage Allocated $387mm to Share 2022 to 2025 Jan-22 Apr-22 Jan-23 Apr-23 Jan-24 Apr-24 Jan-25 Apr-25 Oct-22 Jul-24 Jul-22 Jul-23 Oct-23
Slide 17: Asset Portfolio Spanning the Development Life Cycle
Chart Title Chart ChartTitle Chart Title Title Asset Portfolio 1.2 1.2 1.2 1.2 Spanning the Development Life Cycle 1.2 1 Chart Title 111 1 1.2 Wembley 0.8 0.8 0.8 1 0.8 0.8 Quality/Availability Data Confidence Glacier 0.8 0.6 0.6 0.6 0.6 Charlie Lake 0.6 Conroy 0.6 Valhalla 0.4 0.4 0.4 0.4 0.4 Progr
Slide 18: Exceptional Operational Performance: Industry-Leading Productivity
Exceptional Operational Performance: Industry-Leading Productivity Advantage Delivered the Top 9 AB Montney Gas Superior Productivity in the Montney Gas Window* Wells in 2025 Despite Voluntary Production Curtailments * Includes all wells drilled in the Montney gas window (BC + AB) since January 1, 2
Slide 19: Glacier – World Class Asset, Raising the Bar Again
Glacier – World Class Asset, Raising the Bar Again Net Capital Expenditures & FCF Sales Volumes (mBOE/d) 12-03: 3 well pad D4: 21.7 mmcf/d IP60 Net Operating Income [MM$]1,2,7 Planned Turnaround (21 days) D1: 16.1 mmcf/d IP60 Net Capital Expenditures [MM$]1,2,6 80 Upper: 15.9 mmcf/d IP60 Cumulative
Slide 20: Valhalla & Progress – Return to Development with 4-21 Facility
Valhalla & Progress – Return to Development with 4-21 Facility Net Capital Expenditures & FCF Combined Sales Volumes (mBOE/d) Net Operating Income [MM$]1,2,7 12 Legend Net Capital Expenditures [MM$]1,2,6 AAV Pipelines Cumulative Free Cash Flow [MM$]1,2,7 10 2024 2026 Locations 100 8 Montney D4 2025
Slide 21: Charlie Lake – Highly Accretive, Top-Quartile Addition to the Portfolio
Charlie Lake – Highly Accretive, Top-Quartile Addition to the Portfolio Net Capital Expenditures & FCF Sales Volumes (mBOE/d) Net Operating Income [MM$]1,2,7 20 Legend Net Capital Expenditures [MM$]1,2 AAV Pipelines Cumulative Free Cash Flow [MM$]1,2,7 2024 Well Locations 15 150 2026 Program 2025 20
Slide 22: Wembley – Cash Flow Engine With Low Maintenance Capital
Wembley – Cash Flow Engine With Low Maintenance Capital Net Capital Expenditures & FCF Sales Volumes (mBOE/d) Net Operating Income [MM$]1,2,7 10 Legend Net Capital Expenditures [MM$]1,2 Cumulative Free Cash Flow [MM$]1,2,7 2024 AAV Pipelines 8 Locations 50 2025 Program 6 2025 4 2026 $mm - 2 2027 -50
Slide 23: Northeast BC – Positioned for Future Development
Northeast BC – Positioned for Future Development Caribou Gas Plant Montney Rights Advantage CONROY ARC AB Canadian Natural ConocoPhillips Pacific Canbriam AAV Caribou Gas Plant PETRONAS Tourmaline All Others Highlights ► Existing 100 mmcf/d Caribou gas plant and upstream Alliance Pipeline gas gather
Slide 24: Over 2,400 Future Drilling Locations Across Commodities
BC Montney Inventory: 350 Wells Over 2,400 Future 2026 Net Drills: 0 Drilling Locations Across Commodities Charlie Lake Inventory: 265 Wells 2026 Net Drills: 6* *Includes 1 Non-Op Well Glacier Inventory: 795 Wells >20 Years of Montney 2026 Net Drills: 15 Tier 1 Inventory ✓ Two miles from existing Ti
Slide 25: Exceptional Execution Driving Higher Tier 1 Inventory
Exceptional Execution Driving Higher Tier 1 Inventory Glacier Tier 1 Inventory Valhalla Tier 1 Inventory Wembley Tier 1 Inventory + 85% + 26% + 69% 2020 Tier 1 Wells Tier 1 2025 Total 2020 Tier 1 Wells Tier 1 2025 Total 2020 Tier 1 Wells Tier 1 2025 Total Inventory Drilled Promotions Inventory Inven
Slide 26: Market Diversification Snapshot: Empress Provides Optionality
(2) Natural Gas Price Exposures Market Diversification Snapshot: Empress Provides Optionality 7% 6% 6% 6% 5% 5% 6% 4% 4% 4% 4% 4% 4% Power 2% 9% 6% 3% Generation 7% 9% 27 mmcf/d to 8% 8% 16% Emerson 6% 7% 12% 6% U.S. Midwest 6% 22% 19% 21% 19% 12% Dawn 26% 21% 13% 16% Emerson 20% 25% 31% Empress Ven
Slide 27: Three-Year Plan Enhanced by Natural Gas Hedging
250 50% Gas Hedged (CAD/mcf) Three-Year Plan Enhanced by Natural Gas Hedging 200 % of production 40% Improving Fundamentals 150 30% mmcf/d $3.93 100 20% $3.53 $3.52 WCSB Gas Market Moving From Oversupplied to Undersupplied $3.50 $3.61 $2.88 $2.88 50 10% $2.98 Alberta Storage (bcf) (2) 0 0% 600 500 6
Slide 28: Environmental, Safety, and Stewardship
Environmental, Safety, and Stewardship 29,795 tCO2e carbon captured and Over $1 million donated to charities and 0.26 TRIF and 0.00 LTIF in 2025 sequestered in 2025 programs since inception 92% AB Certificate of Recognition Audit $5 million spent on abandonment and reclamation in Awarded 30 scholars
Slide 29: Commercial Carbon Capture and Storage
Ownership Structure Commercial Proprietary CCS Technology Carbon Capture Advantage 46% and Storage Implied net valuation >$300m(9) Today Exclusive ownership of world- leading solvent with innovative Upon $500m deployment ($300m deployed to-date), process enhancement technologies Advantage expects to
Slide 30: Glacier 2: World's First Commercial Post-Combustion CCS
GLACIER 2: WORLD’S FIRST COMMERCIAL POST-COMBUSTION CCS1 Introducing Entropy’s first investment into the clean power generation market PROJECT SCOPE PHASE 2 PROJECT HIGHLIGHTS 1. Install post-combustion carbon capture on remaining Capture capacity: 160 ktpa compressors (9) at the Glacier Gas Process
Slide 31: Glacier Phase 2: Onstream Q2 2026
GLACIER PHASE 2: ONSTREAM Q2 2026 Implementing the world’s first decarbonized base-load power (Onstream 2026) Phase 1A & 1B Absorber Towers Phase 2 Compressors Phase 2 Absorber Tower Coolers Phase 2 Absorber Skid Phase 2 Phase 1 & 2 T130 Turbine Phase 2 Disposal Blower Compressor Phase 2 Regeneratio
Slide 32: Global Scale Projects – Advancing
GLOBAL SCALE PROJECTS – ADVANCING Jurisdictions Industries Gas processing, steel, methanol, ethanol, power, data centers Applications iCCS Recip iCCS Thermal iCCS Turbine Project Pipeline Global-Scale Projects Advancing 2000 Key Projects Announced Project KTPA Glacier Phase 2 Methanex ` 1000 Alberta
Slide 33: Entropy's Structural Advantage in Canada
ENTROPY’S STRUCTURAL ADVANTAGE IN CANADA Global first carbon credit offtake agreement – strategic investment capital The 15-year Carbon Credit Offtake (CCO) – up to 1,000,000 tpa – commitment represents a global first in compliance markets. The agreement helps to de-risk and accelerate CCS investmen
Slide 34: Footnotes
Footnotes 1. Specified financial measure which is not a standardized measure under International Financial Reporting Standards (“IFRS”) and may not be comparable to similar specified financial measures used by other entities. Please see "Specified Financial Measures" for the composition of such spec
Slide 35: Advisories
Advisories Forward-Looking Information and Statements The information in this presentation contains certain forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws relating to the Corporation's plans and
Slide 36: Advisories (continued)
Advisories (continued) This presentation contains forward-looking statements which are estimates of Advantage's three-year plan (2025 to 2027 as originally press released December 10, 2024), including average annual production range (corporately and by location), net capital expenditures (corporatel
Slide 37: Advisories (continued)
Advisories (continued) The future acquisition by the Corporation of the Corporation's shares pursuant to a share buyback program, if any, and the level thereof is uncertain. Any decision to implement a share buyback program or acquire shares of the Corporation will be subject to the discretion of th
Slide 38: Advisories (continued)
Advisories (continued) Oil and Gas Metrics This presentation contains a number of oil and gas and finance metrics, including "F&D cost", "recycle ratio", "payout", "internal rate of return (IRR)", "IP30", "IP90“, "IP180" and "IP365" which do not have standardized meanings or standard methods of calc
Slide 39: Advisories (continued)
Advisories (continued) Net Capital Expenditures Net capital expenditures include total capital expenditures related to property, plant and equipment, exploration and evaluation assets and intangible assets. Management considers this measure reflective of actual capital activity for the period as it
Slide 40: Advisories (continued)
Advisories (continued) Reinvestment Ratio Reinvestment ratio is calculated by dividing net capital expenditures by adjusted funds flow. Advantage uses reinvestment ratio as an indicator of the efficiency and liquidity of Advantage's business by measuring its cash available after net capital expendit
Slide 41: Advisories (continued)
Advisories (continued) Capital Management Measures Net Debt Net debt is a capital management measure that provides Management and users with a measure to assess the Corporation's liquidity. Net debt is not a standardized measure and therefore may not be comparable with the calculation of similar mea
Slide 42: Advisories (continued)
Advisories (continued) Oil and Gas Information Barrels of oil equivalent ("boe") and thousand cubic feet of natural gas equivalent ("mcfe") may be misleading, particularly if used in isolation. Boe and mcfe conversion ratios have been calculated using a conversion rate of six thousand cubic feet of
Slide 43: Advisories (continued)
Advisories (continued) Advantage has presented certain type curves and well economics for its Glacier, Valhalla, Wembley and Charlie Lake areas. The type curves presented with respect to Glacier, Vahalla and Wembley are Management estimates based on Advantage's historical production, and with respec
Slide 44: Abbreviations
Abbreviations The following abbreviations used in this presentation have the meanings set forth below. AECO A notational market point on TransCanada Pipeline Limited's NGTL system where the purchase and sale of natural gas is transacted b or bn billion bbl barrel bbl/d or bbls/d barrel(s) per day bb
Slide 45: Head Office, Investor Relations, Security Information
Michael Belenkie Craig Blackwood Neil Bokenfohr Darren Tisdale Geoff Keyser John Quaife Brian Bagnell President and Chief Chief Financial Senior Vice President VP, Geosciences VP, Development VP, Finance VP, Commodities Executive Officer Officer and Capital Markets Investor Relations Head Office 1-8